3.0 hours Avoiding Common Mistakes Course Syllabus
3.0 Elective Hours
This course covers some of the most commonly made mistakes made by real estate professionals. Also discussed are resources that are available to help avoid these mistakes.
Another focus of this course is on seller's property disclosure statements. Such issues as disclosure law and the importance of disclosures are explored. Typical compliance and exemptions are discussed in detail. Special notes and case studies are also presented.
Most states require that sellers provide purchasers with a written disclosure statement regarding material facts or material defects about a property. This applies to real estate purchases and also property transfers. This information is based on the seller's actual knowledge of the property when completing the form. Only the seller can complete the statement. It is important to note that real estate licensees or any other third party are prohibited from completing the statement for the sellers.
For some states, disclosure may be completed for improved property or for unimproved property vacant land. While the seller is responsible for completing the form, it is important to note that there is a liability for the licensees as well. The licensee is responsible for what they know or should have known. If a licensee sees something they feel is a material fact, then they must advise the seller to include this on the disclosure statement and the purchaser must be made aware of these facts.