Missouri Real Estate Practice

This mandatory 24-hour Missouri Real Estate Practice course will prepare you to begin a career in real estate. Start now!

Includes: Certificate of Completion

Approval: #2120017103

Credit Type: Pre-License

Credit: 24 Hour(s) | Language: English | 3.0 (2 Ratings)

About this Course

REMINDER: You must take this course after taking the Missouri Salesperson Pre-Examination.

The purpose of this mandatory 24-hour Missouri Real Estate Practice course is to prepare students to begin a career in real estate with knowledge of the day-to-day activities of a real estate licensee. This course begins with an exploration of agency, including an agent's duties to clients, the creation and termination of agency relationships, broker disclosure forms and requirements, agency misrepresentation issues, and relevant Missouri statutes and Commission rules.

The student moves on to topics, practices, laws, and forms associated with seller and buyer representation. Dual agency, transaction brokers, compensation issues, cooperation with other licensees, and antitrust laws are also discussed in this section. The next portion of the course addresses appraisals and pricing property, starting with a look at the role of the appraiser and Missouri laws regulating appraisers before examining the appraisal process and the principles and methods used by appraisers. This section ends with a lesson detailing the major components of competitive market analysis and the steps in completing a CMA.

This course features valuable information on home construction and inspection, including an overview of the parts and potential problems relating to house foundations, roofs, walls, floors, heating and cooling systems, and electrical and plumbing systems. Students will then explore home financing, from the mortgage markets and major lenders to various types of financial instruments, the loan process, and alternative financing such as adjustable-rate mortgages.

The course will also discuss subprime loans and the effects of predatory lending and the subprime market. Earnest money, escrow accounts, and applicable Missouri laws are examined. The contracts section contains practical information about the paragraphs of Missouri real estate sales contracts, the essential legal elements of a contract, contract interpretation and modification, and breach of contracts. This extensive course ends with lessons exploring the closing process, the role of an escrow agent, title insurance, settlement statements, and the estimation and proration of closing costs.

Course Facts

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What You Get

Certificate of completion

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Credit Hours

24 hours

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Learning Type

100% Online, Available 24/7

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Course Structure

At your own pace, save progress as you go

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Support

Customer support available 7 days a week

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Course Update

Content is updated and current

Topics Covered

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

FAQs

When Does My Course Expire?

Your course will expire one (1) year after you purchase it (the date you submit payment), unless the course itself indicates otherwise.

For more information about course expiration dates, please read Terms of Use.

How Quickly Will I Get My Certificate of Completion?

Once you finish your course and pass any required exams, you can print your certificate of completion right away.

What Can I Do If I Lose My Certificate?

If you lose your certificate of completion and need a new one, you can contact customer service at (877) 881-2235 or support@360training.com.

What If I Need a Refund for My Training Course?

If for some reason you are not happy and would like a refund, send us a request within 72 hours of purchase. Here are the eligibility requirements you must meet:

  • Your purchase was made no more than 72 hours prior to your refund request.
  • You have NOT
    • Attempted any portion of a test or exam.
    • Requested or been issued a certificate of completion.
    • Completed 50% or more of the purchased course.

If you meet all of these criteria, submit your refund request in writing via email to support@360training.com with a proof-of-purchase receipt and an explanation for why you are requesting a refund.

You can find more information about our refund policy here.

Regulatory Information

Name:Missouri Real Estate Commission
Phone:573-751-2628
Fax:573-751-2777
Website URL:https://pr.mo.gov/realestate.asp
Email Address:realestate@pr.mo.gov
Address:3605 Missouri Boulevard
City:Jefferson City
State:MO
Zip:65109-7111

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