WASHINGTON STATE FUNDAMENTALS (WA Required 60 CLOCK HOUR PRE-LICENSE)

by Dixie Randock

A+ Institute

Real Estate Academy

copyright 2000-2006

License Law     Washington Law

Agency            WA Agency Law

Property Rights Bundle of Rights

Title, Tenancies, Estates

Public & Private Restrictions, CCR’s

Contracts         Elements of a Valid Contract

Fair Housing     Fair Housing Rights

Investments      Property Management

Taxation

Math

Listing Process

Listing Contract

CMAs

Marketing

Legal Descriptions

Construction Terms

Deeds, Title, Purchase Agreement

Ownership

Closing Process

Appraisal

Real Estate Finance

Career  Sales

Washington Real Estate Practices 30 Clock Hour (Required Course For First Renewal)

by Dixie Randock

A+ Institute

Real Estate Academy

copyright 2000-2006

Agency Relationships

• Establishment of agency relationships are

• Creation of fiduciary relationship

• Definitions of  client and customer relationships between prospective purchasers and real estate licensees

• Relationship between real estate brokers and their affiliated licensees relating to agency relationships

• 5 services a licensee can provide to a prospective purchaser that establishes agency

• Disclosure requirements

• Compensation

• Multiple listing associations

• Vicarious liability” and  Imputed knowledge

• Disciplinary actions for violating agency laws

Listing Agreements

• Exclusive Right to Sell agreement

• Difference between an Exclusive Right to Sell and Exclusive Agency listing agreement

• Relationship of an affiliated licensee with the broker in a listing agreement

• Authority to sign, modify, or cancel a listing agreement

• 3 ways a listing agreement can be terminated

• Termination

• Environmental factors that may require disclosure

• Categories forming the basis for discrimination under the Fair Housing laws

• Fair housing discrimination in advertising

• Antitrust laws

• How real estate commissions are determined

• Payment of a commission under a listing agreement

Evaluating and Pricing Property

• Comparative market analysis (CMA)

• Value of a property

• Cost, value, and price

• Role of an appraiser

• Sources of information needed for preparing a market analysis

• Financing terms

• Zoning laws

Working with Buyers

• Methods of addressing pending divorce actions; partnerships or corporate sellers’/buyers’; builder or seller guarantees; pending foreclosure actions; pending bankruptcy; sales involving estates

• How to present offers, counter-offers, and multiple offers

• Appropriate conduct and behavior when showing property and presenting offers regarding Fair Housing Laws

• Communication with all parties

• Estimate of seller’s proceeds for a residential sale

• Estimate buyer’s cash requirements to close

Negotiation and Sales Techniques

• Structuring an offer

• Effective agency representation

• Representing a buyer

• Negotiation process

• Successful sales techniques and consumer protection

• Home inspectors

• Federal, state, and local fair housing laws

• Permitted and unlawful activities for unlicensed personal assistants

Purchase and Sales Agreements with Earnest Money Provisions

• Purchase and Sale Agreement and various addenda

• Types of contracts

• Contract modification, canceling a contract, attaching additional addenda to the contract, and common law issues

• How offers become contracts

• Legitimacy of facsimile and telegram copies versus original copies

• Notification and acceptance

• Statute of Frauds regarding real estate contracts

• Contingencies

• Acceptable forms of earnest money

• Proper handling procedures for earnest money

Residential Financing

• Qualifying the purchaser

• Guidelines for qualifying a purchaser

• Pitfalls to avoid when qualifying a purchaser

• Influence of the value of property when qualifying a borrower

• How to arrive at the maximum purchase price a borrower can afford to pay for a home

• Conventional, FHA, and VA financing and the different qualifying requirements for each

• Adjustable Rate Mortgage (ARM)

• Sources of special financing programs available for first time homebuyers

Closing Processes

• Events and processes affect the closing of a residential transaction

• Closing dates and different financing methods affect closing costs

• Regulation Z in residential finance

Client & Broker Agency Relationships   7.5  Clock Hours (WA CE)

Common Law” of Agency

The Reform Act of 1997

Statute of Frauds

Creation of Agency

Types of Agents

Real Estate Appraisal   30 Clock Hours (WA CE)

Residential Buyers & Pre-Qualification Types of Buyers, Pre-Qualifying

Investment Property Evaluation Buying & Selling Property

Rental Property Evaluation Evaluating Managed Rentals

Land Use Restrictions Public & Private Restrictions, Zoning,

The Appraisal Process Market Value, Market Price & Cost

Legal Description of Property Legal Description

Evaluation Formulas Math for Evaluation

Lender Appraisal Requirements Underwriting, TILA, Fair Housing

Brokerage Management    30 Clock Hours (WA CE)

Real Estate Laws         

Independent Contractors & Employees

Desk Fees

Splits /Home Office/Personal Assistants

Hiring/Display of License

License Renewal/Review of Transactions

Supervision 

Fair Housing Issues & Discrimination   

Fair housing laws /Antitrust /Discrimination

Reg Z  

Client & Broker Agency Relationships 

Seller agency

Buyer Agency

Dual Agency

Non - Agency

Types of Agents 

Trust Account Procedures       

Administration

Audits

Records/Large Deposits/IRS/Fraud

Responsibility of Handling Funds

Profitability & Production         

Standards/Reports

Increasing Profit

Bonus Plan/Accountability

Recruiting & Retaining Agents  

Purpose of Recruiting

Retention

Competition/Agent Support

Rewards and Recognition

Hiring and De-hiring

Checklists

Recruiting Methods

Interviews

Employee Records and Files

Training Programs        

Communication

Performance

Expectations

Training new and Veteran Agents

Methods/Activities

Leadership & Policies  

Mission Statement

Image and Reputation Building

Professional Environment

Leadership & Communication

Sales Meetings

Agendas

Policy & Procedure Manual

Washington Business Management    30 Clock Hours (WA CE)

Purpose of the Business

Service Business

Franchise or Independent

Ownership

Affiliated Service Providers

Licensing

Naming the Business

Location & Site Selection

Office Design

Information & Technology

Commercial Leases

Negotiating a Lease

Office Management

Employees

Independent Contractors

Company Policies

Recognition

Business Ethics

Gray Areas

Marketing & Market Analysis

Financing a Business

Fiscal Management

Business Taxes

Managed Growth

Sample Business Plan

Current Issues in Washington Residential Real Estate   3 Clock Hours (WA CE)

This is the Required 3 clock hour Core Course required for the first renewal. Each two year period this course covers Current Issues in Residential Real Estate.

Fair Housing   4 Clock Hours (WA CE)

Civil Rights

Truth in Lending

Landlord Tenant Act

Finance   30 Clock Hours (WA CE)

Mortgages, Deeds of Trust, Foreclosure           Documents, Procedures, Security

Clauses, Types of Loans, Loan             Typical Clauses, Variables,

Government’s Role       Truth In Lending, Fair Housing

Types of Buyers           Buyers & Pre-Qualification

Real Estate Investment & Taxation        Buying & Selling Property

Finance & Escrow Formulas     Math, RESPA, and Settlement

Property Evaluation & Appraisal           Market Value, Price, Cost

Escrow & Title Insurance          Closing and Settlement

Washington Real Estate Law    30 Clock Hour Continuing Educational Course

 by Dixie Randock

A+ Institute

Real Estate Academy

copyright 2000-2006

License Law    

Agency

Agency Relationships

Real & Personal Property        

Bundle of Rights

Ownership, Tenancies, Estates 

Property Rights

Public & Private Restrictions, CCR’s     Land Use, Zoning, Growth Management

Contracts         Elements Of A Valid Contract

Contracts         Listing Contract

Legally Describing Property      Legal Descriptions

Fair Housing     Fair Housing Rights

Landlord Tenant Act     Leases, Tenant and Landlord Rights and laws

Title, Deeds, Purchase Agreement         Transfer of ownership and documents

Brokerage        Brokerage, Independent Contractors, Employees

Listing and Sales   15 Clock Hours (WA CE)

The Listing Process

The CMA

Legal Descriptions

Selling Process

Home Ownership

Ethics –The Golden Rule  7 Clock Hours (WA CE)

Business Ethics

• ethical practices of a service business
• Reputation, and the impact of the loss of reputation.
• Company’s character and the company’s image
• “Gray areas”

Responsibility to uphold the companies’ reputation.

• Standards of practice
• Varying degrees of adherence to ethical standards

History of NAR and Realtor

• Code of Ethics
• Loss of his/her career standing if the Code of Ethics is not upheld
• Advantage of The Code of Ethics mandated arbitration over court proceedings
• The Code prioritized as categories

Court cases affected by or related to the Code of Ethics

Doing business with a Realtor and non-realtors

Successful business leaders

Inspirations from business leaders