Missouri  Missouri Real Estate Practice

Missouri Real Estate Practice

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  • Course Delivery: On Demand
  • Credit Hours: 24
  • Credit Type: Pre-License

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Description

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 a 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 Objectives

Upon completion of this lesson, you will be able to:


- Describe why the usage of the type of listing agreements has changed over the years;
- Relate the role the multiple listing service had in defining which party brokers and salespersons represented in a real estate transaction;
- Discuss the reason why a FTC report published in 1983 led to many changes in real estate agency representation and disclosure requirements for real estate professionals; and
- List and understand the elements of real estate agency representation through research.

 

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

 

Regulatory Information

Missouri Real Estate Practices - Missouri Real Estate Commission

 

Prerequisites

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

 

End of Course Instructions

Congratulations on successfully completing your Real Estate continuing education course!

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