Reading Time: 28 minutes

Module One

  1. A. Property Ownership: Real Vs. Personal Property

0.1 Pre-Exam Course

  • 1¬†7. A. General Knowledge of Contract Law
    • 1.1¬†What is a Contract?
    • 1.2¬†Statute of Frauds
    • 1.3¬†Essential Elements of a Contract
      • 1.3.1¬†Competent Parties
      • 1.3.2¬†Mutual Assent (Meeting of the Minds)
      • 1.3.3¬†Legal Purpose¬†
      • 1.3.4¬†Consideration (something of value)
        • 1.3.4.1¬†Competent Parties
        • 1.3.4.2¬†Mutual Assent or Agreement
        • 1.3.4.3¬†Legal Purpose
        • 1.3.4.4¬†Consideration
    • 1.4¬†Executory vs. Executed
    • 1.5¬†Unilateral vs. Bilateral
    • 1.6¬†Expressed vs. Implied
      • 1.6.1¬†Indemnify ‚Äď Hold Harmless Clause
    • 1.7¬†Factors Affecting Enforceability
    • 1.8¬†Void, voidable, unenforceable contracts
      • 1.8.1¬†Valid Contract
      • 1.8.2¬†Unenforceable Contract
      • 1.8.3¬†Voidable Contract
      • 1.8.4¬†Void
    • 1.9¬†Impossibility of Peformance (Frustration)
    • 1.10¬†Void or Voidable Contracts
      • 1.10.1¬†Menace
      • 1.10.2¬†Duress
      • 1.10.3¬†Undue Influence
      • 1.10.4¬†Misrepresentation
      • 1.10.5¬†Mistake (Negligent Misrepresentation)
      • 1.10.6¬†Fraud ‚Äď VOID
    • 1.11¬†Executory and Executed Contracts¬†
      • 1.11.1¬†Execute
      • 1.11.2¬†Executed Contract
      • 1.11.3¬†Executory Contract
      • 1.11.4¬†Contractual Intent
    • 1.12¬†Breach of contract and remedies for breach
      • 1.12.1¬†Breach of Contract
      • 1.12.2¬†Default
      • 1.12.3¬†Liquidated Damages
      • 1.12.4¬†Actual Damages
      • 1.12.5¬†Exemplary Damages
    • 1.13¬†Termination, rescission, and cancellation of contracts
      • 1.13.1¬†Rescind
    • 1.14¬†Bilateral Contract
    • 1.15¬†Unilateral¬†Contract
    • 1.16¬†Option
    • 1.17¬†Electronic signature and paperless transactions
    • 1.18¬†Fulfillment of the Contract
    • 1.19¬†Impossibility of Performance
    • 1.20¬†Courtesy of Jack
  1. B. Land Characteristics and Legal Descriptions
  • ¬†
    • ¬†
    • 0.1¬†Pre-Exam Course
  • 1¬†1. B. Land Characteristics and Legal Descriptions
    • 1.1¬†Land
    • 1.2¬†Physical Characteristics of Land
    • 1.3¬†Economic Characteristics of Land
    • 1.4¬†Characteristics of Real Estate¬†¬†¬†¬†¬†¬†¬†¬†
    • 1.5¬†Legal Descriptions
      • 1.5.1¬†Legal Description Definition
      • 1.5.2¬†Usage of Legal Descriptions
    • 1.6¬†1. METES AND BOUNDS
      • 1.6.1¬†POINT OF BEGINNING (POB)
      • 1.6.2¬†Metes
      • 1.6.3¬†Bounds
      • 1.6.4¬†Monuments
      • 1.6.5¬†Map and Area
    • 1.7¬†2. GOVERNMENTAL SURVEY SYSTEM
      • 1.7.1¬†Section¬†
      • 1.7.2¬†Township
      • 1.7.3¬†Sections
      • 1.7.4¬†Tier
      • 1.7.5¬†Principal Meridian
      • 1.7.6¬†Range
      • 1.7.7¬†Base Lines
      • 1.7.8¬†16th Section Lands
      • 1.7.9¬†Public Land Survey System
      • 1.7.10¬†Correction Lines
      • 1.7.11¬†Lotting
      • 1.7.12¬†ARPENT ‚Äď Louisiana
    • 1.8¬†Lot, Block and Tract
      • 1.8.1¬†Lot, Block, and Tract
      • 1.8.2¬†Lot
      • 1.8.3¬†Plat
      • 1.8.4¬†Parcel
      • 1.8.5¬†Parcel Number
      • 1.8.6¬†Subdivision
      • 1.8.7¬†Subdivision Plat Map, Lot and Block
    • 1.9¬†Filing
    • 1.10¬†Measuring Elevation
      • 1.10.1¬†Datum
      • 1.10.2¬†Benchmark
    • 1.11¬†Topographic Maps / Contour maps
  1. C. Encumbrances and Effects on Property Ownership
  • ¬†
    • 0.1¬†Pre-Exam Course
  • 1¬†1. C. Encumbrances and Effects on Property Ownership
    • 1.1¬†Encumbrances and Effects on Property Ownership
      • 1.1.1¬†Encumbrance is Private Limitations on Property Use
    • 1.2¬†Liens
      • 1.2.1¬†Liens affect the title.
      • 1.2.2¬†Priority of liens
      • 1.2.3¬†Voluntary Liens
      • 1.2.4¬†Involuntary Liens
      • 1.2.5¬†Specific Liens
      • 1.2.6¬†General Liens
      • 1.2.7¬†Statutory Liens ‚Äď Automatic
      • 1.2.8¬†Equitable Liens ‚Äď Court Ordered
    • 1.3¬†Priority of Liens
      • 1.3.1¬†Tax lien
      • 1.3.2¬†Ad valorem tax¬†lien¬†(ad valorem = according to value)
      • 1.3.3¬†Special assessments lien (improvement taxes)
      • 1.3.4¬†Estate and Inheritance Liens
      • 1.3.5¬†Mechanic‚Äôs lien.
      • 1.3.6¬†Mechanic‚Äôs¬†lien¬†
      • 1.3.7¬†Judgment¬†lien
        • 1.3.7.1¬†Lis pendens ‚Äď lawsuit pending
      • 1.3.8¬†Other Liens
        • 1.3.8.1¬†Landlord‚Äôs lien.
        • 1.3.8.2¬†Vendor‚Äôs lien.
        • 1.3.8.3¬†Mortgage lien
        • 1.3.8.4¬†Homeowner Association¬†(HOA) lien
        • 1.3.8.5¬†Weed liens‚ÄĚ and ‚ÄúDemolition lien
    • 1.4¬†Easements
      • 1.4.1¬†Easements Run with the Land
    • 1.5¬†TYPES OF EASEMENTS¬†¬†
  1. D. Types of Ownership
  • ¬†
    • 0.1¬†Pre-Exam Course
  • 1¬†1. D. Types of Ownership
    • 1.1¬†Ors and Eeeeeees
    • 1.2¬†Types of Ownership ‚Äď Freehold Estates
      • 1.2.1¬†Estate
      • 1.2.2¬†¬†Bundle of Rights
      • 1.2.3¬†Fee Simple Estate / Fee Simple Absolute
    • 1.3¬†Fee Simple Defeasible and Determinable
      • 1.3.1¬†The OR OR GIVOR
      • 1.3.2¬†Condition Subsequent
      • 1.3.3¬†Fee Simple Determinable
      • 1.3.4¬†Contingent Remainder
    • 1.4¬†Forms of Ownership
      • 1.4.1¬†OWNERSHIP IN SEVERALTY
      • 1.4.2¬†Co-ownership, title held by two or more individuals.
    • 1.5¬†TENANCY IN COMMON
      • 1.5.1¬†Undivided Interest
    • 1.6¬†Tenancy in Common ‚Äď Tenants in Common
    • 1.7¬†JOINT TENANCY
  • ¬†
        • 1.7.0.1¬†PITT
    • 1.8¬†Joint tenancy
      • 1.8.1¬†Four unities¬†(PITT):
        • 1.8.1.1¬†possession
        • 1.8.1.2¬†interest
        • 1.8.1.3¬†time
        • 1.8.1.4¬†title‚ÄĒthe same document
      • 1.8.2¬†A joint tenancy or joint tenancy with right of survivorship JTWROS
      • 1.8.3¬†Partition:¬†
        • 1.8.3.1¬†Partition in Kind
        • 1.8.3.2¬†THE KING OF PARTITION
    • 1.9¬†TENANCY BY THE ENTIRETY
      • 1.9.1¬†Right of Survivorship
    • 1.10¬†COMMUNITY PROPERTY
    • 1.11¬†Dower
    • 1.12¬†Curtesy
    • 1.13¬†Life Estates
      • 1.13.1¬†Pur Autrie Vie Remainderman Reversion
    • 1.14¬†Real Estate Held in Trust
      • 1.14.1¬†Inter Vivos Trust
      • 1.14.2¬†What Are the Benefits of a Trust?
      • 1.14.3¬†Parts of a Trust
        • 1.14.3.1¬†Trustor
        • 1.14.3.2¬†Trustee
        • 1.14.3.3¬†Beneficiary
        • 1.14.3.4¬†Administrator‚Äôs Deed
      • 1.14.4¬†Main Types of Trusts
        • 1.14.4.1¬†Living Trust
        • 1.14.4.2¬†Testamentary Trust
        • 1.14.4.3¬†Revocable Trust
        • 1.14.4.4¬†Irrevocable Trust
        • 1.14.4.5¬†Funded or Unfunded Trust
        • 1.14.4.6¬†Credit Shelter Trust
        • 1.14.4.7¬†Insurance Trust
        • 1.14.4.8¬†A Charitable Trust
        • 1.14.4.9¬†Blind Trust
        • 1.14.4.10¬†Land Trusts:¬†
    • 1.15¬†QUESTIONS
    • 1.16¬†Co-Ownership Properties
      • 1.16.1¬†Co‚Äźops ‚Äď cooperative
    • 1.17¬†Townhome/Garden Home
    • 1.18¬†Planned Unit Developments
    • 1.19¬†Homestead Rights
    • 1.20¬†Ownership by Business Organizations
      • 1.20.1¬†S corporations
        • 1.20.1.1¬†Pass Through
      • 1.20.2¬†Corporations
        • 1.20.2.1¬†Double Taxation
      • 1.20.3¬†Joint Venture
      • 1.20.4¬†Syndication
      • 1.20.5¬†Real Estate Investment Trusts (R.E.I.T.S.)
    • 1.21¬†Courtesy of Jack
  1. E. Property Ownership Words
  • ¬†
    • 0.1¬†Pre-Exam Course
  • 1¬†Property Ownership Words
    • 1.1¬†Air Rights
    • 1.2¬†Appurtenances
    • 1.3¬†Monuments
    • 1.4¬†Base Lines
    • 1.5¬†Benchmark
    • 1.6¬†Correction Lines
    • 1.7¬†Datum
    • 1.8¬†Permanence of Investment
    • 1.9¬†Economic Characteristics of Real Estate
    • 1.10¬†Governmental Survey System
    • 1.11¬†Legal Description
    • 1.12¬†Lot, Block, and Tract
    • 1.13¬†Metes and Bounds
    • 1.14¬†Mile
    • 1.15¬†Point of Beginning (POB)
    • 1.16¬†Principal Meridian
    • 1.17¬†Range
    • 1.18¬†Real Estate
    • 1.19¬†Plat
    • 1.20¬†Rectangular Survey System
    • 1.21¬†Sections
    • 1.22¬†Tier
    • 1.23¬†Township
    • 1.24¬†16th Section Lands
    • 1.25¬†Block
    • 1.26¬†Dryland
    • 1.27¬†Easement
    • 1.28¬†Global Positioning System (GPS)
    • 1.29¬†Legal Description
    • 1.30¬†Lot
    • 1.31¬†Mean High Water
    • 1.32¬†Mineral Acres
    • 1.33¬†Parcel
    • 1.34¬†Parcel Number
    • 1.35¬†Plat Book
    • 1.36¬†Reclamation
    • 1.37¬†Section/Township/Range
    • 1.38¬†Section¬†
    • 1.39¬†Township¬†
    • 1.40¬†Site
    • 1.41¬†Subdivision
    • 1.42¬†Submerged Land or Submerged Water Bottoms
    • 1.43¬†Tidelands
    • 1.44¬†Township
    • 1.45¬†Upland

Module Two

  1. A. Government Rights in Land
  • ¬†
    • 0.1¬†Pre-Exam Course
  • 1¬†2. A. Government Rights in Land
    • 1.1¬†Real Estate Government Power?
    • 1.2¬†What is Police Power?
    • 1.3¬†Real Estate Taxation
      • 1.3.1¬†Al Valorem ‚Äď According to Value (Latin¬†for ‚Äúaccording to value‚ÄĚ) ¬†
        • 1.3.1.1¬†based on value
      • 1.3.2¬†Assessor
      • 1.3.3¬†Average Property Taxes by State
      • 1.3.4¬†Equalization factor
        • 1.3.4.1¬†Mills
          • 1.3.4.1.1¬†Dollars per hundred
          • 1.3.4.1.2¬†Dollars per thousand
      • 1.3.5¬†Calculating taxes due
      • 1.3.6¬†Homestead Exemption
  • ¬†
          • 1.3.6.0.1¬†What is a Homestead Exemption?
      • 1.3.7¬†Special Assessment ‚Äď Improvement Tax
      • 1.3.8¬†Transfer Tax
      • 1.3.9¬†Property Tax
      • 1.3.10¬†Tax Liens
      • 1.3.11¬†Tax Sale
      • 1.3.12¬†Board of Equalization
      • 1.3.13¬†Treasurer
    • 1.4¬†Eminent Domain
  • ¬†
        • 1.4.0.1¬†Eminent Domain, Condemnation
        • 1.4.0.2¬†Eminent Domain
        • 1.4.0.3¬†Condemnation
        • 1.4.0.4¬†Reverse Condemnation
        • 1.4.0.5¬†Inverse Condemnation¬†
        • 1.4.0.6¬†Escheat
    • 1.5¬†Example of Harrison County Property Taxes
  1. B. Government Controls

0.1 Pre-Exam Course

  • 1¬†2. B. Government Controls
    • 1.1¬†Government Rights in Land is Police Power.
    • 1.2¬†Zoning and Master Plans
    • 1.3¬†Enabling Acts or Rights.
    • 1.4¬†Zoning
    • 1.5¬†Zoning and Land Use Laws
      • 1.5.1¬†Planning/Zoning Department
    • 1.6¬†Definitions
      • 1.6.1¬†Variance¬†
      • 1.6.2¬†Non-Conforming Use
      • 1.6.3¬†Conditional Use Permit
      • 1.6.4¬†Legal nonconforming use
      • 1.6.5¬†Grandfather Clause
    • 1.7¬†Most Common Uses Found in Zoning Ordinances
      • 1.7.1¬†Spot Zoning
      • 1.7.2¬†¬†Downzoning
      • 1.7.3¬†Mississippi Opportunity Zones
    • 1.8¬†HUD Offers Incentives for Investments in Opportunity Zones
    • 1.9¬†Regulation of special land types
      • 1.9.1¬†Wetlands
      • 1.9.2¬†EPA
      • 1.9.3¬†The Toxic Substances Control Act of 1976
    • 1.10¬†CERCLA ‚Äď The Comprehensive Environmental Response,¬†Compensation, and Liability Act (1980)
    • 1.11¬†CERCLA Steps
      • 1.11.1¬†Potentially responsible party (PRP)
    • 1.12¬†SARA ‚Äď Superfund Amendments and Reauthorization Act of 1986
    • 1.13¬†For the Curious
    • 1.14¬†Recent News
    • 1.15¬†Hot Topics in Mississippi
    • 1.16¬†Brownfields Revitalization and Environmental Restoration Act ‚Äď 2001 and 2002
    • 1.17¬†Land Revitalization Programs at EPA:
      • 1.17.1¬†Brownfields Program¬†
      • 1.17.2¬†Brownfield Property
      • 1.17.3¬†Superfund Redevelopment¬†
      • 1.17.4¬†Underground Storage¬†Tanks
      • 1.17.5¬†Cleanups at Federal Facilities
      • 1.17.6¬†Resource Conservation and Recovery Act (RCRA) Brownfields¬†
      • 1.17.7¬†Mothballed brownfields¬†
      • 1.17.8¬†Hazardous waste¬†
      • 1.17.9¬†Environmental contamination
    • 1.18¬†Disclosure of environmental hazards
      • 1.18.1¬†Environmental Impact Statement (EIS)
        • 1.18.1.1¬†The National Environmental Policy Act of 1969¬†
    • 1.19¬†Types of Hazards
      • 1.19.1¬†Real Estate Disclosures about Potential Lead Hazards
      • 1.19.2¬†Real Estate Agents and Home Sellers
      • 1.19.3¬†Arsenic
    • 1.20¬†Definitions download
    • 1.21¬†Courtesy of Jack
  1. C. Private Controls
  • ¬†
    • 0.1¬†Pre-Exam Course
  • 1¬†2. C. Private Controls
    • 1.1¬†Homeowners Association
      • 1.1.1¬†Bylaws
      • 1.1.2¬†Deed Restriction
      • 1.1.3¬†Restrictive Covenants
      • 1.1.4¬†Covenants, Conditions & Restrictions (CC&R‚Äôs) Package
      • 1.1.5¬†Common Elements
        • 1.1.5.1¬†Amenities
      • 1.1.6¬†Amenities
        • 1.1.6.1¬†Features
      • 1.1.7¬†Limited Common Elements
      • 1.1.8¬†Homogeneity
      • 1.1.9¬†Conformity Principle ‚Äď Basis for Home Owners Associations
      • 1.1.10¬†Master Deed
      • 1.1.11¬†Subdivider
      • 1.1.12¬†Attractive Nuisance
    • 1.2¬†Read your documents before signing.

Module Three

  1. A. Appraisals
  • ¬†
    • 0.1¬†Pre-Exam Course
  • 1¬†3. A. Appraisals
    • 1.1¬†Basic Concepts and Understanding
      • 1.1.1¬†Market Value / Open Market Value¬†
        • 1.1.1.1¬†The future worth.
        • 1.1.1.2¬†The actual selling price.
    • 1.2¬†An Appraisal
      • 1.2.1¬†Intended Use of an Appraisal
        • 1.2.1.1¬†Transfer of Property
        • 1.2.1.2¬†Appraisals for the Lending Industry
        • 1.2.1.3¬†Financing and credit
        • 1.2.1.4¬†Help resolve legal or tax issues
        • 1.2.1.5¬†Investment counseling and decision-making
    • 1.3¬†The Valuation Process
      • 1.3.1¬†Identification of the Problem
      • 1.3.2¬†Scope of Work Determination
      • 1.3.3¬†Data Collection and Property Description
      • 1.3.4¬†Data Analysis
      • 1.3.5¬†Site Value Opinion
      • 1.3.6¬†Application of the Approaches to Value
      • 1.3.7¬†Reconciliation of Value Indications and
      • 1.3.8¬†Final Opinion of Value
      • 1.3.9¬†Report of Defined Value
      • 1.3.10¬†1, Identification of the Problem
      • 1.3.11¬†2. Scope of Work Determination
      • 1.3.12¬†3. Data Collection and Property Description
      • 1.3.13¬†4. Data Analysis
        • 1.3.13.1¬†Supply and demand data¬†
        • 1.3.13.2¬†The highest and best use¬†
      • 1.3.14¬†¬†5. Site Value Opinion
      • 1.3.15¬†6. Application of the Approaches to Value
      • 1.3.16¬†7. Reconciliation of Value Indications and Final Opinion of Value
      • 1.3.17¬†8. Final Opinion of Value
      • 1.3.18¬†9. Report of Defined Value
    • 1.4¬†Appraisal reports will specify
      • 1.4.1¬†The identity of the client and any other intended users
      • 1.4.2¬†The intended use of the report
      • 1.4.3¬†The purpose of the assignment (the type of value)
      • 1.4.4¬†The effective date of the opinion
      • 1.4.5¬†The real estate being appraised
      • 1.4.6¬†The real property interest being valued.
      • 1.4.7¬†Any assignment conditions (extraordinary assumptions and hypothetical conditions) affecting the appraisal
      • 1.4.8¬†The scope of work‚ÄĒi.e., the extent of the process of collecting, confirming, and reporting data.
      • 1.4.9¬†Any usual valuation approaches that may have been excluded
      • 1.4.10¬†The highest and best use of real estate when such an opinion is necessary and appropriate
      • 1.4.11¬†The information was considered, appraisal procedures followed, and reasoning applied.
      • 1.4.12¬†Signed certification in accordance with USPAP Standards Rule 2-3
    • 1.5¬†Uniform Standards of Professional Appraisal Practice (USPAP)
      • 1.5.1¬†Appraisal Standards Board of The Appraisal Foundation.
      • 1.5.2¬†Opinion of Value
      • 1.5.3¬†Three written formats
      • 1.5.4¬†A¬†self-contained appraisal report¬†
      • 1.5.5¬†A¬†summary appraisal report¬†
      • 1.5.6¬†A¬†restricted-use appraisal report
    • 1.6¬†Types of Real Property Reports
      • 1.6.1¬†1, Uniform Residential Appraisal Report
      • 1.6.2¬†2. Individual Condominium Unit Appraisal Report
      • 1.6.3¬†3. Individual Cooperative Interest Appraisal Report¬†
      • 1.6.4¬†4. Land Appraisal Report
    • 1.7¬†Appraisal License Levels
      • 1.7.1¬†1, Appraiser Trainee
      • 1.7.2¬†2. Licensed Real Property Appraiser
      • 1.7.3¬†3. Certified Residential Real Property Appraiser
    • 1.8¬†The Economic Principles Affecting Valuation
      • 1.8.1¬†Anticipation
    • 1.9¬†Change and Anticipation
      • 1.9.1¬†Change and anticipation
        • 1.9.1.1¬†Change Principle
    • 1.10¬†Supply and Demand
      • 1.10.1¬†Factors Affecting Supply
      • 1.10.2¬†Labor force
      • 1.10.3¬†Construction costs
      • 1.10.4¬†Government controls at all levels
      • 1.10.5¬†Government fiscal and monetary policies
      • 1.10.6¬†Factors Affecting Demand
    • 1.11¬†Population
      • 1.11.1¬†Employment and wage levels
      • 1.11.2¬†Substitution
      • 1.11.3¬†Balance
      • 1.11.4¬†Progression
      • 1.11.5¬†Regression
      • 1.11.6¬†Increasing & Diminishing Returns Principle
      • 1.11.7¬†Capital Improvement
    • 1.12¬†Four independent economic factors
      • 1.12.1¬†utility,
      • 1.12.2¬†scarcity,
      • 1.12.3¬†desire, and
      • 1.12.4¬†Transferability ‚Äď effective purchasing power
      • 1.12.5¬†Conformity Principle
      • 1.12.6¬†Competition Principle
      • 1.12.7¬†Economies of Scale (The more you make, the less it costs)
      • 1.12.8¬†Homogeneity
      • 1.12.9¬†Heterogeneity
      • 1.12.10¬†Highest and Best Use Principle
      • 1.12.11¬†Assemblage
      • 1.12.12¬†Plottage
      • 1.12.13¬†Site Valuation
      • 1.12.14¬†Situs
      • 1.12.15¬†Subjective Value
        • 1.12.15.1¬†Utility Value
      • 1.12.16¬†¬†Objective Value
      • 1.12.17¬†Arm‚Äôs length
      • 1.12.18¬†Less than Arm‚Äôs Length
      • 1.12.19¬†Straight Line Method of Depreciation (Taxes)
      • 1.12.20¬†Economic life (Taxes)
      • 1.12.21¬†Book Value (Taxes)
      • 1.12.22¬†Neighborhood Stages
      • 1.12.23¬†Depth Tables
      • 1.12.24¬†Contribution
  1. B. Estimating Value
  • ¬†
    • 0.1¬†Pre-Exam Course
  • 1¬†3. B. Estimating Value
    • 1.1¬†Participants in the real estate market commonly think of value in three ways:
    • 1.2¬†How Fannie Mae and Freddie Mac Work
    • 1.3¬†FANNIE MAE
    • 1.4¬†FREDDIE MAC
    • 1.5¬†Mortgage Backed Securities
    • 1.6¬†Depreciation
    • 1.7¬†Three Different Types of Depreciation
      • 1.7.1¬†Land Does Not Depreciate
      • 1.7.2¬†Depreciation (appraisal)
        • 1.7.2.1¬†Effective Age
      • 1.7.3¬†Physical Deterioration
      • 1.7.4¬†Physical Deterioration
        • 1.7.4.1¬†Deferred Maintenance
        • 1.7.4.2¬†Observed Condition Method
      • 1.7.5¬†Obsolescence (2Types)
      • 1.7.6¬†Physical/Functional¬†Obsolescence
        • 1.7.6.1¬†Curable Depreciation
      • 1.7.7¬†External/Economic Obsolescence¬†
    • 1.8¬†Approaches to Value
    • 1.9¬†Sales Comparison Approach
    • 1.10¬†Cost Approach
      • 1.10.1¬†Cost Approach
    • 1.11¬†Replacement Cost
    • 1.12¬†Reproduction Cost
    • 1.13¬†Quantity Survey Method
    • 1.14¬†Square-Foot Method
    • 1.15¬†Unit-in-Place Method
    • 1.16¬†Development Method
    • 1.17¬†Abstration Method
    • 1.18¬†Accrued Depreciation (Cost Approach)
    • 1.19¬†Income Approaches
    • 1.20¬†Gross Rent Multiplier
    • 1.21¬†Gross Income Multiplier
    • 1.22¬†Automated Valuation Method (AVM)
    • 1.23¬†Competitive/Comparable Market Analysis
    • 1.24¬†Broker Price Opinion (BPO)
    • 1.25¬†Cash Concept

Module Four

  1. A. Basic Concepts and Terminology
  • ¬†
    • 0.1¬†Pre-Exam Course
  • 1¬†4. A. Basic Concepts and Terminology
    • 1.1¬†Before we get started
    • 1.2¬†Financing Instruments
    • 1.3¬†Loan Documents
    • 1.4¬†Lending process application through closing
      • 1.4.1¬†Subordination Agreement
    • 1.5¬†Wharehousing
      • 1.5.1¬†Fannie Mae
      • 1.5.2¬†Freddie Mac
      • 1.5.3¬†Ginnie Mae
  1. B. Types of Mortgage Loans
  • ¬†
    • 0.1¬†Pre-Exam Course
  • 1¬†4. B. Types of Mortgage Loans
    • 1.1¬†FHA
      • 1.1.1¬†FHA EXCLUSIVITY
      • 1.1.2¬†What is FHA Mortgage Insurance?
      • 1.1.3¬†How is FHA funded?
      • 1.1.4¬†FHA Loan Limits
    • 1.2¬†VA Home Loan Guarantee
      • 1.2.1¬†The Guarantee
      • 1.2.2¬†Home Loan Eligibility
      • 1.2.3¬†Eligibility Requirements
      • 1.2.4¬†Qualifications
      • 1.2.5¬†Certificate of Eligibility
      • 1.2.6¬†You should¬†also know that:
      • 1.2.7¬†VA Loan Assumption rules
    • 1.3¬†USDA/rural loan programs
    • 1.4¬†Farm Service Agency (FSA)
  • ¬†
        • 1.4.0.1¬†Farm Ownership Loans
    • 1.5¬†USDA/rural loan programs
      • 1.5.1¬†Rural Housing Service
    • 1.6¬†Help Buying a New Home
    • 1.7¬†On This Page
    • 1.8¬†Programs to Help You Pay for a Home
      • 1.8.1¬†FHA Loans for First-Time Homebuyers
      • 1.8.2¬†Homeownership Vouchers
      • 1.8.3¬†Indian Home Loan Guarantee Program
      • 1.8.4¬†Programs for Service Members and Veterans
      • 1.8.5¬†Programs for Rural Residents
      • 1.8.6¬†State Programs
      • 1.8.7¬†Foreclosure Properties¬†
    • 1.9¬†FHA Loans and HUD Homes
      • 1.9.1¬†FHA Loans¬†
      • 1.9.2¬†HUD Homes¬†
    • 1.10¬†Homeowner Voucher Program
      • 1.10.1¬†Am I eligible?
      • 1.10.2¬†How Do I Apply?
      • 1.10.3¬†How Do I Complain?
      • 1.10.4¬†Is There Anything Else I Need to Know?
    • 1.11¬†Grants
      • 1.11.1¬†Community Development Block Grant
      • 1.11.2¬†A¬†first-time homebuyer grant
    • 1.12¬†Non-Government Loans
      • 1.12.1¬†Conventional Loan
    • 1.13¬†Bridge Loans
    • 1.14¬†Owner Financing
    • 1.15¬†Reverse Mortgages
      • 1.15.1¬†Home Equity Conversion
    • 1.16¬†Home Equity Loans
    • 1.17¬†Blanket Mortgage
    • 1.18¬†Package Mortgage
    • 1.19¬†Construction Loan
    • 1.20¬†Wraparound Loans
    • 1.21¬†Subprime Mortgage
    • 1.22¬†Joint Loan
  • ¬†
        • 1.22.0.1¬†Cosigner
    • 1.23¬†Second Mortgage
    • 1.24¬†Shared Equity Mortgage
    • 1.25¬†Sale Leaseback
  1. C. Terms of Mortgage Loans
  • ¬†
    • 0.1¬†Pre-Exam Course
  • 1¬†4. C. Terms of Mortgage Loans
    • 1.1¬†Amortized Loans
    • 1.2¬†Balloon Payments
      • 1.2.1¬†Partially Amortized
      • 1.2.2¬†Interest Only Loan- Term Loan
    • 1.3¬†Adjustable Rate Mortgage
    • 1.4¬†Negative Amortization Mortgage
  • ¬†
        • 1.4.0.1¬†Underwater Mortgage
  1. D. Financing and Credit Laws
  • ¬†
    • 0.1¬†Pre-Exam Course
  • 1¬†4. E. Financing and Credit Laws
    • 1.1¬†Protected Classes
    • 1.2¬†Voluntary Answering
    • 1.3¬†Redlining¬†
      • 1.3.1¬†Reverse redlining¬†
    • 1.4¬†Fair Lending
    • 1.5¬†Equal Credit Opportunity Act (ECOA)
      • 1.5.1¬†When You Apply For Credit, Creditors May Not‚Ķ
      • 1.5.2¬†Ask for information about your spouse, except:
      • 1.5.3¬†When Deciding To Grant You Credit Or When Setting The Terms Of Credit, Creditors May Not‚Ķ
      • 1.5.4¬†When Evaluating Your Income, Creditors May Not‚Ķ
      • 1.5.5¬†You Also Have The Right To‚Ķ
    • 1.6¬†Fair Credit Reporting Act (FCRA)
    • 1.7¬†Truth in Lending Act ¬†(TILA) ‚Äď Regulation Z (Reg. Z)
      • 1.7.1¬†Trigger Terms
      • 1.7.2¬†Right of Rescission.
        • 1.7.2.1¬†Three days for most, five days for timeshares.
    • 1.8¬†Real Estate Settlement Procedures Act (RESPA)
      • 1.8.1¬†Good Faith Estimate (GFE)
    • 1.9¬†TILA-RESPA Integrated Disclosures (TRID)
    • 1.10¬†The Loan Estimate
      • 1.10.1¬†Revised Loan Estimate
      • 1.10.2¬†Closing Disclosure
      • 1.10.3¬†Loan estimate
      • 1.10.4¬†Closing disclosure
  1. F. Underwriting
  • ¬†
    • 0.1¬†Pre-Exam Course
  • 1¬†4. F. Underwriting
    • 1.1¬†Underwriting
    • 1.2¬†Underwriter
    • 1.3¬†Debt Ratio
    • 1.4¬†Debt to income ratio
    • 1.5¬†¬†Qualification Ratio
    • 1.6¬†Front-end Ratio
    • 1.7¬†Back-end Ratio
    • 1.8¬†Capacity
    • 1.9¬†Credit Report
    • 1.10¬†Credit History
    • 1.11¬†FICO Score
    • 1.12¬†Credit Report
    • 1.13¬†Credit Score
    • 1.14¬†Character
    • 1.15¬†¬†Bankruptcy
    • 1.16¬†Collateral

 

 

Module Five

  1. A. Agency and Non-Agency Relationships
  • ¬†
    • 0.1¬†Pre-Exam Course
  • 1¬†5. A. Agency and Non-Agency Relationships
    • 1.1¬†Agency
      • 1.1.1¬†Buyer Agent (Specific Agent)
      • 1.1.2¬†Seller Agent (Specific Agent)
      • 1.1.3¬†Dual Agency (Specific Agent)
    • 1.2¬†Categories
      • 1.2.1¬†Real Estate Broker
      • 1.2.2¬†Real Estate Salesperson (Specific Agent)
      • 1.2.3¬†Associate Broker ‚Äď Affiliate Broker
      • 1.2.4¬†Cooperating Broker
    • 1.3¬†Types of agents
      • 1.3.1¬†Special Agent (Buyer‚Äôs Agent or Seller‚Äôs Agent)
      • 1.3.2¬†General Agent (Property Manager)
      • 1.3.3¬†Transactional Agent
      • 1.3.4¬†Designated Agent
    • 1.4¬†Other Brokerage Relationships (non-agents)
      • 1.4.1¬†Facilitator
    • 1.5¬†Powers of attorney and other delegation of¬†authority
      • 1.5.1¬†Power of Attorney
      • 1.5.2¬†General Power of Attorney
      • 1.5.3¬†Attorney in Fact
      • 1.5.4¬†Universal Agent
  1. B. Agent’s Duties to Clients
  • ¬†
    • 0.1¬†Pre-Exam Course
  • 1¬†5. B. Agents Duties to Clients
  • 2¬†Agent‚Äôs duties to clients
    • 2.1¬†Whose Who
      • 2.1.1¬†Principal/Client
      • 2.1.2¬†Customer
      • 2.1.3¬†Listing Agreement
      • 2.1.4¬†FIDUCIARY DUTIES
    • 2.2¬†Who is the Customer?
    • 2.3¬†Buyer Agreements
    • 2.4¬†The Offer
      • 2.4.1¬†SELLER
      • 2.4.2¬†BUYER
    • 2.5¬†Earnest Money
    • 2.6¬†Withdrawal of Offer or Counteroffer
    • 2.7¬†Purchase Agreement
    • 2.8¬†Transactional Agent
    • 2.9¬†Legal and Equitable Title
    • 2.10¬†Time is of the Essence
    • 2.11¬†When Agent‚Äôs Money is Earned
    • 2.12¬†Listing Agreements
    • 2.13¬†Three Types
      • 2.13.1¬†Exclusive Right Listing
        • 2.13.1.1¬†What does Procuring Cause Mean?
        • 2.13.1.2¬†Protection Clause
      • 2.13.2¬†Exclusive Listing
      • 2.13.3¬†Open Listing
    • 2.14¬†Net Listing
  • 3¬†Inside the Brokerage
    • 3.1¬†Agents to the Broker and Sub Agents to the Broker‚Äôs Clients
    • 3.2¬†Salespeople
      • 3.2.1¬†Affiliate/Associated Brokers
    • 3.3¬†Broker Ownership
    • 3.4¬†The Money
      • 3.4.1¬†Accounting for Client and Customer Funds.
      • 3.4.2¬†Trust Account
      • 3.4.3¬†Business Account
        • 3.4.3.1¬†Commingling
        • 3.4.3.2¬†Conversion
      • 3.4.4¬†Interpleader
    • 3.5¬†Employment Agreement
    • 3.6¬†Keep all client records for three years.
    • 3.7¬†Conflict of Interest
    • 3.8¬†Present all Offers
    • 3.9¬†Earnest Money Deposit vs. Liquidated Damages
  • ¬†
        • 3.9.0.1¬†A Land Contract
    • 3.10¬†Courtesy of Jack
  1. C. Termination of Agency
  • ¬†
    • 0.1¬†Pre-Exam Course
  • 1¬†5. C. Termination of Agency
    • 1.1¬†Mutual Agreement¬†(Rescission)¬†
    • 1.2¬†Expiration Date
    • 1.3¬†Completion¬†
      • 1.3.1¬†Fulfillment of the Purpose¬†
    • 1.4¬†Revocation by the Principal
      • 1.4.1¬†Broker Costs
    • 1.5¬†Broker Coupled with an Interest
    • 1.6¬†Termination by force of law
    • 1.7¬†Destruction of the Property
    • 1.8¬†Death of a Principal
    • 1.9¬†Broker Bankruptcy
    • 1.10¬†Insanity
    • 1.11¬†Negligent Misrepresentation
    • 1.12¬†Illegality
    • 1.13¬†Mistake of Fact / Non-Facts
    • 1.14¬†Agent‚Äôs lack of authority
    • 1.15¬†Fundamental breaches / Discharge by breach
    • 1.16¬†Pre-contractual misrepresentations
    • 1.17¬†Renunciation / Refusal to perform
    • 1.18¬†Inequality of bargaining power
    • 1.19¬†Duress and undue influence
    • 1.20¬†Puffing

Module Six

  1. A. Property Condition Disclosure
  • ¬†
    • 0.1¬†Pre-Exam Course
  • 1¬†6. A. Property Condition Disclosure
    • 1.1¬†Material fact
    • 1.2¬†Nonmaterial fact
    • 1.3¬†Patent Defects
    • 1.4¬†Latent Defects
    • 1.5¬†Agent Inspection
    • 1.6¬†Environmental Issues Requiring Disclosure
      • 1.6.1¬†Lead
        • 1.6.1.1¬†Sellers
        • 1.6.1.2¬†Landlords
        • 1.6.1.3¬†Congress passed the Residential Lead-Based Paint Hazard Reduction Act of 1992
        • 1.6.1.4¬†Homebuyers and Renters: Know Your Rights Before You Buy or Lease
        • 1.6.1.5¬†Use of the lead-based paint disclosure for all properties built before 1978 is required by law.
        • 1.6.1.6¬†TYPE OF HOUSING NOT COVERED!
        • 1.6.1.7¬†In children, exposure to lead can cause:
        • 1.6.1.8¬†In adults, exposure to lead can cause:
      • 1.6.2¬†Waste Disposal Sites
      • 1.6.3¬†Underground storage tanks (USTs)
      • 1.6.4¬†Farming herbicides and pesticides
      • 1.6.5¬†Asbestos
      • 1.6.6¬†Radon
      • 1.6.7¬†Mold
      • 1.6.8¬†Groundwater Contamination
      • 1.6.9¬†Brownfields
      • 1.6.10¬†Wetlands
    • 1.7¬†Property condition that may warrant inspections and surveys
    • 1.8¬†Government Controls
    • 1.9¬†Red Flag Issues
    • 1.10¬†More Issues
    • 1.11¬†Property Condition Disclosure Statement
    • 1.12¬†Mississippi‚Äôs Property Condition Disclosure Forms (PCDS)
      • 1.12.1¬†Highlights

Module Seven

  1. A. General Knowledge of Contract Law
  • ¬†
    • 0.1¬†Pre-Exam Course
  • 1¬†7. A. General Knowledge of Contract Law
    • 1.1¬†What is a Contract?
    • 1.2¬†Statute of Frauds
    • 1.3¬†Essential Elements of a Contract
      • 1.3.1¬†Competent Parties
      • 1.3.2¬†Mutual Assent (Meeting of the Minds)
      • 1.3.3¬†Legal Purpose¬†
      • 1.3.4¬†Consideration (something of value)
        • 1.3.4.1¬†Competent Parties
        • 1.3.4.2¬†Mutual Assent or Agreement
        • 1.3.4.3¬†Legal Purpose
        • 1.3.4.4¬†Consideration
    • 1.4¬†Executory vs. Executed
    • 1.5¬†Unilateral vs. Bilateral
    • 1.6¬†Expressed vs. Implied
      • 1.6.1¬†Indemnify ‚Äď Hold Harmless Clause
    • 1.7¬†Factors Affecting Enforceability
    • 1.8¬†Void, voidable, unenforceable contracts
      • 1.8.1¬†Valid Contract
      • 1.8.2¬†Unenforceable Contract
      • 1.8.3¬†Voidable Contract
      • 1.8.4¬†Void
    • 1.9¬†Impossibility of Peformance (Frustration)
    • 1.10¬†Void or Voidable Contracts
      • 1.10.1¬†Menace
      • 1.10.2¬†Duress
      • 1.10.3¬†Undue Influence
      • 1.10.4¬†Misrepresentation
      • 1.10.5¬†Mistake (Negligent Misrepresentation)
      • 1.10.6¬†Fraud ‚Äď VOID
    • 1.11¬†Executory and Executed Contracts¬†
      • 1.11.1¬†Execute
      • 1.11.2¬†Executed Contract
      • 1.11.3¬†Executory Contract
      • 1.11.4¬†Contractual Intent
    • 1.12¬†Breach of contract and remedies for breach
      • 1.12.1¬†Breach of Contract
      • 1.12.2¬†Default
      • 1.12.3¬†Liquidated Damages
      • 1.12.4¬†Actual Damages
      • 1.12.5¬†Exemplary Damages
    • 1.13¬†Termination, rescission, and cancellation of contracts
      • 1.13.1¬†Rescind
    • 1.14¬†Bilateral Contract
    • 1.15¬†Unilateral¬†Contract
    • 1.16¬†Option
    • 1.17¬†Electronic signature and paperless transactions
    • 1.18¬†Fulfillment of the Contract
    • 1.19¬†Impossibility of Performance
    • 1.20¬†Courtesy of Jack
  1. B. Contract Clauses, Including Amendments and Addenda
  • ¬†
    • 0.1¬†Pre-Exam Course
  • 1¬†7. B. Contract Clauses, Including Amendments and Addenda
    • 1.1¬†Contingencies and Clauses
    • 1.2¬†Contingency
      • 1.2.1¬†Appraisal
      • 1.2.2¬†As Is
      • 1.2.3¬†Home Sale Contingency
      • 1.2.4¬†Acceptable Financing
      • 1.2.5¬†Inspection
      • 1.2.6¬†Repairs
      • 1.2.7¬†Warranties
      • 1.2.8¬†Possession dates
      • 1.2.9¬†Clear Title
      • 1.2.10¬†Amendment
      • 1.2.11¬†Addenda
    • 1.3¬†Time is of the essence.
    • 1.4¬†Right of First Refusal
  1. C. Offers and Purchase Agreements
  • ¬†
    • 0.1¬†Pre-Exam Course
  • 1¬†7. C. Offers and Purchase Agreements
    • 1.1¬†Statute of Frauds
    • 1.2¬†Essential Elements of a Contract
    • 1.3¬†The Offer
      • 1.3.1¬†SELLER
      • 1.3.2¬†BUYER
    • 1.4¬†Earnest Money
    • 1.5¬†Withdrawal of Offer or Counteroffer
    • 1.6¬†Purchase Agreement
    • 1.7¬†Transactional Agent
    • 1.8¬†Legal and Equitable Title
    • 1.9¬†Time is of the Essence
    • 1.10¬†When Agent‚Äôs Money is Earned
    • 1.11¬†The Transactional Contracts
      • 1.11.1¬†Listing Agreement (an expressed contract)
      • 1.11.2¬†Purchase Agreement
    • 1.12¬†Earnest Money Deposit vs. Liquidated Damages
    • 1.13¬†Notice, delivery, and acceptance of contracts
    • 1.14¬†The Counteroffer Challenge

Module Eight

  1. A. Basic Concepts and Duties of Property Management
  • ¬†
    • 0.1¬†Pre-Exam Course
  • 1¬†8. A. Basic Concepts and Duties of Property Management
    • 1.1¬†Duties of the Landlord
    • 1.2¬†A property manager is a GENERAL AGENT.
    • 1.3¬†Management Agreement
    • 1.4¬†Property Manager‚Äôs Fiduciary Duties to the Owner
      • 1.4.1¬†Maximize the Financial Return.
      • 1.4.2¬†Rents
      • 1.4.3¬†Managing Tenants
      • 1.4.4¬†Supervising
      • 1.4.5¬†Budget and Maintain Records
      • 1.4.6¬†Knowledge of Landlord-Tenant Law
      • 1.4.7¬†¬†INSURANCE RESPONSIBILITIES
      • 1.4.8¬†Landlord Insurance
    • 1.5¬†Types of Lease Agreements
      • 1.5.1¬†What is a gross lease?
      • 1.5.2¬†What is a net lease?
      • 1.5.3¬†What is a percentage lease?
      • 1.5.4¬†What is a ground lease?
      • 1.5.5¬†What is a Oil and Gas Lease?
      • 1.5.6¬†What Is A Proprietary Lease For A Co-Op Apartment?
      • 1.5.7¬†What is an index lease?
      • 1.5.8¬†What is a graduated lease?
      • 1.5.9¬†What is a lease option to purchase?
    • 1.6¬†From Type Leases to Interests of the Lease
      • 1.6.1¬†Tenancy for Years
      • 1.6.2¬†Periodic Tenancy
      • 1.6.3¬†Holdover Tenancy
      • 1.6.4¬†Tenancy at Will / Estate at Will
      • 1.6.5¬†Tenancy at Sufferance
      • 1.6.6¬†Actual Eviction
      • 1.6.7¬†Constructive Eviction
    • 1.7¬†Setting Rents and Lease Rates (BROKER ONLY)
      • 1.7.1¬†1. Using the home‚Äôs value
      • 1.7.2¬†2. Researching Comparable Units
      • 1.7.3¬†3. Calculate rental price per square foot
      • 1.7.4¬†4. Consider the location.
      • 1.7.5¬†5. Consider available amenities
    • 1.8¬†Courtesy of Jack
  1. B. Fair Housing in Property Management
  • ¬†
    • 0.1¬†Pre-Exam Course
  • 1¬†8. B. Fair Housing in Property Management
    • 1.1¬†Covid 19
    • 1.2¬†Handicap
    • 1.3¬†What Types of Housing Are Covered?
    • 1.4¬†ADA and Fair Housing Compliance in Property Management
    • 1.5¬†Types of Dwellings Covered by the Act¬†
    • 1.6¬†Disabilities
      • 1.6.1¬†In essence, a landlord may not:
    • 1.7¬†What is the difference between a service animal and an emotional support animal?
      • 1.7.1¬†Service animals
      • 1.7.2¬†Emotional support animals¬†
    • 1.8¬†Does the Fair Housing Act (FHA) apply to all housing?
      • 1.8.1¬†The exceptions are as follows.
        • 1.8.1.1¬†Age:¬†
        • 1.8.1.2¬†Owner-occupied housing:¬†
        • 1.8.1.3¬†Private clubs:¬†
        • 1.8.1.4¬†Public-law occupancy standards:¬†
        • 1.8.1.5¬†Religious organizations:¬†
        • 1.8.1.6¬†Single-family housing:¬†
    • 1.9¬†Activities Prohibited Under the Fair Housing Act
      • 1.9.1¬†race, gender, religion, familial status, disability, or ethnicity
    • 1.10¬†A Landlord May Not Ask Discriminatory Questions
    • 1.11¬†Mental Illness and the Possibility of Direct Threats
    • 1.12¬†Includes
    • 1.13¬†The Right to an Accommodation
      • 1.13.1¬†The Right to Make a Modification
        • 1.13.1.1¬†Offering Proof of a Disability and the Need for Accommodation or Modification
      • 1.13.2¬†Disabled tenants may offer verification of their impairment by:
      • 1.13.3¬†What to Do if You See a Fair Housing Violation
      • 1.13.4¬†Types of Complaints Investigated by FHEO FHEO investigates complaints, which may be one or both of the following types:
      • 1.13.5¬†Retaliation Is Illegal
      • 1.13.6¬†Familial status¬†
    • 1.14¬†Discussion
    • 1.15¬†Familial Status

Module Nine

  1. A. Title Insurance
  • ¬†
    • 0.1¬†Pre-Exam Course
  • 1¬†9. A. Title Insurance
    • 1.1¬†Title ‚Äď Transfer of Title
    • 1.2¬†Potential title problems and resolution
    • 1.3¬†Potential title problems and resolution
    • 1.4¬†Courtesy of Jack
  1. B. Deeds
  • ¬†
    • 0.1¬†Pre-Exam Course
  • 1¬†9. B. Deeds
    • 1.1¬†Voluntary
    • 1.2¬†Involuntary
    • 1.3¬†Deeds
      • 1.3.1¬†What is the purpose of a Deed?
      • 1.3.2¬†Trust Deed
    • 1.4¬†Courtesy of Jack
  1. C.The escrow or closing; tax aspects of transferring title to real property
  • ¬†
    • 0.1¬†Pre-Exam Course
  • 1¬†9. C.The escrow or closing; tax aspects of transferring title to real property
    • 1.1¬†Escrow and the Closing
      • 1.1.1¬†Responsibilities of the transaction/escrow agent
      • 1.1.2¬†Escrow Closing
        • 1.1.2.1¬†The job of the Transactional Agent
    • 1.2¬†All Things Taxes
      • 1.2.1¬†TRANSFER TAX STAMPS
      • 1.2.2¬†Transfer Tax
      • 1.2.3¬†Ad Volerum / Property Tax
      • 1.2.4¬†Special Assessments
      • 1.2.5¬†Interest Deduction
    • 1.3¬†Assessor
    • 1.4¬†¬†Board of Equalization
    • 1.5¬†County Treasurer
    • 1.6¬†Commercial Assessed Valuation
    • 1.7¬†Prorartions ‚Äď Who pays what?
    • 1.8¬†Prorated items
      • 1.8.1¬†Prorating
      • 1.8.2¬†A¬†credit¬†
      • 1.8.3¬†A debit
    • 1.9¬†Mortgage Payoff
    • 1.10¬†Down Payment
    • 1.11¬†Property Taxes
  • ¬†
        • 1.11.0.1¬†The seller pays taxes up to the closing date.¬†¬†
      • 1.11.1¬†If the Seller Paid Taxes Already:
        • 1.11.1.1¬†The buyer pays taxes from the day after closing until the rest of the year.
    • 1.12¬†Importance of recording¬†
      • 1.12.1¬†Recording
        • 1.12.1.1¬†Constructive Notice to the World
        • 1.12.1.2¬†Race Notice
    • 1.13¬†RESPA ‚Äď Real Estate Settlement Procedures Act
    • 1.14¬†TILA Respa Integrated Disclosures
    • 1.15¬†Delivery of Loan Estimate
    • 1.16¬†Amended Loan Estimate
    • 1.17¬†Closing Disclosure
      • 1.17.1¬†What is a Closing Disclosure?
    • 1.18¬†Record Retention
    • 1.19¬†Tax Deductions
    • 1.20¬†Basis of a Property
    • 1.21¬†Tax Shelter
    • 1.22¬†Capital Gain
    • 1.23¬†Capital Gains Exclusion
    • 1.24¬†Basic Example (Does not include the cost of repairs or other fees.)
    • 1.25¬†1031 Tax Deferred Exchange
      • 1.25.1¬†1031 Keywords
      • 1.25.2¬†BASIC 1031 exchange terminology:¬†
      • 1.25.3¬†A Real Life 1031
    • 1.26¬†Last But Awesome
  1. D. Foreclosures and Short Sales
  • ¬†
    • 0.1¬†Pre-Exam Course
  • 1¬†9. D. Foreclosures and Short Sales
    • 1.1¬†Involuntary Alienation
      • 1.1.1¬†Foreclosure vs. forfeiture:
    • 1.2¬†Garn Act
    • 1.3¬†Types of Involuntary Alienation
      • 1.3.1¬†Condition Precedent
      • 1.3.2¬†Judicial or Non-judicial
        • 1.3.2.1¬†Judicial Foreclosure
        • 1.3.2.2¬†Non-judicial Foreclosure
        • 1.3.2.3¬†Strict Foreclosure
        • 1.3.2.4¬†Deed in Lieu of Foreclosure
        • 1.3.2.5¬†Short Sale
    • 1.4¬†Redemption
      • 1.4.1¬†Equitable Redemption
      • 1.4.2¬†Statutory Redemption¬†
    • 1.5¬†Real Estate Owned
  1. E. Special Transfers of Real Estate
  • ¬†
    • 0.1¬†Pre-Exam Course
  • 1¬†9. E. Special Transfers of Real Estate
    • 1.1¬†TRANSFER OF A DECEASED PERSON‚ÄôS PROPERTY
    • 1.2¬†Testate
    • 1.3¬†Wills
    • 1.4¬†Codicil
      • 1.4.1¬†Nuncupative Will
      • 1.4.2¬†Holographic Will
    • 1.5¬†Probate
      • 1.5.1¬†Administartor and Administratrix
      • 1.5.2¬†Executor‚Äôs Deed
    • 1.6¬†Intestate
      • 1.6.1¬†Deed in Lieu of Foreclosure
    • 1.7¬†TRANSFER BY ADVERSE POSSESSION
    • 1.8¬†Transfer by Natural Forces
      • 1.8.1¬†Mississippi Becomes the 44th State to Reject Kelo v. New London Ruling
      • 1.8.2¬†The Kelo House
    • 1.9¬†Accession
    • 1.10¬†What Is the Uniform Commercial Code (UCC)?
    • 1.11¬†How the Uniform Commercial Code (UCC) Works
  1. F. Warranties
  • ¬†
    • 0.1¬†Pre-Exam Course
  • 1¬†9. F. Warranties
    • 1.1¬†Warranties Purpose of home or construction warranty programs Scope of home or construction warranty programs
      • 1.1.1¬†Home warranties
      • 1.1.2¬†What is a home warranty?
      • 1.1.3¬†What do home warranty plans cover?
      • 1.1.4¬†Coverage
    • 1.2¬†(Separate Policy) Renters Insurance
      • 1.2.1¬†Renters insurance offers renters coverage similar to homeowners insurance.¬†
      • 1.2.2¬†What Can Homeowners or Renters Insurance Cover?

Module Ten

  1. A. Trust/Escrow Accounts
  • ¬†
    • 0.1¬†Pre-Exam Course
  • 1¬†10. A. Trust/Escrow Accounts
    • 1.1¬†Trust/Escrow Accounts
      • 1.1.1¬†Commingling
        • 1.1.1.1¬†Commingling is illegal.
        • 1.1.1.2¬†Diversion
        • 1.1.1.3¬†Conversion
  1. B. Federal Fair Housing Laws and the ADA
  • ¬†
    • 0.1¬†Pre-Exam Course
  • 1¬†10. B. Federal Fair Housing Laws and the ADA
    • 1.1¬†Civil rights act of 1866¬†
    • 1.2¬†Civil Rights Act of 1964
      • 1.2.1¬†Jones v. Alfred H. Mayer Co.
    • 1.3¬†Federal Fair Housing Act
    • 1.4¬†Fair Housing Amendments Act of 1988
      • 1.4.1¬†Familial Status
      • 1.4.2¬†Age
    • 1.5¬†The exceptions in the 1988 Law are as follows.
    • 1.6¬†¬†Fair Housing Act of 1974
    • 1.7¬†Protected Classes
    • 1.8¬†Protected Classes
    • 1.9¬†EHO Poster‚Ästthe Equal Housing Opportunity Poster¬†
    • 1.10¬†Sexual Orientation
    • 1.11¬†Prohibited conduct (red-lining, blockbusting, steering)
      • 1.11.1¬†Blockbusting
      • 1.11.2¬†Steering
    • 1.12¬†HUD
    • 1.13¬†ADA- American with Disability Act
  1. C. Advertising and Technology
  • ¬†
    • 0.1¬†Pre-Exam Course
  • 1¬†10. C. Advertising and Technology
    • 1.1¬†Blind Ad
      • 1.1.1¬†Puffery
    • 1.2¬†Fraud
    • 1.3¬†Truth in advertising
      • 1.3.1¬†The Federal Trade Commission
      • 1.3.2¬†Targeted advertising
    • 1.4¬†FAIR HOUSING ADVERTISING
      • 1.4.1¬†Definitions.
    • 1.5¬†Use of words, phrases, symbols, and visual aids.
      • 1.5.1¬†Selective use of advertising media or content.
      • 1.5.2¬†Selective geographic advertisements.
      • 1.5.3¬†Use of Equal Housing Opportunity logotype, statement, or slogan.
      • 1.5.4¬†¬†Use of human models.
    • 1.6¬†Use of technology
      • 1.6.1¬†IDX Technology
    • 1.7¬†THE TELEPHONE CONSUMER PROTECTION ACT
      • 1.7.1¬†The Do Not Call Registry
      • 1.7.2¬†ENFORCEMENT OF THE DO NOT CALL REGISTRY
      • 1.7.3¬†ROBOCALLS AND THE DO NOT CALL REGISTRY
  1. D. Licensees and Responsibilities
  • ¬†
    • 0.1¬†Pre-Exam Course
  • 1¬†10. D. Licensees and Responsibilities
    • 1.1¬†Employees
    • 1.2¬†Independent Contractors
    • 1.3¬†Employees
    • 1.4¬†Independent Contractors
  • ¬†
        • 1.4.0.1¬†Company dollar
        • 1.4.0.2¬†Franchise
    • 1.5¬†Errors and Omissions Insurance
    • 1.6¬†Taxes
  • ¬†
        • 1.6.0.1¬†1099 S
        • 1.6.0.2¬†The closing attorney turns the 1099S to the IRS.¬† It includes the seller'(s) name, sold price and social security number.
        • 1.6.0.3¬†1099 MISC.
    • 1.7¬†Support
  • ¬†
        • 1.7.0.1¬†Notary
        • 1.7.0.2¬†IRS Form 8300
  • ¬†
    • 0.1¬†Pre-Exam Course
  • 1¬†10. E. Antitrust Laws
    • 1.1¬†The Sherman Antitrust Act
    • 1.2¬†How Do Antitrust Violators Cheat the Consumer?
      • 1.2.1¬†Price fixing:¬†
      • 1.2.2¬†Bid rigging:
      • 1.2.3¬†Customer allocation:¬†
      • 1.2.4¬†A Tie In ‚Äď Tying Arrangement (tie-in) are illegal:
      • 1.2.5¬†Boycotting¬†

Module Eleven

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Pre Exam Course  Pre Exam Course Orientation

 

This Pre Exam Course is a Blended Learning Experience.  It consists of sixty hours of real estate education.  Learners are granted options to continue their studies after the required sixty hours of course studies are completed.

  1. Learners may participate in a Live Stream or Classroom setting. 
  2. Learners may be rotated with Live Stream or Classroom setting with other learners.
  3. There is live interaction available during class hours. 
  4. There are activities and information that may be accessed from offsite locations when a class is not in session.

Since the COVID 19 pandemic, schools were granted time to execute their courses in live stream format without approval from the Association of Real Estate License Law Officials. (ARELLO)

ARELLO approves Mississippi Distance Courses.  This course now qualifies as such a course.

Course Availability

 

Classroom and Livestream

Scheduled Hours

Classroom Schedule

Student Support Site

Synchronous and Asynchronous

Every day and 24 hours

Google Classroom

Synchronous and Asynchronous

Every day and 24 hours

Quizlet

Synchronous and Asynchronous

Every day and 24 hours

Kahoot

Synchronous and Asynchronous

Every day and 24 hours

Khan Academy

Synchronous and Asynchronous

Every day and 24 hours

YouTube Site

Asynchronous

Every day and 24 hours

Forum and Group Chat

Synchronous and Asynchronous

Every day and 24 hours

 

Mississippi Real Estate Commission (MREC) Statute  §73-35-14.4.

Distance learning courses

 

(1) The term ‚Äúdistance learning course(s)‚ÄĚ shall mean any course approved by the commission in which the student is not physically present in a classroom with the instructor, including, without limitation, correspondence courses, video/DVD based courses, and online electronic courses.

(2) The commission may approve distance learning courses for pre-license education, post-license education, and continuing education courses. Any distance learning course must meet any standards that the Association of Real Estate Licensing Law Officials (ARELLO), or its successor(s), may have for such courses, including, without limitation, standards for content, form, examination, facilities, and instructors. If no ARELLO standards exist for a distance learning course, the commission shall establish by rule such minimum standards.

If ARELLO or its successor(s) operate a certification program for distance learning courses, a distance learning course must be certified by ARELLO or its successor(s) before the commission may approve the course.

Qualifications for a Mississippi Real Estate License

 

Real Estate Salesperson’s License

Every applicant for a resident license as a real estate salesperson shall be age eighteen (18) years or over, shall be a bona fide resident of the State of Mississippi prior to filing his application, shall have successfully completed a minimum of sixty (60) hours in courses in real estate as hereafter specified, and shall have successfully completed the real estate salesperson’s examination as hereafter specified. The residency requirements set forth in this section shall not apply to those licensees of other states who qualify and obtain nonresident licenses in this state.

Real Estate Broker’s License

Licenses shall be granted only to persons who present. To corporations, partnerships, companies, or associations whose officers, associates or partners present satisfactory proof to the commission that they are trustworthy and competent to transact the business of a real estate broker or real estate salesperson in such manner as to safeguard the interests of the public.

Except as otherwise provided in this section, every person who applies for a resident license as a real estate broker:

(a) shall be age twenty- 14 one (21) years or over, and have his legal domicile in the State of Mississippi at the time he applies;

(b) shall be subject to the jurisdiction of this state, subject to the income tax laws and other excise laws thereof, subject to the road and bridge privilege tax laws thereof;

© shall not be an elector in any other state;

(d) shall have held a license as an active real estate salesperson for twelve (12) months before making an application for the broker’s examination hereafter specified;

(e) shall have successfully completed a minimum of one hundred twenty (120) hours of courses in real estate as hereafter specified; and

(f) shall have successfully completed the real estate broker’s examination as hereafter specified; and

(g) shall have successfully been cleared for licensure by the commission’s background investigation as provided in Section 73-35-10; and

(h) sign a form under penalty of perjury stating that the applicant will not hire any real estate salespersons for thirty-six (36) months from the date of approval of his or her active real estate salesperson’s license.

The real estate commission shall create a standard form to comply with the requirements of this section.

Upon completion of such restriction provided in this paragraph (h) of this section, the real estate broker is authorized to employ any number of real estate salespersons.

The provisions of paragraph (h) shall not apply to an applicant who seeks to hire a real estate salesperson in less than thirty-six (36) months from the date of approval of his or her active real estate salesperson’s license.

Any person who desires to hire a real estate salesperson in less than thirty-six (36) months from the date of approval of his or her active real estate salesperson’s license shall:

(a) be age twenty-one (21) years or over, and have his or her legal domicile in the State of Mississippi at the time he or she applies;

(b) be subject to the jurisdiction of this state, subject to the income tax laws and other excise laws thereof, subject to the road and bridge privilege tax laws thereof;

© not be an elector in any other state;

(d) have held a license as an active real estate salesperson for thirty-six (36) months prior to making an application for the broker’s examination hereafter specified;

(e) have successfully completed a minimum of one hundred twenty (120) hours of courses in real estate as hereafter specified;

(f) have successfully completed the real estate broker’s examination as hereafter specified; and

(g) have 15 successfully been cleared for licensure by the commission’s background investigation as provided in

Section 73-35-10.

An applicant who has not held an active real estate salesperson’s license for a period of at least thirty-six (36) months prior to submitting an application shall have successfully completed a minimum of one hundred fifty (150) classroom hours in real estate courses, which courses are acceptable for credit toward a degree at a college or university as approved by the Southern Association of Colleges and Schools.

73-35-13. Written examination requirement;

 

(1) In addition to proof of his honesty, trustworthiness, and good reputation, the applicant shall take a written examination which shall be held at least four (4) times each year at regular intervals and on stated times by the commission and shall test reading, writing, spelling, elementary arithmetic and his general knowledge of the statutes of this state relating to real property, deeds, mortgages, agreements of sale, agency, contract, leases, ethics, appraisals, the provisions of this chapter and such other matters the commission certifies as necessary to the practice of real estate brokerage in the State of Mississippi. (* NOTE: PSI offers the exams on most dates all year.)

Broker’s Exam Requires Higher Standards of Knowledge Real Estate

The examination for a broker’s license shall differ from the examination for a salesperson’s license.

It shall be of a more exacting nature and require higher standards of knowledge of real estate.

The commission shall cause examinations to be conducted at such times and places as it will determine.

License Revocation

(2) If the commission revokes the license of any real estate broker or salesperson after the enactment of this chapter, no new license shall be issued to such person unless he complies with this chapter’s provisions.

(3) No person shall be permitted or authorized to act as a real estate broker or salesperson until he has qualified by examination, except as hereinbefore provided.

Partnership, Association or Corporation

(4) If the applicant is a partnership, association or corporation, said examination should be taken on behalf of said partnership, association or corporation by the member or officer thereof who is designated in the application as the person to receive a license under the issuing of a license to such partnership, association or corporation.

Salesperson Exam Retakes

Any individual who fails to pass the examination for a salesperson upon two (2) occasions shall be ineligible for a similar examination until after the expiration of three (3) months from the time such an individual last took the examination.

Broker Exam Retakes

Any individual who fails to pass the broker’s examination upon two (2) occasions shall be ineligible for a similar examination until after the expiration of six (6) months from the time such individual last took the examination, and then only upon making an application as in the first instance.

Upon Successfully Passing the Exam

(5) Upon satisfactorily passing such examination and upon complying with all other provisions of law and conditions of this chapter, a license shall thereupon be issued to the successful applicant who, upon receiving such license, is authorized to conduct the business of a real estate broker or real estate salesperson in this state.

Exam Exemption

(6) The commission is authorized to exempt from such examination, in whole or in part, a real estate licensee of another state who desires to obtain a license under this chapter; provided, however, that the examination administered in the other state is determined by the commission to be equivalent to such examination given in this state and provided that such other state extends this same privilege or exemption to Mississippi real estate licensees.

The issuance of a license by reciprocity to a military-trained applicant or military spouse shall be subject to the provisions of Section 73-50-1.

Course Content §73-35-14.3.

 

1) Minimum standards for the content for education courses required for licensure as a real estate broker or a real estate salesperson shall include content on:

(a) The provisions of this chapter and any rules and regulations promulgated hereunder;

(b) Listing property;

(c) Property valuation/appraisal;

(d) Real estate arithmetic;

(e) Characteristics of real property;

(f) Agency and nonagency relationships;

(g) Real estate sale contracts/agreements of sale;

(h) Leasing and property management;

(i) Transfer of title/ownership/deeds;

(j) Settlement procedures;

(k) Financing;

(l) Professional responsibilities and ethics;

(m) Fair housing; 

(n) Federal laws affecting real estate.

ARELLO Approval

(2) A pre-license course must meet any standards that the Association of Real Estate Licensing Law Officials (ARELLO), or its successor(s), may have for pre-license courses, including, without limitation, standards for content, form, examination, facilities and instructors. If ARELLO or its successor(s) operate a certification program for pre- license courses, a pre-license course must be certified by ARELLO or its successor(s) before the commission may approve the course.

(3) The commission may establish by rule such standards for pre-license education course content as the commission may deem necessary.

(4) No more than eight (8) pre-license hours may be earned in a single day.

(5) Courses covering the general content of subsection (1) of this section that is acceptable for credit toward a degree at a college or university as approved by the Southern Association of Colleges and Schools or the comparable regional accrediting authority shall qualify for the minimum standards for pre-license education under said accreditation. A semester-hour credit shall be equal to fifteen (15) classroom hours, and a quarter-hour credit shall be equal to ten (10) classroom hours. Courses given under this section by such accredited institutions are not required to meet ARELLO standards or certifications.

The commission may establish by rule that specific areas of the general content areas listed in subsection (1) of this section are not required to be met by the accredited institutions’ courses under this subsection.

Course Goal

The course’s primary goal is to prepare the learner for successfully completing the PSI Real Estate Exam.

This course’s primary goal is to prepare the learner for successfully completing the PSI Real Estate Exam.    

 

Deadline for Completion

Although this is a sixty (60) hours course, access to the course is allowed for six (6) months.   The six months of access includes classroom, live stream, and the online support site.

 

Criteria for Successful Completion of the Course

  1. 60 hours in synchronous classroom attendance.
  2. Successfully passing the Real Estate Training Institute’s final exam by a score of 80% correct.

Real Estate Training Institute’s Exam Information

*The Real Estate Training Institute practices ‚ÄúMastery-Based Learning.‚Ä̬† Learners have six months to pass their school exams successfully.¬† Most learners will pass at the end of their original 60-hour course. Nonetheless, repeated attempts may be made until the learner reaches the 80% correct level.

Mississippi Jurisdictional Specific Requirements

  1. The state of Mississippi does not require any exams for this course.
  2. Nonetheless, Mississippi is an ‚ÄúARELLO‚ÄĚ state and requires online courses to be approved by ARELLO.
  3. ARELLO sets the Mississippi online courses’ standards, and thus, incremental Quizzes are contained within this course.

ARELLO
Policy 9: Distance education courses are required to have assessments and use remediation within the course design.

  1. An evaluation may be in the form of quizzes, crossword puzzles, Kahoot games, Quizlet games, instruction of other learners, mastery of PowerPoint quizzes and games, research, projects, and interaction with others.

Certificate of Completion

A completion certificate will be assigned to learners who complete their course. It is the learner’s responsibility to submit the certificate and any necessary materials to apply for their real estate license to the Mississippi Real Estate Commission.

Instructors

Glenn Stewart

Classroom: Biloxi and Online Post Courses

Glenn’s Page

Leslie Clauson

Distinguished Real Estate Instructor Leadership Council

Classroom: Biloxi

Leslie’s Page

 

Response Time

Instructor Response Time: 24-48 hours

information@msrealtycourses.com

(228) 354-8585

Registration Policies and Refunds

  1. Registrations are confirmed with valid payment in full.
  2. Payment accepted is cash, money order, Visa, Discover, or MasterCard.
  3. No Refunds will be issued once this course has been started.

Computer Requirements

  1. A new computer is not necessary to attend this class.
  2. However, we do recommend a general comfort level with computers and the internet.
  3. Requirements for computers.

PC

OS: Windows 7 and newer

Browser:

  1. Firefox 61 and after (extended releases not supported)
  2. Chrome 68 and after
  3. Note: Internet Explorer and Edge are not recommended, and Safari for Windows is not supported

Mac

 OS: Mac OSX 10.6 and newer

Browser: 

  1. Firefox 61 and after (extended releases not supported)
  2. Chrome 68 and after
  3. Safari 10 and after
  4. Note: Internet Explorer and Edge are not supported for Mac

Note: Linux ChromeOS is also supported.

Mobile Devices

Students may use a mobile device such as a phone or tablet as a means of access.

Technical Support Availability and Student Services

228-354-8585

information@msrealtycourses.com

Students can contact the school Monday through Friday

9:00 AM to 4:00 PM

Real Estate Training Institute

228-354-8585

information@msrealtycourses.com

Office Hours: 9 AM to 4 PM

Course Evaluation

  1. A Completed survey at the end of the course must be completed and submitted.
  2. Completion Certifications will be dispersed upon completion of the survey

508 Compliance

The Real Estate Training Institute has tried its best to make our website 508 compliant. We have added several accessibility features to our website.

Accessibility

There is a panel on the left side of the webpage to adjust this site for easier accessibility.

Color contrast for color blind accessibility  

Our graphic artist tested the initial course template and our example in-course graphics for adequate foreground and background color contrast to make the content accessible to learners with color blindness. This work helped us streamline our course development and avoid any severe structural issues later in the process.

Tabbing for screen reader accessibility

On the right side of this web site, there is a sidebar panel capable of the following:

  1. Increase Text
  2. Decrease Text
  3. Readable Fonts
  4. Highlight Links
  5. Black/Yellow Contrast
  6. Keyboard Navigate
  7. Stop Animations

Course Outline

 

 

 

 

SALESPERSON/BROKER STATE PORTION

Powers and Duties of the Real Estate Commission 

1.         Hearings, including subpoena power

2.         Purpose and jurisdiction

3.         Violations

4.         Penalties MREC can impose

Licensing Requirements and License Maintenance 

1. General licensing requirements

2. Continuing and Post-licensing ed req

3. E & O insurance

4. Disqualifying issues

5. Activities Requiring License (incl. timeshares, auctions, prop mgmt)

6. Exemptions from licensure

7. Inactive license

8. Rules about receiving and Sharing Commissions.

Property Condition Disclosures 

1. Disclosure form (delivery, who completes)

2. Stigmatizing factors

 

3. Licensee responsibility to advise client, ensure completeness

4. Exemptions from Disclosure ‚Äď no exemption for new construction

5. Disclosure form is not part of the contract (see form) but is attached to the listing

6. Material changes allow the buyer to void the contract

 

Agency Disclosure and Duties to Parties  

1. Dual Agency Disclosure

2. Working with a Real Estate Broker

3. Disclosure of licensed status if a principal

4. Timing of disclosure, Rules about parties to whom disclosure must be made

5. Buyer may withdraw from Buyer-Broker agreement w 15 days’ notice

6. General Duties to all Parties

Out-of-State Brokers and Developers 

1. Cooperative agreements

2. Reciprocal licenses

  Trust Accounts 

1. Handling of earnest money

2. General acctg practices; no commingling

3.  Broker is account holder; Salesperson may not establish prop mgt escrow acct independent of the broker

4. Disbursement issues (interpleader)

Broker Responsibilities, Including Supervision of Sales Associates 

1. Supervision of associated licensees

2. Inform MREC of change in associate status/termination

3. Responsibility for acts of associates

4. License display; place of business

5. Broker Price Opinion

6. Associates’ Compensation

Records and Documents 

1. Length of time to keep (Routine, if litigation)

2. Records that are included in this requirement

3. Disposition of records after the closing of a business

4. Electronic records OK

Advertising/Marketing/Internet 

1. Social media and the internet are advertising (part of

‚ÄúALL advertising‚ÄĚ)

2. Must advertise in broker’s name

3. Broker must permit/approve advertising

4. Private controls

One cannot will a life estate. 

Favorite

Lesson Content

ūüĒ• Quiz: Guide to Antitrust