Washington Real Estate Practice

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

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