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.

As the market becomes more competitive, only a business comprised of well-rounded licensees who provide comprehensive advice will continue to stand out. This course instructs real estate licensees on the basics of home inspection. An understanding of this information will allow the student to serve his or her clients and customers better. This course presents an overview of the home inspection business and explains how it fits into the real estate industry as a whole. In addition, the course covers the regulatory bodies and professional organizations associated with home inspection. At the conclusion of this course, the student will understand the methods used to inspect homes, will know what to look for when examining properties, both inside and out, and will understand the various types of inspection reports and the differences between them.

This course covers math principles essential in the practice of real estate. Some of these topics may already be familiar to the student. The course will elaborate on how the subject matter pertains to real estate in everyday use. It is important that licensees understand the mathematical concepts presented here in order to be competent in the practice of real estate. This course includes the following lessons:The Language of Math Measurement of Dimensions Financial Math Valuation Math Real Estate PracticeThe course includes fractions, decimals and percentages: the mathematical language used to express many aspects of real estate practice. Area and volume will be discussed so that the licensee will be able to determine and express the amount of commodity in a particular parcel of realty. While not a real estate finance course, this course will review concepts of interest, amortization and loan rate and discount. These concepts must be understood fully so that the licensee may grasp the essential elements used in the purchase of and financing for real property. Additionally, the principle of prorating will depict the importance of time in the transfer of realty.The conclusion of this course offers real world examples and applications of the information presented. Upon completion of this course the student will comprehend the language and principles of mathematics necessary to successfully function in the practice of real estate.

Recording real property documents in the public record gives the public access to information they may need in order to clarify the condition of the title to a property. The simple process of recording helps trace the history of the title by tracking past and current owners of the title as well as any previous liens and encumbrances placed on the title. The act of recording real property documents allows grantors to warrant grantees a valid deed conveyance and smooth purchase transaction and to provide proof of ownership in case any future complications arise. This course includes the following lessons: – Public Records and Recording- Titles- Title Transfers- Real Estate Practice The terms title and deed do not mean the same thing; therefore, individuals cannot use the terms interchangeably. The title refers to ownership of a property or parcel of real estate whereas the deed refers to the document that transfers the ownership property from the grantor to the grantee. This course will explain the process of recording, give examples of public records and describe the different deeds of conveyances. The different lessons in this course work together to help grantors and grantees avoid any future complications concerning the ownership rights to a property or resolve any disputes that arise.

This course includes broad issues and describes the procedures for measuring the total square footage of detached single-family homes and multifamily gross building areas. The methods employed will standardize the calculation process and enable the users of this information to obtain accurate and reproducible measurements for total gross living area of residential properties. The student will learn how to treat the finished areas above and below grade, finished living area above the garage, and the unfinished areas within the structure. The standard will allow individuals and organizations to agree and cooperate in communicating these square footage quantities to users for this information.It includes the following lessons:American National Standard for Single-Family Residential Buildings Measurement and Calculation Appraisal Values The Appraisal Process Uniform Standards of Professional Appraisal Practice Valuation Analysis Summary and Other Guidelines Critical Thinking Questions and Case Studies

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.

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.

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.

A deed is the most common written instrument used to convey the title to real property. Consequently, all real estate professionals need a clear understanding of the uses and purposes of different types of deeds. This course illustrates the difference between the concept of title and the concept of a deed. This course includes the following lessons:Introduction to Deeds and Title Conveyance Types of Deeds State-Specific Information Real Estate Practice The first lesson of this course reviews the requirements of a legally enforceable contract. And, because a deed is a legal contract between two parties, requirements for a deed to legally convey the title to real property are also reviewed and explained in detail.The second lesson of this course covers types of deeds and their different uses. Types of deeds differ in the extent of covenants and warranties on the title that are offered to the grantee. The most common types of deeds for voluntary land conveyance are general warranty deeds, special warranty deeds, bargain and sale deeds and quitclaim deeds. The lesson then identifies other types of deeds that may be used for special purposes. However, all states have distinctive legislation pertaining to title conveyance. As a result, the third lesson of this course outlines relevant state statutes that affect deeds, including those that differentiate between the unauthorized practice of law and the lawful role of real estate professionals. The last lesson in this course is a real estate practice lesson in which the student is presented with real world situations that licensees might face in the field. This lesson gives the student the opportunity to employ his or her new knowledge, and to use the material in this course to properly manage ethical predicaments and problematic transactions.

Provider Approval #0238 / Course Approval #03-00-053-18144

Asset Management is the term used for the decision-making process involved in maximizing returns on real property investments. This process includes such decisions as whether or not to renew a lease for a tenant, purchase or lease more assets, improve, sell or rent ones current assets, etc. The asset manager must be aware of market trends and indicators and must be able to accurately predict the cash inflows and outflows of his or her own holdings. This course provides an introduction to the basics of asset management. It introduces the student to the key ideas and concepts of management as well as the techniques a manager will use to evaluate the market and evaluate the financial impact of alternatives in order to make properly informed decisions. The student will learn how to handle distressed properties and how to successfully market a revenue-increasing strategy. The course ends with case studies and real world practice, which will aid the student in becoming confident and familiar with the various aspects of asset management.