Description
This course is designed to provide individuals in the state of Michigan with the prelicense instruction that must be completed in order to be issued a salesperson license. This course contains instruction on a wide variety of topics including agency, fair housing, mathematics, property ownership, titles and deeds, mortgages, and property management. The course is broken up by a series of incremental quizzes that are intended to promote comprehension and retention of course materials.
Course Content
At the end of this class students will be able to:
- Operate in a manner that is ethical and responsible
- Establish and maintain agency relationships with real estate brokers and other real estate salespersons
- Properly handle brokerage funds including commissions and client trust monies
- Advertise in a manner that is legal and appropriate
- Operate in accordance with federal and state antitrust laws
- Interact with customers and clients while respecting fair housing laws and the fair housing rights of individuals
- Operate in accordance with established federal and state fair housing laws
- Establish an agency relationship
- Operate as a party to an agency relationship
- Fulfill the responsibilities of an agent
- Terminate an agency relationship
- Calculate various values associated with real estate including property size, commission payments, and mortgage payments
- Form a valid contract
- Respond appropriately to a breach of contract
- Assist a client in forming an appropriate real estate contract
- Identify a property and its location from its legal description
- Evaluate what rights are held by the owner of a particular property
- Discern the form of ownership an individual holds over a property
- Explain to a client how encumbrances affect ownership of their property
- Estimate the value of a piece of real estate
- Carry out a comparative market analysis
- Determine if an official appraisal is required for a particular property
- Determine how a property is owned based on the estate the owner possesses
- Help a client establish a business structure that is best suited for their needs
- Assess whether a client needs title insurance
- Determine if the title to a particular property has any attached encumbrances
- Help a client select the deed that will transfer ownership of a property in a way that meets their needs
- Assist a client with a 1031 exchange
- Help a client select a suitable mortgage loan
- Evaluate a mortgage loan contract
- Operate in accordance with state and federal mortgage loan laws including the Home Mortgage Disclosure Act, RESPA, and ECOA
- Provide clients and customers with the proper TRID disclosure forms
- Explain how a transaction of real estate is financed
- Assist a client in selecting the loan that will best serve their needs
- Guide a client through the loan application process
- Describe the various sources of loan money
- Successfully operate as a property manager
- Help a client establish a lease agreement that is suitable to their needs
- Establish an effective relationship with tenants
- Operate in accordance with the landlord-tenant laws of the State of Michigan
- Advise a client on how to manage environmental issues while also avoiding violating state and federal environmental laws
- Advise a client on how land use controls will affect their use and enjoyment of a property
- Describe the purpose and effect of zoning and master plans
- Provide clients and customers with required disclosures
- Operate in accordance with the real estate laws of the State of Michigan
This course covers:
Practices Chapter
- Real Estate Practices: 1h 44m
- Fair Housing Laws: 2h 12m
- Incremental Quiz 1: 6m
Agency Chapter
- Principal / Agent Relationship: 2h 55m
- Incremental Quiz 2: 5m
Mathematics Chapter
- Mathematics for Real Estate: 3h 31m
- Incremental Quiz 3: 5m
Contracts Chapter
- Contracts: 2h 41m
- Incremental Quiz 4: 7m
Property, Ownership, & Valuation Chapter
- Property and Property Ownership: 3h 24m
- Property Valuation: 1h 1m
- Incremental Quiz 5: 8m
Estate, Titles, & Deeds Chapter
- The Estate Concept: 43m
- Titles and Deeds: 3h 10m
- Incremental Quiz 6: 8m
Financing Chapter
- Mortgages: 1h 18m
- Real Estate Financing: 1h 53m
- Incremental Quiz 7: 7m
Condominiums, Property Management, & Environmental Issues Chapter
- The Condominium Concept and Laws: 2h 15m
- Property Management: 2h 48m
- Environmental Issues: 2h 2m
- Incremental Quiz 8: 5m
Other Issues Chapter
- Michigan Specific Issues: Laws and Rules: 5h 18m
- Incremental Quiz 9: 11m
Final Exam: The final exam is 1 hour and 15 minutes long and will present 150 questions randomly drawn from the course.
