Washington Real Estate Practice

After taking both the 60-hour Fundamentals course and this Practice course you qualify to take the Washington license exam. Start now!

Includes: Certificate of Completion

Duration: 30 Hour(s) | Language: English

About this Course

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 Facts

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What You Get

Certificate of completion

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Credit Hours

30 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: 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

FAQs

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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.

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

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