Foreclosures, Short Sales and Contracts
Class Name: Foreclosures, Short Sales, and Contracts
Category: 3 Hrs. Online Continuing Education in Contract Law
Course Overview:
This comprehensive 3-hour online continuing education course is designed for real estate professionals in Arizona seeking to enhance their understanding of the critical elements of foreclosures, short sales, and contracts. The course provides an in-depth exploration of contract law as it applies to real estate, offering practical insights and real-world examples to prepare students for complex real estate scenarios. Participants will gain knowledge of legal requirements, practical applications, and strategies to protect clients and ensure compliance with Arizona real estate regulations.
Learning Objectives:
- Understand the essential elements of real estate contracts, including offer and acceptance, mutual agreement, consideration, legal capacity, and legality of purpose.
- Explore the Statute of Frauds and its application in real estate transactions, including written agreements and enforceability.
- Analyze the Parol Evidence Rule, bilateral and unilateral contracts, and distinctions between valid, void, voidable, and unenforceable contracts.
- Examine the short sale process, myths, and practical steps for resolving distressed property transactions.
- Review the foreclosure process, including judicial and non-judicial foreclosures, redemption, reinstatement, and borrower protections.
- Familiarize with TRID requirements in short sales and the roles of Brokers Price Opinions (BPOs), hardship letters, and lender communication.
Teaching Methods:
- Interactive modules with fill-in-the-blank exercises
- Word games and graphics to reinforce concepts
- Case studies and real-world scenarios
Who Should Take This Course?
This course is ideal for Arizona real estate professionals, including agents, brokers, and property managers, seeking to deepen their knowledge of contract law, short sales, and foreclosure processes to better serve their clients.
Enroll today to gain practical insights and meet your continuing education requirements!
Lessons
0-Orientation of Online CE Class-Contracts
1-What is a contract?-Contracts
What is a contract? A contract is a legally binding agreement between two or more parties that creates mutual obligations. It can be written, verbal, or implied through actions, depending…
2-Legal Capacity-Contracts
Legal Capacity All parties involved in the contract must have the legal capacity to enter into an agreement. In Arizona, the buyer and seller must be at least 18 years…
3-Statute Of Frauds Application-Contracts
What types of contracts are under the statute of frauds application? Here are the types of contracts that generally fall under the Statute of Frauds and must be in writing:…
4-Importance and Benefits of the UCC-Contracts
Importance and Benefits of the UCC: Consistency Across States: The UCC provides a uniform set of rules for business transactions, which helps create consistency across state lines. This is especially…
5-Parol Evidence Rule-Contracts
The Parol Evidence Rule is a legal principle that prevents parties to a written contract from presenting evidence of prior or contemporaneous agreements or statements that would alter, contradict, or…
6-Section1 Exam-Contracts
Warning Please Read: The timer is required to run out before submitting the quiz for grading.
7- Types Of Contracts-Contracts
TYPES OF CONTRACTS Contracts can be categorized into several types based on factors like how they are formed, their enforceability, and the nature of their terms. Here are the main…
8-Breach of Contract-Contracts
Who can cancel a bilateral agreement or contract? In general, a real estate agent cannot unilaterally cancel a listing agreement without the agreement of the seller, unless there are specific…
9-Bilateral Contract-Contracts
Bilateral Contract A bilateral contract in Arizona real estate refers to a contract where both parties make mutual promises to each other, and each party is obligated to perform certain…
10-What is an Executory contract?-Contracts
What is an Executory contract? An executory contract in real estate refers to a contract in which some or all of the obligations set forth by the parties have not…
11-What is a VOIDABLE Contract-Contracts
What is a VOIDABLE Contract A voidable contract is a legally valid and enforceable agreement, but it contains circumstances or conditions that allow one or both parties to choose to…
12-Section 2 Exam-Contracts
Warning Please Read: The timer is required to run out before submitting the quiz for grading.
13-Writing Contracts-Contracts
What Forms Are Used When Writing Contracts? It is different from working with a seller or starting out with the buyer. Buyer Real Estate Agency and Election The first form…
14-Purchase Process-Contracts
PURCHASE PROCESS Remember that you are the cog that drives the process, keeping all parties in line. You must look for the bumps in the journey to close so that…
15-E-Signatures-Contracts
Let’s talk about electronic or e-signatures. What if the buyers were out of town? Could they sign the final documents out of the escrow/title company’s office? Of course, An electronic…
16-Electronic Signature validate-Contracts
How is an electronic signature validate? In years gone by, the agent had to meet in person with their client to sign documents. Now it is so easy to have…
17-Section 3 Exam-Contracts
Warning Please Read: The timer is required to run out before submitting the quiz for grading.
18-Short sale-Contract
The real estate market is cyclical. The Market Condition Advisory form is a form that is required by most brokers when working with buyers and sellers. What happens when the…
19-Short Sale & Foreclosure Myths-Contract
MYTHS REGARDING SHORT SALES AND FORECLOSURES There are several common myths surrounding short sales that can create confusion for both buyers and sellers. Here are a few key misconceptions: Myth:…
20-Options in a Foreclosure-Contract
What other options do borrowers have when they are facing foreclosure? If you’re facing financial difficulties and trying to avoid a short sale, there are several alternative options that may…
21-What is a BPO and who needs It-Contract
What is a BPO, and who needs to order it? The lender will want a BPO, appraisal, or some other way to find out the market value of the property.…
22-Section 4 Exam-Contracts
Warning Please Read: The timer is required to run out before submitting the quiz for grading.
23-TRID in a Short Sale-Contracts
TRID in a Short Sale Let’s talk about the required disclosure. In a traditional transaction, the TRID (TILA-RESPA Integrated Disclosure) rules, established by the Consumer Financial Protection Bureau (CFPB), regulate…
24-Foreclosures-Contracts
Foreclosures Now let’s look at an Example in Real Estate: A homeowner sells their property in a short sale for $200,000, but they owe $250,000 on their mortgage. As part…
25-Non-Judicial Foreclosure-Contracts
What happens in a Non-Judicial Foreclosure? A non-judicial foreclosure is a type of foreclosure process that does not involve the court system. Instead, the lender can take steps to foreclose…
26-Redemption or reinstatement-Contracts
What is redemption or reinstatement? In a foreclosure situation, redemption and reinstatement are two distinct processes that allow a borrower to potentially save their home, but they work differently. Reinstatement:…
27-Section 5 Exam-Contracts
Warning Please Read: The timer is required to run out before submitting the quiz for grading.
28-Final Exam-Contracts
The Final is not timed. Once you have passed this final… Remember to PRINT OUT YOUR CERTIFICATE
