Realty Institute

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New York 22.5 Hour Package F Continuing Education

$59.00

Description

NEW YORK 22.5 HOUR PACKAGE F

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

COMMERCIAL AND INVESTMENT

Section 1: Key terms

Introduction
Getting started
Understanding the profession
Considerations in career choice
Synopsis of Code of Ethics

Section 2: Definition of commercial real estate

Unimproved land
Office buildings
Low rise, mid-rise, high rise
Residential, single and multi-family
Mixed use buildings
Strip centers
Neighborhood malls
Regional malls
Mega malls
Outlet centers
Manufacturing
Industrial
Wholesale
Loft buildings
Fee simple vs. leasehold ownership
Long term land lease
Municipal agencies involved in commercial real estate
Real estate development

SECTION 3: Risk vs. return

Categories of risk
Examples of risk
Investor strategies to manage risk
Due diligence
Return
Tax benefits
Depreciation
Risk management
Fraud and misrepresentation
Active or constructive fraud
Negligence
Suppression
Inspections

Section 4: Financial key terms

ACRS
Depreciation
Gross income
Effective gross income
Net operating income
Operating expenses
Before tax income
Vacancy rate
Leverage
Analyzing statements
Capitalization rate
Capitalization of net income
Gross rent multiplier
Replacement reserves
Cash flow
Break-even point
Vacancy and collection losses
Valuation
Comparable sales
Cost
Income
Permitted use
Leases
Types of investors
Highest and best use
Supply vs. demand
Commercial mortgage financing
Prepayment terms
Cure periods
Defaults Acceleration of maturity
Joint and several liabilities
Recourse vs. non-recourse
Balloon payment
Amortization
Types of commercial loans
Blanket mortgage
Package mortgage
Subordinate mortgage
Construction loans
Hard money

Section 5: Zoning and land use

Urban, suburban,
Density
Permitted use
Historic areas
Park areas
Noise restrictions
Architectural design
Height limits
Building restrictions
Material used
Property setbacks
Parking
Landscaping
Drainage
Easements
Number of buildings on lot
Other restrictions
Environmental issues
Architectural design and construction
Surveys

Section 6: Nature of real property

Immobility
Personal property
Fixtures
Geographic and physical elements
Nature of value
Private rights
Governmental rights
Eminent domain
Escheat

Section 7: Appraisal process

Definition of an appraiser
Commercial vs. residential appraisals
Narrative
Form
Letter
Oral
FIRREA
Opinion of value
Understanding value
Investment value
Liquidation value
Market value
Economic theory
Balance
Contribution
Economic forces
Increasing and decreasing returns
Estates
Air rights
Water, mineral rights
Profits
License
Easement/encroachment
Liens, tax, mortgage mechanics, judgements
Development rights
Highest and best use
Determining price
Zoning classifications and descriptions
Adverse site conditions
Extraction
Allocation
As is value of site improvements
Determining gross monthly rent multiplier
Market data

Section 8: Property leasing

Buying vs. leasing for investor
Differences between commercial and residential leases
Tenant mix
Onsite management
Assignment and subleasing
Stated provisions
Relocation clauses
Consumer protection in commercial leases
Forms
Business fit in building
Business location

Section 9: Terms of lease

Legal name of tenant
Rent and increases
Net lease
Gross lease
Percentage lease
True cost of rent
Rentable
Useable
Carpet able
Comparing rent options
What is included in rent
Actions if business fails
Determining maximum rent
Zoning
Space and rent specifications
Terms of use
Care and upkeep of premises
Improvements
Utilities
Insurance
Breach of terms
Warranty of quiet enjoyment
Property taxes
Insurance
Signs
Parking
Building rules
Damage and destruction
Default
Subordination
Security deposits
Terms of a lease review

Section 10: Anatomy of commercial real estate transactions

Negotiating the contract
assign ability
Due diligence
Representations
Warranties
Provisions for default
Casualty
Condemnation
Type of deed
Lease assignments
Contract assignments
Earnest money
Due diligence of physical property
Business and legal due diligence
Lease reviews
Tenant interviews
Service contracts and warranties
Title and survey
The new entity registered properly
Bank accounts
Pro rations and adjustments
Signing documents and closing

Section 11: Investment considerations

Flipping
Hard money lenders
Tax liens
Wholesaling property
Short sale, pre-foreclosure
Like kind exchanges, 1031
Boot
Capital gain
Capital loss
Unrealized gain
Principal residence
Appreciation
Leverage
Tax advantages
Liability
Learning building codes and rules
Emergency cash fund

Section 12: Summary and review of chapters

AVOID PROBLEMS, MANAGE RISK THROUGH ETHICS

Section 1: Introduction

Introduction to Risk Management
Ethics
Principles and values

Section 2: NAR Code of Ethics including Standards and Practices

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 3: Laws and regulations

Who needs to be licensed?
Advertising
Business card guidelines
Placement of advertisements
Telephone regulations
Fair housing
Broker teams
Web based advertising
For sale signs
Office signs
Earnest money
Commingling
Copies of signed documents
Commission
Commission rates
Procuring cause
Disclosure of customer
Other commission scenarios
Deposit money
Contingency clauses
Financing misrepresentation
Purchasing for your own account

SECTION 4: Law of Agency

What is meant by “agency”?
Ethical, Legal and Fiduciary obligations
Agencies
Key terms
Types of Agency
Agency Disclosure
Unintentional Dual Agency
Undisclosed Dual Agency
Responsibilities of the Agent
Statements to avoid
Buyer brokerage
Reduce Risk, remember these points
Responsibilities of the agent
Buyer brokerage
Duty to a client
Duty to a customer
Summing up Dual Agency
Brokers Agent

SECTION 5: Ethical Business Practices

Documents and disclosures in order to avoid legal and ethical risk.
Purchase offer agreement
Property disclosure
Caveat Emptor
As is condition
Home inspection
Property condition disclosure forms
Seller’s disclosure form, yes or no?
Potential damage

SECTION 6: Liability

Necessity for ethical behavior
Liability
Fraud and misrepresentation
Vicarious liability
Intentional concealment
Negligent misrepresentation
Suppression
Stigmatized properties
Listing agreement
Sub agency
Legal advice and decisions

SECTION 7: Lead Paint Effects and Disclosure

Lead based paint regulations
Methods of testing
Evaluation of lead testing results
History of lead disclosure guidelines
Definition and effects of lead
Effects of lead on humans
Federal penalties for non compliance
Agents responsibilities
Property Owners responsibilities
Check list for the seller
Check list for the lessor
Check list for the agent

Section 8: Disclosure, Misrepresentation and ethical violations

Anti-trust laws
History of anti-trust
Price fixing
Boycotts
Enforcement of anti-trust laws
Other anti-trust violations
Market allocation
Tie in arrangements
Duties of an agent
Summary of some anti-trust suits
Company policy and ethical requirements

SECTION 9: Everything else

Contracts
Fair Housing
The role of Government
The role of private industry
Working with sellers
Working with buyers
Possible discriminatory situations
Steering
Avoiding unintentional steering
Harassment
Summing it up

FAIR HOUSING AND ANTI-DISCIMINATION

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 discriminatory practices and enforcement of the law

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 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

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

SECTION 6: Summary

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 177.9Advertising 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

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

SECTION 3: Fiduciary responsibilities

Responsibilities of the agent
Statements that could violate legal and ethical rights
Responsibilities of the agent

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

*No partial credit can be given for this course