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MODULE ONE: CONTRACTSIntroduction to ContractReal Estate ContractsOverviewEntitlement to Commission Listing Agreements with SellersExclusive AgencyExclusive RightNetListing Agreements with BuyersEntitlement to CommissionProcuring CauseUnauthorized Practice of LawStatute of FraudsSeller DocumentsDeedTitle PolicySurveyMortgageZoning and VariancesProvisions of real estate contractsContract DateParties to the ContractSellerBuyerJoint tenancy and Tenancy in CommonSole OwnershipTenancy by the EntiretiesEarnest Money DepositsAmountForm of FundsNotes as earnest moneyWhen the licensee is the buyerLegal DescriptionsPurchase Price and Method of PaymentFinancing TermsBuyer financial statement for seller reviewBuyer pre-qualificationTime limits for loan approvalOwner occupiedConditional on buyer loan approvalSpecify loan documents buyer must executeSpecify Financing TermsCash SaleSeller to carry first mortgageNew conventional first mortgageStraight non amortized secondVA loanFHA loanAdjustable rate loansLoan assumptionsChattel and Fixture InclusionEvidence of TitleDate of ClosingProration expenses and incomePossession of Property16. Time allowed for acceptance17.Specific Performance vs. Liquidated DamagesLiquidated damages19.Rescission on pensatory DamagesSpecific PerformanceMiscellaneous Issues Regarding Sale ContractsSpecial assessmentLicensee acting as buyer or sellerContingent on the sale of the buyer’s propertyRight of first refusalContingent on property inspectionConditional on spouse’s approvalArbitration clauseSigning and acknowledgmentNumber of copies neededDisclosurePsychologically Impacted or stigmatized propertiesStatutory duty of Seller to discloseLead based paint disclosureMold and waiverRestrictive covenantsOther ContractsLease purchase agreementOption contractAgreement for deedJohnson v. DavisBrief summarySynopsis of rule of lawFactsHeld. AffirmedDiscussionTITLE 15 – LIMITATIONS OF ACTIONS AND PREVENTION OF FRAUDSCHAPTER 3 – PREVENTION OF FRAUDSARTICLE 1 – IN GENERAL§ 15-3-1 – CERTAIN CONTRACTS TO BE IN WRITINGUniversal citationStatutes of Limitations and Breach of ContractMinor Breach (non-material breach) Material Breach Anticipatory BreachCompensatory damages Expectation Damages Consequential Damages Nominal DamagesModule QuizMODULE TWO: Managing Earnest Money and Escrow/Trust AccountsIntroduction to Managing Escrow AccountsBasics of Escrow and Earnest Money DepositsOverviewTimely Deposits of fundsNSFBroker’s recordsTransaction failureIREBBEA and the BeneficiariesGuidelinesIREBEA BeneficiariesHabitat for HumanityFuller Center for housingEmail CompromiseMortgage closing scamsHow to know if you’ve been hackedWhat to do if you’ve been hackedChange passwordCheck the advice of your email provider or social networking site has about restoring your siteCheck your account settingsTell your friendsHow to protect your computerKeep firewall turned onInstall and update your antivirus softwareInstall and update your antispyware technologyKeep your operating system up to dateBe careful what you downloadTurn off your computer Scams against small businessCybersecurity basics for small businessInternet fraudBusiness email compromise (BEC)Data BreachDenial of Service Email account compromiseMalware/scarewarePhishing/spoofingRansomewareCybercrime- FBIKey PrioritiesComputer and network intrusionsOld Fashion Fraud Owner of Real Estate Escrow company indicted for bank, wire and mail fraudLori Lynn AndrewUpdateFinal OrderHomebuyers Beware: Billion Dollar Phishing scam hits MaineReal Estate Wire Fraud is rampantOnondaga County DA issues warning of increased direct deposit phishing scamsBreaking News: Email Phishing attempt with NARBiglaw Firm Duped into wiring money to scam account, Loses 2.5 million in cyber breachNathan E. Hardwick IV and the DOJNathan E. Hardwick IVAsha Mauryacounts one (1) through twenty-four (24)effects on victimscourt decisiontrust fundsModule QuizMODULE THREE: AgencyIntroduction to AgencyAgencyDefinitionsAgencyAgentCompensationSingle agencyDisclosed dual agencyFiduciaryNon-agentClient/customerTypes of AgentsUniversalGeneralSpecialDesignatedCreation of AgencyExpressImpliedSeller Brokerage Listing AgreementsFiduciary ResponsibilitiesCOLDACTermination of agencyConsumer level servicesFirst substantive meetingOpinion vs. factPuffingFraudNegligent misrepresentationNegligent omissionProperty DisclosureLatent defectsStigmatized propertyEnvironmental hazardsGeneral proceduresListing AgencyBuyer’s AgentAgency Relationship Disclosure RULE 4.1 MississippiDefinitionsAgentClientCompensationCustomerFiduciary responsibilitiesFirst Substantive MeetingDisclosure RequirementsAgency Disclosure FormDisclosure ExceptionMISSISSIPPI 89-1-519. Agent; extent of agencyMaterial factsNon-material factsDefinition of Dual AgencyNational Updates on Dual AgencyWhat’s New in Residential Real Estate Brokerage Agency (Part 1)MLS Rules TransparencyCompass Real EstateRedfinAnti-rebate lawsListing date technologiesListing CompetitionBrokerage CooperativeIDX and VOW sitesWhat’s New in Residential Real Estate Brokerage Agency (Part 2)ERA Purple BricksFlat fee brokeragesBuyer RebatesTreloraFlat fee 2500ERA AffiliatesDiscounted or Agent Compensation ModelValue PropositionWhat’s New in Residential Real Estate Brokerage Agency (Part 3)Consumer Federation of AmericaInsufficient price competitionIbuyersZillowtruliaI-Buyers – A Popular Emerging ModelTop 5 IbuyersOpendoorKnockOfferpadZillow Instant OffersRedfinModule QuizMODULE FOUR:Tools to SucceedIntroduction to Tools to SucceedAdvertising and Marketing on the InternetGeneral Offers and ClaimsFTC Act Section 5Deceptive advertisingWhat truth in advertising rules apply to advertisers?What makes advertising deceptive?What makes advertising unfair?How does the FTC decide if an ad is deceptive?What kind of evidence must a company have to support the claims in its ads?Reasonable basisFTC’s roll in Advertisinghonest and fair advertisinghow to file a complaintMREC requirementsPlanning-to-MarketingOverviewResearchPlanningFocusMaking the Plan?Understanding Your CustomerIntroductionCourse TopicsResearching Your CustomersDescribing Your CustomersAdjusting Your Market MixWhy is it Important to Understand Customers?Researching Your CustomersSix Questions for Buying BehaviorHow to Identify Customers and Their NeedsMarket Research DataKnowledge ReviewTrack Customer ExperiencesRecognize Customer Range of ChoicesWhat Drives Consumer Buying Decisions?Describing Your CustomersCreate PersonasUnderstand Customer IntentFour Steps to Finding Customer IntentStep 1: Identify where the customer starts.Step 2: Collect all customer actions data available.Step 3: Study patterns.Step 4: Use data as research in lieu of expensive surveys.Anticipate Customer NeedsUnderstanding Your Unique Value PropositionDEFINE the NeedUnworkable:UnavoidableUrgent:UnderservedEVALUATE Your SolutionMEASURE Benefits vs. DrawbacksBUILD Your Unique Value PropositionAdjusting Your Marketing MixProductPricingPlacementPromotionIdentify New Areas of ExpansionStep 1: Define the New TargetStep 2: Research the TargetStep 3: Make the ‘Go/No-Go’ DecisionSummaryResourcesProspecting PPLSreasons people moveopen houseopen probe and closed probe questionslocating prospectsproactive and reactive prospectingquizModule QuizWhat have you learned?Open Ended QuestionMODULE FIVE:Fair Housing and EthicsIntroduction to Fair HousingReflections of the Fair Housing ActVideo highlighting the struggle of the Fair Housing Act. Introduced by HUD Secretary Ben CarsonFair Housing AlwaysWho is protected?Types of Housing CoveredWhat is prohibitedSexual Harassment in HousingQuid pro quoHostile environmentquizProtection for Persons with DisabilitiesRights and ObligationsSection 504Reasonable AccommodationsReasonable ExamplesRules Against Children are DiscriminatoryWho is protected?Examples of Familial Status DiscriminationAdditional ResourcesMemorandum on the Fair Housing Act and Lead Based PaintHousing for Older PersonsWhat are the “55 or Older” ExemptionsHow to qualify a community questionsHousing Choice Voucher Program Section 8What are housing choice vouchers?Am I eligible?How do I apply?Local preferences and waiting listhow do they function?Roles – the tenant, the landlord, the HUD Additional InformationPART 982—SECTION 8 TENANT-BASED ASSISTANCE: HOUSING CHOICE VOUCHER PROGRAMquizAmerican with Disabilities ActDisabilitycompanies whom must abide by ADAU.S. Equal Employment Opportunity CommissionUndue HardshipModule QuizMODULE SIX: AntitrustIntroduction to AntitrustGuide to AntitrustSherman Act of 1890Clayton ActFTC Role in Real Estate CompetitionRobinson-PatmanFred Meyer GuidesFamous Antitrust LawsuitsRockefeller’s Standard OilMicrosoftAT&TKodakCHRISTOPHER MOEHRL LawsuitBasis for suitBasis for relief soughtClass Action ComplaintPlaintiffs and DefendantsModule QuizMODULE SEVEN: Intra/Inter Office ConfidentialityIntroduction to Intra/Inter ConfidentialityIntra Office Confidentiality Overviewconfidentiality trainingexit proceduresData Breach – PROTECTING PERSONAL INFORMATIONsafeguarding datadata protectionelectronic security measuresCyber Security GlossaryAdwareAnti-Virus SoftwareApplicationAttachmentAuthenticationAuthorizationBackdoorBackupBad-wareBandwidthBlacklisting SoftwareBlended ThreatBlogBroadbandBrowserBrute Force AttackClear Desk PolicyClear Screen PolicyCookieCredit CyberbullyingCardCyberbullyingDebit CardDenial of Service AttackDictionary AttackDigital CertificateDomain HijackingDomain Name System (DNS)Dumpster DivingElectronic InfectionsEncryptionEnd User License Agreement (EULA)File-Sharing ProgramsFirewallFloodingGroomingHackerHTTPSHybrid AttackInstant Messaging (IM)IP (Internet Protocol) AddressInternet Service Provider (ISP)Keystroke LoggerMalwareMan-In-the-Middle AttackMonitoring SoftwareNetworkOperating System (OS)PasswordPassword CrackingPassword SniffingPatchPhishingPharmingRouterScriptShoulder SurfingSkimmingSocial EngineeringSocial Networking WebsitesSpamSpimSpoofingSpywareSSL (Secure Socket Layer)Trojan HorseURLURL ObfuscationVirusVishingVulnerabilityWhitelisting SoftwareWormZombie ComputerquizSecuring Wireless Networks risks to wireless networksplan for minimizing risks to wireless networksModule QuizWhat have you learned?Open Ended QuestionMODULE EIGHT: Environmental HazardsIntroduction to Environmental HazardsThe Comprehensive Environmental Response, Compensation, and Liability ActWhat is Superfund?National Priorities ListSuperfund Remedial Investigation/Feasibility Study (Site Characterization)Superfund Site Reuse/RedevelopmentSuperfund HistorySuperfund in MississippiList of Superfund Sites in MississippiNews Releases from?Region 04Grenada Manufacturing, LLC, Facility Cleanup and Environmental Studies in Grenada, MSMISSISSIPPI PHOSPHATES CORPORATIONPASCAGOULA, MSMoldMoisture ControlResources for Flood Cleanup and Indoor Air QualityFlood Cleanup - Protecting Indoor Air QualityWhat is mold?How do molds affect people?RadonRadon is a health hazard with a simple solution.Protect Yourself and Your Family from RadonMore Ways to Take ActionLead Based PaintWhat is lead based paint?Where is lead found?Who is at risk?What are the health effects of lead?ChildrenPregnant WomenOlder AdultsRenovation and Demolition Requirements / AsbestosWhere Can I Find Asbestos?Where asbestos may be found:How Can People Be Exposed to Asbestos?Health Effects from Exposure to AsbestosDisease symptoms may take many years to develop following exposure.Three of the major health effects associated with asbestos exposureOperations and Maintenance (O&M) GuidanceThe Flint Drinking Water CrisisThe Flint Crisis beginsThe Leaked MemoState of Michigan Commitment to the city of FlintEPAquizModule QuizWhat have you learned??MODULE NINE: Financing the Dream and Keeping the Dream Alive Introduction to Financing the Dream and Keeping the Dream AliveBasic Concepts and TerminologyAbstract of TitleAcceleration ClauseAdjustable Rate MortgageAdjusted Gross IncomeAdjustment IntervalAmortizationAnnual Percentage Rate (APR)Assessed ValuationBalloon (Payment) MortgageBasis Point (bp)1/100th of 1% (0.01%Biweekly MortgageBridge LoanBuydownCapCash OutCash ReservesCapital ExpendituresCapitalization RateCash ReservesCash to CloseCertificate of EligibilityCertificate of TitleClosing AgentClosing CostsClosing DocumentsClosing StatementCollateralCombined Loan-to-Value Ratio (CLTV)CommitmentCommitment FeeCommitment LetterComparablesComparative Market AnalysisConduitConforming LoanConventional MortgageConvertibleCo-signerCredit ReportDebt-to-Income RatioDebt ServiceDebt Service Coverage Ratio (DSC)Declining PercentageDeed of TrustDefaultDefeasanceDeficiency JudgementDelinquencyDepartment of Veterans Affairs (VA)Discount PointDown PaymentDue DiligenceDue-on-Sale ClauseEarnest MoneyEncumbranceEngineering ReportEnvironmental ReportEnvironmental RiskEqual Credit Opportunity Act (ECOA)EquityEquity CapitalEscrowFair Credit Reporting Act (FCRA)Fair Market ValueFHAFHA LoanFlood CertificationFloor-To-Area Ratio (FAR)ForeclosureForward CommitmentFreddie Mac (FHLMC)Gift LetterGraduated Payment Mortgages (GPM)Growing Equity MortgageHard MoneyHome Equity Line-of-Credit (HELOC)HUDIndexInterest RateInterest Rate CapJunior DebtLease AssignmentLender Buy-Down MortgageLienLifetime CapLine of CreditLoan Origination FeeLoan-to-Value Ratio (LTV)Lock-InLock-Out PeriodMarginMinipermMortgage InsuranceMortgage NoteMortgageeMortgagorMulti-Family Property Class AMulti-Family Property Class BMulti-Family Property Class BNegative AmortizationNet-Net Lease (NN)Net-Net Lease (NN)Non-RecourseNotice of Default (NOD)Operating ExpensesPercentage LeasePhase IPITIPlanned Unit Development (PUD)Preliminary Title ReportPrepayment PenaltyPre-qualificationPrincipalProcessingProperty ClassificationProperty TaxQualifying RatiosRate Lock OptionRe Real Estate Owned (REO)Real Estate Investment Trust (REIT)Real Estate Settlement Procedures Act (RESPA)Recording FeeRefinanceRent Step-UpReserve FundsSale/Lease BackSatisfaction of MortgageSBASecond MortgageSecondary Mortgage MarketStandby CommitmentStructural ReportSubprime LoanTax & Insurance ImpoundTenant Improvements (TI)TermTitleTitle InsuranceTitle SearchTransfer TaxTriple – Net LeaseTruth-in-Lending ActUnderwritingUniform Residential Loan Application (1003)VA LoanWorkoutYield MaintenanceYield-To-Average LifeYield-To-CallYield-To-MaturityZero Point OptionUnderstanding Credit Reports and ScoresAt a GlanceWhy do credit report scores matter?Credit ReportsWhat’s in a credit reportHow is my credit used?Negative informationChapter 7 BankruptcyChapter 13 BankruptcyCharge OffRequesting a Free Credit ReportReviewing Your Credit ReportDisputing ErrorsGetting ReadySubmitting the DisputeWaiting for the Mistakes to Get FixedIf you disagree with the. ResultsBuild Habits for Getting and Keeping Good CreditLending Process: Application Through ClosingBorrowerLenderLoan OfficerPrequalificationPre-ApprovalLoan ApplicationLoan ApprovalLoan BalanceLoan CalculatorLoan GuidelinesCredit reportFico scoreAnnual IncomeDisclosureLoan Estimate ExplainerMortgage ClosingOrigination FeeDiscount PointsDown PaymentCo-signerCo-borrowerJoint LoanMonthly paymentSecond mortgageAPRGood Faith EstimateFinancing and Credit Laws and RulesEqual Credit Opportunity ActUsuryBait and SwitchTruth in LendingRegulation ZTrigger TermsRight of RescissionRESPAGood Faith EstimateClosing DisclosureEqual Credit OpportunityWhen You Apply For CreditCreditors May NotAsk for information about your spouse, except: When Deciding To Grant You Credit Or When Setting The Terms Of Credit, Creditors May Not…Consider your age, unless:Consider whether you have a telephone account in When Evaluating Your Income, Creditors May Not…You Also Have The Right To…Definitions in the Fair Lending PamphletCFPB/TRID rules on financing and risky loan featuresRevised Loan EstimateUnderwritingUnderwriterQualification RatioBack-end RatioFront-end RatioCapacityCharacterTypes of LoansMortgageFHA InsuredHow is FHA funded?FHA Loan LimitsAbout?VA Guarantee Home LoansHome loan eligibilityVA Home Loan GuaranteeInterest Rate Reduction Refinance Loan (IRRRL)Native American Direct Loan (NADL) ProgramAdapted Housing Grants:Eligibility RequirementsCertificate of EligibilityCertificate of Reasonable Value (CRV)USDA/rural loan programsFARM OWNERSHIP LOANSRURAL HOUSING SERVICEConventional LoanJumbo LoanAmortizationBlanket MortgageConstruction LoanHome Equity Line of CreditOpen MortgageOpen Ended MortgagePackage MortgagePurchase Money MortgageSales LeasebackShared Equity MortgageTemporary LoanWrap Around MortgageModule QuizWhat have you learned?Open Ended QuestionMODULE TEN: Property Condition DisclosureIntroduction to Property Condition DisclosureProperty Condition Disclosure LawSELLER’S STATEMENT OF EXCLUSION FROM COMPLETING THE PROPERTY CONDITION DISCLOSURE STATEMENT (PCDS)SELLER’S STATEMENT OF EXCLUSION FROM COMPLETING THE PROPERTY CONDITION DISCLOSURE STATEMENT (PCDS)Property Condition Disclosure StatementStambovsky v. Ackley and Module QuizFacts and Prior HistoryMajority OpinionDissenting OpinionEpilogueGhost StoriesThe house – history and todayFactsIssueAnswerConclusionModule QuizEVALUATIONCompletion ................
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