Missouri Real Estate Practice

Lesson 1: Agency

- Agency Representation and Multiple Listing Services

- Federal Trade Commission Report and Agency Laws for Representation

Lesson 2: Fiduciary Duties

- A Fiduciary Relationship and Fiduciary Duties

- Clients or Customers and Ministerial Acts

Lesson 3: The Creation and Termination of Agency Relationship

- Types of Agents and Creation of Agency

- Termination of Agency and the Duties After Termination

Lesson 4: Agency Disclosure, Part I

- Disclosure of Representation and Agency Relationship

- Disclosure Requirements and Broker Disclosure Form

Lesson 5: Agency Disclosure, Part II

- Broker Disclosure Form and Agent or Sub-Agent

- Transaction Broker and Confirmation

Lesson 6: Avoiding Misrepresentation

- Licensee as a Party to a Transaction and Case Law

- Breach of Fiduciary Duties

Lesson 7: Listing Property

- Listing Property

- Objections

Lesson 8: Seller Agency Agreements

- Listing, Types of Seller Agents, and Listing Agreements

- Advertising, Offers, and Minimum Broker Services

Lesson 9: Seller Disclosures

- MO Revised Statutes and Seller Disclosure Statements

- Residential Property Disclosures and Lead

Lesson 10: Buyer Representation

- Buyer Agreements and Important Questions

- Buyer's Needs and the Buyer's Kit

- Communication, Showings, and Offers and Negotiations

Lesson 11: Dual Agents and Transaction Brokers

- Dual Agents and Disclosure

- Transaction Brokers -- Their Duties and Agreements

Lesson 12: Compensation, Cooperation, and Antitrust Issues

- Commission Rates and Missouri Revised Statutes

- Cooperating Brokers and Antitrust Practices

- Sherman Antitrust Act and Business Practices

Lesson 13: The Role of the Appraiser

- The Appraiser and the Appraiser's Competency

- Getting Work, Regulations, and Qualifications and Standards

- Types of Appraisals and Daily Schedule

Lesson 14: The Appraisal Process

- Market Value and Appraisal Process

- Gathering Data and Forces Affecting Value

- Specific Data and Physical Aspects

Lesson 15: Appraisal Principles

- Improvements and Parts of a House

- Construction Terms and Appraisal Principles

Lesson 16: Appraisal Methods, Part l

- Comparative Approach, Cost Approach, and Types of Depreciation

Lesson 17: Appraisal Methods, Part ll

- Capitalization Approach and Steps in the Income Approach

- Gross Rent Multiplier and Final Estimate of Value

Lesson 18: The Competitive Market Analysis

- Pricing Property and Market Value

- Competitive Market Analysis and Market Analysis Steps

Lesson 19: Home Construction and Inspection - Foundations

- The Home Inspection and Inspecting the Property

- The Foundation and Flooring

- Walls and Types of Framing

Lesson 20: Home Construction and Inspection - Roofing and Siding

- Roofing, Exterior Siding, and Floors

- Insulation and Ventilation

Lesson 21: Home Construction and Inspection - Heating and Cooling

- Stairs, Cabinets and Counters, and Doors and Windows

- Heating Systems

- Air Conditioning and Fireplaces and Woodstoves

Lesson 22: Home Construction and Inspection - Plumbing and Electric

- Plumbing, Septic Systems, and Wells

- Electrical and Wiring

Lesson 23: The Real Estate Cycle

- Phases of Business Cycles, Supply and Demand, and Factors Influencing Real Estate Cycles

Lesson 24: The Primary Market, Part l

- Traditional Market Lenders and Savings and Loans

- FIRREA, Commercial Banks, and Credit Unions

Lesson 25: The Primary Market, Part ll

- Pension Funds and Insurance Companies

- Mortgage Brokers and Mortgage Bankers/Mortgage Companies

- Private Investors and The Internet

Lesson 26: Mortgage Companies

- Mortgage Company Standards, Missouri Mortgage Brokers, and Mortgage Company Operations

- Sale of Loans and Mortgage-Backed Securities

- Mortgage Company Income

Lesson 27: The Role of the Secondary Market

- Secondary Market and Yield

- Vital Functions and Secondary Market Agencies

- Fannie Mae, Freddie Mac, and Quality Control

Lesson 28: Financial Instruments, Part l

- Promissory Notes and Negotiable Instruments

- Deed of Trust and Foreclosure

Lesson 29: Financial Instruments, Part ll

- Mortgages and Foreclosure

- Real Estate Contracts and Typical Clauses

Lesson 30: The Loan Process

- Key Terms

- Introduction

- Loan Application

- Analysis of Borrower and Property

- Application Information

- Loan Application Checklist

- Ledger Entry

Lesson 31: Conventional Financing, Part I

- Key Terms

- Introduction

- Conventional Loans

- Amortized Loans

- Conforming Loans vs. Nonconforming Loans

- Secondary Financing

- Fully Amortized Loans

- Partially Amortized Loans

- Ledger Entry

Lesson 32: Conventional Financing, Part II

- Key Terms

- Private Mortgage Insurance

- How Mortgage Insurance Works

- PMI Cancellation

- Mortgage Delinquencies

- 90% Conventional Loans and 95% Conventional Loans

- Easy Documentation Loans

- Ledger Entry

Lesson 33: FHA Loans

- Key Term

- Introduction

- Federal Housing Administration

- FHA Loan Features

- Loan Assumptions

- Mutual Mortgage Insurance

- FHA Mortgage Programs

- Ledger Entry

Lesson 34: VA Loans

- Key Terms

- VA Loan Guaranty

- VA Loan Guaranty Characteristics

- Eligibility

- Other Requirements

- VA Loan Process

- Ledger Entry

Lesson 35: Alternative Financing

- Innovative Plans, Discount Points, and Buy-Down Points

Lesson 36: Adjustable Rate Mortgages (ARMs)

- AMRs and How They Work

- Index and Interest Rate Caps

- Negative Amortization and Convertible ARMs

- ARM Disclosure and Things to Remember about ARMs

Lesson 37: Home Equity Mortgages

- Growth Equity Mortgage, Bi-Weekly Loans, and Reverse Mortgage

Lesson 38: Predatory Lending and Subprime Loans

- Task Force on Predatory Lending, Legal Context, and Prime Lending

- Subprime Mortgage Market and Subprime Foreclosures

- Low-Income and Minority Neighborhoods and Examples of Predatory Lending

Lesson 39: The Subprime Market

- Background and Characteristics of Subprime Lending

- The Growth of the Subprime Market and How They are Used

- Characteristics of Subprime Borrowers and Borrower Demographics

Lesson 40: Earnest Money and Escrow Accounts

- Earnest Money and Client Trust Accounts

- Separate Bank Accounts, Deposits, and Disputes and Disbursements

Lesson 41: An Introduction To Contracts

- The Importance of Contracts and What Is/Is Not a Contract?

- General Characteristics of Contracts and Contract for Sale

- Missouri Real Estate Sales Contracts and Tips for Using Contract Forms

Lesson 42: Elements of a Contract, Part l

- Required Elements

- Bilateral vs. Unilateral Contracts and Executed vs. Executory Contracts

Lesson 43 - Elements of a Contract, Part ll

- Introduction

- Mutual Assent, Offer Termination, and Defenses to Mutual Assent

- Missouri Statute of Frauds and Property Description

Lesson 44: Contract Interpretation and Modification

- Introduction

- What does the Contract Mean?

- Rules of Interpretation

Lesson 45: Contract Performance and Discharge

- Introduction

- Discharge by Performance, Action of the Parties, and Operation of Law

- Conditions and Statute of Limitations and Laches

Lesson 46: Contract Breach

- Breach of Contract, Remedies, and Specific Performance

Lesson 47: Closing, Part l

- Closing in General and Parties to the Closing

- Funding Issues and Escrow Basics

Lesson 48: Closing, Part ll

- Evidence of Title and Title Insurance Basics

- Types of Policies, Title Commitment, and RESPA

- Settlement, Settlement Statement, and Proration Fundamentals

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