COMPLETE Michigan Broker Package

This 30 hour Broker pre-licensure course provides a broad range of information pertinent to the rules, regulations and requirements as they pertain to Real Estate Law. The topics covered are: the history and execution of law, Michigan Occupational code, the basics of auction law, water rights as they pertain to property owners, environmental laws, income taxes for real property, property management, agency and realtor ethics, and finally Fair Housing and civil rights.

LAW, HISTORY AND EXECUTION

Learning Objective: Understand history of, and the general makeup of the judicial system.

1. Etymology
2. Modern Jurisprudence
3. History
4. Common Law
5. Court System: Federal, Appellate, State
6. Dispute Resolution

MICHIGAN OCCUPATIONAL CODE

Learning Objective: Be able to outline the regulatory rules that affect the real estate industry.

1. Board of Real Estate Brokers and Salespersons
2. Department of Licensing and Regulatory Affairs
3. Licensing
4. Violations
5. Broker’s Supervision
6. Commissions, Advertising, Selling and Buying Property
7. Disclosure, Trust Accounts

AUCTION LAW IN MICHIGAN

Learning Objective: Gain an understanding of the auction process and its relation to the industry.

1. Introduction
2. Types of Auctions
3. Terminology
4. Michigan Uniform Commercial Code
5. Case Law

WATER RIGHTS

Learning Objective: Outline the most important aspects of riparian rights and how they affect home ownership.

1.  Introduction
2.  Riparian Rights
3.  Types of Waterways
4.  Division of Submerged Land
5. Easements to Waterways
6. Public Access to Waterways
7. Inland Lakes and Streams
8. Dams and Flowage Rights
9. Purchasing Waterfront Property

ENVIRONMENTAL LAW

Learning Objective: Gain a broad understanding of pollution and environmental issues.

1. History
2. Environmental Risk Substances
3. Impact on Real Estate Industry
4. Federal Laws and Regulations
5. State and Local Laws
6. Environmental Site Assessments
7. Case Law
8. Natural Resources and Environmental Protection Act

INCOME TAX

Learning Objective: Recognize the benefits of real property ownership, as well as 1031 exchanges, depreciation, and loss.

1. Deductible and Non-Deductible Items
2. Basis
3. Gain, Depreciation and Loss
4. Mortgage Interest
5. Indebtedness

PROPERTY MANAGEMENT

Learning Objective: Understand rules and processes involeved in real estate property management.

1. Leasehold Estates
2. Types of Leases
3. State Laws
4. Truth in Renting
5. Landlord/Tenant Relationship
6. Summary Procedures Act
7. Case Law
8. Natural Resources and Environmental Protection Act

FAIR HOUSING AND CIVIL RIGHTS

Learning Objective: Identify the most important aspects of Fair Housing regulations, and the importance of the Civil Rights Act.

1. History of Civil Rights
2. Disability Discrimination
3. Civil Rights Law
4. Cases
5. State and Local Laws

AGENCY AND ETHICS

Learning Objective: Gain and understanding of agency, and the importance of professional ethics.

1. Levels of Agency
2. Service Provision Agreement
3. Professional Ethics

FINAL EXAM

Course Description

This 30 hour Broker prelicensure course brings together many of the most important aspects of a real estate broker business. Business startup, business entities, record keeping requirements are discussed. Keeping employees and visitors safe, as well as insurance needs and reduction of  liability is covered. Information that every broker should know, including contracts, finance, and sound broker practices is discussed at length. Finally, fair housing and civil rights requirements are outlined in detail.

BUSINESS STARTUP, EMPLOYER INFO

Learning Objective: Be able to outline the basic types of business entities, including tax requirements and record keeping.

1. Introduction
2. Bureau of Commercial Services
3. Business Entities
4. Business Use of Your Home
5. Recording Business Transactions

SAFETY AND RISK REDUCTION

Learning Objective: Understand the physical, hazard, litigious errors and risks, and how to reduce these risks in order to reduce liability.

1. Introduction
2. Keeping it Safe
3. Visitors
4. Ownership or Possession of Premises
5. Theories of Liability
6. Cases
7. Insurance
8. Shifting Risk

PRACTICAL BROKERAGE PRACTICES

Learning Objective: Be able to prepare a Policy and Procedure Manual, the importance of accurate bookkeeping.

1. Creating an Office Policy Manual
2. Trust Accounts
3. Estimating Seller’s Expenses and Proceeds
4. Violations
5. Real Estate Math

JUDICIAL SYSTEM, CONTRACT LAW

Learning Objective: Understand the rules of arbitration and the importance of a properly drafted contract.

1.  U.S. Judicial System
2.  Appellate Courts
3.  Circuit Courts, Appeals
4.  District and Circuit Courts
5. Arbitration
6. Three Vs of Contract Law
7. Creating a Contract
8. Terminating a Contract
9. Breach of Contract
9. Contracts in Real Estate

FINANCE AND AFFILIATED BUSINESS

Learning Objective: Describe the importance of  title insurance and case law that illustrates the problems in finance or conveyance of real property.

1. RESPA
2. Promotional and Educational Activities
3. Affiliated Business Arrangements
4. Truth-In-Lending
5. Mortgage Brokers and Bankers
6. Financing
7. Repayment of Loans
8. Types of Mortgages
9. Title Insurance
10. Cases

REAL ESTATE RIGHTS AND RESTRICTIONS

Learning Objective: Identify the rights and restrictions surrounding real property ownership, deeds, transfer of property, and easements.

1. Interest in Real Property
2. Types of Ownership
3. Transfer of Property
4. Deeds
5. Encumbrances
6. Easements
7. Cases

REAL PROPERTY DESCRIPTIONS

Learning Objective: Be able to accurately read a legal description and locate the property.

1. Legal Descriptions
2. Land Division Act
3. Metes and Bounds
4. Subdivision
5. Cases

FAIR HOUSING AND CIVIL RIGHTS

Learning Objective: Identify the most important aspects of Fair Housing regulations, and the importance of the Civil Rights Act.

1. Civil Rights Act
2. Federal Fair Housing
3. Michigan Fair Housing
4. Civil Rights and Fair Housing
5. Cases
6. Employer Guidelines

FINAL EXAM