Realty Institute

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New York 22.5 Hour Package C Continuing Education

$59.00

Description

N. Y. 22.5-hour Package C

This package contains all the new continuing education requirements, and has been approved by the Department of State of New York. It contains the mandatory:

Fair Housing
Law of Agency
Ethical Business Practices
Recent Legal Matters

The balance of the course are elective topics.

LEARNING OBJECTIVES

LAW OF AGENCY

SECTION 1: Introduction and Key Terms

SECTION 2: Agency and agency agreements

Myths vs. facts
Agency defined
Types of agencies

  • Universal agency
  • General agency
  • Special agency

Understanding the use responsibilities of each

Authorization/Employment
What do we need in order to establish this employment?
Mandatory agency disclosure form

SUMMARY SECTION 2: Types of agencies

SECTION 3: Responsibilities of the agent

Ethical responsibilities of the agent
Fiduciary responsibilities
Statements that could violate legal and ethical rights

SUMMARY SECTION 4: Who is my client/customer?

Who must be a client/who should be a client?
How does the buyer agent get paid?
Advantages of buyer brokerage
Benefits to the buyer broker
Fiduciary responsibilities
Buyer relationships
Dual agency
Unintentional dual agency
Undisclosed dual agency
Self-dealing
Who is my client?
Who is my customer?
Vicarious liability
Summary of duties to clients and customers
Ethical Responsibilities

SECTION 4: Who is my client/customer?

Who must be a client/who should be a client?
How does the buyer agent get paid?
Advantages of buyer brokerage
Benefits to the buyer broker
Fiduciary responsibilities
Buyer relationships
Dual agency
Unintentional dual agency
Undisclosed dual agency
Self-dealing
Who is my client?
Who is my customer?
Vicarious liability
Summary of duties to clients and customers
Ethical Responsibilities

Section 5: Creating and Terminating Written Agreements and Agency Disclosure Forms:

New York state mandatory agency disclosure form
Reviewing the agency disclosure form
Summary of Dual Agency
Summary of Broker’s Agent
Purchase offer agreement
Property condition disclosure
Creating and terminating the listing agreement
Open listing
Exclusive agency
Exclusive right to sell
Explanation of types of listing
Understanding the need for exact implementation of choice
Legal ramifications for misuse
Multiple listing service
Sub-agency
Presenting an offer
Termination of an agency agreement
Reasons for termination
Types of releases and terminations
Landlord/tenant agreements
Summary Ethical Responsibilities
Summary Section 5

SECTION 6: Lead paint, stigmatized property, latent defects

Definition and effects of lead
Steps to take to avoid lead poisoning
History of lead disclosure guidelines
Effects of lead on humans
Ways to protect ourselves from lead
Fines for non-disclosure are as follows
Stigmatized properties
Latent defects
Other examples of misrepresentation:
Advertising
Price
Geography
Market conditions
Megan’s law
Summary, including legal and ethical responsibilities

SECTION 7: Commission and Deposit Money

Commission
Compensation of the salesperson
Buyer pays the commission directly
Who really pays the commission?
Procuring cause
Protect our procuring cause status
Disclosure of customer
Exceptions to the rule
The commission escrow act
Summary of the commission escrow act
Referring experts
Deposit money
Section 7 Summary

SECTION 8: NATIONAL ASSOCIATION OF REALTORS®

NAR Code of Ethics and Standards of Practice
Avoiding Risk
Code of Ethics Articles
Duties to Clients and Customers
Duties to the Public
Duties to Realtors
Standards and Practices
Implementation of the Code of Ethics to avoid unethical and/or illegal behavior
Code of Ethics summary

SECTION 9: Anti-trust laws

Anti-trust
Price fixing
Boycott
Market allocation
Tie in arrangements
Referral fees and kickbacks
Mortgage broker referral fees
Kickbacks
Group boycotts
Anti-trust lawsuit
Summary

SECTION 10 and 10A: RISK MANAGEMENT

Anti-trust
Explanation of Risk Management
Property disclosure
Caveat emptor
Fraud and misrepresentation
Vicarious liability
Home inspections
Penalties
Stigmatized properties
As is condition
Self-dealing
Misleading and deceptive advertising
Earnest money
Placing for sale signs
Duplicate signed documents
Rebates, kickbacks, commission
NAR Code of Ethics Recap
Multiple offers recap
Anti-trust recap

SECTION 10A: Continuation and Summary Anti-trust

Risk Management
Placing for sale signs
Duplicate signed documents
Rebates, Kickbacks and Commissions
Duties an agent would provide a client
Lead disclosure guidelines
Multiple offers
Anti-trust
Price fixing
Summary

SECTION 11: NEW YORK DEPT. OF STATE LAWSUITS

Complaint, Finding of Facts, and Determinations

FAIR HOUSING

SECTION 1

In the Beginning
A look back at how discrimination began

SECTION 2: Laws and exemptions

Fair housing regulations
Religious organizations
Persons with disabilities
Familial status

SECTION 3: Other prohibited practices

Denying access
Steering
Redlining
Code words
Fair housing act 1968
Fair housing amendments 1988
Blockbusting
Cease and desist
Refusing to sell or rent based on covered classes
Represent that a premises is not available based on covered classes
Renting in one’s own home
Religious organization exemption
Private club exemption
Changing credit criteria

SECTION 4

Megan’s law
Age
Disability
Marital status
National origin
Race
Religion
Age
Sex
Familial status

SECTION 5: Guidelines and restrictions

Responsibility of brokers and salespeople
Proper handling of buyers
Enforcing the law

SECTION 6: Legacy of segregation

Role of government
Role of private industry
Working with sellers
Working with buyers
Possible discriminatory situations
Steering
Avoiding illegal steering
Harassment

Section 7

Case studies 1-12

Section 8: Recent Legal Matters

Rules and Regulations
Recent investigation and rulings of Fair Housing bias
Overview, findings and rulings and Regulations
Steering
Testers
Unequal treatment by agents
Racial inequities
Instruction 177.9
Advertising 175.25
Explanation
What’s covered
Check list
Fair Housing Recording Regulation Section 175.28
Notification of Fair Housing Laws Section 175.29
All posters and disclosers and check lists relating to:
All regulations posted above with explanation
Website requirements
Video and Recording Record Preservation

PROPERTY MANAGEMENT

SECTION 1: Introduction to property management

The management agreement
The management plan
Skills of a property manager
Key terms
Definition of property management

Who needs a license?
What is property management?
Leasing
Managing
Marketing
Maintenance
Types of property managed
Cooperatives
Condominiums
Shopping malls
Office buildings
Apartment buildings
Commercial property
Retail
Industrial
warehouses
Others
Property manager licensing requirements
Renting
Collecting rent

SECTION 2: The management agreement

Creating agency
Contract in writing
Property description
Term of agreement
Management authority
Marketing expenses
Personnel
Detailed reporting
Monthly reports
Year-end reports
Income/expense budgets
Accounting responsibilities
Insurance and risk management
Types of insurance
Liability/excess liability
Personnel insurance
Automobile insurance
Certificate of insurance
Reporting
Summary of operations
Rent rolls
Disbursements
Narrative report of operations
Owners objectives and responsibilities
Owners long and short-term goals
Implementing owner’s objectives and goals
Owners responsibilities
Insurance
Payment of taxes and debts
Insurance premiums
Payroll
Building expenses
Advertising
Management fees
Terminating the management agreement
How and why

SECTION 3: The management plan

Planning and budgeting
Regional analysis
Property analysis
Market analysis
Analysis of alternatives
Proposed property analysis
Investment analysis
Management plan results
Marketing the property
Types of marketing activities
Negotiating leases
Components of a valid lease
Residential/commercial lease differences
Common leasing terms
Types of Leasehold estates

SECTION 4: Property management skills

Supervise others
Understand accounting principles GAAP
Create reports
Obtain accurate, verifiable reliable information
Maintain consistency in accounting
Financing principles
Understand cost principle
Create budgets including:
Income
Expense
Debt service
Capital replacement reserves
Understand various systems within the property
Heating ventilation and air conditioning
Structural engineering
Waterproofing
Plumbing
Electrical
Gas
Oil
Chiller
Water
Maintenance
Security
Elevators
Preventative and curative maintenance
Work with electricians
Plumbers, janitorial workers, contractors, roofers
Negotiate union and non-union contracts
Understand lead paint laws
Deal with crime prevention
Environmental issues
Smoke detectors and carbon monoxide alarms
Window guards
Heating and cooling season requirements
Security deposits
Discrimination
Eviction proceedings
Warranty of habitability
Subletting and assigning
Tenant’s organizations
Right to privacy
How to become a property manager
Licensure
Designations
NYARM – New York accredited property manager
New York Association of Realty Managers

BUYING AND MANAGING INVESTMENT PROPERTIES

SECTION 1: Introduction

Key terms
Getting started
Who will most likely succeed?
Commission
Needed personality traits
Types of commercial real estate
Land and buildings
Types of ownership

SECTION 2: Risk vs. return

Categories of risk
Attitudes toward risk
Ethical practices
Due diligence
Calculating return on investment
Improper insurance risks
Risk management, doing the right thing
Economic
Liquidity
Environmental
Crime
Business management

SECTION 3: Financial

Key terms and examples
Leverage
Net operating income
Capitalization of net income
Gross rent multiplier
Breakeven point
Valuation
Permitted use
Leases
Types of investors
Highest and best use
Commercial mortgage financing
Types of commercial loans
Hard money loans

SECTION 4: Land use

Zoning, design
Environmental issues
Zoning
Building codes
Zoning restrictions
Architecture and design

SECTION 5: The nature of real property value

Basic concepts
Immobility and tangibility
Differences between real estate and real property
Personal property
Fixtures
Items that add to real estate value
Value
Bundle of rights
Government rights
Escheat
Other considerations
The appraisal processes
Who may call themselves a real estate appraiser?
Residential appraising
Commercial appraising
Requirements to become an appraiser
FIRREA
USPAP
What is an appraisal
Purposes of appraisals
Price effects exposure
Economic forces that drive real estate
Other concepts that relate to value
Highest and best use
Other considerations
Determining Gross rental multiplier

SECTION 6: Leasing the property

Determining factors for leasing
Buy or lease, which is better?
Reasons for leasing
Thinking like a tenant
Will my building fit your business?
Location
Terms of the lease
Who is the tenant?
Determining the rent
Rent concessions
Tenants’ business failure
How much rent can the tenant afford?
True cost of rent
Avoid zoning trouble
Lease considerations
Considerations when renovating investment property
Tenant considerations

SECTION 7: Anatomy of an investment transaction

Negotiating the contract
Handling earnest money
Due diligence of the physical property
Business and legal due diligence
Lease reviews
Tenant interviews
Tenant estoppel certificates
Service contracts and warranties
Title and survey
The new entity
Bank accounts
Pro-rations and adjustments
Signing documents and closing the transaction
The closing statement
Buyer/tenant information
Title, survey and zoning
Property operations
Physical property
Follow up checklist dates

SECTION 8: Everything else

Flipping
Hard money lenders
Tax liens
Wholesaling
Short sale or foreclosure
Overview of a short sale
Home inspection contingency
Like/Kind Exchanges
Boot
Qualified Intermediary
1031 exchange
Important investment terms
Disadvantages of rental real estate
How to minimize problems

PART 2

SECTION 1: Introduction and key terms

Property management defined
Types of property managers
Typical responsibilities
Day to day functions of a property manager

SECTION 2: The property management agreement

Leasing and managing the property
Financial reports
Security deposits
Fiduciary responsibilities
Affirmation of compliance with laws and codes
Reserve fund
General representations by the owner
Insurance
Fees and expenses
Liability, hold harmless and indemnification
Default
Daily management operations
Reporting
Insurance and risk management
Owner’s objectives
Liability or damages
Analysis of the management plan
Results of the management plan
Marketing the property
How many tenants do I need?

SECTION 3: Lease Checklist

Key terms in a lease
Other lease clauses
Security deposits
Improvements and alterations
Maintenance, utilities and code compliance
Parking
Insurance for tenants
Conclusion

ESTATES AND INTEREST

SECTION 1: Introduction

Key terms

SECTION 2: Types and uses of property

Land vs. real property
Land rights
Air rights
Subsurface rights
Water rights
Personal Property
Fixtures
Uses of real property
Characteristics of real property
Economic characteristics
Physical characteristics
Summary

SECTION 3: Freehold and leasehold estates

Estates in real property
Freehold estate
Fee simple estate
Fee defeasible
Fee simple on condition
Qualified fee simple
Life estates
Life tenant’s rights and responsibilities
Outdated versions of life estates
Leasehold estates
Estate for years
Periodic estate
Estate at will
Estate at sufferance
Summary

SECTION 4: Personal and business forms of ownership

Forms of property ownership
Estate in severalty
Co-ownership
Tenancy in common
Terminating a co-ownership by partition
Joint tenancy
Terminating a joint tenancy
Tenancy by the entirety
Community property rights
Trusts
Ownership of real estate by business organizations
Partnerships
Corporations
Limited Liability Companies and Partnerships
Syndicates and joint ventures
Cooperatives and Condominiums
Cooperatives
Condominiums
Summary

*No partial credit can be given for this course.