Real Estate Practice

Real Estate License Course Details

Real Estate Practice

Course Description

The Real Estate Practice course is designed to give learners a detailed understanding of the Californian real estate laws governing real estate businesses and agencies. The course begins with an introduction to agencies, agency relationships and how an agency is created. It also provides an in-depth insight into the different types of agency relationships, the laws governing them, and how an agency can be terminated. Moving on, the course contains important information on listing agreements and property disclosures following Californian real estate laws as well as the different types of disclosures that are mandatory for brokers and real estate agencies to process.

The learner is also taught ethical sales techniques and practices along with methods of negotiating a price and writing up a counteroffer. The lessons dealing with evaluating pricing property, preparing and negotiating offers, and deposit receipts are designed to equip learners with the necessary skills to close an effective real estate transaction. The learner is also taught the importance of planning for contingent transactions and the different types of contingencies along with a plan of action for when a contingency transaction goes wrong.

Successful brokers are also required to understand the loan qualifying process well enough to advise and assist prospective clients in getting the right loans or in revising their financial status to qualify for the right loan. The agent's responsibilities would also include explaining to the buyer the underwriting process and how they can choose a loan that works best for their needs. Along with understanding the preliminary requirements for loans, real estate agents are also required to understand the various characteristics of a conventional loan including FHA and VA loans as well as self-assisted financing options.

Later, important lessons on Closing Transactions and Property Management are included to help learners understand the processes of closing a successful transaction. Property management is included as the last lesson in the course, helping learners identify properties that would require professional management and how a skilled property manager can help the owner manage their property without costing them a fortune.

Finally, towards the end of the course, the Implicit Bias and Fair Housing chapters discuss preference for or against any particular group as well as prejudice or discrimination leads to strong associations that are often very difficult to undo without deliberate effort or ongoing training. Fair Housing is a critical ingredient that can help protect your business and maintain an outstanding reputation as a real estate agent.

The course includes information obtained from the California Department of Real Estate, California Association of REALTORS® which is where the forms were obtained; the National Association of REALTORS®, and information obtained on the CalVet program from the California Department of Veterans Affairs. We have used the content references from websites including www.dre.ca.gov; www.car.org; www.nar.realtor; www.calvet.ca.gov and others.

Topics

Chapter 1: Introduction to Agency and Relationships in Real Estate
Chapter 2: Real Estate Agency Relationships
Chapter 3: Listing Agreements and Property Disclosures
Chapter 4: Listing Regulations, Part 1
Chapter 5: Listing Regulations, Part 2
Chapter 6: Evaluating and Pricing Property
Chapter 7: Sales Techniques and Practices
Chapter 8: Preparing and Negotiating Offers
Chapter 9: Deposit Receipts
Chapter 10: Contingent Transactions
Chapter 11: Loan Qualifying
Chapter 12: Real Estate Financing Features
Chapter 13: Financing Programs
Chapter 14: Closing the Transaction
Chapter 15: Property Management
Chapter 16: Implicit Bias Awareness
Chapter 17: Fair Housing

Course Learning Objectives

Upon completion of this course, the student will be able to:
•    Understand agency and agency laws.
•    Know the process of creating an agency.
•    Be aware of the different types of agency relationships.
•    Explain the different types of listing agreements.
•    Describe the essential elements of a listing agreement.
•    Provide the mandatory disclosures concerning a property to the consumer.
•    Explain the most important laws regarding real estate transactions.
•    Explain anti-discrimination laws and integrate them into your real estate practice.
•    Explain the anti-trust laws and listing practices and integrate them into your practice.
•    Explain the required environmental disclosures and make them available to real estate consumers to make an informed decision.
•    Explain and execute your role in assisting a buyer or seller in pricing property.
•    Explain a Competitive Market Analysis to a seller or buyer.
•    Assist a buyer or seller when an appraisal comes in at lower than the purchase price.
•    Integrate effective practices when listing property and providing the seller consumer with the essential information he/she will need to make an informed decision.
•    Integrate effective practices when selling property by providing the buyer consumer with the essential information he/she will need to make an informed decision.
•    Address issues regarding the agent's safety and security as well as that of the client.
•    Discuss the essential practices in utilizing assistants in the agent's business.
•    Write an offer to purchase with a buyer client.
•    Write up counteroffers and conduct negotiations between the offeror and offeree.
•    Explain the implications of accepting an offer to a party.
•    Incorporate amendments to the contract when necessary.
•    Orchestrate the process properly when there is a cancellation of the contract.
•    Properly handle good faith deposits.
•    Incorporate fair housing considerations when presenting offers and counteroffers.
•    Complete a valid and enforceable purchase agreement.
•    Explain the provisions in the purchase agreement.
•    Explain the provisions in the deposit receipt.
•    Explain how contingencies protect the parties in a transaction.
•    Utilize the different types of contingencies when appropriate.
•    Explain what happens when a contingency is unfulfilled.
•    Properly assist a buyer in pre-qualifying for a loan.
•    Explain the underwriting process.
•    Assist the buyer, in conjunction with the lender in choosing the appropriate loan program.
•    Describe the basic features of the various loan programs.
•    Explain the characteristics of a conventional loan.
•    Explain the characteristics of FHA & VA Loans.
•    Explain the structures of seller-assisted financing.
•    Explain the closing process to the buyer and seller.
•    Identify the closing costs and who pays them.
•    Explain the laws that affect the closing process.
•    Explain the issues involved in investing in real estate.
•    Identify the types of properties that would require professional management.
•    Explain a property management agreement.
•    Assist an owner in designing a management plan for his/her property.
•    Explain the functions of managing a property for the owner. 



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