16hr Salesperson Course Medley 1 | Virginia Approval #0214022314

$79.00

16 credit hours | Online HD Video and Narrated | Includes 8 Mandatory credit hours

  • 1 Hour Agency
  • 1 Hour Legal Updates and Flood Hazards
  • 2 Hour Fair Housing
  • 3 Hour Code of Ethics
  • 3 Hour Finance
  • 3 Hour Taxes
  • 3 Hour Real Estate Contracts
SKU: 2040 Categories: , Tags: , ,

Description

 

VA 16hr Salesperson Course Medley 1


 

COURSE SYLLABUS

Agency Chapter Description

Real estate agents are subject to a broad range of legal and ethical requirements that are designed to protect buyers, sellers and the community at large. Buyers and sellers typically will delegate authority to a real estate broker to act as their agent when conducting real estate business. When this happens, an agency relationship has been created. This relationship falls under the domain of "law of agency". This one-hour chapter outlines the rules surrounding agency and the standards of practice associated with each.

Real Estate Contracts Chapter Description

This chapter will explore contracts and forms related to 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.

Legal Updates and Flood Hazard Chapter Description

Disclosure laws are in place that protect both buyers and sellers. Attorneys that deal with real estate transactions report that the most common source of a real estate lawsuit is nondisclosure. This course outlines the general statutory requirements surrounding property disclosure requirements in Virginia.

The 2015 Virginia General Assembly approved HB 2295 to require certain active real estate licensees to complete continuing education in "flood hasard areas and the National Flood Insurance Program" (Flood Instruction) as a condition for license renewal. As of January 1, 2016, flood instruction content is included in Real Estate Board-approved continuing education (CE) courses under the Legal Updates (LU) subject area.

Fair Housing Chapter Description

Is it important to realize Fair Housing laws are very much a part of today's real estate market. Both Federal and State governments employ "testers" to police the indutry. Testing is not considered entrapment and the resuls are admissible in court. Fair Housing is the law of the land, and even in the face of some apparent exceptions, there is no room for discrimination of any sort in the business of housing.

The Fair Housing Act has its roots in the civil rights movement and is arguably the final great legislative achievement of the times. It is a landmark civil rights act that pushed back decades of discrimination.

Code of Ethics Chapter Description

The NAR Code of Ethics is being used only as a teaching tool. The NAR Code of Ethics provisions that are outside of the Virginia Real Estate Board’s laws and regulations are not applicable to Real Estate Board licensees.

Before Standards of Practice were put in place, the real estate profession was not regulated in any way. In 1908, a set of rules that set a higher standard was put in place. Because of their obligations to clients, customers, the public, and each other, Realtors must strive to become informed on issues affecting real estate and, as knowledgeable professionals, willingly share their experience and study with others. They must identify and take steps, through enforcement of the Code of Ethics, and by assisting appropriate regulatory bodies, to eliminate practices which may damage the public or which might discredit or bring dishonor to the real estate profession.

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

 

FINANCE

Course Description

Real estate agents wear many hats in their profession. They assist their clients with the buying and selling of real property. To that end, they market, list and promote sales. They advise, help negotiate, and consult with clients on market conditions, mortgages, legal requirements and financing to ensure a fair and honest transaction. Having an understanding of the legal environment surrounding the financial aspects of real estate dealings is one of the most important areas of expertise to be able to share with clients in order to build enduring and profitable relationships.

After completing this chapter participants will be able to:

  • Describe the importance of case law that illustrates the problems in the conveyance of real property.
  • Define and describe the types, features, and benefits of a real estate loan.
  • Be able to apply the rules and regulations of state and federal agencies as they pertain to real estate finance;  insurance, mortgages, loans and lenders.

TAXES

Course Description

It is important to realize understanding tax laws is an integral part of running a successful real estate business. The ramifications of ignorance or inaccuracy in recordkeeping, tax responsibilities, or employer/employee relationships are severe and will bring a business down in short order. There are also many aspects of real property ownership, including depreciation, deductions, exchanges and more, that will greatly affect whether a business thrives or dies. Any real estate professional who plans to run their own business should be aware of the benefits, pitfalls, and requirements surrounding property related taxes.

After completing this chapter participants will be able to:

  • Recognize the benefits of real property ownership, as well as 1031 exchanges, depreciation, and loss.
  • Understand the tax responsibilities, hiring provisions and recordkeeping requirements of an employer.
  • Be able to outline the specifics of real property indebtedness.

 

REAL ESTATE CONTRACTS

This class will explore contracts and forms related to real estate transactions. Special emphasis is placed on the required elements of a binding contract, contents of a purchase agreement, addenda and contingencies. All the elements of a real estate transaction must be accurate, and properly executed for the contract to be binding. It is important for real estate professionals to have a working understanding of the contractual transaction in order to best serve their clients.

After completing this chapter participants will be able to:

  • Have a better understanding of basics of contract law and the elements of a contract
  • Examine purchase agreements, addendums, and aspects of financing
  • Have a working knowledge of necessary requirements to better serve your clients

 

AGENCY

Lesson 1

1. Virginia Agency Law
2. Definitions
3. Seller's Agency
4. Buyer's Agency
5. Agency Disclosure
6. Dual Agency

Lesson 2

1. Brokerage Agreements
2. Guidance Document on Necessity for Brokerage Agreements
3. Roles and Responsibilities
4. Case Studies

Final Assessment 

 

REAL ESTATE CONTRACTS

Lesson 1 Representation Contracts Agreements 

1. Listing Contracts
2. Required Items and Other Provisions

Lesson 2 Purchase Agreements 

1. Required Elements of a Purchase Agreement

Lesson 3 Counter Offers and Addenda

1. Financing Addenda
2. Conventional Mortgage
3. FHA Mortgage
4. DVA Mortgage
5. Land Contracts

Final Assessment 

 

LEGAL UPDATES and FLOOD HAZARDS

VA Residential Property Disclosure 

1. Disclosure in Virginia
2. Material Defects
3. Residential Property Disclosure Statement
4. Virginia Disclosure Act

5. Agency Disclosure
6. Dual Agency

Flood Instruction

1. Flood Threat
2. National Flood Insurance Program
3. FEMA FAQs
4. Virginia Flood Risk Information System
5. FEMA Zones
6. Coastal Barrier Resources Act Zones

Final Assessment

 

FAIR HOUSING

Chapter 1 – Lesson 1 

1. 1866 Civil Rights Act
2. 1968 Federal Fair Housing Act

a. Protected Classes and Prohibitions
b. Exemptions
c. History
d. Enforcement

3. Virginia Fair Housing Laws

Chapter 1 – Lesson 2 

1. Complaint Process

a. Steps

2. Amendments

a. Families
b. Disabilities

Chapter 2 – Lesson 1

1. Virginia Fair Housing and Real Estate

a. Advertising
b. Customer Service
c. NAR

Chapter 2 – Lesson 2 

1. Frequently Asked Questions

Chapter 3 – Lesson 1 

1. Case Law

Final Assessment 

 

CODE OF ETHICS

Introduction and Preamble 

Article 1 – Duties to Clients and Customers 

1. Obligations
2. Agency Relationships
3. Disclosure
4. Offers
5. Confidentiality
6. Due Diligence
7. Contracts and agreements

Articles 2-6 

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

Articles 10-14 – Duties to the Public

1. Discrimination
2. Professional Standards
3. Consultative Services
4. Transparency
5. Kickbacks

6. Unauthorized activities

Articles 15-17 – Duties to Realtors 

1. Libel
2. Exclusivity
3. Solicitations
4. Disputes

Exercises and Case Studies 

1. Concepts of the Preamble to the Code

  • Maintain the standards of the industry
  • Share responsibility for integrity and honor
  • Become and remain up to date
  • Share expertise
  • Be competent, fair, and conduct self with integrity

2. Structure of the Code

  • Duties to the clients
  • Duties to the public
  • Duties to realtors
  • Evolution of the Code

3. The Code and the Law

  • Reasonable

4. Pathways to Professionalism

  • Respectful to the public, property and peers

Summaries and Case Studies 

1. Article 1
2. Article 2
3. Article 12
4. Article 17

Commercial Cases

1. Article 1
2. Article 2
3. 
Article 3
4. Article 11
5. Article 16

Conclusion

Final Assessment 

 

FINANCE

Lesson 1

1. Laws Regulating Financing

a. RESPA
b. Truth in Lending Act
c. TRID
d. SAFE Act

Lesson 2 

1. Seller Financing

a. Purchase Money Mortgage
b. Land Contract
c. HUD Final Rules
d. CFPB Dodd-Frank TILA
e. Equal Credit Opportunity Act

Lesson 3 

1. Usury
2. Interest
3. Mortgages

 

Lesson 4

1. VA Loans
2. Repayment of Loans
3. Private Mortgage Insurance
4.  Cases

 

Lesson 5 

1. Mortgages/Foreclosure

a. Advertisement
b. Judicial vs. Non-Judicial
c. Lien vs. Title Theory

 

Lesson 6 

1. Types of Mortgages
2. Assorted Cases

 

Lesson 7 

1. Commercial Lending

a. Sale and Leaseback
b. Section 1031 Exchanges
c. Tenancy in Common

Assessment 

TAXES
Lesson 1

1. Tax Liabilities
2. Employment Taxes

a. Social Security
b. Medicare
c. FUTA

3. Hiring
4. Documentation
5. Reporting and Depositing
6. Penalties
7. Expenses

Lesson 2 

1. Taxable Income
2. Home Office
3. Recordkeeping
4. Accounting
5. Income Benefits of Property Ownership

Lesson 3

1. Deductible Items
2. Gains
3. Self-Directed IRAs

Lesson 4

1. Partial Sales or Condemnations
2. Depreciation
3. Passive Loss
4. Section 1031 Exchanges
5. Indebtedness
6. Case Studies

Final Assessment

 

Real Estate Contracts 

Lesson 1 Elements of a Binding Contract

Types of Contracts
Essential Elements

Lesson 2 Elements of a Binding Contract cont. 

Plain Language
Performance and Discharge
Remedies

Lesson 3 Purchase Agreements

Parties
Property Address
Personal Property
Financing
Earnest Money
Title/Taxes/Encumbrances
Condition of Property
Equipment Condition

Lesson 4 Roundtable Discussions

Inspection Contingency
Mechanic's Lien
Resale of Condos and HOAs
Lead-Based Paint
Contingency Addendum
Settlement Services
Seller Contributions
Cancellation

Lesson 5 Roundtable Discussions

Supplemental Cases

Final Assessment


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@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).

 
290,702 Courses Taken
I was really impressed, it was very easy, I loved it. The course was self-explanatory and let me take it on my own time. I am a busy mother and I liked that I could work at my own pace.  I appreciate you guys, it was awesome.
S. Parker from Oregon
 
Chat with us
Back to the top