- 3 Hour Current Issues In Residential Real Estate (#C0053CORE1819)
- 3 Hour Fair Housing in Real Estate (#C10778)
- 3 Hour Environmental Issues (#C10773)
- 3 Hour Code of Ethics (#C10774)
- 3 Hour Finance (#C10772)
WA Current Issues in Residential RE 3HR CE
The purpose of this course is to address the current issues relating to residential real estate practice in the state of Washington. This course provides an understanding and working knowledge of a license holder’s responsibilities and obligations related to legislative updates, legal updates and business practices updates. This course sets out specific requirements and best practices.
TOPIC AREA I: LEGISLATIVE UPDATE
- National Legislative Issues
- Marriage Equality and Real Estate
- Counseling and Incentives
- Veteran’s Administration Housing
- Washington Legislative Issues
- SB 5254
- HB 2186 and SB 5929
- SB 5239
TOPIC AREA II: LEGAL UPDATE
- Common Complaints/Investigation/Findings
- Failure to timely present all written offers
- Failure to maintain a complete transaction log/file
- Lack of written authority of delegation when required
- Case Studies
- Seller disclosure vs. caveat emptor
- Scope of broker’s license
- The Washington Consumer Protection Act
TOPIC AREA III: BUSINESS PRACTICES UPDATE
- Organizational Structures, Roles, and Responsibilities
- Licensee’s Status as Independent Contractor
- Broker Personal Safety
- DOL Online Renewal and License Maintenance Features
- Residential Real Estate Practices
- Introductory Letters (“Love Letters”)
- Multiple Offer Scenarios
- Builder Contracts
- Professional Cooperation
- Risk Avoidance Reminders
- Evolving Flood Insurance Issues and Referring Customers to Flood Insurance Agents
- Disclosure and Dual Agency Relationships
- Subject Matter Exceeding the Scope of a Broker’s License and Making Competent Referrals to Third-Party Vendors
- Signatory Authority for Clients
- Real Estate Advertising
- Licensing Law Requirements and Social Media
- Third-Party Websites
APPENDIX I: COURSE CURRICULUM RESOURCE MATERIALS
It is 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 industry. Testing is not considered entrapment and the results 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.
After completing this course participants will be able to:
- Understand the history behind and the connection between civil rights legislation and the Fair Housing Act.
- Recognize and apply the standards outlined by court decisions in Fair Housing case law.
- Be able to integrate the rules and regulations pertaining to Fair Housing laws in the real estate industry.
1. 1866 Civil Rights Act
2. 1968 Federal Fair Housing Act
a. Protected Classes and Prohibitions
1. Complaint Process
1. Fair Housing and Real Estate
b. Customer Service
1. Frequently Asked Questions
1. Case Law
1. Case Law
Human activity has been impacting the environment for thousands of years. Industrial, chemical, and energy related waste materials have had an exponential effect on the environment. It has only been in the last 50 years or so that environmental laws have been enacted to protect public health, safety and welfare, as well as preserving natural resources. These and other issues have made environmental law more and more prevalent in real estate transactions and litigation, as opposing groups seek to contain and remediate costs associated with contaminated sites and similar issues.
1. Industrial Revolution
2. Energy Consumption
4. Environmental Revolution
6. Environmental Site Assessment
Substances and Environmental Risk
d. Petroleum Based Contaminants
e. Underground Storage Tanks
a. Farm Products
b. Heavy Metals
d. PCBs and PBBs
Brownfield Remediation TC
Federal and State Laws
3. Toxic Substance Control Act
4. Clean Air and Water Acts
5. Safe Drinking Water Act
7. Stigma and Value
Code of Ethics
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
2. Agency Relationships
6. Due Diligence
3. Compensation and Commissions
4. Conflict of Interest
Articles 10-14 Duties to the Public
2. Professional Standards
3. Standards of Competence
4. Consultive Services
Articles 15-17 Duties to Realtors
5. Mediation and Arbitration
Business Ethics, NAR Code of Ethics and Pathways to Professionalism
1. History of NAR
2. Business Ethics
5. Arbitration Guidelines
1. Article 1
2. Article 12
3. Article 17
4. Commercial Cases
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 course 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.
Lesson 1 (25 minutes)
1. Laws Regulating Financing
b. Truth in Lending Act
d. SAFE Act
Lesson 2 (25 minutes)
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 (20 minutes)
Lesson 4 (25 minutes)
1. VA Loans
2. Repayment of Loans
3. Private Mortgage Insurance
Lesson 5 (20 minutes)
b. Judicial vs. Non-Judicial
c. Lien vs. Title Theory
Lesson 6 (25 minutes)
1. Types of Mortgages
2. Assorted Cases
Lesson 7 (15 minutes)
1. Commercial Lending
a. Sale and Leaseback
b. Section 1031 Exchanges
c. Tenancy in Common
Assessment – 30 minutes
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