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Washington Real Estate Prelicense Course WA Real Estate Practices

WA Real Estate Practices

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  • Course Delivery: On Demand
  • Credit Hours: 30
  • Language: English
  • Credit Type: General
  • Difficulty: Beginner
  • Audience: Anyone needing Real Estate prelicense courses in Washington

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Description

This 30-clock hour course is part of the Broker Prelicense requirement of 90 clock hours. The Practices course is to be taken after the 60-hour Washington Fundamentals Course. It is designed to teach the latest themes and topics including major subjects such as Agency Relationships, Listing Agreements, Evaluating and Pricing Property, Negotiation and Sales Techniques, Purchasing and Sales Agreements, Residential Finance and The Closing Process, and much more. After you pass the Fundamentals course and this new Practice course you may sit for the WA license exam.

 

Course Objectives

Upon completion of this course, the student will be able to:
- Learn the latest themes and topics including major subjects such as Agency Relationships, Listing Agreements, Evaluating and Pricing Property, Negotiation and Sales Techniques,
- Understand the Purchasing and Sales Agreements, Residential Finance and The Closing Process, and much more.

 

Topics Covered

This course covers the following topics:
Lesson 1: Working as an Independent Contractor
- Independent Contractor Definition and Requirements
- Selecting the Right Brokerage Firm
- Broker Business Relationships and Responsibilities
Lesson 2: Working as a Broker
- Broker's Business Plan
- Goals
- Tools and Accountability
- Broker's Environment
- Renewal Through Learning

Lesson 3: Developing a Client Base
- Common Rookie Mistakes
- Prospecting
- Setting Production Goals
- Center of Influence
- Marketing
- Web Marketing
- Referral-Based Business

Lesson 4: Recordkeeping
- General Recordkeeping Responsibilities
- Accuracy and Accessibility of Records

Lesson 5: Concept of Agency
- Introduction to Agency
- Creation and Termination of Agency
- Types of Agency
- Dual Agency
- Subagency and Non-Agency

Lesson 6: Relationships in Agency
- Brokers' Duties to Clients and Customers
- Duties of a Seller's Agent
- Duties of a Buyer's Agent
- Duties of a Dual Agent
- Relationship Between Broker and Licensees
- Compensation
- Splitting Commissions
- Liability

Lesson 7: Services Offered With and Without an Agency Relationship
- Services and Disclosures
- Offering Services without Creating Agency
Lesson 8: Agency and Multiple Listing (MLS) Associations
- Multiple Listing Associations
- Vicarious Liability and Imputed Knowledge

Lesson 9: Ethical Behavior
- Principles of Ethical Behavior
- Reasoned Views vs. Opinions
- Ethical Behavior
- Ethical Theories
- Consequentialism
- Duty-Based Ethics
- An Ethical Decision-Making Model
- Ethical Case Study

Lesson 10: Case Studies
Lesson 11: Listing Property
- Listing Agreements
- Elements of a Listing Agreement
- Determining What is for Sale
- Termination of a Listing Contract

Lesson 12: Listing Agreements and Seller Disclosure Statements
- Types of Listing Agreements
- Ownership
- Washington Residential Seller Disclosure Law
- Amending the Disclosure Statement

Lesson 13: Fair Housing
- Fair Housing
- Exemptions
- Enforcement
- Advertising and Fair Housing
- Fair Housing Compliance
- Anti-Trust and Real Estate Activities

Lesson 14: Compensation and Buyer Agency
- Compensation
- Representing Buyers
- Buyer Brokerage Agreement Clauses

Lesson 15: Valuing Property
- Forces Affecting Values
- Types of Value
- Economic Factors Influencing Value
- Highest and Best Use
- Value, Price, and Cost

Lesson 16: Market Analysis
- Approaches to Valuation
- Comparative Market Analysis (CMA)

Lesson 17: Replacement and the Cost Approach
- How is Value Estimated?
- Replacement Cost and Reproduction Cost
- Deterioration and Obsolescence
- Determining Replacement Cost
- Cost Approach Review

Lesson 18: Income Approach
- Capitalization
- Operating Expenses
- Capitalization Rate
- Gross Rent Multiplier

Lesson 19: CMA vs. Appraisal Part 1
- Approaches to Value
- Square Footage
- Depreciation

Lesson 20: CMA vs. Appraisal Part 1
- Sales Comparison Approach
- Adjustments

Lesson 21: Advertising
- Advertising Spending
- 30-Day Marketing Process

Lesson 22: Open Houses
- Why Hold Open Houses?
- Open House Tips
- Advertising
- Online Open Houses
- Fair Housing Compliance

Lesson 23: Negotiations and Offers
- Communication and Effective Representation
- Negotiations and Outcomes
- Offer and Acceptance
- Counteroffers
- Multiple Offers
- Sales Contracts

Lesson 24: Earnest Money and Home Inspections
- Earnest Money
- Home Inspections
- Relationships with Home Inspectors
- Assistants

Lesson 25: Basic Law of Contracts
- What is a Contract?
- Contract Requirements
- Two Contract Caveats
- Contract Breach

Lesson 26: Types of Contracts
- Types of Contracts
- Basic Contract Law
- Offer and Acceptance
- Legal Capacity of the Parties

Lesson 27: Avoiding Fraud and Void
- Reality of Consent
- Situations Lacking Mutual Consent
- Contract Validity
- Void and Voidable
- Oral Contracts

Lesson 28: Contract Termination
- Bilateral and Unilateral Contracts
- Executed and Executory
- Discharge and Termination of Contract
- Assignment
- Rescission
- Damages

Lesson 29: Sale Contracts
- Offer to Purchase
- Terms and Conditions
- Land Contract
- Option
- Right of First Refusal

Lesson 30: Handling Earnest Money Part 1
- What is Earnest Money?
- Problems with Earnest Money
- Forms of Earnest Money
- Things That Cannot be Deposited

Lesson 31: Handling Earnest Money Part 2
- Trust Funds
- Mortgage Fraud
- Earnest Money Responsibilities

Lesson 32: Handling Earnest Money Part 3
- Managing Community Associations
- Property Owned by Licensees
- Trust Accounts
- Ledgers
- WA Earnest Money Rules

Lesson 33: Qualifying the Borrower Part 1
- Loan Underwriting
- Borrower's Income
- Borrower's Net Worth
- Borrower's Credit History

Lesson 34: Qualifying the Borrower Part 2
- Qualifying the Borrower
- FHA Underwriting Standards
- VA Qualifying Standards
- Certificate of Reasonable Value

Lesson 35: Qualifying the Property Part 1
- Lender's Perception of Value
- Market Appraisal Approach
- Cost Appraisal Approach
- Income Appraisal Approach

Lesson 36: Qualifying the Property Part 2
- Understanding the Appraisal Process
- Low Appraisals
- Considerations in a Residential Appraisal
- Property Features

Lesson 37: Titles
- Property Description
- Land Titles
- Loan Settlement
- Truth - in - Lending Act
- Appraisal Process and Categories
- Property Characteristics

Lesson 38: The Loan Process
- Loan Application
- Analysis of Borrower and Property
- Application Information
- Loan Application Checklist

Lesson 39: Conventional Financing Part 1
- Conventional Loans
- Amortized Loans
- Conforming Loans
- Nonconforming Loans
- Secondary Financing
- Fully Amortized Loans
- Partially Amortized Loans

Lesson 40: Conventional Financing Part 2
- Private Mortgage Insurance
- How Mortgage Insurance Works
- PMI Cancellation
- Mortgage Delinquencies
- 90% Conventional Loans
- 95% Conventional Loans
- Easy Documentation Loans

Lesson 41: Alternative Financing
- Adjustable Rate Mortgage
- Negative Amortization
- ARM Disclosures

Lesson 42: FHA Loans
- Federal Housing Administration
- FHA Loan Features
- Loan Assumptions
- Mutual Mortgage Insurance
- FHA Mortgage Programs

Lesson 43: VA Loans
- VA Loan Guaranty Characteristics
- Entitlement
- Eligibility
- Default and Foreclosure
- VA Loan Process

Lesson 44: Fractions and Formulas
- Definitions and Measurements
- Fractions
- Adding and Subtracting Fractions
- Multiplying and Dividing Fractions
- Decimals
- Decimals, Fractions, and Percents
- Memory Formula
- Depreciation

Lesson 45: Proration
- Definitions
- Interest
- Taxes
- Insurance and Rent

Lesson 46: Measurements and Survey Systems
- Introduction
- Metes and Bounds
- Rectangular Survey System
- Lot and Block System
- Volume and Area

 

Regulatory Information

Washington Real Estate Practices - Washington Department of Licensing

  • Name:
  • Washington Department of Licensing
  • Phone:
  • 360-664-6488
  • Fax:
  • 360-586-0998
  • Website URL:
  • http://www.dol.wa.gov/business/realestate/
  • Email Address:
  • [email protected]
  • Address:
  • 2000 Fourth Avenue West
  • City:
  • Olympia
  • State:
  • WA
  • Zip:
  • 98502
 

Prerequisites

There are no prerequisites required for this course

 

Subject Matter Expert

Course designed, written and maintained by 360training.com

 

End of Course Instructions

Once you have completed this Prelicense course you can return to your student profile page where your Certificate of Completion is available for printing. Please keep a copy of your certificate for your own records.

 

Exams

You are required to achieve a 70% on final exam in order to pass the course

 

Got questions? Contact us below or call 877-881-2235

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6 Real Reviews From Actual Learners

Don From Port Angeles, WA Took WA Real Estate Practices, And Said:

Very Easy to Follow

Posted 4 months ago
Valerie From Lakebay, WA Took WA Real Estate Practices, And Said:

I thought it was very good. Difficult to log in at first and only one glitch during course. Seemed thorough, but havent taken state course yet

Posted 4 months ago
Colleen From Marysville, WA Took WA Real Estate Practices, And Said:

This course was easy to follow and allowed for go-backs if necessary.

Posted 4 months ago
Robert From Seattle, WA Took WA Real Estate Practices, And Said:

I am not happy that apparently my computer software became an issue when I was 80% complete with my second course. It caused me to completely miss (score 0) on one exam. Also, there are several errors in the materials. That is distracting.

Posted 5 months ago
Angela From Sumner, WA Took WA Real Estate Practices, And Said:

Very good course and well written

Posted 5 months ago
James From University Place, WA Took WA Real Estate Practices, And Said:

The pace was good and the depth of the material was well balanced.

Posted 7 months ago