A deed is a written instrument that is commonly used to convey the title to real property. Consequently, all real estate professionals must have a clear understanding of the uses and purposes of different types of deeds. This module also illustrates the difference between the concept of title and the concept of a deed. The first lesson of this module reviews the requirements of a legally enforceable contract. A deed is a legal contract between two parties for land conveyance; therefore, the requirements for a deed to legally convey the title to real property are also reviewed and explained in detail. The second lesson of this module covers types of deeds and their different uses. Types of deeds for voluntary land conveyance 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. All states have distinctive legislation pertaining to title conveyance. As a result, the third lesson of this module outlines relevant state statutes that affect the creation and execution of deeds, including those that differentiate between the unauthorized practice of law and the lawful role of real estate professionals. The last lesson in this module 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 an opportunity to employ his or her new knowledge, and to use the material in this module to properly manage ethical predicaments and problematic transactions.

An American National Standard is developed through a consensus process that involves those organizations and individuals directly and materially affected by the existence of a standard. A standard itself is a voluntary guide for producers and consumers. The American National Standards Institute is the central body responsible for identifying a single, consistent set of voluntary standards and verifying that the principles of openness and due process are heeded. All American National Standards are subject to periodic review and revision. A standard allows individuals and organizations that use different terminologies based on different points of view to communicate, cooperate, and calculate quantities on a common basis. This standard promotes these goals in the hope that square footage calculation can become an item of agreement rather than a point of contention between groups with different interests and concerns. This standard for the calculation and reporting of above-grade square footage and below-grade square footage in single-family houses is offered for voluntary application. The standard must be applied as a whole. The standard is not meant to replace or supersede any legal or otherwise required existing area measurement method. It may be used in a proposed, new or existing single-family house of any style but is not applicable to apartment/multifamily buildings. It does not cover room dimensions. Before the adoption of the standard, no nationwide standard existed in the United States for measuring square footage in single-family houses. By contrast, a standard applicable to commercial buildings has been in effect for 80 years. In 1915, the Building Owners and Managers Association International (BOMA) developed a standard method for measuring floor area in office buildings. The BOMA standard was revised in 1952,1955,1971,1980 and 1989 and now bears the title Standard Method for Measuring Floor Area in Office Buildings, ANSI Z65.1-1980 (Reaffirmed 1989). This module is deigned as a 3-hour course teaches those in the real estate community about estimating gross living area. This module includes two practice exams that will help the student prepare for the module exam. Understand that these are for practice only. The student must pass a comprehensive final exam to receive credit for the module. This module 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

Property management is a special category of real estate work. The term “property management” generally refers to the group of services which an owner hires a professional property manager or management firm to perform. The quality of management directly affects the profitability of the property being managed. A skilled property manager thus protects the owner’s capital investment in real estate and makes sure that the property generates profit. In many cases, property managers must be licensed real estate brokers. This module includes the following lessons: • Introduction to Property Management • Management Plans and Management Agreements • A Property Manager’s Typical Duties • Interacting with Tenants • Property Management and Leases • Real Estate Practice Lesson We will cover a property manager’s basic functions, including administrative duties, leasing practices and the manager’s legal relationships with the owner and the tenants of the property. The module also discusses the way to construct a management agreement so that the manager and the owner clearly understand one another’s roles. Licensees will benefit from understanding the various types of property management, as well as the duties that successful property managers must carry out. The concluding lesson in this module presents real-world dilemmas and concrete applications of the information presented in the rest of the course. As the student completes this module, he or she should try to develop a broad picture of property management and how it fits into the larger practice of real estate; the last lesson will help with this project by presenting comprehensive content questions, practice problems and case studies.

This module 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 module addresses the following topics: • Personal and Real Property Ownership • Land Description • Controlling Development • Real Estate Practice Lesson Throughout this module, 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 module covers legal descriptions as well as informal descriptions, the development of these concepts and the role they play in the real estate industry. This module’s 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 module, 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.

Approved Course Number(s):
03-00-053-18146

Course Description

This course provides an introduction to residential real estate finance, including information on how to underwrite FHA, VA, FNMA and FHLMC loans. Understanding this information will help the student assist his or her buyer- and seller-clients from the initial meeting, through the closing proceedings with basic financing and loan-qualification questions.

In accordance with TREC rules Sections 535.71 and 535.72D, in this course, you will learn the basics of the different types of loans available, loan applications, appraisals, escrow, titles and credit reports, including qualifying for loan amounts and verifying income and assets.

Upon completion of this module, the student will know how to calculate loan amounts, estimate monthly payments, property taxes, hazard and mortgage insurance (for conventional, FHA and VA) and qualifying ratios and income.

Learning Objectives

Upon Completion of this course, the student will:

• Understand the basic concepts of real estate financing, and the key terms involved
• Know how to qualify a buyer for the most common types of loans
• Be familiar with the use and function of escrow accounts
• Know what a Mortgage Insurance Premium is
• Know the underwriting guidelines and process
• Be familiar with the three most common types of loans: Conventional, FHA and VA
• Know the advantages and disadvantages of conventional loans
• Know how to use conventional qualifying ratios
• Know the advantages and disadvantages of FHA loans
• Know about the differing FHA qualification ratios
• Know the advantages and disadvantages of VA loans
• Be familiar with VA eligibility and qualification periods
• Be able to calculate the amount of VA entitlement used
• Be able to calculate VA loan amounts and required down payments
• Know the process and qualifications for assuming VA and FHA loans
• Be familiar with other types of loans available
• Know how to underwrite and close loans

Regulatory Requirement

Our staff works diligently to provide you with an analysis of current mandates and legislation that affects you the licensee. All information pertaining to the Mandatory Continuing Education requirements can be found on the State Requirements page. You can find the link to this page on the upper Navbar on the Course Catalog.

Course Completion

Affidavits can be found by clicking the Help link in the navigation bar on the Course Catalog. The affidavit will also be available to print upon course completion.

Testing

Quizzes – There is a quiz at the end of each lesson to test comprehension of the subject matter.

Final Exam – Passing Grade 70%. You can take the final three times.

About The Subject Matter Expert

Course designed, written and maintained by 360Training. Course material questions can be directed to our Instructor of Record at Instructor.RE@360Training.com. Instructional support questions are returned within 24 business hours with answers provided by a qualified professional in your field through our network of subject matter experts.

Support

If you have any requests for technical support please contact the 360Training Support Department located in the HELP section of your account profile. Technical support inquiries are handled immediately.

This module 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.

Learning Objectives

• Define the terms lien and tax lien and understand their operation.
• Recognize the different types of liens and know how their priority is established.
• Identify and describe types of non-tax liens.
• Understand how ad valorem taxes and special assessments are levied.
• Know how homeowners and investors can save on federal income taxes and capital gains taxes through the use of tax shelters.
• Describe and list different types of foreclosures.
• Recognize alternatives to foreclosure and common scams related to foreclosure.

3 lesson quizzes

2 practice finals

1 final exam

Code of Ethics

1031 Exchanges

Course Category:Real Estate Course Description

The objective of this course is to teach the real estate professional how he or she can help clients in buying and selling property on a tax-favorable basis.

The first two lessons of the course seek to provide a method of real estate purchase using pretax dollars and of growing the estate within a qualified product. We will discuss the application of current tax advantages of using both qualified and non-qualified tax products such as IRA’s, SEP IRA, 401k, Roth IRAs and charitable gift annuities. The use of these applications will provide the real estate professional with the opportunity to create a long standing and profitable relationship with his or her clients, as well as attracting a more sophisticated investor wishing to find an alternative to 1031 exchanges.

The final lessons of this module will explain the many important aspects of Internal Revenue Code Section 1031. The course will focus on the benefits of the 1031 exchange for the investor, licensed real estate agent/broker and other parties to the transaction. Upon completion of this course, the student will learn which properties qualify under Section 1031 and how to use the various types of 1031 exchanges to enhance the client’s position in the investment real estate market.

Learning Objectives

Upon completion of this module the student will:

• Be able to identify motivated buying and selling clients.
• Know the attributes of qualified and non-qualified products and how they can be of benefit to the sales process.
• Be able to identify the restrictive rulings of the 1031 exchange program.
• Know how money can be accumulated using pre-tax dollars, accumulate interest on a tax-deferred basis, and create litigation protection.
• Know charitable strategies of creating income and tax relief for individuals or families owning highly-appreciated real estate.
• Know about Charitable Gift Annuities, and the annuity payments, income benefits and tax advantages associated with them.
• Know the parameters that the IRS uses to define a valid like kind exchange.
• Know the pros and cons of various exchanging alternatives.
• Know the mechanics of a successful tax-deferred exchange and the role of each party in those exchanges.
• Be familiar with exchange documentation and the role of a qualified intermediary.
• Understand what constitutes “boot” and how to deal with it.
• Know how to calculate whether a sale is to be preferred over an exchange.

Regulatory Requirement

Our staff works diligently to provide you with an analysis of current mandates and legislation that affects you the licensee. All information pertaining to the Mandatory Continuing Education requirements can be found on the State Requirements page. You can find the link to this page on the upper Navigation bar on the Course Catalog.

Course Completion

Affidavits can be found by clicking the Help link in the navigation bar on the Course Catalog. The affidavit will also be available to print upon course completion.

Testing

Quizzes – There is a quiz at the end of each lesson to test comprehension of the subject matter.

Final Exam – Passing Grade 70%. You can take the final three times.

About The Subject Matter Expert

Course designed, written and maintained by 360Training. Course material questions can be directed to our Instructor of Record at Instructor.RE@360Training.com. Instructional support questions are returned within 24 business hours with answers provided by a qualified professional in your field through our network of subject matter experts.

Support

If you have any requests for technical support please contact the 360Training Support Department located in the HELP section of your account profile. Technical support inquiries are handled immediately.

Course Category:Real Estate

Some real estate licensees believe that their job ends when the purchase and sales contract is signed, and in fact, in many states, the licensee has no official duties throughout the closing process. However, transactions can and do fall apart during the closing stage. Licensees who are familiar with the closing procedures and settlement costs can stay involved and make sure that their transactions meet the desired end. This module covers the buyer’s and seller’s concerns at closing, the required documents to close a transaction and the rules and regulations of the closing process. In addition, the student will learn ways to help clients through this sometimes complicated process. Finally, the student will learn how to calculate closing expenses and fill out the settlement statement. As the student completes this module, he or she should attempt to fit this information in with the big picture of the real estate business. The conclusion of the module will assist with drawing the information together by presenting real world practice, comprehension questions and case studies for the student’s consideration.

It is not always obvious, especially to the first-time home buyer, the reasoning and importance of the home inspection. Therefore, the real estate licensee must know and understand the basic requirements of the property inspection and the responsibilities of the licensed inspectors. Some of the areas discussed are the basic fundamentals of the exterior components of real property as well as the interior housing construction; the procedure for inspecting heating and cooling systems; and warning signs of potential problem areas including mold and other environmental hazards.

Approved for Appraiser Continuing Education
Dual credit for Real Estate MCE: 3 hours of MCE credit with 0 hrs. in legal.

Approved Course Number(s):
04-00-102-17472

COURSE DESCRIPTION:
This module covers major environmental hazards. Licensees need to familiarize themselves with environmental issues because they have a responsibility to disclose to buyers any information that might affect their decision to buy. Environmental hazards can dramatically affect a property’s value, so buyers, sellers, lenders and licensees all can be affected by them. Students will learn throughout this module to identify internal and external environmental issues. They will learn about health hazards, environmental legislation, liability and responsibility for cleanup and protection. They will also learn about actions they should take and how issues affect licensees and lending. Licensees are not expected to be environmental experts, but in this module students will acquire a competency with environmental issues which will help them to elucidate issues for buyers, sellers and lenders. Knowledge of environmental issues also will help protect them from charges of nondisclosure. The conclusion of this module presents real world dilemmas and applications of the information presented. As the student completes this module, he or she should try to paint a big picture of environmental issues, which the module will address with comprehensive content questions, practices and case studies.

LEARNING OBJECTIVES:

• Identify recent laws that have an impact on environmental issues, including lead-based paint disclosure laws
• Know the procedures used to locate toxic waste sites, the responsibilities for cleanup and steps that may be taken to minimize future liabilities
• Understand the nature of major air pollutants and the remedies that may be applied to minimize their effects
• Be able to list at least three sources of human exposure to PCBs and at least two effects of this PCB exposure on humans
• Understand landowners’ responsibility for the protection of wetlands areas on their property
• Identify the issues landowners and developers face regarding endangered-species protection
• Comprehend the nature of electromagnetic forces and the possible need for testing
• Be able to describe at least two major provisions of the Small Business Liability Relief and Brownfields Revitalization Act
• Know the current status of environmental laws and their effect on property insurance and mortgage lending

TOPICS COVERED:

• INTRODUCTION
• Lesson 1: The Indoor Environment
• Lesson 2: The External Environment
• Lesson 3: Legislation
• Lesson 4: Disclosure and Site Assessment
• Lesson 5: Real-Estate Practice

REGULATORY REQUIREMENT:
Please see the state/regulatory requirement from the course catalog page.

SEAT TIME:
This course has been approved for 3 hours.

COURSE PRE-REQUISITE:
N/A

TESTING:
Quizzes – All quizzes must be taken to proceed forward to the next lesson.
Final Exam – You will be required to take a final exam.

COURSE COMPLETION:
Print course completion and keep until requested by TALCB.

ABOUT THE SUBJECT MATTER EXPERT:
Lynn Smith began her real estate career in 1981 and achieved her broker’s license in 1984 in Houston, Texas. She has worked in residential sales, commercial sales, leasing, and new home sales. She began developing courses as a Director of Training for Coldwell Banker from 1986-1989. In 1990, she was responsible for getting the first five Mandatory Continuing Education (MCE) Courses approved in the State of Texas. As Director of Education for the Texas Association of REALTORS® she developed numerous courses in real estate finance, law, contracts, and marketing. She also developed a course to teach instructors how to utilize interactive teaching methods. She believes that the secret to success in real estate is to take good care of clients and customers.

Gregg Driscoll is a 1997 graduate of Linguistics from the University of Montana and an active real estate licensee in Austin, TX. He has created and facilitated training documents for start-up companies and established corporations regarding customer service and sales techniques. Mr. Driscoll has also headed training initiatives for software implementations and upgrades. Additionally, he has worked with independent Real Estate Brokerages to create new agent training programs. Mr. Driscoll joins 360Training as a subject matter expert in the field of real estate and ensures that the information delivered is accurate and current. Furthermore, he draws from experience as an agent to deliver real estate concepts in a thoughtful and relevant manner.

Real estate mathematics can be very daunting and confusing. However, by beginning with a review of basic math skills and reinforcing what is already known, students will soon learn to apply real estate terminology and specific formulas to problems and tasks common in the real estate industry such as area and volume calculation, the Rectangular Survey System, the Metes and Bounds System, proration, commission rates, and property values. This course will help students develop the skills to complete a review of settlement costs and explain this information to clients.

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.

This course covers the standards of conduct and ethical judgment by addressing the different concepts that contribute to ethical business practices. This course will introduce the student to ethics and morals by defining both terms in order to distinguish differences between the two. The student will also learn the four approaches to ethical decision-making; therefore, after learning the Articles and Standard Practices of the NAR® Code of Ethics, the student will be able to use the model identify any violations of the Code.

Provider Approval #0238 / Course Approval #04-00-104-24760

The objective of this course is to teach real estate professionals how they can help their clients with the process of buying and selling property on a tax-favorable basis. The first two lessons describe a method of real estate purchase using pre-tax dollars and of growing the estate within a qualified product. We will discuss the current tax advantages of using both qualified and non-qualified tax products such as IRAs, SEP IRAs, 401(k)s, Roth IRAs and charitable gift annuities. The use of these applications provides the real estate professional with an opportunity to create a long-standing and profitable relationship with his or her clients, as well as attracting a more sophisticated investor wishing to find an alternative to 1031 exchanges.Lessons three and four of this module will explain the many important aspects of Internal Revenue Code Section 1031. The course will focus on the benefits of the 1031 exchange for the investor, the licensee and the other parties involved in the transaction. The student will learn which properties qualify under Section 1031 and how to use the various types of 1031 exchanges to enhance the clients position in the investment real estate market. The concluding lesson in this module presents real-world dilemmas and concrete applications of the information presented in the rest of the course. As the student completes this module, he or she should try to develop a broad picture of tax-favorable real estate transactions and how they fit into the larger practice of real estate. The last lesson will help with this project by presenting comprehensive content questions, practice problems and case studies.

Provider Approval #0238 / Course Approval #03-00-053-18146

This course provides an introduction to residential real estate finance, including information on the underwriting process for FHA, VA, FNMA and FHLMC loans. It includes the following lessons:Introduction to Loans Conventional Loans FHA Loans VA Loans The Basics of Real Estate Financing Real Estate PracticeIn this course the student will learn the basics of the different types of loans available and the advantages and disadvantages of each; loan applications; appraisals; escrow; titles; and credit reports, including qualifying for loan amounts and verifying income and assets.The student will also learn how to calculate loan amounts, estimate monthly payments from property taxes, hazard and mortgage insurance, qualifying ratios and income.

Clear, mutually-acceptable agreements are an essential component of the legal transference of ownership. In the practice of real estate, contracts are the instruments used to describe and record the agreements surrounding the conveyance of property. Some type of contract is nearly always involved, whether a salesperson is promising to sell a property within a specified period of time, a prospective buyer is placing an offer on a house or a seller is considering an offer on property. Before entering into a legally binding agreement, real estate professionals must fully understand the contracts that govern their industry. Failure to understand contracts opens a licensee to various kinds of liability and can seriously damage ones professional reputation. Therefore, it is vital that real estate professionals learn this material so that they can protect themselves against errors, oversights and misunderstandings. In this module you will learn about the types of general contracts as well as the different kinds of real estate contracts. The module provides the student with an overview of the various types of contracts: bilateral, unilateral, implied, express, executed, executory, valid, void, voidable and unenforceable. Once the student is introduced to the different types of contracts, he or she learns what makes a contract legally enforceable, this being the five components that make a contract valid: mutual assent, legally competent parties, consideration, lawful objective and adherence to a statute of frauds. This module includes the following lessons: – Types of Contracts- Features of a Legally Valid Contract- Contract Fulfillment- Real Estate ContractsThe fifth and concluding lesson in this module presents real-world dilemmas and concrete applications of the information presented in the rest of the course. As the student completes this module, he or she should try to develop a broad picture of environmental issues and how they fit into the larger practice of real estate; the last lesson will help with this project by presenting comprehensive content questions, practice problems and case studies.