GENERAL INFORMATION PAGE FOR HOME-STUDY STATUTORY COURSES

360training.com, Inc.
6504 Bridge Point Parkway, Suite 100, Austin, TX 78730
DRE Sponsor ID# S0656
www.360training.com
PHONE: (877) 881-2235
FAX: (512) 441-1811

COURSE TITLE: Real Estate Principles

AUTHOR: This course is authored by the instructional design staff and contracting subject matter experts of 360training.com. 

PUBLISHER: This course is published by 360training.com, Inc.

EDITION: This is the first PDF edition of the Real Estate Principles published by 360training.com, Inc.

COPYRIGHT YEAR: 2018  

PAGES: 878

COST: $80 for ordering a single course.

COURSE DESCRIPTION: This comprehensive real estate Prelicense course begins with an overview of the California real estate market and the characteristics of land, real estate, real property, and personal property, as well as property ownership, estates in land, and ownership transfer. We explore agency relationships, fiduciary duties, listing agreements, real estate contracts, and leasing. Escrow, deed, title, and real estate financing are also discussed. 

This course then examines real estate appraisals, real estate markets, value principles, land use controls, environmental issues, and property taxation. A module covering California real estate license law is also included. The closing module demonstrates how to perform common real estate calculations.

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 was 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.

DELIVERY METHOD: The correspondence course includes downloadable PDF course materials and the exam will be administered online. Students will be expected to read each lesson and complete the accompanying exercises and the final exam.

REFUND POLICY: All tuition and fees paid for the course are due and refundable when: (a) the course of instruction is discontinued by the school, preventing a student from completing the course; OR (b) the enrollment of student was procured because of any misrepresentation in advertising, promotion materials of the school, or representation made by an owner or employee of the school. All refunds will be completed within 30 days after the effective date of enrollment termination.

VALIDATION REQUIREMENTS: Our authentication system incorporates a mechanism for preventing fraud by ensuring that the student registered for the course is engaged in the course material. During course enrollment, students create a personal registration profile by entering personal information on a secure page so that the provider may process certification. The required information may include driver’s license number, address, and form of payment. During registration, the system also prompts the user for additional personal validation information used during the course: “How many doors does your vehicle have?” / “How did you renew your driver’s license last?” / etc.

Randomly, the user is prompted with a personal validation question at several points during the course; these questions are based on the answers provided by the student during registration. Additionally, the questions are timed and must be answered correctly for the trainee to proceed with the course. If the question supplied is incorrect, the course is temporarily suspended and the trainee is prompted to call the provider to explain why they failed validation. Their information is verified by a trainer who can then remotely unlock the course to allow the student to proceed with the coursework. If this personal information is not verified, the provider will suspend the student from any further access, refund any tuition payments collected and take the appropriate administrative enforcement actions. This validation sequence is enforced randomly on multiple occasions upon entering, taking and exiting the course.

Correspondence Course Identification Statement: 

Participants shall present one of the following forms of identification immediately before the administration of the final examination:
• A current California driver’s license.
• A current identification card described in Section 13000 of the California Vehicle Code
• Any identification of the participant issued by a governmental agency or a recognized real estate related trade organization within the immediately preceding five years which bears a photograph, signature and identification number of the participant.

COURSE CONTENT / TIME LIMITS: This home-study course consists of spending a minimum of 45 hours reading and studying the course material, taking the lesson/module quizzes, and passing a final examination. The final examination can be taken a minimum of 18 days from the date the student has had access to the course materials. No two courses can be completed in less than five weeks. Students must spend a minimum of 2.5 weeks studying each course. The maximum time students have complete a course is one year from the date of registration. If students fail the final examination, they can take an alternate final examination one time. However, students must wait a minimum of another 18 days studying the course materials before they can re-take the final examination. If students fail the final examination two times, they will need to re-enroll in the course and pay the enrollment fee.

FINAL EXAMINATION: The proctored final exam is closed-book and consists of 100 multiple choice questions. Students are allowed 1 hour and 40 minutes to complete the final exam and need to score a minimum of 70% to pass. Internet final exams can not be printed or downloaded, and the exam will automatically time-out at 1 hour and 40 minutes (or 100 minutes). Under no circumstances shall the final exam be furnished directly to the students.

Please note that the student will have (2) chances to take the final exam. 

As required by California Department of Real Estate regulations, if you do not pass the exam on the first attempt, you must wait a minimum of 18 days before you will be allowed to retake the exam.

COURSE COMPLETION CERTIFICATES / RECORDS: Course completion certificates will be issued immediately upon passing the final examination (to be printed by the student). Records of course completion certificates will be maintained indefinitely to allow students to receive a duplicate certificate if needed.

PROBLEMS / COMPLAINTS: Persons seeking to resolve problems or complaints should contact 360training.com, Inc. at the address or telephone number above or visit the http://www.360training.com/supportpage.

A course provider complaint form is available on the California Department of Real Estate (DRE) website at www.dre.ca.gov. Access this form by typing in “RE 340” in the search box located in the upper right corner of the home page. An informational form regarding course provider complaints, “RE 340A” is also available. 

EVALUATION: A course and instructor evaluation is available on the California Department of Real Estate (DRE) website at www.dre.ca.gov. Access this form by typing in “RE 318A” in the search box located in the upper right corner of the home page.

DISCLOSURE STATEMENT: Private providers of pre-license statutory real estate courses must obtain course approval from the California Department of Real Estate (DRE). As part of the approval process, the DRE reviews the course materials only. The DRE does not qualify the school or course provider. In addition, there is no regulatory oversight of private pre-license course providers who offer courses or programs costing $500 or less. For courses or programs over $500, qualification by the Bureau for Private Postsecondary and Vocational Education is required, in addition to DRE course approval. As a result, if a course provider offering a course costing $500 or less fails to deliver the educational course/program as represented, a student’s monetary remedy is to seek redress in Small Claims Court. Students are cautioned to fully understand the education course/program offered by the provider before enrolling or registering. A list of pre-license statutory courses approved by the DRE can be found on the DRE Web site at www.dre.ca.gov under DRE Records.

DRE DISCLAIMER STATEMENT: This course is approved for pre-license education credit by the California Department of Real Estate. However, this approval does not constitute an endorsement of the views or opinions which are expressed by the course sponsor, instructors, authors, or lecturers.

PLEASE BE ADVISED: The California Department of Real Estate (DRE) encourages salesperson and broker exam applicants to mark the “Self Schedule” box on the Salesperson Exam Application (RE 400A), Broker Exam Application (RE 400B), Salesperson Combination Exam/License (RE 435), or Broker Combination Exam/License (RE 436) when submitting these document to the Department. This “Self Schedule” option allows for the Department to notify an applicant when his or her application has been fully qualified and is ready to be self scheduled for an exam date using our eLicensing system on our website, www.dre.ca.gov. The eLicensing system provides greater flexibility when choosing exam dates, offers same day scheduling provided that space is available, and allows the applicant to print a barcoded exam schedule and admittance notice.

It is not necessarily free and clear of encumbrances.

The Fee Simple has three characteristics: indefinite duration, freely transferable in that they may be sold or given away, and they are inheritable in that they may be willed to others.
There are two types of Fee Simple Estates:

Fee Simple Absolute, in which no one else has any form of title right and the person has absolute ownership.
Fee Simple Defeasible is a qualified fee. This type has a condition in grant if breached, or if it occurs, may terminate, or defeat, the estate. A Fee Simple Defeasible can be either a Fee Simple Determinable (a.k.a. Base Fee) that terminates automatically upon the occurrence of the specified event and reverts to the original grantor or a Fee Simple on Condition Subsequent (Base Fee) that does not terminate automatically. The original grantors or heirs must take legal action to terminate the estate.

Recordation is not one of the essentials of a valid deed, but recordation gives constructive notice that the transfer has occurred and gives the grantee protection against third parties. The grantee cannot be denied his or her right to record. A recorded affidavit of value signed by the seller and buyer must accompany the deed for recordation.

A deed restriction is a limitation on the use of the property as expressed in the deed. This restriction is imposed by the grantor. It is stated in the deed or contained in a previously recorded subdivider’s master deed, and the master deed is mentioned in each conveyance instrument. Deed restrictions are most commonly created by developers to stabilize property values. These restrictions can be terminated by a quitclaim deed executed by necessary parties.

The fact that the grantor is willing to give a warranty deed is no assurance that he or she has good title. Evidence of good title in Arizona is most commonly provided with the issuance of a title insurance policy. Also, in the most current edition of the Arizona Association of REALTOR Residential Contract, it is stated that the title must be provided by the seller with a “warranty deed,” as opposed to “special warranty deed,” as had been state in previous editions of the contract. It is very important that the grantee review the commitment for title insurance issued by the title insurer.

General Warranty Deeds, Special Warranty Deeds, and Bargain and Sale Deeds pass after-acquired title (Defective or Unmarketable title conveyed by a grantor that is made good subsequent to conveyance.)

The statutes fix shorter periods of time for the recovery of property held in adverse possession under certain circumstances.

A probate sale is considered voluntary alienation.
 

GENERAL INFORMATION PAGE FOR HOME-STUDY STATUTORY COURSES

Real Estate Practice 360training.com, Inc.
DRE Sponsor ID# S0656
6504 Bridge Point Parkway, Suite 100, Austin, TX 78730
https://www.360training.com/
PHONE: (877) 881-2235
EMAIL: [email protected]

TEXT BOOK INFORMATION:

Title: Real Estate Practice

Author: This course is authored by the instructional design staff and contracting subject matter experts of 360training.com.

Copyright Date: 10/16/2023

Pages: 1057

Edition: This is the first online edition of the Real Estate Practice published by 360training.com, Inc.

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 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 is 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 counter-offer. 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 in 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 which 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 was 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.

COST: $80 for ordering a single course.

COURSE HOURS: 45

DELIVERY METHOD: The correspondence course material and exam will be administered online. Students will be expected to read each lesson and complete the accompanying exercises, chapter assessments and the final exam.

REFUND POLICY: It is very important to us that you are satisfied with your purchase. In the unfortunate event that you are unsatisfied, you may be eligible for a refund, subject to the conditions noted below.

1. Your purchase was made no more than 72 hours prior to your refund
2. You have NOT:
   • Attempted any portion of a test or exam
   • Requested or been issued a certificate of completion
   • Completed 50% or more of the purchased course

• Received notification that training materials or other merchandise have been shipped

If you meet all of these criteria, you must submit your refund request in writing via e-mail to [email protected] within 72 hours of your course purchase, along with a receipt evidencing your proof of purchase and an explanation for why you are requesting a refund. Further, no refund will be issued for:

• Any training materials or merchandise that have been shipped
• Any associated national, state, and local mandated regulatory fees
• Failure to pass quizzes, final exams, or any other in-course assessment requirements within the allotted attempts (per course guidelines)
• Failure to pass identity validation requirements (including validation of state or government identification, security questions or any other required methods, per course guidelines
• Course expirations (per course guidelines)
• Expedited processing or mailing of certificates, training materials or other merchandise once the requested expedite has been fulfilled as promised

Requested refunds that are approved may take up to 10 business days to reflect in your account. Refunds will only be issued to the same payment method used during the initial purchase.

Course Specific Policies

Notwithstanding the foregoing, any course-specific terms, conditions, or policies presented during registration that may be inconsistent with the refund policy specified above, will supersede those listed in this refund policy. If you would like to inquire if there are any specific terms or policies for the course you are looking to purchase, please contact us.

VALIDATION REQUIREMENTS: Our authentication system incorporates a mechanism for preventing fraud by ensuring that the student registered for the course is engaged in the course material. During course enrollment, students create a personal registration profile by entering personal information on a secure page so that the provider may process certification. The required information may include driver’s license number, address, and form of payment.

During registration, the system also prompts the user for additional personal validation information used during the course: “How many doors does your vehicle have?” / “How did you renew your driver’s license last?” / etc.

Randomly, the user is prompted with a personal validation question at several points during the course; these questions are based on the answers provided by the student during registration. Additionally, the questions are timed and must be answered correctly for the trainee to proceed with the course. If the question supplied is incorrect, the course is temporarily suspended and the trainee is prompted to call the provider to explain why they failed validation. Their information is verified by a trainer who can then remotely unlock the course to allow the student to proceed with the coursework. If this personal information is not verified, the provider will suspend the student from any further access, refund any tuition payments collected and take the appropriate administrative enforcement actions. This validation sequence is enforced randomly on multiple occasions upon entering, taking and exiting the course.

CORRESPONDENCE COURSE IDENTIFICATION STATEMENT:

All participants are required to submit one of the below identifications upon course launch and must use the same information immediately before the final exam to unlock it. The student must also provide a picture of their driver’s license upon course launch.

• A current California driver’s
• A current identification card described in Section 13000 of the California Vehicle Code
  • Any identification of the participant issued by a governmental agency or a recognized real estate related trade organization within the immediately preceding five years which bears a photograph, signature and identification number of the participant.

Participants will have 30 seconds to respond to the validation questions in 3 attempts or the course will lock.

COURSE CONTENT / TIME LIMITS: This online course consists of spending a minimum of 45 hours reading and studying the course material, taking the lesson/module quizzes, and passing a final examination. The final examination can be taken a minimum of 18 days from the date the student has had access to the course materials. No two courses can be completed in less than five weeks. Students must spend a minimum of 2.5 weeks studying each course. The maximum time students have to complete a course is one year from the date of registration. If students fail the final examination, they can take an alternate final examination one time.

However, students must wait a minimum of another 18 days studying the course materials before they can re-take the final examination. If students fail the final examination two times, they will need to re-enroll in the course and pay the enrollment fee.

FINAL EXAMINATION: The proctored final exam is closed-book and consists of 100 multiple choice questions. Students are allowed 1 hour and 40 minutes to complete the final exam and need to score a minimum of 60% to pass. Internet final exams cannot be printed or downloaded, and the exam will automatically time-out at 1 hour and 40 minutes (or 100 minutes). Under no circumstances shall the final exam be furnished directly to the students. Please note that the student will have (2) chances to take the final exam.

As required by California Department of Real Estate regulations, if you do not pass the exam on the first attempt, you must wait a minimum of 18 days before you will be allowed to retake the exam.

COURSE COMPLETION CERTIFICATES / RECORDS: Course completion certificates will be issued immediately upon passing the final examination (to be printed by the student). Records of course completion certificates will be maintained indefinitely to allow students to receive a duplicate certificate if needed.

PROBLEMS / COMPLAINTS: Persons seeking to resolve problems or complaints should contact 360training.com, Inc. at the address or telephone number above or visit the http://www.360training.com/support page.

COURSE PROVIDER COMPLAINT STATEMENT: A course provider complaint form is available on the California Department of Real Estate (DRE) website at www.dre.ca.gov. Access this form by typing in “RE 340” in the search box located in the upper right corner of the home page. An informational form regarding course provider complaints, “RE 340A” is also available.

ONLINE EVALUATION STATEMENT: A course and instructor evaluation is available on the California Department of Real Estate (DRE) website at www.dre.ca.gov. Access this form by typing in “RE 318A” in the search box located in the upper right corner of the home page.

DRE DISCLAIMER STATEMENT: This course is approved for statutory/pre-license education credit by the California Department of Real Estate. However, this approval does not constitute an endorsement of the views or opinions which are expressed by the course sponsor, instructors, authors, or lecturers.

It is not necessarily free and clear of encumbrances.

The Fee Simple has three characteristics: indefinite duration, freely transferable in that they may be sold or given away, and they are inheritable in that they may be willed to others.
There are two types of Fee Simple Estates:

Fee Simple Absolute, in which no one else has any form of title right and the person has absolute ownership.
Fee Simple Defeasible is a qualified fee. This type has a condition in grant if breached, or if it occurs, may terminate, or defeat, the estate. A Fee Simple Defeasible can be either a Fee Simple Determinable (a.k.a. Base Fee) that terminates automatically upon the occurrence of the specified event and reverts to the original grantor or a Fee Simple on Condition Subsequent (Base Fee) that does not terminate automatically. The original grantors or heirs must take legal action to terminate the estate.

Recordation is not one of the essentials of a valid deed, but recordation gives constructive notice that the transfer has occurred and gives the grantee protection against third parties. The grantee cannot be denied his or her right to record. A recorded affidavit of value signed by the seller and buyer must accompany the deed for recordation.

A deed restriction is a limitation on the use of the property as expressed in the deed. This restriction is imposed by the grantor. It is stated in the deed or contained in a previously recorded subdivider’s master deed, and the master deed is mentioned in each conveyance instrument. Deed restrictions are most commonly created by developers to stabilize property values. These restrictions can be terminated by a quitclaim deed executed by necessary parties.

The fact that the grantor is willing to give a warranty deed is no assurance that he or she has good title. Evidence of good title in Arizona is most commonly provided with the issuance of a title insurance policy. Also, in the most current edition of the Arizona Association of REALTOR Residential Contract, it is stated that the title must be provided by the seller with a “warranty deed,” as opposed to “special warranty deed,” as had been state in previous editions of the contract. It is very important that the grantee review the commitment for title insurance issued by the title insurer.

General Warranty Deeds, Special Warranty Deeds, and Bargain and Sale Deeds pass after-acquired title (Defective or Unmarketable title conveyed by a grantor that is made good subsequent to conveyance.)

The statutes fix shorter periods of time for the recovery of property held in adverse possession under certain circumstances.

A probate sale is considered voluntary alienation.
 

GENERAL INFORMATION PAGE FOR HOME-STUDY STATUTORY COURSES

360training.com, Inc.
6504 Bridge Point Parkway, Suite 100, Austin, TX 78730
DRE Sponsor ID# S0656
www.360training.com 
PHONE: (877) 881-2235
FAX: (512) 441-1811

COURSE TITLE: Real Estate Finance 

AUTHOR: This course is authored by the instructional design staff and contracting subject matter experts of 360training.com.

PUBLISHER: This course is published by 360training.com, Inc.

EDITION: This is the first PDF edition of the Real Estate Finance published by 360training.com, Inc.

COPYRIGHT YEAR: 2018 

PAGES: 515

COST: $80 for ordering a single course.

COURSE DESCRIPTION: This course provides an introduction to real estate finance. From qualifying the borrower and qualifying the property in the underwriting process to various types of financing, closing the sale, the Community Reinvestment Act and more, we discuss the monetary systems that control the market, delve into supply and demand, cover housing agencies, and discuss the government influence on real estate.

Most real estate is purchased with borrowed money. The methods of real estate finance are many and varied. Making real estate loans carries a certain amount of risk for lenders; for this reason, lenders must have a firm grasp of a borrower's financial qualifications. Lenders consider a borrower's income, credit, debt, source of funds, and net worth. However, no analysis, no matter how thorough, of a borrower's creditworthiness, can be enough to ensure that a loan is completely free of risk.

You will learn the methods used by lenders to qualify loan applicants and how lenders qualify the property to be mortgaged. This involves a thorough and accurate property valuation, using the sales comparison or cost approach for residential property and a cap rate or discounted cash flow analysis for investment property. These methods of valuation will be discussed in depth so that you will feel confident and familiar with them when you meet them in the real world.

The basics of the financing and the sale process are discussed over two lessons. You will learn how title (abstract ownership rights to the property) is transferred to the buyer with a deed. The earnest money contract will also be discussed: terms of the contract, contingencies, and earnest money deposits.

In another lesson, the focus turns to closing. You will learn the customary costs involved in a real estate transaction, how certain items are prorated between the buyer and the seller and the requirements set forth by the Real Estate Settlement Procedures Act (RESPA).

This course also covers foreclosure. We consider what happens when a borrower is in default of the mortgage contract and how lenders may help borrowers prevent foreclosure through forbearance, moratoriums, and recasting. Also discussed is how, when these techniques fail, the property is foreclosed and sold at auction and how the creditors are repaid.

No real estate finance course would be complete without discussing the types of mortgages available. We have two lessons that will detail the elements of conventional loans, both conforming and nonconforming; adjustable rate; graduated payment; growth equity; and reverse annuity mortgages, to name a few. The advantages and disadvantages of each type of financing are emphasized so that you may better understand the decision-making process inherent in real estate finance.

Two specific types of financing, FHA-insured and VA-guaranteed loans, are reserved for separate lessons. FHA loans are insured by the government and perceived as less risky by lenders. They are available to all natural and naturalized U.S. citizens, but they carry a monthly insurance premium that cannot be canceled. VA loans are guaranteed in part by the government, but are available only to veterans, active servicemen, and certain National Guard members and special reservists.

The final lesson deals with a topic important to real estate investment: Internal Revenue Code (IRC) Section 1031 exchanges (a k a 1031s). Buying and selling real estate investments can be a tax-heavy business. By "exchanging" their investments under the continuity of investment principle, investors can receive more financing and improve their portfolios.

At the end of each lesson, you will be required to complete a quiz for that lesson before moving on to the next lesson. The course ends with a real-world practice lesson that brings together the concepts and material discussed throughout the entire course.

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 was 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.

DELIVERY METHOD: The correspondence course includes downloadable PDF course materials and the exam will be administered online. Students will be expected to read each lesson and complete the accompanying exercises and the final exam.

REFUND POLICY: All tuition and fees paid for the course are due and refundable when: (a) the course of instruction is discontinued by the school, preventing a student from completing the course; OR (b) the enrollment of student was procured because of any misrepresentation in advertising, promotion materials of the school, or representation made by an owner or employee of the school. All refunds will be completed within 30 days after the effective date of enrollment termination.

VALIDATION REQUIREMENTS: Our authentication system incorporates a mechanism for preventing fraud by ensuring that the student registered for the course is engaged in the course material. During course enrollment, students create a personal registration profile by entering personal information on a secure page so that the provider may process certification. The required information may include driver’s license number, address, and form of payment. During registration, the system also prompts the user for additional personal validation information used during the course: “How many doors does your vehicle have?” / “How did you renew your driver’s license last?” / etc.

Randomly, the user is prompted with a personal validation question at several points during the course; these questions are based on the answers provided by the student during registration. Additionally, the questions are timed and must be answered correctly for the trainee to proceed with the course. If the question supplied is incorrect, the course is temporarily suspended and the trainee is prompted to call the provider to explain why they failed validation. Their information is verified by a trainer who can then remotely unlock the course to allow the student to proceed with the coursework. If this personal information is not verified, the provider will suspend the student from any further access, refund any tuition payments collected and take the appropriate administrative enforcement actions. This validation sequence is enforced randomly on multiple occasions upon entering, taking and exiting the course.

Correspondence Course Identification Statement:

Participants shall present one of the following forms of identification immediately before the administration of the final examination:
• A current California driver’s license.
• A current identification card described in Section 13000 of the California Vehicle Code
• Any identification of the participant issued by a governmental agency or a recognized real estate related trade organization within the immediately preceding five years which bears a photograph, signature and identification number of the participant. 

COURSE CONTENT / TIME LIMITS: This home-study course consists of spending a minimum of 45 hours reading and studying the course material, taking the lesson/module quizzes, and passing a final examination. The final examination can be taken a minimum of 18 days from the date the student has had access to the course materials. No two courses can be completed in less than five weeks. Students must spend a minimum of 2.5 weeks studying each course. The maximum time students have complete a course is one year from the date of registration. If students fail the final examination, they can take an alternate final examination one time. However, students must wait a minimum of another 18 days studying the course materials before they can re-take the final examination. If students fail the final examination two times, they will need to re-enroll in the course and pay the enrollment fee.

FINAL EXAMINATION: The proctored final exam is closed-book and consists of 100 multiple choice questions. Students are allowed 1 hour and 40 minutes to complete the final exam and need to score a minimum of 70% to pass. Internet final exams can not be printed or downloaded, and the exam will automatically time-out at 1 hour and 40 minutes (or 100 minutes). Under no circumstances shall the final exam be furnished directly to the students.

Please note that the student will have (2) chances to take the final exam.  

As required by California Department of Real Estate regulations, if you do not pass the exam on the first attempt, you must wait a minimum of 18 days before you will be allowed to retake the exam.

COURSE COMPLETION CERTIFICATES / RECORDS: Course completion certificates will be issued immediately upon passing the final examination (to be printed by the student). Records of course completion certificates will be maintained indefinitely to allow students to receive a duplicate certificate if needed.

PROBLEMS / COMPLAINTS: Persons seeking to resolve problems or complaints should contact 360training.com, Inc. at the address or telephone number above or visit the http://www.360training.com/support page.

A course provider complaint form is available on the California Department of Real Estate (DRE) website at www.dre.ca.gov. Access this form by typing in “RE 340” in the search box located in the upper right corner of the home page. An informational form regarding course provider complaints, “RE 340A” is also available. 

EVALUATION: A course and instructor evaluation is available on the California Department of Real Estate (DRE) website at www.dre.ca.gov. Access this form by typing in “RE 318A” in the search box located in the upper right corner of the home page.

DISCLOSURE STATEMENT: Private providers of pre-license statutory real estate courses must obtain course approval from the California Department of Real Estate (DRE). As part of the approval process, the DRE reviews the course materials only. The DRE does not qualify the school or course provider. In addition, there is no regulatory oversight of private pre-license course providers who offer courses or programs costing $500 or less. For courses or programs over $500, qualification by the Bureau for Private Postsecondary and Vocational Education is required, in addition to DRE course approval. As a result, if a course provider offering a course costing $500 or less fails to deliver the educational course/program as represented, a student’s monetary remedy is to seek redress in Small Claims Court. Students are cautioned to fully understand the education course/program offered by the provider before enrolling or registering. A list of pre-license statutory courses approved by the DRE can be found on the DRE Web site at www.dre.ca.gov under DRE Records. 

DRE DISCLAIMER STATEMENT: This course is approved for pre-license education credit by the California Department of Real Estate. However, this approval does not constitute an endorsement of the views or opinions which are expressed by the course sponsor, instructors, authors, or lecturers.

PLEASE BE ADVISED: The California Department of Real Estate (DRE) encourages salesperson and broker exam applicants to mark the “Self Schedule” box on the Salesperson Exam Application (RE 400A), Broker Exam Application (RE 400B), Salesperson Combination Exam/License (RE 435), or Broker Combination Exam/License (RE 436) when submitting these document to the Department. This “Self Schedule” option allows for the Department to notify an applicant when his or her application has been fully qualified and is ready to be self scheduled for an exam date using our eLicensing system on our website, www.dre.ca.gov. The eLicensing system provides greater flexibility when choosing exam dates, offers same day scheduling provided that space is available, and allows the applicant to print a barcoded exam schedule and admittance notice.

It is not necessarily free and clear of encumbrances.

The Fee Simple has three characteristics: indefinite duration, freely transferable in that they may be sold or given away, and they are inheritable in that they may be willed to others.
There are two types of Fee Simple Estates:

Fee Simple Absolute, in which no one else has any form of title right and the person has absolute ownership.
Fee Simple Defeasible is a qualified fee. This type has a condition in grant if breached, or if it occurs, may terminate, or defeat, the estate. A Fee Simple Defeasible can be either a Fee Simple Determinable (a.k.a. Base Fee) that terminates automatically upon the occurrence of the specified event and reverts to the original grantor or a Fee Simple on Condition Subsequent (Base Fee) that does not terminate automatically. The original grantors or heirs must take legal action to terminate the estate.

Recordation is not one of the essentials of a valid deed, but recordation gives constructive notice that the transfer has occurred and gives the grantee protection against third parties. The grantee cannot be denied his or her right to record. A recorded affidavit of value signed by the seller and buyer must accompany the deed for recordation.

A deed restriction is a limitation on the use of the property as expressed in the deed. This restriction is imposed by the grantor. It is stated in the deed or contained in a previously recorded subdivider’s master deed, and the master deed is mentioned in each conveyance instrument. Deed restrictions are most commonly created by developers to stabilize property values. These restrictions can be terminated by a quitclaim deed executed by necessary parties.

The fact that the grantor is willing to give a warranty deed is no assurance that he or she has good title. Evidence of good title in Arizona is most commonly provided with the issuance of a title insurance policy. Also, in the most current edition of the Arizona Association of REALTOR Residential Contract, it is stated that the title must be provided by the seller with a “warranty deed,” as opposed to “special warranty deed,” as had been state in previous editions of the contract. It is very important that the grantee review the commitment for title insurance issued by the title insurer.

General Warranty Deeds, Special Warranty Deeds, and Bargain and Sale Deeds pass after-acquired title (Defective or Unmarketable title conveyed by a grantor that is made good subsequent to conveyance.)

The statutes fix shorter periods of time for the recovery of property held in adverse possession under certain circumstances.

A probate sale is considered voluntary alienation.
 

GENERAL INFORMATION PAGE FOR HOME-STUDY STATUTORY COURSES

360training.com, Inc.
6504 Bridge Point Parkway, Suite 100, Austin, TX 78730
DRE Sponsor ID# S0656
www.360training.com
PHONE: (877) 881-2235
FAX: (512) 441-1811

COURSE TITLE: Real Estate Principles

AUTHOR: This course is authored by the instructional design staff and contracting subject matter experts of 360training.com. 

PUBLISHER: This course is published by 360training.com, Inc.

EDITION: This is the first PDF edition of the Real Estate Principles published by 360training.com, Inc.

COPYRIGHT YEAR: 2018  

PAGES: 878

COST: $80 for ordering a single course.

COURSE DESCRIPTION: This comprehensive real estate Prelicense course begins with an overview of the California real estate market and the characteristics of land, real estate, real property, and personal property, as well as property ownership, estates in land, and ownership transfer. We explore agency relationships, fiduciary duties, listing agreements, real estate contracts, and leasing. Escrow, deed, title, and real estate financing are also discussed. 

This course then examines real estate appraisals, real estate markets, value principles, land use controls, environmental issues, and property taxation. A module covering California real estate license law is also included. The closing module demonstrates how to perform common real estate calculations.

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 was 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.

DELIVERY METHOD: The correspondence course includes downloadable PDF course materials and the exam will be administered online. Students will be expected to read each lesson and complete the accompanying exercises and the final exam.

REFUND POLICY: All tuition and fees paid for the course are due and refundable when: (a) the course of instruction is discontinued by the school, preventing a student from completing the course; OR (b) the enrollment of student was procured because of any misrepresentation in advertising, promotion materials of the school, or representation made by an owner or employee of the school. All refunds will be completed within 30 days after the effective date of enrollment termination.

VALIDATION REQUIREMENTS: Our authentication system incorporates a mechanism for preventing fraud by ensuring that the student registered for the course is engaged in the course material. During course enrollment, students create a personal registration profile by entering personal information on a secure page so that the provider may process certification. The required information may include driver’s license number, address, and form of payment. During registration, the system also prompts the user for additional personal validation information used during the course: “How many doors does your vehicle have?” / “How did you renew your driver’s license last?” / etc.

Randomly, the user is prompted with a personal validation question at several points during the course; these questions are based on the answers provided by the student during registration. Additionally, the questions are timed and must be answered correctly for the trainee to proceed with the course. If the question supplied is incorrect, the course is temporarily suspended and the trainee is prompted to call the provider to explain why they failed validation. Their information is verified by a trainer who can then remotely unlock the course to allow the student to proceed with the coursework. If this personal information is not verified, the provider will suspend the student from any further access, refund any tuition payments collected and take the appropriate administrative enforcement actions. This validation sequence is enforced randomly on multiple occasions upon entering, taking and exiting the course.

Correspondence Course Identification Statement: 

Participants shall present one of the following forms of identification immediately before the administration of the final examination:
• A current California driver’s license.
• A current identification card described in Section 13000 of the California Vehicle Code
• Any identification of the participant issued by a governmental agency or a recognized real estate related trade organization within the immediately preceding five years which bears a photograph, signature and identification number of the participant.

COURSE CONTENT / TIME LIMITS: This home-study course consists of spending a minimum of 45 hours reading and studying the course material, taking the lesson/module quizzes, and passing a final examination. The final examination can be taken a minimum of 18 days from the date the student has had access to the course materials. No two courses can be completed in less than five weeks. Students must spend a minimum of 2.5 weeks studying each course. The maximum time students have complete a course is one year from the date of registration. If students fail the final examination, they can take an alternate final examination one time. However, students must wait a minimum of another 18 days studying the course materials before they can re-take the final examination. If students fail the final examination two times, they will need to re-enroll in the course and pay the enrollment fee.

FINAL EXAMINATION: The proctored final exam is closed-book and consists of 100 multiple choice questions. Students are allowed 1 hour and 40 minutes to complete the final exam and need to score a minimum of 70% to pass. Internet final exams can not be printed or downloaded, and the exam will automatically time-out at 1 hour and 40 minutes (or 100 minutes). Under no circumstances shall the final exam be furnished directly to the students.

Please note that the student will have (2) chances to take the final exam. 

As required by California Department of Real Estate regulations, if you do not pass the exam on the first attempt, you must wait a minimum of 18 days before you will be allowed to retake the exam.

COURSE COMPLETION CERTIFICATES / RECORDS: Course completion certificates will be issued immediately upon passing the final examination (to be printed by the student). Records of course completion certificates will be maintained indefinitely to allow students to receive a duplicate certificate if needed.

PROBLEMS / COMPLAINTS: Persons seeking to resolve problems or complaints should contact 360training.com, Inc. at the address or telephone number above or visit the http://www.360training.com/supportpage.

A course provider complaint form is available on the California Department of Real Estate (DRE) website at www.dre.ca.gov. Access this form by typing in “RE 340” in the search box located in the upper right corner of the home page. An informational form regarding course provider complaints, “RE 340A” is also available. 

EVALUATION: A course and instructor evaluation is available on the California Department of Real Estate (DRE) website at www.dre.ca.gov. Access this form by typing in “RE 318A” in the search box located in the upper right corner of the home page.

DISCLOSURE STATEMENT: Private providers of pre-license statutory real estate courses must obtain course approval from the California Department of Real Estate (DRE). As part of the approval process, the DRE reviews the course materials only. The DRE does not qualify the school or course provider. In addition, there is no regulatory oversight of private pre-license course providers who offer courses or programs costing $500 or less. For courses or programs over $500, qualification by the Bureau for Private Postsecondary and Vocational Education is required, in addition to DRE course approval. As a result, if a course provider offering a course costing $500 or less fails to deliver the educational course/program as represented, a student’s monetary remedy is to seek redress in Small Claims Court. Students are cautioned to fully understand the education course/program offered by the provider before enrolling or registering. A list of pre-license statutory courses approved by the DRE can be found on the DRE Web site at www.dre.ca.gov under DRE Records.

DRE DISCLAIMER STATEMENT: This course is approved for pre-license education credit by the California Department of Real Estate. However, this approval does not constitute an endorsement of the views or opinions which are expressed by the course sponsor, instructors, authors, or lecturers.

PLEASE BE ADVISED: The California Department of Real Estate (DRE) encourages salesperson and broker exam applicants to mark the “Self Schedule” box on the Salesperson Exam Application (RE 400A), Broker Exam Application (RE 400B), Salesperson Combination Exam/License (RE 435), or Broker Combination Exam/License (RE 436) when submitting these document to the Department. This “Self Schedule” option allows for the Department to notify an applicant when his or her application has been fully qualified and is ready to be self scheduled for an exam date using our eLicensing system on our website, www.dre.ca.gov. The eLicensing system provides greater flexibility when choosing exam dates, offers same day scheduling provided that space is available, and allows the applicant to print a barcoded exam schedule and admittance notice.

It is not necessarily free and clear of encumbrances.

The Fee Simple has three characteristics: indefinite duration, freely transferable in that they may be sold or given away, and they are inheritable in that they may be willed to others.
There are two types of Fee Simple Estates:

Fee Simple Absolute, in which no one else has any form of title right and the person has absolute ownership.
Fee Simple Defeasible is a qualified fee. This type has a condition in grant if breached, or if it occurs, may terminate, or defeat, the estate. A Fee Simple Defeasible can be either a Fee Simple Determinable (a.k.a. Base Fee) that terminates automatically upon the occurrence of the specified event and reverts to the original grantor or a Fee Simple on Condition Subsequent (Base Fee) that does not terminate automatically. The original grantors or heirs must take legal action to terminate the estate.

Recordation is not one of the essentials of a valid deed, but recordation gives constructive notice that the transfer has occurred and gives the grantee protection against third parties. The grantee cannot be denied his or her right to record. A recorded affidavit of value signed by the seller and buyer must accompany the deed for recordation.

A deed restriction is a limitation on the use of the property as expressed in the deed. This restriction is imposed by the grantor. It is stated in the deed or contained in a previously recorded subdivider’s master deed, and the master deed is mentioned in each conveyance instrument. Deed restrictions are most commonly created by developers to stabilize property values. These restrictions can be terminated by a quitclaim deed executed by necessary parties.

The fact that the grantor is willing to give a warranty deed is no assurance that he or she has good title. Evidence of good title in Arizona is most commonly provided with the issuance of a title insurance policy. Also, in the most current edition of the Arizona Association of REALTOR Residential Contract, it is stated that the title must be provided by the seller with a “warranty deed,” as opposed to “special warranty deed,” as had been state in previous editions of the contract. It is very important that the grantee review the commitment for title insurance issued by the title insurer.

General Warranty Deeds, Special Warranty Deeds, and Bargain and Sale Deeds pass after-acquired title (Defective or Unmarketable title conveyed by a grantor that is made good subsequent to conveyance.)

The statutes fix shorter periods of time for the recovery of property held in adverse possession under certain circumstances.

A probate sale is considered voluntary alienation.
 

GENERAL INFORMATION PAGE FOR HOME-STUDY STATUTORY COURSES

Real Estate Practice 360training.com, Inc.
DRE Sponsor ID# S0656
6504 Bridge Point Parkway, Suite 100, Austin, TX 78730
https://www.360training.com/
PHONE: (877) 881-2235
EMAIL: [email protected]

TEXT BOOK INFORMATION:

Title: Real Estate Practice

Author: This course is authored by the instructional design staff and contracting subject matter experts of 360training.com.

Copyright Date: 10/16/2023

Pages: 1057

Edition: This is the first online edition of the Real Estate Practice published by 360training.com, Inc.

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 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 is 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 counter-offer. 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 in 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 which 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 was 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.

COST: $80 for ordering a single course.

COURSE HOURS: 45

DELIVERY METHOD: The correspondence course material and exam will be administered online. Students will be expected to read each lesson and complete the accompanying exercises, chapter assessments and the final exam.

REFUND POLICY: It is very important to us that you are satisfied with your purchase. In the unfortunate event that you are unsatisfied, you may be eligible for a refund, subject to the conditions noted below.

1. Your purchase was made no more than 72 hours prior to your refund
2. You have NOT:
   • Attempted any portion of a test or exam
   • Requested or been issued a certificate of completion
   • Completed 50% or more of the purchased course

• Received notification that training materials or other merchandise have been shipped

If you meet all of these criteria, you must submit your refund request in writing via e-mail to [email protected] within 72 hours of your course purchase, along with a receipt evidencing your proof of purchase and an explanation for why you are requesting a refund. Further, no refund will be issued for:

• Any training materials or merchandise that have been shipped
• Any associated national, state, and local mandated regulatory fees
• Failure to pass quizzes, final exams, or any other in-course assessment requirements within the allotted attempts (per course guidelines)
• Failure to pass identity validation requirements (including validation of state or government identification, security questions or any other required methods, per course guidelines
• Course expirations (per course guidelines)
• Expedited processing or mailing of certificates, training materials or other merchandise once the requested expedite has been fulfilled as promised

Requested refunds that are approved may take up to 10 business days to reflect in your account. Refunds will only be issued to the same payment method used during the initial purchase.

Course Specific Policies

Notwithstanding the foregoing, any course-specific terms, conditions, or policies presented during registration that may be inconsistent with the refund policy specified above, will supersede those listed in this refund policy. If you would like to inquire if there are any specific terms or policies for the course you are looking to purchase, please contact us.

VALIDATION REQUIREMENTS: Our authentication system incorporates a mechanism for preventing fraud by ensuring that the student registered for the course is engaged in the course material. During course enrollment, students create a personal registration profile by entering personal information on a secure page so that the provider may process certification. The required information may include driver’s license number, address, and form of payment.

During registration, the system also prompts the user for additional personal validation information used during the course: “How many doors does your vehicle have?” / “How did you renew your driver’s license last?” / etc.

Randomly, the user is prompted with a personal validation question at several points during the course; these questions are based on the answers provided by the student during registration. Additionally, the questions are timed and must be answered correctly for the trainee to proceed with the course. If the question supplied is incorrect, the course is temporarily suspended and the trainee is prompted to call the provider to explain why they failed validation. Their information is verified by a trainer who can then remotely unlock the course to allow the student to proceed with the coursework. If this personal information is not verified, the provider will suspend the student from any further access, refund any tuition payments collected and take the appropriate administrative enforcement actions. This validation sequence is enforced randomly on multiple occasions upon entering, taking and exiting the course.

CORRESPONDENCE COURSE IDENTIFICATION STATEMENT:

All participants are required to submit one of the below identifications upon course launch and must use the same information immediately before the final exam to unlock it. The student must also provide a picture of their driver’s license upon course launch.

• A current California driver’s
• A current identification card described in Section 13000 of the California Vehicle Code
  • Any identification of the participant issued by a governmental agency or a recognized real estate related trade organization within the immediately preceding five years which bears a photograph, signature and identification number of the participant.

Participants will have 30 seconds to respond to the validation questions in 3 attempts or the course will lock.

COURSE CONTENT / TIME LIMITS: This online course consists of spending a minimum of 45 hours reading and studying the course material, taking the lesson/module quizzes, and passing a final examination. The final examination can be taken a minimum of 18 days from the date the student has had access to the course materials. No two courses can be completed in less than five weeks. Students must spend a minimum of 2.5 weeks studying each course. The maximum time students have to complete a course is one year from the date of registration. If students fail the final examination, they can take an alternate final examination one time.

However, students must wait a minimum of another 18 days studying the course materials before they can re-take the final examination. If students fail the final examination two times, they will need to re-enroll in the course and pay the enrollment fee.

FINAL EXAMINATION: The proctored final exam is closed-book and consists of 100 multiple choice questions. Students are allowed 1 hour and 40 minutes to complete the final exam and need to score a minimum of 60% to pass. Internet final exams cannot be printed or downloaded, and the exam will automatically time-out at 1 hour and 40 minutes (or 100 minutes). Under no circumstances shall the final exam be furnished directly to the students. Please note that the student will have (2) chances to take the final exam.

As required by California Department of Real Estate regulations, if you do not pass the exam on the first attempt, you must wait a minimum of 18 days before you will be allowed to retake the exam.

COURSE COMPLETION CERTIFICATES / RECORDS: Course completion certificates will be issued immediately upon passing the final examination (to be printed by the student). Records of course completion certificates will be maintained indefinitely to allow students to receive a duplicate certificate if needed.

PROBLEMS / COMPLAINTS: Persons seeking to resolve problems or complaints should contact 360training.com, Inc. at the address or telephone number above or visit the http://www.360training.com/support page.

COURSE PROVIDER COMPLAINT STATEMENT: A course provider complaint form is available on the California Department of Real Estate (DRE) website at www.dre.ca.gov. Access this form by typing in “RE 340” in the search box located in the upper right corner of the home page. An informational form regarding course provider complaints, “RE 340A” is also available.

ONLINE EVALUATION STATEMENT: A course and instructor evaluation is available on the California Department of Real Estate (DRE) website at www.dre.ca.gov. Access this form by typing in “RE 318A” in the search box located in the upper right corner of the home page.

DRE DISCLAIMER STATEMENT: This course is approved for statutory/pre-license education credit by the California Department of Real Estate. However, this approval does not constitute an endorsement of the views or opinions which are expressed by the course sponsor, instructors, authors, or lecturers.

It is not necessarily free and clear of encumbrances.

The Fee Simple has three characteristics: indefinite duration, freely transferable in that they may be sold or given away, and they are inheritable in that they may be willed to others.
There are two types of Fee Simple Estates:

Fee Simple Absolute, in which no one else has any form of title right and the person has absolute ownership.
Fee Simple Defeasible is a qualified fee. This type has a condition in grant if breached, or if it occurs, may terminate, or defeat, the estate. A Fee Simple Defeasible can be either a Fee Simple Determinable (a.k.a. Base Fee) that terminates automatically upon the occurrence of the specified event and reverts to the original grantor or a Fee Simple on Condition Subsequent (Base Fee) that does not terminate automatically. The original grantors or heirs must take legal action to terminate the estate.

Recordation is not one of the essentials of a valid deed, but recordation gives constructive notice that the transfer has occurred and gives the grantee protection against third parties. The grantee cannot be denied his or her right to record. A recorded affidavit of value signed by the seller and buyer must accompany the deed for recordation.

A deed restriction is a limitation on the use of the property as expressed in the deed. This restriction is imposed by the grantor. It is stated in the deed or contained in a previously recorded subdivider’s master deed, and the master deed is mentioned in each conveyance instrument. Deed restrictions are most commonly created by developers to stabilize property values. These restrictions can be terminated by a quitclaim deed executed by necessary parties.

The fact that the grantor is willing to give a warranty deed is no assurance that he or she has good title. Evidence of good title in Arizona is most commonly provided with the issuance of a title insurance policy. Also, in the most current edition of the Arizona Association of REALTOR Residential Contract, it is stated that the title must be provided by the seller with a “warranty deed,” as opposed to “special warranty deed,” as had been state in previous editions of the contract. It is very important that the grantee review the commitment for title insurance issued by the title insurer.

General Warranty Deeds, Special Warranty Deeds, and Bargain and Sale Deeds pass after-acquired title (Defective or Unmarketable title conveyed by a grantor that is made good subsequent to conveyance.)

The statutes fix shorter periods of time for the recovery of property held in adverse possession under certain circumstances.

A probate sale is considered voluntary alienation.
 

FINAL PREP - DRE – California Questions for Salespersons

An Exam Prep for Real Estate Licensee Candidates Based upon the Required DRE Exam

This exam prep is provided to those students who are preparing to take the state-mandated exam to become Real Estate Licensees in California. It is not an official or otherwise sanctioned testing mechanism, and is meant merely to provide a determination of your preparedness for taking the Proctored Exam given by the DRE in California. In order for this testing module to be truly effective you should have completed pre-license educational coursework for California.

Like the official exam that you will take to gain your license, this test is comprised of questions dealing with issues applicable nationwide, and with state-specific issues. To help you retain the information presented here, these subject areas are presented separately and all questions have feedback to explain the correct answer.

You will study the following subjects:

• Property Ownership and Land Use Controls and Regulations Laws of Agency
• Valuation and Market Analysis
• Financing
• Transfer of Property
• Practice of Real Estate and Mandated Disclosures
• Contracts

GENERAL INFORMATION PAGE FOR HOME-STUDY STATUTORY COURSES

360training.com, Inc.
6504 Bridge Point Parkway, Suite 100, Austin, TX 78730
DRE Sponsor ID# S0656
www.360training.com 
PHONE: (877) 881-2235
FAX: (512) 441-1811

COURSE TITLE: Real Estate Finance 

AUTHOR: This course is authored by the instructional design staff and contracting subject matter experts of 360training.com.

PUBLISHER: This course is published by 360training.com, Inc.

EDITION: This is the first PDF edition of the Real Estate Finance published by 360training.com, Inc.

COPYRIGHT YEAR: 2018 

PAGES: 515

COST: $80 for ordering a single course.

COURSE DESCRIPTION: This course provides an introduction to real estate finance. From qualifying the borrower and qualifying the property in the underwriting process to various types of financing, closing the sale, the Community Reinvestment Act and more, we discuss the monetary systems that control the market, delve into supply and demand, cover housing agencies, and discuss the government influence on real estate.

Most real estate is purchased with borrowed money. The methods of real estate finance are many and varied. Making real estate loans carries a certain amount of risk for lenders; for this reason, lenders must have a firm grasp of a borrower's financial qualifications. Lenders consider a borrower's income, credit, debt, source of funds, and net worth. However, no analysis, no matter how thorough, of a borrower's creditworthiness, can be enough to ensure that a loan is completely free of risk.

You will learn the methods used by lenders to qualify loan applicants and how lenders qualify the property to be mortgaged. This involves a thorough and accurate property valuation, using the sales comparison or cost approach for residential property and a cap rate or discounted cash flow analysis for investment property. These methods of valuation will be discussed in depth so that you will feel confident and familiar with them when you meet them in the real world.

The basics of the financing and the sale process are discussed over two lessons. You will learn how title (abstract ownership rights to the property) is transferred to the buyer with a deed. The earnest money contract will also be discussed: terms of the contract, contingencies, and earnest money deposits.

In another lesson, the focus turns to closing. You will learn the customary costs involved in a real estate transaction, how certain items are prorated between the buyer and the seller and the requirements set forth by the Real Estate Settlement Procedures Act (RESPA).

This course also covers foreclosure. We consider what happens when a borrower is in default of the mortgage contract and how lenders may help borrowers prevent foreclosure through forbearance, moratoriums, and recasting. Also discussed is how, when these techniques fail, the property is foreclosed and sold at auction and how the creditors are repaid.

No real estate finance course would be complete without discussing the types of mortgages available. We have two lessons that will detail the elements of conventional loans, both conforming and nonconforming; adjustable rate; graduated payment; growth equity; and reverse annuity mortgages, to name a few. The advantages and disadvantages of each type of financing are emphasized so that you may better understand the decision-making process inherent in real estate finance.

Two specific types of financing, FHA-insured and VA-guaranteed loans, are reserved for separate lessons. FHA loans are insured by the government and perceived as less risky by lenders. They are available to all natural and naturalized U.S. citizens, but they carry a monthly insurance premium that cannot be canceled. VA loans are guaranteed in part by the government, but are available only to veterans, active servicemen, and certain National Guard members and special reservists.

The final lesson deals with a topic important to real estate investment: Internal Revenue Code (IRC) Section 1031 exchanges (a k a 1031s). Buying and selling real estate investments can be a tax-heavy business. By "exchanging" their investments under the continuity of investment principle, investors can receive more financing and improve their portfolios.

At the end of each lesson, you will be required to complete a quiz for that lesson before moving on to the next lesson. The course ends with a real-world practice lesson that brings together the concepts and material discussed throughout the entire course.

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 was 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.

DELIVERY METHOD: The correspondence course includes downloadable PDF course materials and the exam will be administered online. Students will be expected to read each lesson and complete the accompanying exercises and the final exam.

REFUND POLICY: All tuition and fees paid for the course are due and refundable when: (a) the course of instruction is discontinued by the school, preventing a student from completing the course; OR (b) the enrollment of student was procured because of any misrepresentation in advertising, promotion materials of the school, or representation made by an owner or employee of the school. All refunds will be completed within 30 days after the effective date of enrollment termination.

VALIDATION REQUIREMENTS: Our authentication system incorporates a mechanism for preventing fraud by ensuring that the student registered for the course is engaged in the course material. During course enrollment, students create a personal registration profile by entering personal information on a secure page so that the provider may process certification. The required information may include driver’s license number, address, and form of payment. During registration, the system also prompts the user for additional personal validation information used during the course: “How many doors does your vehicle have?” / “How did you renew your driver’s license last?” / etc.

Randomly, the user is prompted with a personal validation question at several points during the course; these questions are based on the answers provided by the student during registration. Additionally, the questions are timed and must be answered correctly for the trainee to proceed with the course. If the question supplied is incorrect, the course is temporarily suspended and the trainee is prompted to call the provider to explain why they failed validation. Their information is verified by a trainer who can then remotely unlock the course to allow the student to proceed with the coursework. If this personal information is not verified, the provider will suspend the student from any further access, refund any tuition payments collected and take the appropriate administrative enforcement actions. This validation sequence is enforced randomly on multiple occasions upon entering, taking and exiting the course.

Correspondence Course Identification Statement:

Participants shall present one of the following forms of identification immediately before the administration of the final examination:
• A current California driver’s license.
• A current identification card described in Section 13000 of the California Vehicle Code
• Any identification of the participant issued by a governmental agency or a recognized real estate related trade organization within the immediately preceding five years which bears a photograph, signature and identification number of the participant. 

COURSE CONTENT / TIME LIMITS: This home-study course consists of spending a minimum of 45 hours reading and studying the course material, taking the lesson/module quizzes, and passing a final examination. The final examination can be taken a minimum of 18 days from the date the student has had access to the course materials. No two courses can be completed in less than five weeks. Students must spend a minimum of 2.5 weeks studying each course. The maximum time students have complete a course is one year from the date of registration. If students fail the final examination, they can take an alternate final examination one time. However, students must wait a minimum of another 18 days studying the course materials before they can re-take the final examination. If students fail the final examination two times, they will need to re-enroll in the course and pay the enrollment fee.

FINAL EXAMINATION: The proctored final exam is closed-book and consists of 100 multiple choice questions. Students are allowed 1 hour and 40 minutes to complete the final exam and need to score a minimum of 70% to pass. Internet final exams can not be printed or downloaded, and the exam will automatically time-out at 1 hour and 40 minutes (or 100 minutes). Under no circumstances shall the final exam be furnished directly to the students.

Please note that the student will have (2) chances to take the final exam.  

As required by California Department of Real Estate regulations, if you do not pass the exam on the first attempt, you must wait a minimum of 18 days before you will be allowed to retake the exam.

COURSE COMPLETION CERTIFICATES / RECORDS: Course completion certificates will be issued immediately upon passing the final examination (to be printed by the student). Records of course completion certificates will be maintained indefinitely to allow students to receive a duplicate certificate if needed.

PROBLEMS / COMPLAINTS: Persons seeking to resolve problems or complaints should contact 360training.com, Inc. at the address or telephone number above or visit the http://www.360training.com/support page.

A course provider complaint form is available on the California Department of Real Estate (DRE) website at www.dre.ca.gov. Access this form by typing in “RE 340” in the search box located in the upper right corner of the home page. An informational form regarding course provider complaints, “RE 340A” is also available. 

EVALUATION: A course and instructor evaluation is available on the California Department of Real Estate (DRE) website at www.dre.ca.gov. Access this form by typing in “RE 318A” in the search box located in the upper right corner of the home page.

DISCLOSURE STATEMENT: Private providers of pre-license statutory real estate courses must obtain course approval from the California Department of Real Estate (DRE). As part of the approval process, the DRE reviews the course materials only. The DRE does not qualify the school or course provider. In addition, there is no regulatory oversight of private pre-license course providers who offer courses or programs costing $500 or less. For courses or programs over $500, qualification by the Bureau for Private Postsecondary and Vocational Education is required, in addition to DRE course approval. As a result, if a course provider offering a course costing $500 or less fails to deliver the educational course/program as represented, a student’s monetary remedy is to seek redress in Small Claims Court. Students are cautioned to fully understand the education course/program offered by the provider before enrolling or registering. A list of pre-license statutory courses approved by the DRE can be found on the DRE Web site at www.dre.ca.gov under DRE Records. 

DRE DISCLAIMER STATEMENT: This course is approved for pre-license education credit by the California Department of Real Estate. However, this approval does not constitute an endorsement of the views or opinions which are expressed by the course sponsor, instructors, authors, or lecturers.

PLEASE BE ADVISED: The California Department of Real Estate (DRE) encourages salesperson and broker exam applicants to mark the “Self Schedule” box on the Salesperson Exam Application (RE 400A), Broker Exam Application (RE 400B), Salesperson Combination Exam/License (RE 435), or Broker Combination Exam/License (RE 436) when submitting these document to the Department. This “Self Schedule” option allows for the Department to notify an applicant when his or her application has been fully qualified and is ready to be self scheduled for an exam date using our eLicensing system on our website, www.dre.ca.gov. The eLicensing system provides greater flexibility when choosing exam dates, offers same day scheduling provided that space is available, and allows the applicant to print a barcoded exam schedule and admittance notice.

It is not necessarily free and clear of encumbrances.

The Fee Simple has three characteristics: indefinite duration, freely transferable in that they may be sold or given away, and they are inheritable in that they may be willed to others.
There are two types of Fee Simple Estates:

Fee Simple Absolute, in which no one else has any form of title right and the person has absolute ownership.
Fee Simple Defeasible is a qualified fee. This type has a condition in grant if breached, or if it occurs, may terminate, or defeat, the estate. A Fee Simple Defeasible can be either a Fee Simple Determinable (a.k.a. Base Fee) that terminates automatically upon the occurrence of the specified event and reverts to the original grantor or a Fee Simple on Condition Subsequent (Base Fee) that does not terminate automatically. The original grantors or heirs must take legal action to terminate the estate.

Recordation is not one of the essentials of a valid deed, but recordation gives constructive notice that the transfer has occurred and gives the grantee protection against third parties. The grantee cannot be denied his or her right to record. A recorded affidavit of value signed by the seller and buyer must accompany the deed for recordation.

A deed restriction is a limitation on the use of the property as expressed in the deed. This restriction is imposed by the grantor. It is stated in the deed or contained in a previously recorded subdivider’s master deed, and the master deed is mentioned in each conveyance instrument. Deed restrictions are most commonly created by developers to stabilize property values. These restrictions can be terminated by a quitclaim deed executed by necessary parties.

The fact that the grantor is willing to give a warranty deed is no assurance that he or she has good title. Evidence of good title in Arizona is most commonly provided with the issuance of a title insurance policy. Also, in the most current edition of the Arizona Association of REALTOR Residential Contract, it is stated that the title must be provided by the seller with a “warranty deed,” as opposed to “special warranty deed,” as had been state in previous editions of the contract. It is very important that the grantee review the commitment for title insurance issued by the title insurer.

General Warranty Deeds, Special Warranty Deeds, and Bargain and Sale Deeds pass after-acquired title (Defective or Unmarketable title conveyed by a grantor that is made good subsequent to conveyance.)

The statutes fix shorter periods of time for the recovery of property held in adverse possession under certain circumstances.

A probate sale is considered voluntary alienation.