Mandatory Requirements Package | Virginia Approval #0214022311

$59.00

8 Mandatory Credit Hours | Online HD Video Class | Instructors: Jenny MacDowell, Gwyn Besner & Timothy Sinclair 
This course includes all of the following Virginia Mandatory topics: Agency, Contracts, Legal Updates & Flood Hazards, Fair Housing and Code of Ethics

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Description

VA Mandatory Requirements Package


 

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.


 

AGENCY

Lesson 1 

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

Chapter Quiz

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


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).

 
 
290,570 Courses Taken
Great courses, easy to follow. Informative, professional and presented in a straightforward manner allowing for a concise completion of your license renewal process. Good refresher, logical sequence and multiple choice testing. Can be completed at one’s own convenience. Highly recommended for all levels of experience.
Paul Corriveau from MA
 
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