- Chapter: 1 Property
- 0----Introduction to Property
- 1----Classification of Property
Objectives:
- Distinguish personal property from real property.
- Distinguish chattels real from chattels personal.
- Define the term real estate.
- Identify the defining boundaries of land.
- Distinguish between natural and artificial attachments.
- Distinguish between perennial plants (or fructus naturales) and emblements (or fructus industriales).
- Identify improvements (or artificial attachments).
- Distinguish between a bill of sale and a deed.
- Define fixture and identify what determines whether a fixture is personal or real property in the absence of an agreement.
- Identify the method by which fixtures become personal property.
- Define and identify trade fixtures.
- 2----Classification of Property - Lesson Quiz
- 3----Rights of Real Property Ownership
Objectives:
- Define and understand appurtenance.
- Distinguish between percolating water and the water table.
- Define and understand Riparian rights.
- Distinguish between correlative rights and the doctrine of prior appropriation.
- Define and understand the term littoral rights.
- Define and understand the term mineral rights.
- Distinguish between the right of lateral support and the law of capture.
- Define and understand air rights.
- 4----Rights of Real Property Ownership - Lesson Quiz
- 5----Land Characteristics
Objectives:
- Define and understand the term immobility.
- Define and understand the term non-homogeneity.
- Define and understand the term indestructibility.
- Define and understand the term situs.
- Determine how economic life affects fixed investment.
- Distinguish scarcity from improvements.
- 6----Land Characteristics - Lesson Quiz
- 7----Land Descriptions
Objectives:
- Define and understand the term legal description.
- Define and understand the term plat of survey.
- Identify and distinguish between the three methods of legal description (metes and bounds, rectangular survey, and recorded plat).
- Distinguish between a natural monument and an artificial monument.
- Distinguish between a bearing and a meridian.
- Identify and understand the terminology of a metes and bounds survey (point of beginning, permanent point of reference, and standard benchmark).
- Define and understand the term call.
- Define and understand the term air lot.
- Define and understand the term datum.
- Identify the use of a contour/topographic map.
- 8----Land Descriptions - Lesson Quiz
- 9----Forms of Legal Descriptions of Georgia
Objectives:
- Identify the two methods of describing land in Georgia.
- Identify when to obtain a legal description.
- Identify the sources you use to obtain the legal description of a property.
- Identify when not to use the legal description in the seller's deed.
- Identify the basic requirements for the legal description short form.
- 10----Forms of Legal Descriptions of Georgia - Lesson Quiz
- Chapter: 2 Rights
- 0----Government Rights
Objectives:
- Distinguish between the feudal an allodial system of land ownership.
- Define and understand the term police power.
- Define and understand the right of eminent domain.
- Distinguish between the right of taxation and the right of escheat.
- 1----Government Rights - Lesson Quiz
- 2----Private Ownership
Objectives:
- Identify the four main rights which make up the bundle of rights.
- Define and understand the term right of possession.
- Define and understand the term right of control.
- Define and understand the term right of enjoyment.
- Define and understand the term right of disposition.
- Identify and understand how individual rights may be separated from the bundle.
- 3----Private Ownership - Lesson Quiz
- 4----Estates in Land
Objectives:
- Define and understand the term estate.
- Identify the difference between possessory estates and nonpossessory estates.
- 5----Estates in Land - Lesson Quiz
- 6----Possessory Estates
Objectives:
- Identify the two types of possessory estates.
- Define and understand the term freehold estate.
- Define and understand the term fee estates.
- Define and understand the term fee simple absolute.
- Define and understand the term fee simple determinable.
- Define and understand the term fee simple on condition subsequent.
- Define and understand the term conventional life estate.
- Define and understand the term ordinary life estate and life estate pur autre vie.
- Define and understand the term leasehold/non-freehold or less than freehold estates.
- 7----Possessory Estates - Lesson Quiz
- 8----Nonpossessory Estates
Objectives:
- Define and understand the term nonpossessory estate.
- Define and understand the term lesser estates.
- Define and understand the term remainder estate.
- Define and understand the term reversionary estate.
- Define and understand the various legal life estates; dower, curtesy, and homestead protection.
- 9----Nonpossessory Estates - Lesson Quiz
- 10----Other Person's Rights (Private Encumbrances)
Objectives:
- Define and understand the term encumbrances.
- 11----Other Person's Rights (Private Encumbrances) - Lesson Quiz
- 12----Encumbrances Which Create Liens
Objectives:
- Define and understand the term lien.
- Define between a voluntary (equitable) lien and an involuntary (statutory) lien.
- Define and understand specific liens.
- Define and understand property tax lien.
- Define and understand a mortgage lien.
- Define and understand mechanics lien.
- Define and understand vendees lien.
- Define and understand attachment lien.
- Define and understand general liens.
- Define and understand judgment liens.
- Define and understand a federal and state tax lien.
- 13----Encumbrances Which Create Liens - Lesson Quiz
- 14----Encumbrances Affecting Use
Objectives:
- Define and understand the term easement.
- Define and understand the term appurtenant easement.
- Define and understand the term easement in gross.
- Identify the ways to create an easement.
- Identify the ways to terminate an easement.
- Define and understand the term license.
- Identify the differences between covenants and conditions.
- Identify the differences between encumbrance and encroachment.
- 15----Encumbrances Affecting Use - Lesson Quiz
- Chapter: 3 Ownership
- 0----Ownership
Objectives:
- Identify the difference between publicly and privately held land.
- Define the concept of property.
- 1----Ownership - Lesson Quiz
- 2----Severalty Ownership
Objectives:
- Define the terms severalty ownership, sole ownership, and tenancy in severalty.
- Identify how corporations may own real estate.
- 3----Severalty Ownership - Lesson Quiz
- 4----Concurrent Ownership
Objectives:
- Define and understand the term concurrent owners.
- Identify the form of concurrent ownership that imposes the fewest restrictions on the owners.
- Identify how tenancy in common is usually created.
- Identify the form of concurrent ownership whereby the co-tenants jointly own a single estate.
- Define and understand the term tenancy by entirety.
- 5----Concurrent Ownership - Lesson Quiz
- 6----Community Property
Objectives:
- Define and understand the term community property.
- 7----Community Property - Lesson Quiz
- 8----Tenancy In Partnership
Objectives:
- Define and understand the term partnership.
- Identify the differences between a general and limited partnership.
- Define and understand the term limited liability company.
- 9----Tenancy In Partnership - Lesson Quiz
- 10----Trusts
Objectives:
- Define and understand the term trust.
- Identify the three types of trust.
- 11----Trusts - Lesson Quiz
- 12----Syndicates
Objectives:
- Define the term syndicate and identify the five ways a syndicate may own real estate.
- 13----Syndicates - Lesson Quiz
- 14----Condominium Ownership
Objectives:
- Define and understand the term condominium.
- Identify the most recent type of condominium ownership for vacation properties.
- Define and identify the term common elements.
- Identify the rights of the condominium owner.
- 15----Condominium Ownership - Lesson Quiz
- 16----Cooperative Ownership
Objectives:
- Identify who owns land in a cooperative ownership.
- Define and identify the term proprietary lease.
- 17----Cooperative Ownership - Lesson Quiz
- Chapter: 4 Transfer
- 0----Involuntary Title Transfer
Objectives:
- Define and understand the term title.
- Identify the different ways to transfer title by involuntary transfer (natural causes).
- Identify the different ways to transfer title by voluntary transfer (operation of law).
- 1----Involuntary Title Transfer - Lesson Quiz
- 2----Voluntary Title Transfer
Objectives:
- Define and understand the term voluntary transfer of title.
- Recognize the differences between transfer by government patent or public grant, transfer by will, transfer by gift, and transfer by sale.
- Identify the differences between a formal will, a holographic will, and a nuncupative will.
- 3----Voluntary Title Transfer - Lesson Quiz
- 4----Deeds
Objectives:
- Define and understand the term deed.
- Identify and understand the deed requirements for a valid conveyance.
- 6----Deed Provisions
Objectives:
- Identify and define consideration.
- Identify and define the habendum clause.
- Identify and define the reservations and exceptions.
- 7----Deed Provisions - Lesson Quiz
- 8----Covenants of Title
Objectives:
- Define the term covenant of title and understand the different covenants of title.
- 9----Covenants of Title - Lesson Quiz
- 10----Legal Aspects of Deeds
Objectives:
- Define and understand the terms seal and attestation.
- Define and understand the term acknowledgment.
- 11----Legal Aspects of Deeds - Lesson Quiz
- 12----Types of Deeds
Objectives:
- Identify the most commonly used types of deeds and their differences.
- 13----Types of Deeds - Lesson Quiz
- 14----Title Protection
Objectives:
- Define and understand the term title.
- Identify the difference between constructive notice and actual notice.
- Define and understand the term recording acts.
- 15----Title Protection - Lesson Quiz
- 16----Methods of Title Protection
Objectives:
- Identify the different methods of determining the condition of title.
- Define and understand the term title insurance.
- 17----Methods of Title Protection - Lesson Quiz
- Chapter: 5 Government
- 0----Controls Affecting Land Use
Objectives:
- Identify the public land use controls.
- Recognize the difference between police power and eminent domain.
- Define and understand the term zoning.
- Identify and define the special types of zoning.
- Be able to determine the procedures to change zoning.
- 1----Controls Affecting Land Use - Lesson Quiz
- 2----Building Codes
Objectives:
- Define and understand the term building codes.
- Recognize subdivision regulations.
- Identify the regulations associated with the Interstate Land Sale Full Disclosure (ILSFD) Act.
- 3----Building Codes - Lesson Quiz
- 4----Real Property Taxes
Objectives:
- Define and understand the government's power of taxation and distinguish between ad valorem taxes and general taxes.
- List the steps in the ad valorem tax process.
- Be able to calculate tax assessments.
- Define and understand the term mill.
- Identify who actually calculates the tax amounts.
- Identify the difference between a special assessment and a normal assessment.
- To comprehend federal income tax and capital gains tax treatment of home ownership.
- 5----Real Property Taxes - Lesson Quiz
- 6----Fair Housing Laws
Objectives:
- Define and understand the term fair housing laws.
- Identify the difference between the Civil Rights Act of 1866 and the 1968 Civil Rights Act.
- Identify the different aspects of the 1968 Federal Civil Act.
- Recognize to whom the 1968 Federal Civil Rights Act does not apply.
- 7----Fair Housing Laws - Lesson Quiz
- 8----Fair Housing Opportunity
Objectives:
- Define and recognize when steering occurs.
- Define and recognize when blockbusting occurs.
- Identify the different aspects of less favorable treatment.
- 9----Fair Housing Opportunity - Lesson Quiz
- 10----Fair Housing Violations
Objectives:
- Define and understand the term equal housing opportunity.
- Identify the different aspects of the Federal Fair Housing Law enacted in 1988.
- List the penalties for violating the Federal Fair Housing Law.
- Define and understand the term ethical practices.
- 11----Fair Housing Violations - Lesson Quiz
- 12----Obeying Fair Housing Laws
Objectives:
- Define and understand the term handicap.
- Define and understand the term familial status.
- 13----Obeying Fair Housing Laws - Lesson Quiz
- 14----Safeguards
Objectives:
- Identify the circumstances linked to the term Blockbusting.
- Recognize what constitutes improper solicitation and improper listing.
- Define and understand the term farming.
- 15----Safeguards - Lesson Quiz
- 16----Discrimination Safeguards/ADA
Objectives:
- Identify the four concerns of showing purchasers property.
- Define and understand the term steering.
- Define and identify how advertising can lead to cases of discrimination.
- Identify the four reasons charges of less favorable treatment usually occur.
- 17----Discrimination Safeguards/ADA - Lesson Quiz
- Chapter: 6 Agency
- 0----Real Estate Brokerage
Objectives:
- Identify the principle components that constitutes the law of agency.
- Identify and understand how the ways in the brokerage business may be conducted between the real estate brokerage agencies.
- 1----Real Estate Brokerage - Lesson Quiz
- 2----The Agency Relationship
Objectives:
- Identify what is required to establish an agency relationship.
- Identify and distinguish between the different types of brokerage agents.
- Identify the agents authority in an agency relationship.
- Identify the responsibilities of and types of employment contracts that may be created with the seller.
- Identify how the agency relationship may be terminated.
- 3----The Agency Relationship - Lesson Quiz
- 4----Agent's Duties to Principal
Objectives:
- Define and understand the common law duties of the agency relationship.
- Define and understand personal performance.
- Define and understand obedience.
- Define and understand loyalty.
- Define and understand accountability.
- Define and understand notice.
- Define and understand due care.
- 5----Agent's Duties to Principal - Lesson Quiz
- 6----Principal's Duties to Agent
Objectives:
- Identify when broker is entitled to a reimbursement from the principal.
- Identify when and how commission rates are established in a principal agency relationship.
- Define and understand the term "procuring" cause.
- Identify and understand the term safety clause.
- 7----Principal's Duties to Agent - Lesson Quiz
- 8----Relationships in Real Estate Brokerage
Objectives:
- Identify and understand a broker's responsibility in a brokerage.
- Distinguish between the responsibilities of an employer-employee vs. an independent contractor relationship.
- Identify and understand compensation methods for the licensed salesperson.
- Identify the advantages and disadvantages of subagency and the responsibilities of a buyer broker.
- Identify and understand the role of the transaction broker.
- Identify and understand the broker's responsibility to disclose information.
- Identify and understand fraud.
- Identify and understand defects.
- Identify and understand negligent misrepresentations.
- Define an implied warranty of authority.
- 9----Relationships in Real Estate Brokerage - Lesson Quiz
- 10----Agents/Subagents - Single Agents
Objectives:
- Identify ways licensees may avoid misunderstandings when working with another company.
- Identify licensee representation in various types of agency relationships: Traditional Principal-Agent, agent-subagent, dual agency, and single agency.
- 11----Agents/Subagents - Single Agents - Lesson Quiz
- 12----Agents/Subagents - Single Agent Obligations
Objectives:
- Identify and understand the listing broker's obligation to the seller.
- Identify and understand the role of the subagent and single agent.
- 13----Agents/Subagents - Single Agent Obligations - Lesson Quiz
- 14----Showing Another Firms Listing
Objectives:
- Identify the procedures to follow when showing another firm's listing.
- 15----Showing Another Firms Listing - Lesson Quiz
- 16----Other Agents Showing Your Listings
Objectives:
- Identify the procedures to follow when a salesperson with another company calls for permission to show one of your company's listings.
- Determine how earnest money is to be handled under an agency/subagency and single agency relationship.
- Determine how to draft offers under an agency/subagency and single agency relationship.
- Determine loan placement under an agency/subagency and single agency relationship.
- 17----Other Agents Showing Your Listings - Lesson Quiz
- 18----Subagents Responsibilities
- 19----BRRETA
Objectives:
- Identify and understand the acronym BRRETA.
- Describe duties of brokers engaged by clients.
- Describe the broker's duties to the customer including a seller or landlord when representing the buyer or tenant.
- Identify how broker has authority to perform ministerial acts.
- Identify terms of the brokerage agreement and broker compensation.
- Define and understand dual agency.
- Identify and understand dual agency and designated agency.
- 20----BRRETA - Lesson Quiz
- Chapter: 7 Agency: Practical Applications
- 0----Parties in a Listing Contract
Objectives:
- Identify the relationships that come into existence when a real estate company obtains listings.
- Identify which agents can enter into listing contracts.
- Identify and understand the two agency relationships that exist between the broker, seller and his/her salespersons.
- 1----Parties in a Listing Contract - Lesson Quiz
- 2----Salesperson Responsibilities - Listing
Objectives:
- Identify the general information that should be included in a listing agreement.
- Identify the step necessary to recover commission when the seller refuses to pay your broker.
- Distinguish between an Exclusive Right to Sell Listing and Exclusive Agency Listing.
- 3----Salesperson Responsibilities - Listing - Lesson Quiz
- 4----Drafting the Exclusive Listing
Objectives:
- Identify various provisions of the exclusive right to sell listing agreement.
- Identify and understand the terminology "Price Fixing".
- Identify and understand the terminology "Safety Clause" and requirements to enforce it.
- 5----Drafting the Exclusive Listing - Lesson Quiz
- 6----Special Stipulations - (Terms and Conditions)
Objectives:
- Identify when and if an agent of a seller can post "For Sale" signs on listed property.
- Identify the action that should be taken after a seller has signed a listing contract.
- Identify the document source used for verifying proper legal description and ownership of property.
- Identify who can sell a house that is jointly owned by a husband and wife.
- 7----Special Stipulations - (Terms and Conditions) - Lesson Quiz
- 8----Buyer Brokerage
Objectives:
- Identify the parties involved in an exclusive buyer/exclusive tenant brokerage engagement agreement.
- Identify how a broker receives commission under an exclusive buyer/exclusive tenant brokerage engagement agreement.
- 10----Homework Assignment
- Chapter: 8 Contracts
- 0----Preface
Objectives:
- Identify the different types of contracts with which a broker needs to be familiar.
- 1----Preface - Lesson Quiz
- 2----General Contract Law
Objectives:
- Identify when a contract is created.
- Determine the difference between expressed and implied contracts.
- 3----General Contract Law - Lesson Quiz
- 4----Legal Interpretations
Objectives:
- Distinguish between a valid and void contract.
- Determine how a contract may be void or voidable.
- 5----Legal Interpretations - Lesson Quiz
- 6----Essential Elements (Part I)
Objectives:
- Identify the essential elements of an enforceable contract.
- Identify who is and who is not a competent party to sign a binding contract.
- 7----Essential Elements (Part I) - Lesson Quiz
- 8----Essential Elements (Part II)
Objectives:
- Identify the legal requirements of an offer.
- Identify the ways to terminate an offer.
- Recognize the conditions that may prevent genuine assent.
- 9----Essential Elements (Part II) - Lesson Quiz
- 10----Discharging Contractual Obligations
Objectives:
- Identify the ways a contract can be discharged.
- Define and understand the term novation.
- Define and understand the term unilaterally rescinding.
- Define and understand the phrase "time is of the essence".
- 11----Discharging Contractual Obligations - Lesson Quiz
- 12----Breach/Default Remedies
Objectives:
- Define and understand the term default.
- Identify non-legal contract default remedies.
- Identify legal contract default remedies.
- 13----Breach/Default Remedies - Lesson Quiz
- 14----Types of Contracts
Objectives:
- Identify the typical types of form contracts.
- Define and understand option contracts.
- Define and understand land contracts.
- 15----Types of Contracts - Lesson Quiz
- 16----Closings in Georgia
Objectives:
- Define and understand the term closing.
- 17----Closings in Georgia - Lesson Quiz
- Chapter: 9 Contracts: Practical Applications
- 0----When a Contract is Created
Objectives:
- Determine what needs to be included with the offer.
- Define what constitutes an acceptance and understand the Reasonable Medium Rule.
- Determine how to deal with counter offers.
- Define acceptable ways to notify of acceptance.
- 1----When a Contract is Created - Lesson Quiz
- 2----Sales Contracts Legal Aspects
Objectives:
- Determine how to avoid problems when writing a sales contract.
- Determine when to give legal advice.
- List examples of material defects.
- Determine how to prepare the preprinted form sales contract.
- 3----Sales Contracts Legal Aspects - Lesson Quiz
- 4----Essentials of Sales Contracts
Objectives:
- Determine why the sales contract should be in writing.
- 5----Essentials of Sales Contracts - Lesson Quiz
- 6----Methods of Payment
Objectives:
- Understand how to state the purchase price in a contract.
- Learn the various ways to describe the method of payment.
- 7----Methods of Payment - Lesson Quiz
- 8----Earnest Money
Objectives:
- Define how much earnest money is adequate.
- Define the different ways to handle earnest money.
- 9----Earnest Money - Lesson Quiz
- 10----Special Stipulations 1
Objectives:
- Define the brokers responsibilities concerning earnest money.
- List the procedures to follow if there is a problem with the earnest money.
- 11----Special Stipulations 1 - Lesson Quiz
- 12----Special Stipulations 2
Objectives:
- Define why special stipulations are needed and what one must remember when drafting them.
- Identify some common special stipulations, some that relate to closing, and some contingencies.
- 13----Special Stipulations 2 - Lesson Quiz
- 14----Special Stipulations 3
Objectives:
- Identify the special stipulations used for earnest money.
- Identify the special stipulations used for escrow accounts and for financing.
- Identify the special stipulations used for liability, loan assumptions, and guarantees.
- 15----Special Stipulations 3 - Lesson Quiz
- 16----Special Stipulations 4
Objectives:
- Identify the special stipulations used for miscellaneous items.
- Identify the special stipulations used for new construction.
- 17----Special Stipulations 4 - Lesson Quiz
- 18----Homework Assignment, Conventional Loan
- 20----Presenting Offers
Objectives:
- Identify the steps in handling the purchaser's original offer and what you should do if the seller decides to make a counter-offer.
- Define how a salesperson should handle multiple offers.
- 21----Presenting Offers - Lesson Quiz
- 22----Broker's Responsibility In Closing
Objectives:
- Define and understand the obligations due the buyer from contract through closing.
- Define and understand the obligations due the seller from contract through closing.
- Understand the closing process and the documents to be signed.
- 23----Broker's Responsibility In Closing - Lesson Quiz
- Chapter: 10 Leases
- 0----Leasehold Estates
Objectives:
- Identify the characteristics of the lease.
- Distinguish between the different types of leasehold estates.
- 1----Leasehold Estates - Lesson Quiz
- 2----Valid Lease Requirements
Objectives:
- Define the requirements of a valid lease.
- Identify and understand the importance of the lease term, signature delivery and acceptance, and leasehold interest.
- 3----Valid Lease Requirements - Lesson Quiz
- 4----Rights and Obligations
Objectives:
- Identify and understand the rights and obligations in a landlord-tenant relationship.
- Identify the tenant's right to transfer certain rights given under the lease.
- Identify the obligations of both the owner and tenant when an option to buy or an option to renew arrangement exists.
- 5----Rights and Obligations - Lesson Quiz
- 6----Types of Leases
Objectives:
- Identify and understand the various types of leases used in property management.
- Identify the purpose of occupancy/move-in agreements.
- 7----Types of Leases - Lesson Quiz
- 8----Landlord Remedies - Tenant Defaults
Objectives:
- Identify and understand the landlord's remedies in the event the tenant defaults.
- 9----Landlord Remedies - Tenant Defaults - Lesson Quiz
- 10----Tenant Remedies - Landlord Defaults
Objectives:
- Identify and understand the tenant's remedies if the landlord defaults.
- 11----Tenant Remedies - Landlord Defaults - Lesson Quiz
- 12----Lease Terminations
Objectives:
- Identify and understand the ways in which leases are terminated.
- 13----Lease Terminations - Lesson Quiz
- 14----Property Management
Objectives:
- Identify and understand the importance of property management and the role of the property manager.
- Identify and understand the characteristics of the property management contract.
- Identify and understand the functions of a property manager.
- 15----Property Management - Lesson Quiz
- 16----Community Association Management
Objectives:
- To understand the purposes served by community associations
- To distinguish between different types of community developments
- To identify the responsibilities of Officers, Directors and Managers
- To know applicable laws regarding insurance
- 17----Community Association Management - Lesson Quiz
- Chapter: 11 Leases: Practical Applications
- 0----Writing Lease Contracts
Objectives:
- Determine when and when not to use a form lease, when a lease should be in writing, and which items are needed in the legal description for the lease.
- determine how to write a lease with the option to purchase.
- Determine how to handle a security deposit.
- 1----Writing Lease Contracts - Lesson Quiz
- Chapter: 12 Value
- 0----Appraisals
Objectives:
- Define and understand the term appraisals.
- Identify typical situations for use of an appraisal.
- Identify the different appraisal organizations.
- 1----Appraisals - Lesson Quiz
- 2----Value Defined
Objectives:
- Define and understand the term arms length transaction.
- Define and understand the term market value.
- Identify the four basic elements necessary for a property to have value.
- Define and understand the term cost.
- 3----Value Defined - Lesson Quiz
- 4----Economic Principles of Value
Objectives:
- Define and understand the different principles of value.
- 5----Economic Principles of Value - Lesson Quiz
- 6----Forces Influencing Value
Objectives:
- Identify the four major forces that constantly influence the value of real property.
- Identify properties from each of the four major forces.
- 7----Forces Influencing Value - Lesson Quiz
- 8----Factors Influencing Value
Objectives:
- Identify the factors influencing value.
- Define and understand the term situs.
- Distinguish between assemblage and plottage.
- 9----Factors Influencing Value - Lesson Quiz
- 10----The Appraisal Process
Objectives:
- Identify the steps in the appraisal process.
- Identify the four parts of defining the problem in the appraisal process.
- Identify the four considerations of making a preliminary study.
- Identify the three stages of residential neighborhoods.
- Identify the three approaches for estimating value.
- Identify the different types of appraisal reports.
- 11----The Appraisal Process - Lesson Quiz
- 12----Sales Comparison/Market Data Approach
Objectives:
- Identify the three appraisal approaches.
- Identify the three guidelines which are helpful in understanding how adjustments are made.
- Define and understand the acronym CIA and CBS.
- 13----Sales Comparison/Market Data Approach - Lesson Quiz
- 14----The Cost Approach
Objectives:
- Define and understand the principle of substitution.
- Identify the five key steps to the cost approach procedure.
- Recognize the difference between curable and incurable depreciation.
- Define and understand the terms functional and economic obsolescence.
- Define and understand the term economic life.
- 15----The Cost Approach - Lesson Quiz
- 16----The Income Approach
Objectives:
- Identify the three things an appraiser is concerned with in reference to a property's income.
- Identify the three steps used in applying the lengthy capitalization method.
- Determine how to calculate GRM.
- 17----The Income Approach - Lesson Quiz
- 18----Urban Development Patterns
Objectives:
- Identify the four recognized theories of urban development.
- Identify the benefits to industry and to the community of an industrial park.
- Identify the limitations of an industrial park.
- Recognize some of the title considerations for land development.
- Identify the services that comprehensive planning must include.
- 19----Urban Development Patterns - Lesson Quiz
- Chapter: 13 Value: Practical Applications
- 0----Using Comparables To Estimate Price
Objectives:
- Identify and understand the role of the broker/salesperson in pricing property.
- Identify and understand who determines what a home is worth.
- Define and understand the market analysis, and when to use it.
- Determine how and where to research information on comparable homes.
- Identify and understand how financing can affect the selling price of properties.
- 1----Using Comparables To Estimate Price - Lesson Quiz
- 2----Market Analysis Worksheet
Objectives:
- Identify the subject property information needed to complete the Market Analysis Worksheet.
- Identify the comparable property information needed to complete the Market Analysis Worksheet.
- Identify and understand the adjustment process.
- Identify and understand how to assign weight to the adjusted sales price of comparable properties.
- 3----Market Analysis Worksheet - Lesson Quiz
- 4----Using The Replacement Cost Method
Objectives:
- Identify when to use the replacement cost method.
- Identify and understand how to obtain information needed to utilize the replacement cost method.
- 5----Using The Replacement Cost Method - Lesson Quiz
- 6----Replacement Cost Steps
Objectives:
- Identify and understand steps involved to effectively utilize the replacement cost approach.
- 7----Replacement Cost Steps - Lesson Quiz
- Chapter: 14 Finance
- 0----Federal Reserve Board
Objectives:
- Identify the purpose of the Federal Reserve Board.
- Identify the powers of the Federal Reserve Board.
- Define the effects of raising or lowering the federal discount rate.
- Define the effects of raising or lowering the federal reserve requirements.
- 1----Federal Reserve Board - Lesson Quiz
- 2----Pledging Property As Security
Objectives:
- Define the terms property, pledging, and collateral.
- Distinguish between Lien Theory and Title Theory.
- Determine the results of defaulting under both Lien and Title Theory.
- 3----Pledging Property As Security - Lesson Quiz
- 4----Instruments Used In A Mortgage Loan
Objectives:
- Identify the documents typically used in mortgage transactions.
- Define the characteristics of security instruments.
- Distinguish between a mortgage and a trust deed.
- Define the term reconveyance.
- Define and understand the purpose of security deeds.
- 5----Instruments Used In A Mortgage Loan - Lesson Quiz
- 6----Typical Loan Agreement Provisions
Objectives:
- Identify and understand the basic provisions of a loan agreement.
- Identify and understand the legal responsibilities of the mortgage as per the provisions within.
- Determine whether mortgaging or granting clauses are applicable for the state of the subject property.
- 7----Typical Loan Agreement Provisions - Lesson Quiz
- 8----Lender's Default Remedies
Objectives:
- Make the distinction between the terms default and foreclosure.
- Make the distinction between judicial and nonjudicial foreclosure.
- Identify the advantages and disadvantages of a friendly foreclosure.
- 9----Lender's Default Remedies - Lesson Quiz
- 10----Mortgage Loans/Financing Techniques
Objectives:
- Identify and understand a straight-term mortgage.
- Define and understand the term balloon payment.
- Identify and understand amortized mortgage loans.
- Define and understand the purpose of adjustable Rate Mortgage (ARM) loans.
- Identify and understand graduated payment mortgage (GPM) loans.
- 11----Mortgage Loans/Financing Techniques - Lesson Quiz
- 12----Loans Classified/Special Provisions
Objectives:
- Identify and understand purchase money and wraparound mortgages.
- Define Reverse Annuity Mortgage (RAM) and specify it's target group.
- Define and determine when a construction loan or a blanket mortgage is useful.
- Determine when a package mortgage loan is most beneficial.
- 13----Loans Classified/Special Provisions - Lesson Quiz
- 14----Loans Classified/Lender's Provisions
Objectives:
- State the function of the Federal Housing Administration.
- Determine how both the loan amount and down payment are calculated.
- Identify the act that was amended to make Reserves and National Guard veteran's eligible for VA assistance.
- Determine the usefulness of Private Mortgage Insurance Loans.
- 15----Loans Classified/Lender's Provisions - Lesson Quiz
- 16----Alternative Financing
Objectives:
- Identify and understand the term assuming.
- Identify the key advantages of land contracts.
- Explain the usage of a sale and leaseback technique or of a shared appreciation mortgage.
- 17----Alternative Financing - Lesson Quiz
- 18----The Mortgage Market
Objectives:
- Identify an example of a primary mortgage company.
- Identify the role of mortgage companies and of mortgage brokers.
- Identify the largest single source of financing.
- Distinguish between time and demand deposits.
- 19----The Mortgage Market - Lesson Quiz
- 20----Secondary Mortgage Market
- 21----Secondary Mortgage Market - Lesson Quiz
- 22----Lending Practices
Objectives:
- Define the term redlining.
- Identify factors that increase the probability of loan approval.
- Identify and understand the considerations that go into credit history report.
- 23----Lending Practices - Lesson Quiz
- 24----Federal Regulations
Objectives:
- Recognize and understand the Federal Equal Credit Opportunity Act.
- Recognize and understand the Federal Truth-in-Lending Law.
- Identify Regulation Z and understand the annual percentage rate (APR).
- Define and understand the right of rescission provision.
- 25----Federal Regulations - Lesson Quiz
- Chapter: 15 Finance: Practical Applications
- 0----Disclaimer
Objectives:
- Identify the difference between estimating financial responsibility and qualifying for a loan.
- 1----Disclaimer - Lesson Quiz
- 2----Estimate Ability to Qualify
Objectives:
- Identify and understand the importance of estimating the purchasers financial ability to qualify.
- Identify pitfalls to avoid when estimating the purchaser's financial ability to qualify.
- Recognize the property considerations when qualifying for a loan.
- 3----Estimate Ability to Qualify - Lesson Quiz
- 4----Qualifying Guidelines
Objectives:
- Identify the guidelines for estimating a purchaser's financial ability to qualify for a loan.
- Define and understand the terms VOE and VOD.
- Identify the difference between a lo doc and no doc loan.
- 5----Qualifying Guidelines - Lesson Quiz
- 6----Determining Top Price
Objectives:
- Identify the two factors that determine the top price a purchaser can pay for a home.
- 7----Determining Top Price - Lesson Quiz
- 8----Qualifying for Conventional Loan
Objectives:
- Identify the general rules used to estimate a purchaser's ability to qualify for a conventional loan.
- 9----Qualifying for Conventional Loan - Lesson Quiz
- 10----Qualifying for FHA Loan
Objectives:
- Identify and understand FHA requirements and how the FHA down payment is calculated.
- 11----Qualifying for FHA Loan - Lesson Quiz
- 12----Qualifying for VA Loan
- 13----Qualifying for VA Loan - Lesson Quiz
- Chapter: 16 Seller's Cost
- 0----Mathematics in Seller's Cost
Objectives:
- Identify the seller's potential cost and understand the guidelines for calculations and prorations.
- 1----Mathematics in Seller's Cost - Lesson Quiz
- 2----Loans Affecting Seller's Cost
Objectives:
- Identify additional subcomponents affecting the seller's estimated costs.
- 3----Loans Affecting Seller's Cost - Lesson Quiz
- 4----Estimating the Seller's Net
- 5----Estimating the Seller's Net - Lesson Quiz
- Chapter: 17 Buyer's Costs
- 0----Mathematics in Purchaser's Costs
Objectives:
- Determine the first mortgage payment date after a purchaser has taken possession.
- 1----Mathematics in Purchaser's Costs - Lesson Quiz
- 2----Interest Adjustment
Objectives:
- Identify and understand the purpose of prepaid interest and how to calculate it.
- Determine who (Buyer/Seller) is responsible for interest on the day of closing.
- 3----Interest Adjustment - Lesson Quiz
- 4----Estimating Monthly Payment
Objectives:
- Estimate the monthly principal and interest payment.
- 5----Estimating Monthly Payment - Lesson Quiz
- 6----Mortgage Insurance
Objectives:
- Estimate a purchaser's monthly mortgage insurance premium.
- 7----Mortgage Insurance - Lesson Quiz
- 8----Estimated Purchaser Cost Worksheet
Objectives:
- Identify various items to be considered when estimating buyer's closing cost.
- Identify and distinguish between downpayment requirements for different types of loans.
- Understand how to calculate prepaid escrows for taxes and insurance.
- 9----Estimated Purchaser Cost Worksheet - Lesson Quiz
- 10----Purchaser Cost Worksheet
Objectives:
- Create an estimated cost worksheet.
- 11----Purchaser Cost Worksheet - Lesson Quiz
- 12----When to Estimate
Objectives:
- Identify when to prepare an estimated cost worksheet.
- 13----When to Estimate - Lesson Quiz
- 14----Sample Worksheets
Objectives:
- Create an estimated cost worksheet.
- 15----Home Work Assignment
- Chapter: 18 License Law
- 0----Purpose/Licensure of Business
Objectives:
- Identify the primary purpose of the Georgia Real Estate License Law.
- Define and understand the term broker.
- Identify the difference between a broker and an associate broker.
- Identify the individuals who are customarily exempt from the licensing requirements.
- 1----Purpose/Licensure of Business - Lesson Quiz
- 2----Proper Licensure
Objectives:
- Identify who can collect a commission.
- Identify the different ways a nonresident broker can earn a commission in Georgia.
- 3----Proper Licensure - Lesson Quiz
- 4----The Real Estate Commission
Objectives:
- Identify how many may serve on the Georgia Real Estate Commission and the length of their term.
- Identify the requirements for serving on the real estate commission.
- Identify the organizational structure of the Real Estate Commission and the scope of its authority.
- 5----The Real Estate Commission - Lesson Quiz
- 6----Licensing Requirements
Objectives:
- Identify the Georgia license requirements.
- Identify the three ways an applicant can meet the course requirements.
- Identify the additional educational requirements for a licensee.
- List the process to become an active associate broker and broker.
- Identify how to make an inactive license active.
- Define and understand the term qualifying broker, and understand licensing of corporations and partnerships.
- 7----Licensing Requirements - Lesson Quiz
- 8----Trust Account Procedures
Objectives:
- Identify the purpose of the trust or escrow account.
- Define and understand the term commingling.
- 9----Trust Account Procedures - Lesson Quiz
- 10----Broker's Responsibilities
Objectives:
- Identify how a broker might be relieved of responsibility when a licensee violates the License Law.
- Identify the requirements a broker needs to implement to assure that affiliates comply with the requirements of the License Law.
- Identify the unfair practices of the License Law.
- 11----Broker's Responsibilities - Lesson Quiz
- 12----Investigation/Recovery Fund
Objectives:
- Identify the steps in the investigative process.
- Identify the limitations of the Real Estate Education, Research, and Recovery Fund.
- 13----Investigation/Recovery Fund - Lesson Quiz
- Chapter: 19 Rules and Regulations
- 0----Purpose/Licensure of Business
Objectives:
- Identify the employer-independent contractor relationship.
- Identify and understand the importance and basic components of the employment agreement.
- Identify the broker's responsibility to affiliate licensees.
- Identify and understand the importance and basic components of the duties a licensee has to his/her broker.
- 1----Purpose/Licensure of Business - Lesson Quiz
- 2----Licensure of Individuals
Objectives:
- Define and understand the commission rules pertaining to the listing agreement.
- Identify and understand commission rules pertaining to presenting offers.
- Identify and understand commission rules concerning the closing of the transaction.
- 3----Licensure of Individuals - Lesson Quiz
- 4----Broker/Salesperson Relationship
Objectives:
- Define and understand the authority and purpose of the Rules of the Georgia Real Estate Commission.
- Identify the different forms in which brokers can create their business.
- 5----Broker/Salesperson Relationship - Lesson Quiz
- 6----Listings/Presenting Offers/Closing
Objectives:
- Identify and understand the licensing examination process.
- Identify the process and requirements for applying for an original license.
- Identify the procedure for transfer of a salesperson or associate brokers license.
- Identify the procedures and requirements for reinstating a lapsed license.
- Identify and understand the process surrounding a license.
- 7----Listings/Presenting Offers/Closing - Lesson Quiz
- 8----Advertising
Objectives:
- Define and understand the commission rules concerning advertising.
- 9----Advertising - Lesson Quiz
- 10----Trust Account Procedures
Objectives:
- Identify the licensee's responsibility when handling funds of others.
- Identify the type of required account a broker must have in order to start a brokerage company.
- Identify the accounting procedures.
- Identify how funds may be disbursed from the trust account.
- 11----Trust Account Procedures - Lesson Quiz
- 12----Fair Housing Practices
Objectives:
- Identify additional public protection from commission rules.
- Identify and understand rules pertaining to licensees working with out-of-state brokers.
- 13----Fair Housing Practices - Lesson Quiz
- 14----Licensees as Principals
- 15----Licensees as Principals - Lesson Quiz
- 16----Antitrust Laws
Objectives:
- Define and understand the purpose of the Federal/Sherman Antitrust Laws.
- Identify the penalties for violation of antitrust laws.
- 17----Antitrust Laws - Lesson Quiz
- 18----Georgia Business Statutes
Objectives:
- Define and understand the Fair Business Practices Act.
- Identify the highlights of the Uniform Deceptive Trade Practices Act (UDTPA).
- Identify specific activities that violate the antitrust laws.
- 19----Georgia Business Statutes - Lesson Quiz
- Chapter: 20 Math Review
- 0----Percentages
Objectives:
- Define the term percentage.
- Identify the three parts of the percentage.
- Determine how to calculate percentages.
- Define the term profit when expressed as a percentage.
- 1----Original Cost
Objectives:
- Define the term original cost.
- Calculate the original cost when given sales price and the resulting percent of profit.
- 2----Price Including Commission
Objectives:
- Calculate the gross price when given sales price and commission.
- 3----Measurement Math
Objectives:
- Calculate basic math conversions.
- 4----Area
Objectives:
- Calculate the area of a rectangle.
- Calculate either the length or width of a rectangle.
- Calculate the area of a triangle.
- Calculate the area of a polygon.
- 5----Acreage
Objectives:
- Determine how to find the acreage of any tract of land.
- 6----Volume
Objectives:
- Define and understand the term volume.
- Calculate cubic feet.
- 7----Capitalization Math
Objectives:
- Determine how to calculate value.
- Determine how to calculate income.
- Determine how to calculate rate.
- Define and understand the building residual method.