MO 3.0 hours Avoiding Common Mistakes Course Syllabus
3.0 Elective Hours
According to the statistics kept by the Errors and Omissions (E & O) insurance providers, 60% - 70% of the real estate lawsuits involve disclosure issues or the lack thereof. Many of these issues can be resolved if there is a home warranty insurance policy in place. These policies cover many minor repairs which could become disclosure Issues.
Home warranty insurance, depending on the coverage, could ensure such items as appliances (stoves, refrigerators, dish washers, water heaters, trash compactors), systems in the home (heating/cooling systems, electrical systems, plumbing systems), various structural issues (framing members, fences, and outbuildings); and could also cover the entire house in the case of new construction.
The importance of this coverage cannot be overstated, especially in relationship to the number of lawsuits that are created by disclosure issues. Most policies are for one year in duration and are relatively inexpensive (most costing $250-$400 per year). Usually, these policies can be purchased by the seller, buyer, their representative, or almost anyone.
This course focuses on the most commonly made mistakes in the real estate profession. Since 60 to 70% of real estate lawsuits involve disclosure issues, many of these issues can be resolved if a home warranty is in place. This course reviews home warranty insurance policies, their importance, what it includes and how much they typically cost.