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Real Estate Sale Contracts

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					SALESPERSON
PRELICENSE COURSE
                           Module 2




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Idaho Real Estate Commission          7/21/2010
Attendance Policy
      100% attendance required




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Idaho Real Estate Commission      7/21/2010
                                 
Course Objectives
      Overview – Module 1 & 2




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Idaho Real Estate Commission         7/21/2010
References
  Mastering Real Estate Principles or
   Modern Real Estate Practice
  Realty Bluebook – Financial Tables
  Idaho Real Estate: Practice and Law
  Idaho Real Estate License Law and Rules




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Idaho Real Estate Commission                 7/21/2010
Module II
  Contracts
  Working with a Buyer
  Working with a Seller
  Writing & Presenting
  Closing
  Follow-Up
  Critical Thinking & Ethical Implications

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Idaho Real Estate Commission                  7/21/2010
Contracts
      Classifications
         – Express vs. Implied
         – Unilateral vs. Bilateral
         – Executed vs. Executory
      Status
         –    Void
         –    Valid
         –    Voidable
         –    Unenforceable

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Idaho Real Estate Commission          7/21/2010
Essential Elements
  Legal Capacity
  Meeting of the Minds
  Legal Purpose
  Consideration
  Offer & Acceptance
  Written & includes an enforceable legal
   description

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Idaho Real Estate Commission                 7/21/2010
Rejection




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Idaho Real Estate Commission   7/21/2010
Termination




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Idaho Real Estate Commission   7/21/2010
Statute of Limitations




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Idaho Real Estate Commission   7/21/2010
Real Estate Contracts
  Seller Representation Agreement
  Buyer Representation Agreement
  Options
  Land Sales Contracts
  Leases
  Escrow Agreements
  P&S Agreements

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Idaho Real Estate Commission         7/21/2010
Statute of Frauds




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Idaho Real Estate Commission   7/21/2010
Title Records
      Torrens System of Title Registration
      Public Records
      Recording Documents
         – Signed and Notarized
         – Acknowledged
      Priority
      Grantor, grantee index system
      Unrecorded Documents, “Off Record” Liens

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Idaho Real Estate Commission                      7/21/2010
Chain of Title
  Title Search
  Abstract of Title
  Certificate of Title




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Idaho Real Estate Commission   7/21/2010
Marketable Title




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Title Insurance
  Title Plant Records
  Title Commitment
  Title Policies (ALTA)
  UCC




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Idaho Real Estate Commission   7/21/2010
Working with a Buyer
  Buyer Motivation
  Agency
  Finance
  Qualifying
  Showing Property




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Idaho Real Estate Commission   7/21/2010
Financing
  Lien Theory States
  Title Theory States
  Intermediary Theory States




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Idaho Real Estate Commission    7/21/2010
Financing
      The Note
         –    Negotiable
         –    Interest Rate (Usury Laws)
         –    Loan Origination Fees
         –    Discount Points
         –    Prepayment Penalty
         –    Hypothecation

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Idaho Real Estate Commission               7/21/2010
Mortgage (Deed of Trust)
      Names
      Legal Description
      Provision for Default and Remedy
      Waste Clause
      Release
      Tax and Insurance Reserves
      Defeasance Clause
      After Acquired Clause
      Recording of Documents
      Priority of Mortgages or Deeds of Trust
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Idaho Real Estate Commission                     7/21/2010
Foreclosure
  Judicial foreclosure
  Nonjudicial foreclosure
  Foreclosure deed of trust in Idaho
  Deed in lieu of foreclosure
  Redemption
  Deed to purchaser at sale
  Deficiency judgment

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Idaho Real Estate Commission            7/21/2010
Land Sale Contracts or
Contracts for Deed




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Idaho Real Estate Commission   7/21/2010
Federal Reserve System




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Mortgage Market
  Primary
  Secondary




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Types of Mortgages




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Types of Loans




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Financing Legislation
      Truth in Lending Act
         –    Reg Z
         –    3-day Right of Rescission
         –    Advertising
         –    Penalties
  Equal Credit Opportunity Act
  Community Reinvestment Act
  RESPA

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Idaho Real Estate Commission              7/21/2010
The Appraisal
  Elements of Value
  Types of Value
  Economic Principles of Value
  Forces Influencing Value




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Sales Comparison Approach




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Cost Approach




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Income Approach




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Appraisal Regulation
  Licensed or Certified Appraisers
  Broker Price Opinions




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Idaho Real Estate Commission          7/21/2010
Working with a Seller
  Listing
  Qualifying
  Marketing
  Measure & Inspect Property
  CMA
  Agency



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Idaho Real Estate Commission    7/21/2010
Writing & Presenting
  Writing the Offer
  Presenting the Offer
  Counters, Amendments, Addendums
  Title Commitment




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Idaho Real Estate Commission         7/21/2010
Closing
  Pre-closing procedures
  Conducting the Closing
  Broker Responsibility
  RESPA
  Documents
  Closing Statement
  Recording
  Possession

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Follow-Up
      How will you –
         – Say thank you?
         – Stay in touch?
         – Get referrals?




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Idaho Real Estate Commission   7/21/2010
Critical Thinking & Ethical
Application
  Ethics – What are they?
  Realtor® Code of Ethics
  Ethical Situations




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Idaho Real Estate Commission   7/21/2010
Course Evaluation!




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Idaho Real Estate Commission   7/21/2010

				
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