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SALESPERSON PRELICENSE COURSE

SALESPERSON PRELICENSE COURSE. Module 1. Attendance Policy. 100% attendance required. Course Objectives. . Overview – Module 1 & 2. References. Mastering Real Estate Principles or Modern Real Estate Practice Realty Bluebook – Financial Tables Idaho Real Estate: Practice and Law

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SALESPERSON PRELICENSE COURSE

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  1. SALESPERSON PRELICENSE COURSE Module 1 Idaho Real Estate Commission

  2. Attendance Policy • 100% attendance required Idaho Real Estate Commission

  3. Course Objectives  • Overview – Module 1 & 2 Idaho Real Estate Commission

  4. References • Mastering Real Estate Principles or Modern Real Estate Practice • Realty Bluebook – Financial Tables • Idaho Real Estate: Practice and Law • Idaho Real Estate License Law and Rules Idaho Real Estate Commission

  5. Real Estate Business & Idaho License Law • Brokerage • Appraisal • Counseling • Education • Financing • Property Development • Property Management Big Business! Idaho Real Estate Commission

  6. Classes • Residential • Commercial • Industrial • Agricultural • Special Purpose Idaho Real Estate Commission

  7. History—National Idaho Real Estate Commission

  8. History—Idaho Idaho Real Estate Commission

  9. REALTORS® Government ARELLO Brokers & Associates Appraisers Attorneys Accountants County Assessor P&Z City Council & County Commissioners School Districts Utility Companies Engineering Surveyors Home Inspectors Title Companies Others? Trade Organizations, Other Agencies & Professionals Idaho Real Estate Commission

  10. Purpose of License Laws • Why? • Who? • Enforcement Idaho Real Estate Commission

  11. Disciplinary Actions • Grounds • Recovery Fund Idaho Real Estate Commission

  12. Preparing for Practice • Licensing Requirements • Fingerprinting • Education • License Exam • E&O Insurance • Application • License Period • Calculate Yours! • Renewal • License Changes Idaho Real Estate Commission

  13. Continuing Education • What is Required? • Resources • Other Education? Idaho Real Estate Commission

  14. Start-Up Costs • Licensure • Professional Affiliations • Monthly Fees • Auto • Tools/Equipment Idaho Real Estate Commission

  15. Selecting a Broker & Company • Resume & Interview • Relationship • Location • Personal Assistants • Office Policy & Procedure Manual • Office Policy on Agency • Insurance • Sales Meetings • Training • Advertising • What Costs are Paid? • Franchise Affiliation or Independent Idaho Real Estate Commission

  16. Compensation • Sources • Non-Financial Compensation • Bonus Program? • Commission Basics • Commission Basics Idaho Real Estate Commission

  17. Math Basics Idaho Real Estate Commission

  18. Antitrust • Price-Fixing • Group Boycotting • Allocation of Customers or Markets • Tie-In Agreements • Penalties Idaho Real Estate Commission

  19. Going to Work for A Broker • Goals • Time Management • Record Keeping • Marketing • Sources • Communication Idaho Real Estate Commission

  20. Most Common Complaints Idaho Real Estate Commission

  21. Different Perspectives • Characteristics • Physical • Economics • The Market • Characteristics • Factors that Affect Supply & Demand Idaho Real Estate Commission

  22. Advantages • Tangible vs. Intangible • Appreciation • Equity • Income Producing • Inflation Hedge • Leverage • Taxes Idaho Real Estate Commission

  23. Disadvantages • Not Liquid • Management • $$$ • Immobility Idaho Real Estate Commission

  24. Real Property & the Law • Land – What is it? • Real Estate • Personal Property Idaho Real Estate Commission

  25. Real Property • Tangible • Intangible • Manufactured Housing Idaho Real Estate Commission

  26. Legal Descriptions • References • Adequate Requirements Idaho Real Estate Commission

  27. Government Rectangular Survey System Idaho Real Estate Commission

  28. Legal Descriptions (cont.) • Metes & Bounds • Recorded Plat – Lot & Block – Subdivisions • Elevation • Contour Maps Idaho Real Estate Commission

  29. Real Estate Interests • Freehold Interests • Fee Estates • Life Estates • Leasehold Estates • Idaho Statutes (leases) Idaho Real Estate Commission

  30. Forms of Ownerships & How Ownership is Held • Severalty (Sole Ownership) • Concurrent (Co-Ownership) • Business Ownership Idaho Real Estate Commission

  31. Transferring Title • Death • Accession • Occupancy • Transfer Idaho Real Estate Commission

  32. Conveyance Documents • Valid Deed • Deed Parts • Premises Section • Habendum Clause • Execution Clause • Acknowledgment • Classification of Deeds Idaho Real Estate Commission

  33. Limitations on Rights of Ownership • Encumbrances – Physical Use • Public • Private • Encumbrances – Title Idaho Real Estate Commission

  34. Encumbrances – Physical Use • Public • Escheat • Air • Water • Land-Use Controls Idaho Real Estate Commission

  35. Environmental Hazards • Asbestos • Lead-Based Paint • Radon Gas • Urea Formaldehyde • Carbon Monoxide • Electromagnetic Fields • Mold • Meth labs • Underground Storage Tanks • Waste Disposal Sites • Others??? Idaho Real Estate Commission

  36. CERCLA & Superfund Idaho Real Estate Commission

  37. Fair Housing—History • 1866 – Civil Rights Act • All citizens of the United States shall have the same right in every State and Territory, as is enjoyed by white citizens thereof to inherit, purchase, lease, sell, hold and convey real and personal property. • 1948 – Shelley vs. Kramer Idaho Real Estate Commission

  38. Fair Housing—History (cont.) • 1968 – Civil Rights Act • Title VII of the act, the Fair Housing Act, outlaws discrimination in the sale or rental of housing on the basis of • Race, Color, Religion, or National Origin. • 1968 – Jones vs. Mayer • 1974 – Housing & Community Dev. Act • Gender • 1988 – Fair Housing Amendment • Familial Status • Handicap Idaho Real Estate Commission

  39. Fair Housing—Exemptions • Single-family home if: • No more than 3 owned • Only 1 exempt in 24-month period • Rental in buildings w/ 4 or less family units if owner occupied • Private clubs Idaho Real Estate Commission

  40. Fair Housing • Blockbusting • Steering • Redlining • Exclusionary Land Use • Advertising Idaho Real Estate Commission

  41. American’s With Disabilities Act Idaho Real Estate Commission

  42. Encumbrances – Physical Use • Private • Easements • Boundary by Agreement • Licenses • Deed Restrictions • Encroachments Idaho Real Estate Commission

  43. Encumbrances – Title (Liens) • Specific Equitable – Voluntary • Mortgages • Vendor/Vendee Liens • Bail Bond Lien • Specific Statutory • Mechanic’s Liens • Property Taxes • General Statutory Idaho Real Estate Commission

  44. Property Taxes - Timeline Idaho Real Estate Commission

  45. Agency Relationships • Fiduciary (Common Law) • Statutory • Creation • Duties • Customer • Client • Limited Dual Agency • Duration Idaho Real Estate Commission

  46. Course Evaluation! Idaho Real Estate Commission

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