New York 22.5 Hour Package B Continuing Education #C06588
N.Y. 22.5 Hours Package B
This package meets the NEW Agency requirements for Sales and Brokers
Section 1: THE LUCRATIVE CONDO AND CO OP MARKET
· Condominiums and Cooperatives
· Common Elements and Interests
· Role of sponsor
· Bylaws and house rules
· Board of Directors/Managers
· Managing Agents
· Offering plan
· Market practices
· Flipping
· Title issues
· Common charges
· Maintenance fees
· Tax deductions
· Reserve Fund
· Special Assessments
· Screening
· Financial statements
· Condop
Section 2: Mandatory Fair Housing
· A brief history
· Laws and exemptions
· Prohibited practices
· Steering
· Redlining
· Blockbusting
· Cease and Desist
· Protected classes
· Megan’s Law
· Advertising guidelines and restrictions
· Responsibility of brokers and salespeople
· Legacy of segregations
· Harassment
· Case studies
Section 3: KEEPING OUT OF TROUBLE – Law of Agency, Lead Paint, Code of Ethics –
This section meets the NEW Agency requirements for Sales and Brokers
· Agency and agency agreements
· Myths vs. facts
· Types of agency
· Responsibilities of the agent
· Fiduciary responsibilities
· Statements we should never make
· Who is my client/customer?
· Creating written agreements
· Agency disclosure
· Creating and terminating the listing agreement
· Disclosure forms
· Effects of lead poisoning
· History of lead paint disclosure
· Ways to protect ourselves
· Stigmatized properties and latent defects
· Misrepresentation
· Megan’s law
· Commission and deposit money
· Procuring cause
· Referring agents
· Commission escrow act
· National Association of Realtors Code of Ethics and Standards and Practices
· Antitrust laws
· Market allocation
· Mortgage broker fees
· Risk Management
· Vicarious liability
· Earnest money
· Misleading statements
· Rebates, kickbacks, commission
· NYS lawsuits
Section 4: IN’S AND OUT’S OF REAL ESTATE FINANCING
· Mortgage basics
· Mortgage banker/mortgage broker
· Secured loans
· HUD
· VA
· Fixed, adjustable and home equity loans
· Reverse mortgages
· Hard money loans
· Mortgage underwriting
· Subprime market
· General procedures and requirements
· Determining market value
· Consumer credit counseling
· Bankruptcy
· Closing the loan
· RESPA
· Points, index, margin
· Title report and insurance
· Frauds, scams and red flags
Section 5: THE IMPACT OF TAXES AND ASSESSMENTS ON THE SALE
· Purpose of taxation
· Taxing jurisdictions
· Burden of property taxes
· Calculating property taxes
· Assessing units
· Depreciation
· Income analysis
· Capitalization rates
· Determining assessed value
· Tax liens
· In rem
· Equitable right of redemption
· Statutory right of redemption
· Special assessments
· STAR exemptions
· Reassessments
· Building permits
· Tax Grievances
· Grounds for challenging assessments
· Judicial review
· Full and partial reassessments
· Article 78 proceedings
· Certiorari proceedings
· Equalization rates
* No Partial Credit can be given for this course