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Real Estate Appraisal
In order to own and convey property in a market economy it is necessary for that property to be assigned a specific monetary value. This process, unlike, say, that of assigning value to durable goods which have specific materials, production and marketing costs can be somewhat more involved. With property, the fixed costs building materials and labor costs are always accompanied by more esoteric factors that go to make property more (or less) valuable. Becoming a member of the group that understands and applies these factors is a bit more complex than simply being able to understand a balance sheet.The objective of this course is to familiarize the student with the principles, theories, duties and activities that pertain to real estate appraisal and valuation. Developing an opinion of value is what the real estate appraiser does, but, as weve alluded to, this is far from an effortless process. Understanding the obligation of the real estate industry to promote professionalism and ethical business practices is a beginning to being able to carry out this process such that it is beneficial to licensees, consumers and the market in which they do business. As well as touching upon general standards by which the value of property should be established, this course is broken down into separate lessons which cover: Role of a Real Estate Appraiser Federal Legislation and National Agencies Governing the Industry An Overview of Basic Value Principles Dynamics of the Real Estate Market Three Approaches to Appraisal Appraisal Process Real Estate Appraisal Practice Exercises Completing this course will leave the student with a good understanding of fundamental principles of appraisal, methods of real estate valuation, the various kinds of appraisal licensure and certification, the diverse types of appraisal, and what license or certificate is appropriate for given ones. In addition, the course examines the ways in which appraisal can affect both the larger economy and the availability of housing. The course concludes with real-world practice lessons in which students apply their new knowledge to examples and case studies.
Liens, Taxes and Foreclosures
This course discusses liens, taxes and foreclosures. There are many types of liens, as well as several kinds of taxes, that can attach to a parcel of real estate. When borrowers default on a debt, foreclosure is the process by which lienholders collect the unpaid portion of a debt. Because liens represent an interest in real property, it is crucial that real estate licensees develop an in-depth understanding of liens and lien-related issues. Such knowledge also helps licensees to better advise buyers and sellers.The first lesson presents a general overview of liens. It explains the classification of liens and discusses the types of non-tax liens. Lesson two discusses taxes and tax issues, including ad valorem taxes, real estate tax computation, special assessments, real estate transfer taxes, federal income taxes, capital gains taxes and tax shelters for homeowners and investors. It also discusses the priority of liens. Lesson three addresses the methods of foreclosure, redemption, deficiency judgments, tips for homeowners facing foreclosure and fraudulent behaviors related to foreclosure.The conclusion of this module presents real world dilemmas and applications of the information presented. As the student completes the module, he or she should try to paint a big picture of the issues surrounding liens, taxes and foreclosures, which the module addresses with comprehensive questions, activities and case studies.
Real Property Ownership and Land Use
This course explores the meaning of real property ownership and the differences between real estate and personal property. Although these terms are often used interchangeably in everyday conversation, there are different rights associated with these different commodities. It is important that licensees understand the differences between them and are able to explain the distinctions to their clients and customers. This course addresses the following topics:Personal and Real Property Ownership Land Description Controlling Development Real Estate Practice LessonThroughout this course, the student will learn how different commodities land, real estate, and real property !! transfer and relate to one another. In addition, the student will learn about land use theory and come to understand how our federal, state, municipal and private authorities govern and plan our communities. This course covers legal descriptions as well as informal descriptions, the development of these concepts and the role they play in the real estate industry. This courses final lesson presents real-world dilemmas and provides opportunities to apply the information covered in the rest of the course. As the student completes this course, he or she should try to develop a broad understanding of real property use and to place this understanding within the larger context of real estate practice as a whole. This final lesson aims to help the student achieve this goal using comprehensive content questions, practice examples and case studies.
Section 1031 of the Internal Revenue Code allows for a tax deferment on the exchange of ‘like kind- income-producing property. In essence, an individual may trade an old income-producing or commercial capital asset for a new one of ‘like kind- without paying tax on any of the gains. Instead, the tax is deferred until the chain of exchanges is permanently broken.Commercial real property can qualify for a tax-deferred exchange, providing that the transaction is properly managed through the cooperation of many different professionals. This module outlines the uses of 1031 exchanges, covering what constitutes exchangeable property, the definition of ‘like kind,- the roles of different professionals in 1031 exchanges, the benefits and drawbacks, as well as the different types of exchanges commonly used for real estate transactions. A real estate professional familiar with the Section 1031, its meaning, use and scope, will be able to expand his or her clientele base and will be better equipped to advise investor and commercial clients over the course of their transactions, from the property finding phase through closing.
Connecticut Real Estate Continuing Education
2012 CONTINUING EDUCATION REQUIREMENTS
Continuing Education is due on the even-numbered renewal years.
If your payment is being made after the expiration of your license, a Reinstatement Application is required and the Continuing Education Certificates are required to be submitted.
CONTINUING EDUCATION OPTIONS: ON-LINE COURSES ARE AVAILABLE
A. Complete 12-Hours of Continuing Education courses at an approved school.
The courses shall consist of the following:
Three hours of (mandatory course) “CT Real Estate Agent Fiduciary Duties Review and Law Update”
Nine hours of real estate elective courses SCHOOLS AND COURSE TITLES CAN BE FOUND ON THIS WEBSITE LINK
Board – Select “Real Estate Sales and Appraisal Licenses”
Profession/Institution – Select “Real Estate Continuing Education Provider”
Click Search – List of Schools will appear
Click onto School name of your choice for contact information and available course titles*
*IF A SCHOOL OFFERS ON-LINE COURSES – COURSE TITLES WILL BEGIN WITH THE WORD ‘ON-LINE’.
B. Pass the 40-question Connecticut Continuing Education Examination.
Contact the testing company directly: PSI – 1-800-733-9267
WHEN CALLING PSI TO SCHEDULE BE SURE TO SPECIFY THAT YOU WANT TO TAKE THE “CONNECTICUT CONTINUING EDUCATION 40-QUESTION EXAM IN ORDER TO RENEW YOUR CT LICENSE”.
C. Brokers – If you passed the Connecticut Broker full licensing examination between 4/1/2010 and 3/31/2012, you do not need to take the continuing education courses. (The date used is not the issuance date of your first license, it is the exam date.)
Salespersons – If you passed the Connecticut Salesperson full licensing examination between 6/1/2010 and 5/31/2012, you do not need to take the continuing education courses. (The date used is not the issuance date of your first license, it is the exam date.)
Your Score Reports you received from PSI will reflect the examination passing date. If you do not know when you passed your examination, please call PSI at 1-800-733-9267.