Accredited Buyer Representative (ABR)® Timed Course Outline Day 1 Introduction Total
Duration
Time of day
20 Minutes 5 minutes 10 minutes
8:30-8:50 8:30-8:35 8:35-8:45
Welcome class ................................................................................. About The ABR® Designation .......................................................... ABR® Candidacy ABR® Designation ABRMSM Designation Designee Information ABOUT REBAC ............................................................................... Frequently Asked Questions REBAC Designation and Elective Courses Module 1: Agency – Theory and Practice Total
5 minutes
8:45-8:50
200 Minutes 15 minutes
8:50-12:00 8:50-9:05
History of Real Estate Timeline ........................................................ Real Estate’s “Culture of Cooperation” Evolution of Buyer’s Representation Identifying advantages for buyer presentation Agency Relationships in a Real Estate Transaction ........................ Parties to agency relationships Subagency and its decline Internet data exchange (IDX) /Virtual office websites (VOWs) Fiduciary/statutory duties to a principal/client) Responsibilities to a customer Group Activity 1-1: Duties to Client Group Activity 1-2: Duties to Customers Potential penalties for breach of fiduciary duties Implied agency BREAK.............................................................................................. Relationships Between Real Estate Brokerage Companies and Consumers ....................................................................................... Office Policy, Standard of Care and Risk Management .................. Group Activity 1-3: Office Policy Case Studies Brokerage relationships Buyer representation in a cooperating broker sale Disclosed dual agency Designated agency Individual Activity 1-4: Your Office Policies Creating an Agency Relationship ..................................................... Express agreement Implied agreement Group Activity 1-5: Creating Agency Relationships Agency Conflict ................................................................................ Controversy Vicarious liability Group Activity 1-6: Vicarious Liability Imputed (assumed) knowledge Group Activity 1-7: Imputed Knowledge Imputed notice
70 minutes
9:05-10:15
15 minutes 10 minutes 25 minutes
10:15-10:30 10:30-10:40 10:40-11:05
15 minutes
11:05-11:20
15 minutes
11:20-11:35
October 2004
1
NAR’s Policy on Agency Disclosure ................................................ Timely Group Activity 1-8: Timeliness Requirement Meaningful Written Risk Reduction Tips and Review for Module 1 ................................ Module 1 Self-Assessment Questions ............................................. Lunch Break .......................................................................... Module 2: Service Delivery (day 1) Total
15 minutes
11:35-11:50
10 minutes 5 minutes 60 Minutes 180 Minutes 10 minutes 40 minutes
11:45-11:55 11:55-12:00 12:00–1:00 1:00-4:00 1:00-1:10 1:10-1:50
Module 2 Objectives How We Work With Buyers .............................................................. Buyer Services Provided in a Real Estate Transaction .................... Five main stages in a real estate transaction: Comparing services provided to clients and customers Group Activity 2-1: Identifying the Level of Service Group Activity 2-2: Making Customers Your Clients Services buyers want ....................................................................... Individual Activity 2-3: Identifying the Level of Service Reasonable Care and Diligence to Protect the Buyer-Client ........... BREAK .............................................................................................. Properties .......................................................................................... Resources to find properties Group Activity 2-4: Identifying Information About Properties Recognizing Conflicts of Interest ..................................................... Single Agency Group Activity 2-5: Single Agency Disclosed dual agency Group Activity 2-6: Dual Agency and Conflicts of Interest Group Activity 2-7: Dual Agency and Serving the Customer Group Activity 2-8: Dual Agency Actions Handling unique circumstances Changing an Agency Role ............................................................... Risk Reduction Tips for Module 2 .................................................... Module 2 Review .............................................................................. Module 2 Self-Assessment Questions .............................................. End of Day 1
10 minutes 15 minutes 20 minutes 15 minutes 25 minutes
1:50-2:00 2:00-2:15 2:15-2:30 2:30-2:50 2:50-3:05 3:05-3:30
5 minutes 5 minutes 10 minutes 5 minutes
3:30-3:35 3:35-3:40 3:45-3:55 3:55-4:00
October 2004
2
ABR® Timed Course Outline DAY 2 Module 3: Buyer Consulting Services Total
Duration
Time of day
180 minutes 15 minutes
8:30-11:30 8:30-8:45
Objectives Understanding Services and Protecting the Broker ......................... Common Provisions in a Buyer Representation Agreement Paying the Brokerage Fees After the fact referral fees Building Your Buyer Representation Business ................................ Finding qualified buyers Working with the incoming relocating buyer Reaching out to potential clients Using your ABR® designation to build your business Marketing Strategy ........................................................................... Individual Activity 3-1: Target marketing Group Activity 3-2: Identifying buyers’ needs for representation. Do not call regulations....................................................................... Do not fax regulations Do not e-Mail regulations Initial meeting with the buyer Presenting Yourself to the buyer Interview and presentation strategies Developing a Presentation Strategy Group Activity 3-3: Preparing for your presentation Buyers to avoid Group Activity 3-4: How will you respond BREAK ............................................................................................. Fair Housing and the Buyer’s Representative ................................. Group Activity 3-5: Who is Protected by Fair Housing Laws Which Law Prevails? Market diversity How will you handle it if the buyer says: Statement of fair housing policy Fair housing self-assessment questionnaire Maintaining Your Buyer Representation Business .......................... Understanding your market as it changes Risk Reduction Tips for Module 3 .................................................... Module 3 Review .............................................................................. Module 3 Self-Assessment Questions ............................................. Lunch Break ......................................................................................
30 minutes
8:45-9:15
10 minutes
9:15-9:25
10 minutes 40 minutes
9:25-9:35 9:35-10:15
15 minutes
10:15-10:30 10:30-10:45
30 minutes 5 minutes 10 minutes 60 minutes
10:45-11:15 11:15-11:20 11:20-11:30 11:30-12:30
October 2004
3
ABR® Timed Course Outline Module 4: Offers and Negotiations Total Objectives Working Towards a Purchase Contract ........................................... Protecting the buyer-client’s interests Presenting your buyer-client’s offer to a seller-customer Negotiating as a Buyer’s Representative ......................................... Negotiating opportunities Tips for successful negotiations Creating a negotiating strategy that favors your client Group Activity 4-1: Negotiating Scenarios Adhering to the REALTOR®’s Code of Ethics Break ................................................................................................. Risk Reduction Tips for Module 4 .................................................... Module 4 Review .............................................................................. Module 4 Self-Assessment Questions ............................................. Exam Review ................................................................................... 50 Question Exam............................................................................. END OF DAY 2
Duration 150 minutes 20 minutes 70 minutes
Time of day 12:30-3:00 12:30-12:50 12:50-2:00
15 Minutes 5 minutes 5 minutes 5 minutes 30 minutes 60 minutes
2:00-2:15 2:15-2:20 2:20-2:25 2:25-2:30 2:30-3:00 3:00-4:00
October 2004
4