SALESPERSON PRELICENSE COURSE

1
SALESPERSON PRELICENSE COURSE

• Module 2

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Attendance Policy

• 100 attendance required

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Course Objectives
?

• Overview Module 1 2

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References

• Mastering Real Estate Principles or Modern Real
  Estate Practice
• Realty Bluebook Financial Tables
• Idaho Real Estate Practice and Law
• Idaho Real Estate License Law and Rules

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Module II

• Contracts
• Working with a Buyer
• Working with a Seller
• Writing Presenting
• Closing
• Follow-Up
• Critical Thinking Ethical Implications

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Contracts

• Classifications
• Express vs. Implied
• Unilateral vs. Bilateral
• Executed vs. Executory
• Status
• Void
• Valid
• Voidable
• Unenforceable

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Essential Elements

• Legal Capacity
• Meeting of the Minds
• Legal Purpose
• Consideration
• Offer Acceptance
• Written includes an enforceable legal
  description

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Rejection
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Termination
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Statute of Limitations
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Real Estate Contracts

• Seller Representation Agreement
• Buyer Representation Agreement
• Options
• Land Sales Contracts
• Leases
• Escrow Agreements
• PS Agreements

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Statute of Frauds
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Title Records

• Torrens System of Title Registration
• Public Records
• Recording Documents
• Signed and Notarized
• Acknowledged
• Priority
• Grantor, grantee index system
• Unrecorded Documents, Off Record Liens

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Chain of Title

• Title Search
• Abstract of Title
• Certificate of Title

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Marketable Title
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Title Insurance

• Title Plant Records
• Title Commitment
• Title Policies (ALTA)
• UCC

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Working with a Buyer

• Buyer Motivation
• Agency
• Finance
• Qualifying
• Showing Property

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Financing

• Lien Theory States
• Title Theory States
• Intermediary Theory States

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Financing

• The Note
• Negotiable
• Interest Rate (Usury Laws)
• Loan Origination Fees
• Discount Points
• Prepayment Penalty
• Hypothecation

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Mortgage (Deed of Trust)

• Names
• Legal Description
• Provision for Default and Remedy
• Waste Clause
• Release
• Tax and Insurance Reserves
• Defeasance Clause
• After Acquired Clause
• Recording of Documents
• Priority of Mortgages or Deeds of Trust

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Foreclosure

• Judicial foreclosure
• Nonjudicial foreclosure
• Foreclosure deed of trust in Idaho
• Deed in lieu of foreclosure
• Redemption
• Deed to purchaser at sale
• Deficiency judgment

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Land Sale Contracts or Contracts for Deed
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Federal Reserve System
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Mortgage Market

• Primary
• Secondary

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Types of Mortgages
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Types of Loans
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Financing Legislation

• Truth in Lending Act
• Reg Z
• 3-day Right of Rescission
• Advertising
• Penalties
• Equal Credit Opportunity Act
• Community Reinvestment Act
• RESPA

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The Appraisal

• Elements of Value
• Types of Value
• Economic Principles of Value
• Forces Influencing Value

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Sales Comparison Approach
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Cost Approach
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Income Approach
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Appraisal Regulation

• Licensed or Certified Appraisers
• Broker Price Opinions

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Working with a Seller

• Listing
• Qualifying
• Marketing
• Measure Inspect Property
• CMA
• Agency

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Writing Presenting

• Writing the Offer
• Presenting the Offer
• Counters, Amendments, Addendums
• Title Commitment

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Closing

• Pre-closing procedures
• Conducting the Closing
• Broker Responsibility
• RESPA
• Documents
• Closing Statement
• Recording
• Possession

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Follow-Up

• How will you
• Say thank you?
• Stay in touch?
• Get referrals?

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Critical Thinking Ethical Application

• Ethics What are they?
• Realtor Code of Ethics
• Ethical Situations

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Course Evaluation!