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Course Syllabus |
Course Outline
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- Define and understand the term immobility.
- Define and understand the term nonhomogeneity.
- Define and understand the term indestructibility.
- Define and understand the term situs.
- Determine how economic life affects fixed investment.
- Distinguish scarcity from improvements.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- Define and understand the term estate.
- Identify the difference between possessory estates and nonpossessory estates.
Upon completion of this lesson, you should be able to:
- 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/nonfreehold or less than freehold estates.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- Define and understand the term encumbrances.
Upon completion of this lesson, you should be able to:
- 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 judgement liens.
- Define and understand a federal and state tax lien.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- Identify the difference between publicly and privately held land.
- Define the concept of property.
Upon completion of this lesson, you should be able to:
- Define the terms severalty ownership, sole ownership, and tenancy in severalty.
- Identify how corporations may own real estate.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- Define and understand the term community property.
Upon completion of this lesson, you should be able to:
- Define and understand the term partnership.
- Identify the differences between a general and limited partnership.
- Define and understand the term limited liability company.
Upon completion of this lesson, you should be able to:
- Define and understand the term trust.
- Identify the three types of trust.
Upon completion of this lesson, you should be able to:
- Define the term syndicate and identify the five ways a syndicate may own real estate.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- Identify who owns land in a cooperative ownership.
- Define and identify the term proprietary lease.
Upon completion of this lesson, you should be able to:
- 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).
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- Define and understand the term deed.
- Identify and understand the deed requirements for a valid conveyance.
Upon completion of this lesson, you should be able to:
- Identify and define consideration.
- Identify and define the habendum clause.
- Identify and define the reservations and exceptions.
Upon completion of this lesson, you should be able to:
- Define the term covenant of title and understand the different covenants of title.
Upon completion of this lesson, you should be able to:
- Define and understand the terms seal and attestation.
- Define and understand the term acknowledgment.
Upon completion of this lesson, you should be able to:
- Identify the most commonly used types of deeds and their differences.
Upon completion of this lesson, you should be able to:
- Define and understand the term title.
- Identify the difference between constructive notice and actual notice.
- Define and understand the term recording acts.
Upon completion of this lesson, you should be able to:
- Identify the different methods of determining the condition of title.
- Define and understand the term title insurance.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- Define and understand the term building codes.
- Recognize subdivision regulations.
- Identify the regulations associated with the Interstate Land Sale Full Disclosure (ILSFD) Act.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- Define and recognize when steering occurs.
- Define and recognize when blockbusting occurs.
- Identify the different aspects of less favorable treatment.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- Define and understand the term handicap.
- Define and understand the term familial status.
Upon completion of this lesson, you should be able to:
- Identify the circumstances linked to the term Blockbusting.
- Recognize what constitutes improper solicitation and improper listing.
- Define and understand the term farming.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- Identify the different types of contractswith which a broker needs to be familiar.
Upon completion of this lesson, you should be able to:
- Identify when a contract is created.
- Determine the difference between expressed and implied contracts.
Upon completion of this lesson, you should be able to:
- Distinguish between a valid and void contract.
- Determine how a contract may be void or voidable.
Upon completion of this lesson, you should be able to:
- Identify the essential elements of an enforceable contract.
- Identify who is and who is not a competent party to sign a binding contract.
Upon completion of this lesson, you should be able to:
- Identify the legal requirements of an offer.
- Identify the ways to terminate an offer.
- Recognize the conditions that may prevent genuine assent.
Upon completion of this lesson, you should be able to:
- 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".
Upon completion of this lesson, you should be able to:
- Define and understand the term default.
- Identify non-legal contract default remedies.
- Identify legal contract default remedies.
Upon completion of this lesson, you should be able to:
- Identify the typical types of form contracts.
- Define and understand option contracts.
- Define and understand land contracts.
Upon completion of this lesson, you should be able to:
- Define and understand the term closing.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- Determine why the sales contract should be in writing.
Upon completion of this lesson, you should be able to:
- Understand how to state the purchase price in a contract.
- Learn the various ways to describe the method of payment.
Upon completion of this lesson, you should be able to:
- Define how much earnest money is adequate.
- Define the different ways to handle earnest money.
Upon completion of this lesson, you should be able to:
- Define the brokers responsibilities concerning earnest money.
- List the procedures to follow if there is a problem with the earnest money.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- Identify the special stipulations used for miscellaneous items.
- Identify the special stipulations used for new construction.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- Identify and understand the listing broker's obligation to the seller.
- Identify and understand the role of the subagent and single agent.
Upon completion of this lesson, you should be able to:
- Identify the procedures to follow when showing another firm's listing.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- Identify the characteristics of the lease.
- Distinguish between the different types of leasehold estates.
Upon completion of this lesson, you should be able to:
- Define the requirements of a valid lease.
- Identify and understand the importance of the lease term, signature delivery and acceptance, and leasehold interest.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- Identify and understand the various types of leases used in property management.
- Identify the purpose of occupancy/move-in agreements.
Upon completion of this lesson, you should be able to:
- Identify and understand the landlord's remedies in the event the tenant defaults.
Upon completion of this lesson, you should be able to:
- Identify and understand the tenant's remedies if the landlord defaults.
Upon completion of this lesson, you should be able to:
- Identify and understand the ways in which leases are terminated.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- Define and understand the term appraisals.
- Identify typical situations for use of an appraisal.
- Identify the different appraisal organizations.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- Define and understand the different principles of value.
Upon completion of this lesson, you should be able to:
- Identify the four major forces that constantly influence the value of real property.
- Identify properties from each of the four major forces.
Upon completion of this lesson, you should be able to:
- Identify the factors influencing value.
- Define and understand the term situs.
- Distinguish between assemblage and plottage.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- Identify when to use the replacement cost method.
- Identify and understand how to obtain information needed to utilize the replacement cost method.
Upon completion of this lesson, you should be able to:
- Identify and understand steps involved to effectively utilize the replacement cost approach.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- Define the term redlining.
- Identify factors that increase the probability of loan approval.
- Identify and understand the considerations that go into credit history report.
Upon completion of this lesson, you should be able to:
- Recognize and understand the Federal Equal Credit Opportunity Act.
- Recognize and understand the Federal Truth-ln-Lending Law.
- Identify Regulation Z and understand the annual percentage rate (APR).
- Define and understand the right of rescission provision.
Upon completion of this lesson, you should be able to:
- Identify the difference between estimating financial responsibility and qualifying for a loan.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- Identify the two factors that determine the top price a purchaser can pay for a home.
Upon completion of this lesson, you should be able to:
- Identify the general rules used to estimate a purchaser's ability to qualify for a conventional loan.
Upon completion of this lesson, you should be able to:
- Identify and understand FHA requirements and how the FHA down payment is calculated.
Upon completion of this lesson, you should be able to:
- Identify the seller's potential cost and understand the guidelines for calculations and prorations.
Upon completion of this lesson, you should be able to:
- Identify additional subcomponents affecting the seller's estimated costs.
Upon completion of this lesson, you should be able to:
- Determine the first mortgage payment date after a purchaser has taken possession.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- Estimate the monthly principal and interest payment.
Upon completion of this lesson, you should be able to:
- Estimate a purchaser's monthly mortgage insurance premium.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- Create an estimated cost worksheet.
Upon completion of this lesson, you should be able to:
- Identify when to prepare an estimated cost worksheet.
Upon completion of this lesson, you should be able to:
- Create an estimated cost worksheet.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- Identify who can collect a commission.
- Identify the different ways a nonresident broker can earn a commission in Georgia.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- Identify the purpose of the trust or escrow account.
- Define and understand the term commingling.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- Identify the steps in the investigative process.
- Identify the limitations of the Real Estate Education, Research, and Recovery Fund.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- Define and understand the commission rules concerning advertising.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- Identify additional public protection from commission rules.
- Identify and understand rules pertaining to licensees working with out-of-state brokers.
Upon completion of this lesson, you should be able to:
- Define and understand the purpose of the Federal/Sherman Antitrust Laws.
- Identify the penalties for violation of antitrust laws.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- Define the term original cost.
- Calculate the original cost when given sales price and the resulting percent of profit.
Upon completion of this lesson, you should be able to:
- Calculate the gross price when given sales price and commission.
Upon completion of this lesson, you should be able to:
- Calculate basic math conversions.
Upon completion of this lesson, you should be able to:
- 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.
Upon completion of this lesson, you should be able to:
- Determine how to find the acreage of any tract of land.
Upon completion of this lesson, you should be able to:
- Define and understand the term volume.
- Calculate cubic feet.
Upon completion of this lesson, you should be able to:
- Determine how to calculate value.
- Determine how to calculate income.
- Determine how to calculate rate.
- Define and understand the building residual method.