Law of Contracts - RPS -1251

Real Estate License Course Details

Course Description

Real estate transactions involve a complex set of laws, regulations, and requirements. Even though the licensee will not be practicing law, it is important to know and understand how contract law, both in general and with respect to Texas in particular, impacts the ownership and transfer of property. While the practitioner is prohibited from creating contracts from scratch, he or she is authorized to complete forms promulgated by the Texas Real Estate Commission. In addition to knowing the mechanics of doing so, it is important that the practitioner knows and understands the influence contract law has on these transactions.

In this course, we will identify some key concepts of Texas Contract law, recite the basics of real estate law in general, complete a review of the introduction to contracts, explore ownership rights and limitations vis-à-vis real estate, identify a variety of contracts used in real estate, explore the details of the sales contract, discover the contingencies, addendums and amendments used in typical real estate transactions, identify the process of financing real estate, explore how title to real estate is conveyed, detail the transaction process and the closing of a deal, and identify some common contract mistakes.

Outline (Course Objectives and List of Lesson Titles)    

Lesson 1: Texas Contract Law
Lesson 2: The Basics of Real Estate Law
Lesson 3: Introduction to Contracts
Lesson 4: Ownership Rights and Limitations
Lesson 5: Contracts Used in Real Estate
Lesson 6: The Sales Contract
Lesson 7: Contingencies, Addenda, and Amendments
Lesson 8: Financing Real Estate
Lesson 9: Conveyance of Title
Lesson 10: Transaction Process and Closing
Lesson 11: Common Contract Mistakes

Course Learning Objectives:

This course contains numerous opportunities for interaction. The student will be expected to complete each exercise, quiz, reading assignment, and exam in this course. By reviewing and examining the information presented, at the conclusion of this course, the student will be able to:
•    Comprehend the Provisions of The Texas Real Estate License Act
•    Recite the Basics of Contract Law
•    Discover Elements of a Valid Contract and The Various Types of Contracts That Exist
•    Identify Various Ownership Rights and Limitations, Including Encumbrances, Water and Mineral Rights and Environmental Issues
•    Comprehend Various Contracts Used in Real Estate
•    Analyze and Understand the Component Parts of a Sales Contract
•    Recite the Meaning and Use of Contingencies, Addendums and Amendments
•    Understand the Terminology and Process of Financing Real Estate
•    Identify the Concepts and Steps Involved in Conveyance of Title
•    Recite the Transaction Process and Closing
•    Comprehend a Variety of Common Contract Mistakes



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