Purchase Contract Essentials
Course Title: Purchase Contract Essentials
Credit Hours: 3-Hour Contract Continuing Education
Course Description:
Dive deep into the intricate details of the Purchase Contract with our expertly designed course, tailored for real estate professionals seeking to enhance their knowledge and service quality. This
comprehensive 3-hour continuing education class is dedicated to unpacking the latest updates and features of the contract, ensuring you stay at the forefront of industry standards and practices.
Throughout this engaging session, participants will explore every facet of the contract, including agency relationships, lending protocols, disclosure requirements, and much more. Our curriculum is structured to provide a thorough understanding of these critical elements, empowering you with the confidence to navigate today’s dynamic
real estate market effectively.
Key Highlights:
- In-depth Examination: Gain a solid grasp of the Purchase Contract, with a focus on practical application and real-world scenarios.
- Agency and Representation: Understand the nuances of real estate agency, including the roles and responsibilities outlined in the R4-28-1101 Real Estate Agency Disclosure and Election, as well as the intricacies of Consent to Limited Representation.
- Lending Insights: Engage in a detailed discussion on financing options and requirements, enhancing your ability to guide clients through the lending process.
- Disclosure Practices: Master the art of disclosure, ensuring that your clients are fully informed and protected throughout the transaction process.
- Legal Remedies: Explore the remedies available in real estate transactions, providing a safety net for both you and your clients.
- Financing Q&A: An interactive session to address all your financing questions, ensuring clarity and understanding.
This course is essential for any real estate professional aiming to provide their clients with full representation and superior service. By understanding and accurately explaining the complexities of the purchase contract, you position yourself as a trusted advisor, capable of navigating your clients through their real estate transactions with confidence and expertise.
Lessons
Orientation of Online CE Class-Contract Essentials
1- Start Here-Introduction To Agency-Contract Essentials
Warning Please Read: You must complete the fill-in-the-blanks & any wheel of fortune Game in order to start the quiz below. The timer is required to run out before submitting…
2-Duties a Broker MAY NOT Perform R4-28-1101-Contract Essentials
A. A licensee shall not allow a controversy with another licensee to jeopardize, delay, or interfere with the initiation, processing, or finalizing of a transaction on behalf of a client.…
3-Real Estate Agency Disclosure and Election-Contract Essentials
Lines 1-6: Line 1: Always your Broker Firm name. Line 2: Agent’s Name Agency is the FIRST document that should be presented to the client. Why? BECAUSE A CLIENT…
4-Consent to Limited Representation-Contract Essentials
Lines 1-4 Line 1: Names of ALL buyers or tenants Line 2: Names of ALL sellers or landlords Line 3: Full address of the property Line 4: Brokerage Lines 5-8…
5-Real Estate Agency Scenarios-Contract Essentials
Scenarios: Scenario #1 The seller has instructed the listing broker not to present any offers to purchase the home unless the offer is more than $350,000. The buyer’s broker has…
6-Section 1 Exam -Contract Essentials
You will need to wait for the timer to run out before you can submit the Exam.
7-Introduction to the Contract-Contract Essentials
As a minimum standard of care, a blank copy of the AAR Residential Resale Purchase Contract should be provided to the client no later than: The Exclusive Right to Sell/Rent…
8-Buyer Attachment-Contract Essentials
Buyer Attachment Buyer is reminded to: Read the entire contract before signing Review Section 4a (SPDS) Review the Inspection Paragraph (see Section 6a) Confirm ability to obtain insurance during…
9-Contract Property-Contract Essentials
Section 1.a Lines 1-4 All parties to the contract must be named. If you are not 100% confident of the Sellers legal names it is permissible to check the “as…
10-Contract Property Part 2 -Contract Essentials
11-Section 2 Exam-Contract Essentials
You will need to wait for the timer to run out before you can submit the Exam.
12-Financing -Contract Essentials
The financing section of the contract is one of the most difficult sections of the contract for agents to understand and clearly explain to their clients. In brief, the financing…
13-Financing Part 2-Contract Essentials
Section 2.e Lines 87-89 Buyer shall deliver to Seller the LSU with a minimum of lines 1-40 complete within five (10) days of contract acceptance. Seller is entitled to an…
14-Financing Q & A-Contract Essentials
QUESTION #1 Line 69 of the Residential Resale Real Estate Purchase Contract now requires that an AAR Pre-Qualification Form be attached to the Contract. What should the buyer do if…
15-Section 3 Exam-Contract Essentials
You will need to wait for the timer to run out before you can submit the Exam.
16-Title and Escrow-Contract Essentials
The Title and Escrow section of the contract is important because it sets forth the instructions for the title company, who bears the responsibility for correctly accounting for all of…
17-Working with the Title Company-Contract Essentials
What is the difference between title and escrow? https://youtu.be/Yfc46I2ENPo What risks are associated with the Commitment for Title? What is the significance of the Title Commitment? What risks for licensees…
18-Section 4 Exam-Contract Essentials
You will need to wait for the timer to run out before you can submit the Exam.
19-Disclosures-Contract Essentials
The Disclosure section addresses the disclosures that the seller is obligated to deliver to the buyer, according to the terms of the contract. Section 4.a Lines 154-156 The seller is…
20-Disclosures Scenarios-Contract Essentials
Scenarios Scenario #1 The seller is an investor who does not want to provide an SPDS to the buyer and is demanding that lines 154-156 of the contract requiring a…
21-Section 5 Exam-Contract Essentials
You will need to wait for the timer to run out before you can submit the Exam.
22-Warranties-Contract Essentials
The risks associated with the warranties section of the contract include: Disputes arising from the seller’s failure to understand/comply with their obligations Disputes due to the buyer failing to understand…
23-Due Diligence-Contract Essentials
Introduction Due Diligence is one of the areas where the professionalism of an agent has a chance to shine. It’s also where the agent’s inexperience or unprofessionalism can manifest itself.…
24-Due Diligence Part 2-Contract Essentials
Section 6.f Lines 241-246 Conventional septic system is most commonly a septic system, however, other alternative systems do exist The buyer indicates what their belief is as it relates to…
25-Due Diligence Scenarios-Contract Essentials
Scenarios Scenario #1 The seller and the buyer sign a Contract to purchase an old “tear down” home. In the backyard there are several broken-down cars and oil drums that…
26-Section 6 Exam-Contract Essentials
You will need to wait for the timer to run out before you can submit the Exam.
27-Remedies-Contract Essentials
Section 7.a Lines 310-314 The basic intention of Section 7a. is to provide a party an opportunity to cure a potential breach of the contract. If a party fails or…
28-Additional Terms and Conditions & Seller Acceptance-Contract Essentials
What are the risks associated with the Additional Terms and Conditions Section of the agreement? Improper calculation of time periods Improper notice Ineffective cancellation notice Section 8.a Lines 344-389 …
29-Remedies Scenarios-Contract Essentials
Scenario #1 After the close of escrow the Buyer discovers that the Seller has removed the built-in range/oven. The cost to replace the built-in range/oven will be $1,500. Can the…
31-Section 7 Exam-Contract Essentials
You will need to wait for the timer to run out before you can submit the Exam.
31-Final Exam-Contract Essentials
The Final is not timed. AAR RESIDENTIAL RESALE PURCHASE CONTRACT
