Minnesota 15 Hour Package #1

$99.00

15 Credit Hours | Online HD Video Courses | Includes 1 Hour each of Broker Management, Fair Housing and Agency

  • 3.75 Hour Real Estate Module:  Risk Management Salesperson & Broker Required Module (Approval #1026900)
  • 4.25 Hour Real Estate Contracts  (Approval #1022726)
  • 3 Hour Code of Ethics (Approval #1021691)
  • 4 Hour Lead Paint Awareness (Approval #1022262)

Description

PACKAGE CONTENTS:

 


Risk Management
Salesperson & Broker Required Module 2018-2019


COURSE SYLLABUS

Course Description

Today’s complex real estate transactions are full of challenges and expose licensees to a number of high areas of risk. This fully narrated course is designed to explore agency issues, disclosure requirements, negotiation issues, cancellation concerns, contracts and contingencies and will provide guidance on reducing risk liability exposure. (This Module Satisfies both the 3.75-Hour General Module and the 1-Hour Broker Module Requirement)

After completing this course participants will be able to:

  • Learn liability issues and problems relating to disclosure
  • Learn liability issues and statutory obligations pertaining to advertising
  • Learn how to protect and safeguard the personal data they collect from their clients and customers
  • Review contracts and the requirements of listing contracts, buyer representation agreement and facilitator services agreements
  • Receive tips to reduce liability through preventive measures

I. Welcome and Course Objectives

II. Disclosure Requirements (Minn. Stat. §82.68) (30 Minutes)

A. Agent of Broker: Agent can only conduct business on behalf of the broker to whom licensed. A licensee shall affirmatively disclose, before the negotiation or consummation of any transaction, the licensed name of the brokerage under whom the licensee is authorized to conduct business according to this section.

B. Financial interest

1. Prior to negotiations; Disclosure must include:

a) Licensee is licensed real estate agent/broker
b) Directly or indirectly through a 3rd party
c) Buyer or seller is relative or business associate
d) Disclosure must be in writing

C. Material facts

1. Must disclose all material facts the agent is aware of
2. “Material” definition
3. Agent liability: Recognizing obvious issues and red flags
4. Exceptions

a) Suicide, natural death, accidental death

(1) Murder is NOT an exception

b) HIV/AIDS
c) Perceived paranormal activity
d) Community- based residential facilities (e.g. group homes)
e) Predatory offender if written notice of information is provided
f) Information contained in a written inspection report prepared by an independent third party

(1) Must disclose contrary information
(2) Must disclose known material facts not included in the written report

5. Statutes place same disclosure obligation on sellers

a) (Minn. Stat. §513.55)

6. Sellers (not agents) have options

a) Provide a buyer with a 3rd party inspection report
b) Request that the buyer waive the seller disclosure obligation

7. Seller’s disclosure obligation is applicable to single family residences

8. Real estate agent/broker’s disclosure obligation is obligatory in all real estate transactions that the licensee is involved in;

9. Consequences of inadequate disclosure

a) Disputes may arise
b) Seller and listing broker subject to a lawsuit for claims for damages
c) Ethics and DOC complaints filed against the agent and broker

D. Nonperformance of party: Must disclose the fact that a party intends not to perform

III. Advertising (40 Minutes)

A. Minn. Stat. § 82.69

1. Licensee disclosure in ALL advertising: Brokerage name must be more prominently displayed than the licensee’s name

a) Property of others
b) Agent-owner

2. Team names

a) Broker must authorize the use of team name
b) Team name does not need to include the name of the team members
c) Brokerage name must be more prominently displayed than the team name

B. Fair Housing Act and Advertisements

1. See 42 U.S.C. § 3604: Unlawful to make, print, or publish, or cause to be made, printed, or published any notice, statement, or advertisement, with respect to the sale or rental of a dwelling that indicates any preference, limitation, or discrimination based on race, color, religion, sex, handicap, familial status, or national origin, or an intention to make any such preference, limitation, or discrimination.

C. Real Estate Settlement Procedures Act (RESPA) and Advertisements

1. RESPA and Marketing Services Agreements

a) See 12 U.S.C.§ 2607 and Regulation X, 12 C.F.R. Part 1024 (formerly codified at 24 C.F.R. 3500)
b) See also U.S. Consumer Financial Protection Bureau In the Matter of Lighthouse Title, Inc. Respondent

IV. Compensation (Minn. Stat. § 82.70) (20 Minutes)

A. All commissions and fees must go through the broker

1. Requirement to disclose all compensation

B. Referral fees

1. Referrals cannot be paid to unlicensed individuals

a) Includes gift cards

2. Referral fees can be paid to licensed brokerages outside of MN

C. Sharing commissions

1. Rebates can be given to parties involved in the transaction

D. Brokers may pay commissions to an agent’s LLC, corporation or sole proprietorship if the licensee is the sole owner

E. Listing brokers have no claim to trust funds

F. Actions

1. Proof of license
2. Written agreement
3. Agency disclosure (residential)
4. No arbitration/hold harmless in purchase agreement

V. Negotiations (Minn. Stat. § 82.71) (10 Minutes)

A. Requirement to present all written offers promptly

1. Agents cannot substitute their own judgment for that of the sellers

B. Cannot disclose terms of an offer prior to presentation

1. Seller may authorize agent to “shop” terms of an offer
2. Impact of dual agency

C. Obligation to provide a copy of documents to the party when signed

D. Obligation to provide closing statement detailing all receipts and disbursements

VI. Data Security (78 Minutes)

A. Importance of data security and privacy

1. Personal information collected during a real estate transaction
2. Cyber Crime

a) Ransomware
b) Wire Fraud

B. What happens if this data is breached

1. Fraud
2. Identity theft

C. Laws that govern

1. MN statutes § 82.72
2. MN statutes §§ 325E.61 and 325E.64
3. Fair and Accurate Credit Transaction Act (FACTA) (15 U.S.C. §§1681-168x)

a) Disposal Rule (16 C.F.R § 682)

4. Gramm Leach Bliley (15 U.S.C. §§6801-6827)

a) Financial Privacy rule (16 C.F.R. § 313)
b) Safeguards Rule (a.k.a. The “Red Flags” Rule) (16 C.F.R. § 314)

D. Brokers need to develop a company policy

1. Compliance required at the office and at home and/or off sites (agents)
2. Policy needs to include discipline for agents who do not comply

E. Devices and documents

1. Cell phones
2. Computers, laptops, tablets, wearables
3. Photo copiers
4. Electronic and hard copy of files
5. Brief cases, purses, totes, etc.

F. Proper destruction required

G. How data breaches can occur

1. Break-ins (Smash and grabs)
2. Unsecured cell phones, laptops, tablets, wearables
3. Uneducated personnel

H. Five key principals to a sound data security program (FTC)

1. Take stock

a) Information inventory checklist

(1) Who has access?
(2) Who maintains?
(3) Consumer opt-out policy

(a) Scale down

(i) Assess the information you collect
(ii) Document retention policy
(iii) Tips for maintaining security

(b) Lock it

(i) Protect the information you collect

(4) Checklist for protecting personal information

(a) Physical security
(b) Electronic security
(c) Employee training
(d) Security practices of contractors and service providers

(i) Pitch it
(ii) Proper disposal of personal information

(5) Checklist for creating a Document Retention Policy

(a) Accounting records
(b) Corporate records
(c) Employment/Independent Contractor records
(d) Legal documents
(e) MLS documents
(f) Property records
(g) Pension and profit sharing

(6) Legal review of the company policy

(7) Periodic reviews and updates to maintain relevancy

(a) Plan ahead

(i) The need for a written Data Security Program

(8) Checklist for implementing a Data Security Program

(9) Checklist for drafting a Breach Notification Policy

I. FBI Recommendations to Prevent Cybercrime (https://www.fbi.gov/investigate/cyber)

1. Ransomware

a) “FBI tips for dealing with ransomware (primarily aimed at organizations and their employees, but some are also applicable to individual users):

(1) Make sure employees are aware of ransomware and of their critical roles in protecting the organization’s data.
(2) Patch operating system, software, and firmware on digital devices (which may be made easier through a centralized patch management system).
(3) Ensure antivirus and anti-malware solutions are set to automatically update and conduct regular scans
(4) Manage the use of privileged accounts—no users should be assigned administrative access unless absolutely needed, and only use administrator accounts when necessary.
(5) Configure access controls, including file, directory, and network share permissions appropriately. If users only need read specific information, they don’t need write-access to those files or directories.
(6) Disable macro scripts from office files transmitted over e-mail.
(7) Implement software restriction policies or other controls to prevent programs from executing from common ransomware locations (e.g., temporary folders supporting popular Internet browsers, compression/decompression programs).
(8) Back up data regularly and verify the integrity of those backups regularly
(9) Secure your backups. Make sure they aren’t connected to the computers and networks they are backing up

2. Wire Fraud in Real Estate

a) FBI: “How to Protect Your Computer

(1) Keep Your Firewall Turned On
(2) Install or Update Your Antivirus Software
(3) Install or Update your Antispyware Technology
(4) Keep Your Operating System Up to Date
(5) Be Careful What You Download
(6) Turn Off Your Computer

J. Collecting consumer information on line

1. Website Privacy Policy

VII. Exam (10 Minutes)

Total Course length: 188 minutes (3.75 hours)

 


Real Estate Contracts


COURSE SYLLABUS

Course Description

This class will explore contracts and forms related to the Minnesota real estate transactions. Special emphasis will be placed on the contract issues that come up in day-to-day businesses so agents will be better equipped to serve buyers and sellers after instruction on what is contractually required.

After completing this course participants will be able to:

  • Have a better understanding of what is required by law in real estate contracts;
  • Examine various contracts, addendums, and agreements and review forms issues that create problems in real estate transactions;
  • Learn to avoid contractual perils and pitfalls;
  • Be better equipped to serve buyers and sellers in today’s complex real estate transactions

Welcome and Course Objectives

Lesson 1 Elements of a Binding Contract (27 minutes)

  1. Bilateral versus unilateral
  2. Enforceability
  3. Essential elements

Assessment (3 minutes)

Lesson 2 Elements of a Binding Contract cont. (18 minutes)

  1. MN Plain Language statute
  2. Performance
  3. Discharge
  4. Breach
  5. Remedies
  1. Assignability
  2. When clients should seek legal advice

Assessment (3 minutes)

Lesson 3 Representation Contracts and Facilitator Services Agreements (30 minutes)

  1. Agency Relationships

Assessment (3 minutes)

Lesson 4 Representation Contracts and Facilitator Services Agreements cont. (20 minutes)

  1. Listing Contract
  2. Buyer Representation Contracts
  3. Facilitator Services Agreements: Buyer & Seller

Assessment (3 minutes)

Lesson 5 Disclosure Issues (20 minutes)

  1. Seller Disclosure in Residential Property
  2. Seller Disclosure Alternatives
  3. Other Seller Disclosure Requirements

Assessment (3 minutes)

Lesson 6 Purchase Agreement (20 minutes)

  1. Parties’ Names
  2. Property address
  3. Ernest money obligations
  4. Fixtures
  5. Personal Property
  6. Price
  7. Deeds
  8. Property taxes and assessments
  9. Linked Devices
  10. Possession
  11. Title and examination
  12. Mechanics Liens
  13. Definition of dimensions
  14. Risk of Loss
  15. Time is of the essence
  16. Entire Agreement
  17. Default
  18. FIRPTA
  19. Final acceptance

Assessment (3 minutes)

Lesson 7 Counter Offers and Addenda (23 minutes)

  1. Standard terms
  2. Signatures required on purchase agreement
  3. Conventional
  4. FHA
  5. DVA
  6. Contract for Deed

Assessment (3 minutes)

Lesson 8 Seller Contributions (20 minutes)

  1. Closing Costs

Condominium Townhouse CIC Addendum

  1. Calculation of days
  2. Exempt properties
  3. Right to cancel provision

Contingency Addendum Sales of Buyer’s Property

  1. Mechanics of the contingency

Inspection Contingency

  1. Types of inspections
  2. Mechanics of the contingency
  3. Cancellation
  4. Material fact disclosure

As Is Addendum

  1. Seller disclosure alternatives with waiver
  2. Limitation of Seller Liability/legal advice
  3. Warranties
  4. Risk of loss

Cancellation of a Purchase Agreement

  1. Cancellation agreement signed by both parties
  2. Refusal to sign a cancellation
  3. Statutory cancellation
  4. Earnest money issues

One Time Showing Contract

  1. Secures compensation
  2. Specific buyer

Assessment (3 minutes)

Lesson 9 Roundtable Discussions (30 minutes)

Assessment (3 minutes)

Final Assessment (20 minutes)

Total Course length: 255 minutes (4.25 hours)


Code of Ethics


COURSE SYLLABUS

Course Description

Realtors should recognize that the interests of the nation and its citizens require the highest and best use of the land and the widest distribution of land ownership. They require the creation of adequate housing, the building of functioning cities, the development of productive industries and farms, and the preservation of a healthful environment.

Such interests impose obligations beyond those of ordinary commerce. They impose grave social responsibility and a patriotic duty to which Realtors should dedicate themselves, and for which they should be diligent in preparing themselves. Realtors, therefore, are zealous to maintain and improve the standards of their calling and share with their fellow Realtors a common responsibility for its integrity and honor.

This course outlines the standards of practice expected of licensed realtors, and provides several case studies to illustrate those standards.


CODE OF ETHICS AND STANDARDS OF PRACTICE

Introduction and Preamble

Article 1 Duties to Clients and Customers

1. Obligations
2. Agency Relationships
3. Disclosure
4. Offers
5. Confidentiality
6. Due Diligence
Chapter Quiz

Articles 2-9

1. Misrepresentation
2. Discovery
3. Compensation and Commissions
4. Conflict of Interest
5. Contracts

Chapter Quiz

Articles 10-14 Duties to the Public

1. Discrimination
2. Professional Standards
3. Standards of Competence
4. Consultive Services
5. Transparency
6. Kickbacks
7. Advertising

Chapter Quiz

Articles 15-17 Duties to Realtors

1. Libel
2. Exclusivity
3. Solicitations
4. Disputes
5. Mediation and Arbitration

Chapter Quiz

Business Ethics, NAR Code of Ethics and Pathways to Professionalism

1. History of NAR
2. Business Ethics
3. Professionalism
4. Enforcement
5. Arbitration Guidelines

Chapter Quiz

Case Studies

1. Article 1
2. Article 12
3. Article 17
4. Commercial Cases
5. Conclusion

Chapter Quiz


Lead Paint Awareness 


Course Description

Traditional renovation work can create significant dust-lead hazards if lead-based paint is disturbed. Contaminated dust generated by traditional renovation work can cause lead poisoning in children, pregnant women, healthy adults, and even pets. Practical changes in work practices can minimize and contain dust. The use of lead-safe work practices makes the job safer and reduces liability exposure. This course will teach you how to perform or supervise lead-safe work practices safely and effectively. This course is not a qualifier for RRP Certification. You must complete an EPA accredited course for Certified Renovator Status.

After completing this course participants will be able to:

  • Understand the dangers inherent in lead paint, including the risks and difficulties involved in renovation projects that involve older structures.
  • Summarize the EPA and HUD rules required of Certified Firms and Certified Renovators.
  • Determine if lead-based paint affects your work, and how to educate owners and residents in target housing, or owners and adult representatives in child-occupied facilities about how the work will affect lead in their property, and how to plan the work so that it is lead safe.
  • Outline the process of proper set up so that dust and debris created by the work do not contaminate the property and leave behind lead contaminated dust.
  • Describe how to effectively clean up dust generated by the work performed in the home or child- occupied facility; how Certified Renovators conduct a cleaning verification; and how to dispose of renovation waste.

Chapter 1  Regulation – 25 minutes

*Learning Objectives: 1) Explain the role of the Certified Renovator. 2) Outline some of the EPA regulations surrounding lead paint renovation. 3) Explain why we are concerned with lead-contaminated dust.

1.  The RRP Rule

A.  Firm Certification
B.  Individual Certification
C.  Standards

2.  HUD Lead Safe Housing Rule

A.  Safe Practices
B.  Testing
C.  Training

Progress/Check-in Quiz

Chapter 2  Testing for Lead Based Paint – 30 minutes

*Learning Objectives:  1) Describe the regulatory requirements that affect renovation work.  2) Identify the recommended testing methods.

1.  Educate Owners and Residents:

A.  Renovate Right Pamphlets
B.  Residential
C.  Child-Occupied Facilities
D.  Common Areas

2.  Determining Lead Paint Presence

A.  Test Kits
B.  Other tests
C.  Decision Logic Charts

Progress/Check-in Quiz

Chapter 3  Review of Set-up Practices – 30 minutes

*Learning Objectives:  1) Establish containment systems that will keep dust inside of the work area to allow you to clean more efficiently at the end of the day and at completion of the job.  2) Outline best practices for reducing dust and dust exposure.

1.  What is Containment?

2.  Interior Containment

A.  Access/Signs
B.  Coverings
C.  Doors/Windows
D.  Entry to work area

3.  Exterior Containment

A.  Work Area
B.  Doors/Windows

Progress/Check-in Quiz

Chapter 4  Review of Prohibited Practices, Personal Protective Equipment and Dust Control – 10 minutes

*Learning Objectives:  1) Describe work practices prohibited under the RRP Rule because they create dangerous amounts of dust and paint chips.  2) Identify practices to use to control dust, debris or paint chips.

1.  Prohibited Practices

2.  Specialized Tools

A.  HEPA vacuums

3.  Personal Protection Equipment

4.  Controlling the Dust

A.  Vacuuming the dust
B.  Disposal

Progress/Check-in Quiz

Chapter 5  Cleaning Activities and Checking Your Work – 35 minutes

*Learning Objectives:  1) Know how to conduct an effective cleaning.  2) Describe safe disposal practices.  3) Indicate how to check your work.

1.  Effective Cleanup

A.  Top to Bottom
B.  All Surfaces
C.  Checking your work

2.  Interior Requirements

A. Visual Inspection
B.  Cleaning Verification
C.  Dust Clearance Exam

3.  Exterior Requirements

A.  Sheeting
B.  Disposal

Progress/Check-in Quiz

Chapter 6  Recordkeeping – 15 minutes

*Learning Objectives:  1) Determine what records Certified Renovators and Certified Firm Managers must retain for each job. 2) Understand the time requirements for various records.

1.  On-the-job Records

A.  Documents
B.  Individuals
C.  Common Areas
D.  Child Occupied Facilities

2.  Non-Certified Worker Training

A. Documentation

3.  Sample Reporting

Progress/Check-in Quiz

Chapter 7 Training Non-Certified Renovation Workers – 10 minutes

*Learning Objectives:  1) Describe the roles of trained, non-certified renovation workers. 2) Outline the most important steps for training non-certified workers.

1.  Teaching Lead Safe Work Practices

2. Role of Certified Renovator/Non-Certified Workers

3. Steps for Teaching

A. Steps to Lead Safe Renovation, Repair and Painting

4. Documentation

Progress/Check-in Quiz

Final Assessment 40 Questions

Appendices

1.  EPA’s Renovation, Repair and Painting Program Final Rule

2.  U.S. Department of Housing and Urban Development (HUD) Requirements
3.  Renovate Right:  Important Lead Hazard Information for Families, Child Care Providers and Schools

4.  Small Entity Compliance Guide to Renovate Right

5.  Steps to LEAD SAFE Renovation, Repair and Painting

6.  Hands-on Exercises

7.  State and Local Regulations

8 .  Regulatory Status of Waste Generated by Contractors and Residents from Lead-based Paint Activities Conducted in Households

9.  For More Information

 


 

Course instructors will be available by email or telephone between 8am and 6pm Eastern Standard Time. They will assist you with questions regarding course content.

If you have any questions, please call us at 1-800-727-7104 or send an email to info@onlinecti.com. Email responses will usually be returned promptly, but guaranteed within one business day.

Student policies and procedures are always available by going to our website and scrolling to the bottom of the page (See Attendance, Privacy and Refund Policy).


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