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CLASSROOM FORMAT 45 HOUR |
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MONDAY |
WEDNESDAY |
FRIDAY |
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· Introduction to real estate · Real property and the Law |
· Concepts of Ownership · Brokerage |
· Agency · Brokerage agreements |
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· Interests in Real Estate · Forms of Real Estate Ownership |
· Real Estate License Act · Legal Descriptions |
· Real Estate Taxes and Other Liens · Real Estate Contract · License Act 2000 |
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· Transfer of Title · Real Estate License Act |
· Mid term exam · Review |
· Title Records · License law |
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· Real Estate Financing: Principles · Real Estate Financing: Practices |
· Leases · Property Management
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· Real Estate Appraisal · Appraisal Reports |
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· Land Use Control and Property Development |
· Fair Housing · Environmental Issues in Real Estate |
· Closing the Transaction |
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Schedule of Classes |
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Date |
Times |
Days |
Final Exam Date |
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June 1st - July 3rd |
6:30p - 9:30p |
M, W, F |
Sat -July 4th |
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July 6th - Aug 7th |
6:30p - 9:30p |
M, W, F |
Sat- Aug 8th |
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Aug 10 - Sept11th |
6:30p - 9:30p |
M, W, F |
Sat- Sept 12th |
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Sept 14th -Oct. 16th |
6:30p- 9:30p |
M, W, F |
Sat- Oct 17th |
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Oct. 19th-Nov 20 |
6:30p - 9:30p |
M, W, F |
Sat- Nov 21st |
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Nov 23rd - Dec. 28th |
6:30p - 9:30p |
M, W, F |
Wed- Dec 30th |
GLOSSARY
- What is meant by principal? The term principal has multiple meanings. Principal, in real estate, refers to the client (buyer or seller) in a transaction. In the mortgage industry, it refers to the amount of a loan minus the interest.
- What does the term agency mean? A fiduciary relationship in which one party, the agent , acts as a representative of the other, the principal, in matters specified in a contract between them.
- What is an agent? The person who has been given the authority to act for another.
- What is equity and how is it determined? Equity is the ownership interest in a property. The formula for determining equity is current market value - property debt = equity. ($100,000 - $30,000 =$ 70,000)
- What is earnest money? Earnest money is a part of the purchase price given to bind a bargain. In real estate, the money is used as an initial payment.
- What is a closing? A closing is the final meeting of the parties to a transaction to execute and deliver mortgage or property title and documents.
- Who is the mortgagee and who is the mortgagor? The mortgagee is the lender and the mortgagor is the borrower.
- What is an appraisal? The act or process of the developing an opinion of value
- What is meant by highest and best use? The reasonably probable and legal use of vacant land or improved property, which is physcially possible, appropriately supported, financially feasible, and that results in the highest value.
- What is APR? Annual Percentage Rate is the effective annual interest rate.
- What is an effective rate? Effective rate is the interest per dollar per period.
- What does yield mean? The annual cash income to the investment cost.
