SALESPERSON PRELICENSE COURSE

Presentation Transcript

Module 1

Idaho Real Estate Commission

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
Idaho Real Estate License Law and Rules

Real Estate Business & Idaho License Law

Brokerage
Appraisal
Counseling
Education
Financing
Property Development
Property Management

Big

Business!

Classes

Residential
Commercial
Industrial
Agricultural
Special Purpose

History—National

History—Idaho

trade organizations other agencies professionals

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

Purpose of License Laws

Why?
Who?
Enforcement

Disciplinary Actions

Grounds
Recovery Fund

Preparing for Practice

Licensing Requirements

Fingerprinting
Education
License Exam
E&O Insurance
Application

License Period

Calculate Yours!
Renewal
License Changes

Continuing Education

What is Required?
Resources
Other Education?

Start-Up Costs

Licensure
Professional Affiliations
Monthly Fees
Auto
Tools/Equipment

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

Compensation

Sources
Non-Financial Compensation
Bonus Program?
Commission Basics
Commission Basics

$math basics$

Math Basics

Antitrust

Price-Fixing
Group Boycotting
Allocation of Customers or Markets
Tie-In Agreements
Penalties

Going to Work for A Broker

Goals
Time Management
Record Keeping
Marketing
Sources
Communication

Most Common Complaints

Different Perspectives

Characteristics

Physical
Economics

The Market

Characteristics
Factors that Affect Supply & Demand

Advantages

Tangible vs. Intangible
Appreciation
Equity
Income Producing
Inflation Hedge
Leverage
Taxes

Disadvantages

Not Liquid
Management
$$$
Immobility

Real Property & the Law

Land – What is it?
Real Estate
Personal Property

Real Property

Tangible
Intangible
Manufactured Housing

Legal Descriptions

References
Adequate Requirements

Government Rectangular Survey System

Legal Descriptions (cont.)

Metes & Bounds
Recorded Plat – Lot & Block – Subdivisions
Elevation
Contour Maps

Real Estate Interests

Freehold Interests

Fee Estates
Life Estates

Leasehold Estates

Idaho Statutes (leases)

Forms of Ownerships & How Ownership is Held

Severalty (Sole Ownership)
Concurrent (Co-Ownership)
Business Ownership

Transferring Title

Death
Accession
Occupancy
Transfer

Conveyance Documents

Valid Deed
Deed Parts

Premises Section
Habendum Clause
Execution Clause
Acknowledgment

Classification of Deeds

Limitations on Rights of Ownership

Encumbrances – Physical Use

Public
Private

Encumbrances – Title

Public

Escheat
Air
Water
Land-Use Controls

Environmental Hazards

Asbestos
Lead-Based Paint
Radon Gas
Urea Formaldehyde
Carbon Monoxide
Electromagnetic Fields
Mold
Meth labs
Underground Storage Tanks
Waste Disposal Sites
Others???

CERCLA & Superfund

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

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

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

Fair Housing

Blockbusting
Steering
Redlining
Exclusionary Land Use
Advertising

American’s With Disabilities Act

Private

Easements
Boundary by Agreement
Licenses
Deed Restrictions
Encroachments

Encumbrances – Title (Liens)

Specific Equitable – Voluntary

Mortgages
Vendor/Vendee Liens
Bail Bond Lien

Specific Statutory

Mechanic’s Liens
Property Taxes

General Statutory

Property Taxes - Timeline

Agency Relationships

Fiduciary (Common Law)
Statutory

Creation
Duties

Customer
Client
Limited Dual Agency

Duration

Course Evaluation!

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SALESPERSON PRELICENSE COURSE