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Environmental Hazards -> VA
This course 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 propertys value, so buyers, sellers, lenders and licensees all can be affected by them. This course includes the following lessons:The Indoor Environment The External Environment Legislation Disclosure and Site Assessment Real Estate PracticeStudents will learn throughout this course 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 course 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 course presents real world dilemmas and applications of the information presented. As the student completes this course, he or she should try to paint a big picture of environmental issues, which the course will address with comprehensive content questions, practices and case studies.
Contracts, Purchase and Sales Agreements
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.
Real Estate Appraisal -> VA
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.
Virginia CE – Rules & Regulations*
This course covers a broad range of issues related to Virginia real estate rules and regulations to help students complete required continuing education course work.Our introductory lesson will discuss details of license renewal in Virginia. Going full circle, well look at renewal from the perspective of an active broker or salesperson, an inactive broker or salesperson, and the board. Well also be looking at what to do when reinstatement is required and what could trigger disciplinary action.Moving on to our second lesson, we will look at various areas of maintenance as it relates to the Virginia real estate industry. As with most businesses, keeping up with records and files is essential to the success of a real estate firm or proprietorship. Well be looking at maintaining proper care of licenses, offices, escrow accounts, and financial records. The business dealings of licensees are regulated in an effort to ensure that all parties to transactions in real estate, both you and your clients, are protected and held responsible for being professional. The third lesson looks at the ways in which we should handle our business dealings. The bulk of this course will instruct the student on how to deal with a mélange of real estate practices in Virginia. In the fourth lesson, students are going to learn about what NOT to do. We will investigate what constitutes improper practices and legal violations. And the final lesson will try to tie together everything the student has learned. The student will be presented with case studies and practice problems that will test their knowledge and application of the course material.
Virginia Real Estate Ethics and NAR® Code of Ethics
This module is designed as a 3-hour course to educate students on ethics in the real estate industry and to better understand the NAR® Code of Ethics, its enforcement procedures, and practical use of the guidelines set forth therein. The student must pass a comprehensive final exam to receive credit for the module.Because real estate agents usually work and specialize in local communities, they tend to build rapport very quickly. To build reputable associations, agents should win the trust and respect of the people they work with by adhering to the highest morals and ethical practices, thus ensuring client loyalty. This course introduces you to some of the general ideas and theories that help apply the concept of ethical judgment. This provides a background for a detailed discussion of professional real estate ethics that is framed in terms of the NAR® Code of Ethics. In this module, we will frequently refer to the NAR® Code of Ethics as the Code of Ethics or simply the Code .As the student completes this module, he or she should try to develop a broad perspective of ethics in real estate and how this translates into the overall goal of professionalism. We will discuss the history of the Code of Ethics, the concepts included in the articles, the structure of the Code, the enforcement and hearing process, procuring cause, ethics and arbitration claims, mediation, arbitration, and NAR®s Pathway to Professionalism. This course includes the following lessons: The History and Preamble of the NAR® Code of Ethics The Structure of the Code of Ethics The Enforcement Process
Virginia Real Estate Continuing Education Requirements
Section 54.1-2105.03 of the Code of Virginia requires that all Board-licensed brokers and salespersons (who have renewed their license at least once before) complete Board-approved Continuing Education to renew or activate their license(s).
Brokers whose license(s) expire before July 1, 2008, must complete 16 hours of Continuing Education courses to renew their license(s). Of these 16 hours, they must complete 8 hours in required Continuing Education subjects, including at least 2 hours in Fair Housing, 1 hour in Ethics and Standards of Conduct, 1 hour in Legal Updates and Emerging Trends, 1 hour in Real Estate Agency, and 1 hour in Real Estate Contracts. The remaining 8 hours may be in Real Estate Related Subjects (electives) or in the required Continuing Education subjects mentioned earlier in this paragraph. These Continuing Education requirements also apply to inactive brokers who apply to activate their license(s).
Brokers whose license(s) expire on or after July 1, 2008, must complete 24 hours of Continuing Education to renew their license(s). Of these 24 hours, they must complete 8 hours in Broker Management & Agent Supervision, 3 hours in Ethics & Standards of Conduct, 2 hours in Fair Housing, 1 hour in Legal Updates and Emerging Trends, 1 hour in Real Estate Agency and 1 hour in Real Estate Contracts. The remaining 8 hours may be in Real Estate Related Subjects (electives) or in the required Continuing Education subjects mentioned earlier in this paragraph. These Continuing Education requirements also apply to inactive brokers who apply to activate their license(s).
Salespersons who have renewed their
real estate license at least once before must complete 16 hours of Continuing Education courses to renew their license. Of these 16 hours, they must complete 3 hours in Ethics and Standards of Conduct, 2 hours in Fair Housing, 1 hour in Legal Updates and Emerging Trends, 1 hour in Real Estate Agency and 1 hour in Real Estate Contracts. The remaining 8 hours may be in Real Estate Related Subjects (electives) or in the required Continuing Education subjects mentioned earlier in this paragraph. These Continuing Education requirements also apply to inactive salespersons who apply to activate their license.
The Real Estate Board’s lists of approved Broker Management and Agent Supervision courses, Limited Service Agency courses and Continuing Education courses are in the “Exams and Education” section on the Board’s web page at: