2017-2018 Real Estate Module: Agency, Fair Housing, Special Entities Authority | Minnesota Approval #1023609

$39.00

3.75 Elective Education Hours Including 1 Hour Broker Management | Online HD Video Class | Instructor:  Gwyn Besner
This course covers the history, foundation and rules of the Agency Law and the Federal Fair Housing Law as well as the Minnesota Human Rights Act and special entities such as trusts, estates, guardianships, divorces and corporate entities.

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Description

MN 2017-2018 Real Estate Module: 
Agency, Fair Housing and Special Entities Authority

Salesperson & Broker Required Module
Timed Outline


 

COURSE SYLLABUS

Course Description

This course covers Agency Law, its history, foundation, and Minnesota License rules regarding relationships in a real estate transaction. This course will also look at federal Fair Housing law, its history, rules, and regulations. Prohibitions under
the federal Fair Housing Act and the Minnesota Human Rights Act will be covered. Additionally, the class will review the laws and requirements pertaining to real estate transactions involving special entities as parties in real estate transactions. It will focus on issues that arise for real estate licensees from the time of customer inquiries through entering into a Purchase Agreement. Special entities covered will include powers of attorney, trusts, estates, guardianships, conservatorships, divorces and corporate entities.

After completing this course participants will be able to:

  • Understand Agency Law and MN license rules on Agency relationships
  • Learn about the Federal Fair Housing Act
  • Understand the Minnesota Human Rights Act
  • Understand prohibited Acts under Fair Housing law
  • Understand of what is required by law involving special entities in a real estate transaction, including:

o Powers of attorney 
o Trusts 
o Estates 
o Guardianships
o Conservatorships

  • Divorces and corporate entities
  • Learn how to identify issues related to these special circumstances and what to do when they arise
  • Be better equipped to serve buyers and sellers in today’s complex real estate transactions.

 


 

I. WELCOME AND COURSE OBJECTIVES

AGENCY (60 MINUTES)

II. HISTORY OF AGENCY LAW

A. License rules in Minnesota

III. FOUNDATION FOR AGENCY LAW

A. Customer versus Client Relationships
B. Broker/Agent Relationship:
C. Common Law & Fiduciary Duties

1. Obedience
2. Loyalty
3. Disclosure
4. Confidentiality
5. Duty to Account
6. Reasonable Care

IV. RELATIONSHIPS IN A REAL ESTATE TRANSACTION

A. Disclosure Form

1. Signatures

B. Agency Roles – Understanding your Duties and Obligations

1. Seller Representative
2. Buyer Representative
3. Sub-agent

a. Effective August, 2014, the Legislature and Governor eliminated sub-agency, so
the duties and obligations of a sub-agent no longer exist.

4. Dual Agent
5. Facilitator


FAIR HOUSING (60 MINUTES)

V. HISTORY OF FEDERAL FAIR HOUSING LAW

A. Civil Rights Act of 1866
B. Plessy vs. Ferguson
C. “Separate but Equal”
D. Exclusionary Zoning
E. Fair Housing Act of 1968
F. Fair Housing Amendments
G. Federal Fair Housing Act & Minnesota Human Rights Act

1. Race
2. Color
3. National Origin
4. Religion
5. Gender
6. Disability
7. Family Status
8. Marital Status
9. Sexual Orientation
10. Status with regard to public assistance

VI. UNDERSTANDING PROHIBITED ACTS

A. Refusal to sell or rent 
B. Discrimination in terms, conditions or privileges of sale
C. Advertising
D. Denying availability
E. Blockbusting and steering
F. Failure to make reasonable accommodations
G. Lending discrimination and “Redlining”

VII. HOMEOWNERSHIP AND RACE IN MN

A. NAR/HUD “At Home with Diversity” Training
B. Homeownership Opportunity Alliance (HOA)

1. Members: REALTORS®, MN Mortgage, Minneapolis, Homeownership Center, MFHA, nonprofits that help immigrants.


SPECIAL ENTITIES (60 MINUTES)

VIII. SPECIAL ENTITIES INTRODUCTION

A. Who is the client?

IX. POWERS OF ATTORNEY

A. What is a Power of Attorney
B. Statutory Short Form Power of Attorney
C. When a Power of Attorney is no longer effective

1. Durable Powers of Attorney

D. Special Real Estate Considerations

1. Mechanics of Utilizing a Power of Attorney

a) Attach to Documents

1) Power of Attorney
2) Affidavit of Attorney-in-Fact

2. Specific Authority to Transact in Real Estate
3. Powers of Attorney to Transact for Buyers vs. Sellers

X. TRUSTS

A. Trust Vocabulary

1. Trustee, Beneficiary, Settlor

B. Powers and Duties of Trustee

1. Trust Documents
2. Multiple Trustees
3. Minnesota Trust Code (Changed Recently)

C. Special Real Estate Considerations

1. Mechanics of Trustee Transacting

a) Certificate of Trust (M.S. § 501C.1013)
b) Affidavit of Trustee (M.S. § 501C.1014)

2. Trustees Transacting for buyers vs. Sellers
3. Special Recording and Closing Documents and Requirements

XI. ESTATES OF DECEASED PERSONS

A. Estates Vocabulary

1. Personal Representative, Letters Testamentary, Letters of General Administration, Heirs, Testator, Intestate, Testate

B. Will vs. No Will
C. Formal vs. Informal
D. Supervised vs. Unsupervised
E. Personal Representative Duties and Powers

1. Authority from Letters: Substantiate that the letters issued are in full force and effect (M.S. § 524.3-711)

F. Timeframe for Probate
G. Special Real Estate Considerations

1. Closing Delays
2. Heirs No Longer Want to Sell

a) During Listing Contract
b) During Purchase Agreement

3. Special Recording and Closing Documents and Requirements

XII. THOSE LACKING CAPACITY

A. Lack of Mental Capacity

1. Cannot Look Out for Own Best Interests
2. Legal Conclusion Made by Court

B. Guardianships

1. Management of Personal Affairs
2. Cannot Sell Real Property of Ward
3. Might Be Involved in Decision to Move

C. Conservatorships

1. Management of Financial Affairs
2. Only Person Allowed to Execute Documents Related to Sale of Real Property
3. Mechanics:

a) Request Certified Copy of Letters of Conservatorship;
b) Request Certified Copy of Order Directing Sale (M.S. § 524.5-418(b)(2); or
c) Certified Copy of Order Confirming Sale
d) Certified Copy of Other Court Order authorizing conveyance;
e)Conservator’s Deed or other documents (see M.S. § 524.5-412, § 524.5-411, § 507.04, § 525.69)
f) Conservatee’s spouse’s signature

D. Person May Have Both

XIII. MARRIED PERSONS AND DIVORCES

A. Before Divorce Decree (aka Married)

1. Purchasers

a) No Effect on Ability to Purchase
b) Spousal Interest in Purchased Property

1) Homestead vs. Non-Homestead

2. Sellers

a) Both Spouses Required
b) Follow Court Orders

1) Homestead vs. Non-Homestead

B. After Divorce Decree

1. Purchasers

a) No Effect, Unless Still on Ex-Spouse’s Mortgage

2. Sellers

a) Divorce Decree Controls

1) Award to One Spouse
2) Order Sale and/or Buy Out

b) Title Issues

1) Deed from Ex-Spouse Must Be Recorded, Or Ex-Spouse Must Sign
2) Mortgages

XIV. CORPORATE PURCHASERS AND SELLERS

A. Agency relationship with entity vs. representative person
B. Authority to Transact for Business

1. Corporation/Business Entity must exist at the time it receives and conveys real property.

a) Verity existence through Minnesota Secretary of State

2. Board of Directors Authorizing Resolution

a) Purchase and Sale/Negotiation
b) Loan: Negotiation of Finance
c) Execution of Conveyance and Loan Documents
d) Ratification
e) Due Authorization

3. Member of Shareholder Control Agreement, Other Legal Documentation
4. Religious Corporations: Incorporated under M.S. § 317A, or does M.S. § 315 apply?
5. Partnerships (General, Limited, Limited Liability Limited Partnership) M.S. 323A.0302; 321.0409;
6. Special Signature Block

C. Restriction on Corporate ownership of agricultural land (M.S. § 500.24)

XV. WRAP UP, SUMMARY, QUESTIONS, AND EXAMINATION

Final Assessment (20 minutes)

Total Course length: 200 minutes (3.75 hours)


Course instructors will be available by email or telephone between 9am and 5pm 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@onlinecit.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 and Privacy Policy).

279,830 Courses Taken
The course was very informative and well put together. I’ve taken many classes and this was one of the better online courses I’ve taken. I truly enjoyed it!
Dominic Coloutes from Florida
 
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