Realty Institute

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New York 22.5 Hour Package E Continuing Education

$59.00

Description

New York 22.5 Hour Package E

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

THE REAL WORLD, AGENCY, ANTI-TRUST AND YOU

SECTION 1: Learning Objectives and key terms

SECTION 2: Ethical use of Agency and Agency Agreements

Myths vs. facts
Types of agencies
Agency Relationships
Creating Agency

SECTION 3: Ethical responsibilities of the Agent

Undivided loyalty
Confidentiality
Full Disclosure
Obedience
Duty to Account

SECTION 4: Ethically and legally determining who is my Client/Customer?

How does the buyer/agent get paid?
Advantages of Buyer Brokerage
Benefits to the Buyer Broker
Fiduciary Responsibilities
Buyer Relationships
Broker’s Agent
Dual Agent
Seller relationships
Buyer relationships
Dual Agency
Unintentional Dual Agency
Summary of Agency Duties
Ethical and Legal ramifications of misuse

SECTION 5: Creating and Terminating Written Agreements and Disclosure Forms

Mandatory Agency Disclosure Form
First Substantive Contact
Dual Agency Agreements
Purchase Offer Agreements

SECTION 5A: Ethical and legal use of documents

Property Condition Disclosure
Creating an Terminating the Listing Agreement
Termination of an Agency Agreement
Types of Releases and Terminations
Landlord/Tenant Agreements

SECTION 6: Lead Paint Effects and Disclosure

Definition and effects of lead
Where can lead be found?
Effects of Lead on humans
How to protect yourself from lead poisoning
SECTION 6A: Lead Paint Disclosure Handout
SECTION 7: Stigmatized Property and Latent Defects
Examples

SECTION 8: Commission and Deposit Money

How are commissions calculated
Procuring Cause
Ready, willing and able
When are commissions earned?

SECTION 9: Understanding ethical requirements including Anti-Trust activity

Restraint of Trade
Sherman and Clayton
Anti-trust enforcement
Price fixing
Tie in arrangements

SECTION 10: Jeopardy game

Section 11: Agency Disclosure law updates

FAIR HOUSING AND ANTI-DISCIMINATION

SECTION 1: In the Beginning

In the Beginning
A look back at how discrimination began

SECTION 2: Federal Laws and their Exemptions

Laws and exemptions
Fair housing regulations
Religious organizations
Persons with disabilities
Familial status

SECTION 3: Other Discriminatory Practices and Enforcement of the Laws

Other discriminatory practices and enforcement of the lawDenying 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 premise is not available based on covered classes
Renting in one’s own home
Religious organization exemption
Private club exemption
Changing credit criteria

SECTION 4: Lawful and Unlawful Questions and Statements

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

SECTION 5: Advertising Guidelines and Restrictions

Advertising guidelines and restrictions
Responsibility of brokers and salespeople
Proper handling of buyers
Enforcing the law

SECTION 6: Reviewing Discrimination: It’s History and Practices

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

Recent investigation and rulings of 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

RECOGNIZING AND UNDERSTANDING ENVIRONMENTAL CONCERNS

SECTION 1: Course objectives

Recognizing and understanding environmental concerns
Key terms and introduction
Impact on value

SECTION 2: Who protects the nation?

Environmental Protection Agency
Brownfields
Greenfield land
CERCLA
Superfund basics
Superfund enforcement
Hazardous waste
Underground storage tanks
What is dredge fill?
Superfund
Wetlands
Clean Water act
Clean Air act
National Environmental Act
Environmental impact statement
Environmental site assessment

SECTION 3: Greenhouse gas emissions and global warming

Causes and effect
Myth vs. Fact
Ozone layer

SECTION 4: Inside the home

Lead paint effects and disclosure
Effects of lead on humans
Protecting ourselves
UFFI
PCB’s
Radon defined
Radon exposed
Understanding asbestos
Sources of asbestos
Introduction to mold
Impact of mold
Mold control and prevention
SECTION 5: Outside the home
Electromagnetic fields
Pesticides
Sick building syndrome
Points to ponder

Appraisal vs Pricing

SECTION 1: Learning objectives

Introduction to Appraising and pricing real estate
Who may call themselves a real estate appraiser?
Two appraisal categories
Types of appraisal format reports
Appraisals are required by?
Requirements to become an appraiser
FIRREA refers to
What is USPAP
Levels of appraisal licensure
NYS fees and terms of registration
Point system in NYS

SECTION 2: Appraisal theory

What defines an appraisal?

SECTION 3: The purpose of the appraisal

Assessed value
Value in use
Investment value
Insurable value
Liquidation value
Market value definition
Difference between value, price and cost

SECTION 4: The nature of real property value

Basic concepts
Legal terms

SECTION 5: Uses for market value

Economic forces that drive real estate
Other concepts that relate to real estate
Ownership of real estate
Types of ownership
Highest and best use

SECTION 6: The practical side to appraising

The first steps
Necessary information for an appraisal
Actions before inspecting the property
Selecting comparables
Appraiser’s tools

SECTION 7: The practical side of appraising

Checking the house and improvements
Continuing the appraisal process
Other appraisal approaches

SECTION 8 A: The practical side of appraising

The analysis

SECTION 8 B: Writing the appraisal

Parts of the written appraisal
Fields
Information regarding the site
Sketching the property
Improvement description
Sales comparison approach
Comparables
Using the sales comparison approach
Transfer histories
Summary of sales comparison approach
Cost approach
Income approach

SECTION 9: Pricing to sell

Introduction
What is the problem with this picture?
An overview

SECTION 10: Preparing the market analysis

Gathering the data
Assessing the current market
Market data approach and the adjustment process
Reasons why sellers overprice their homes

SECTION 11: The presentation

Faster sale
Less inconvenience
Exposure to more prospects
Creates salesperson enthusiasm
Better a and sign response
Choice of salesperson

SECTION 12: Overcoming objections

Price
Length of time for the listing
The offer
Summary

FROM CONTRACTS TO CLOSING

SECTION 1: Introduction

Key terms and their meaning
Test your vocabulary
Understanding the proper usage of the key terms

SECTION 2: How it all begins

Overview of the contents of a contract
Forms of ownership
Severalty
Co ownership
Tenants by entirety
Joint tenancy
Tenancy in common
Essential of a valid contract
Statute of Frauds
Competent parties
Voidable
Void
Enforceable
Expression of agreement to sell and buy
Parole Evidence
Personal property
Loan contingencies
Property condition
Termite and other inspections
Radon
Asbestos
Mold
Wells
Type of Deed to be delivered
Warranty
Bargain and sale
Quit claim
Referee/Administrator/Judicial
Subject to provisions
Termination
Novation
Breach
Specific performance
Damages
Liquidated
Compensatory
Statute of limitations
Coop and condo contracts
Screening
Board of Directors
Homeowners Association
Underlying mortgage
By laws
Rules and regulations

SECTION 3: Estates and encumbrances

Types of Estates
Leasehold – tenant
Periodic estate
Estate for years
Freehold
Fee Simple
Defeasible fee
Qualified
Reversionary interest
Remainder interest
Life estate.
Types of liens
Voluntary
Involuntary
General liens
Judgments.
Lis Pendens
Estate and inheritance taxes
Deceased person’s debt
Corporation franchise tax
IRS tax
Specific liens
Tax liens
Mortgage liens
Priority of liens
Restrictions
Restrictive covenants
Easements
By necessity
Appurtenant
By prescription
By condemnation
For light and air
Dominant tenement
Servient tenement
Encroachments
Essentials of a valid deed
In writing
Competent sane adult
Granting Clause
A definite description of real property conveyed
Metes & Bounds
Monuments
Section Lot and Block (plat of subdivision)
Habendum clause
Consideration
Limitations or reservations affecting title (“subject to” clause).
An acknowledgment of its execution in order for the deed to be recorded.
Transfer of real estate after death
Intestate
Testate
Testator/Testatrix
Executor/Executrix
Devise
Devisee
Recording
Executed
Executory
Financing.
Mortgage Broker
Mortgage Banker
Mortgage Defined
Mortgagor
Mortgagee

SECTION 4: Transferring Title

What is Title?
What is Title Insurance?
Alta
Title insurance policies
Title Underwriters
Title Abstract Agencies
Title Defects That Are Protected by Title Insurance
Existing liens in the public record
Outstanding maintenance fees other than those disclosed
Loss of use
Fraud
Forgery
Probate issues
Outstanding Mortgage
Forged Deeds
Forged Satisfactions
Title Abstract Company
Title Closer
Functions of a Title Closer
Notary Publics

SECTION 5: On the way to closing

Ordering the Title Report
Ordering the Abstract
Certificate of Occupancy.
Building codes
Building permit
Franchise Tax
Fire Dept. Search
Emergency Repairs
Bankruptcy.
Street Report
Additional searches
Chain of title.
Name searches
Patriot search
Reading Title
Curing problems
Clearance

SECTION 6: At the Closing

Photo identification
HUD-1 Settlement
Closing costs descriptions
Good faith estimates
Title Insurance Premiums
Owner’s Policy, aka Fee Policy
The Mortgage Policy, aka Loan Policy
Survey Fees
Survey Reading
Survey Inspection.
Recordable Documents
Deeds
Mortgage(s)
Power of Attorney
Satisfaction of Mortgage
Assignment of Mortgage
Mortgage Tax
Omit, Except, Insure Or Info.
Payoff Information for Mortgage Obligations
Notarizing and Examining the Recordable Documents
Verifying Information on the Deed
Forms of ownership
Legal Description
Signatures
Transfer Documents
Affidavits
Escrow Agreements
Returning the File
Post-Closing items need to:
Be paid
Be recorded
Remain in the file at the title company
Be sent to the underwriter (copy of policies)

UNDERSTANDING REAL ESTATE FINANCING

SECTION 1: Mortgage Banker or Mortgage broker

Duties and responsibilities of each
Mortgagor Mortgagee, definition
Types of Mortgages
Amortization
Fixed Rate
Adjustable Rate, Index, Rate, Margin
Interest
Points
Different Types of Amortization Loan Programs
Negative Amortization
Principal Only
Interest Only
Balloon
Graduated Payment
Conforming /non-conforming
Fannie Mae
Freddie Mac
FHA
HUD
PMI
Home Equity
Jumbo
Reverse
Commercial

SECTION 2: The Mortgage Process

Mortgage Underwriting
Capacity to Repay the Mortgage
Collateral
Common Sense
Secondary Mortgage Market
Mortgage-Backed Securities
Automated Underwriting
Reduced Documentation Loans
Approve or Decline
General Loan File Submission Procedures and Requirements
Types of Documentation

SECTION 3: The Mortgage Loan

Mortgage Calculations
Disposable Income
Amortization
Amortization Schedule

SECTION 4: Closing the Loan

Disclosures, Fees and Closing Costs
Closing and Closing Costs
Typical Closing Costs
The Title Report and Title Insurance
Types of Title Policies

SECTION 5: Fraud, Scams and Red Flags

Mortgage Fraud
Straw Borrower Schemes
Property Flip Schemes
Double Escrows
Equity Skimming
Foreclosure Bailout
Builder Bailout Schemes
Loan Application Red Flags
Verification of Deposit Red Flags
Tax Returns Red Flags
Form W-2 Red Flags

*No partial credit can be given for this course