NJ 3.0 hours Avoiding Common Mistakes - Course Syllabus

Course Syllabus:

3.0 Core Hours.

This course is designed to bring awareness to the real estate professional of the common pitfalls/mistakes that are made by many licensees. The course is practical in nature and discussion is based on introduction of the subject, case studies and examples of mistakes that are commonly made in many areas. Look for the “TIPS”, Case Studies” and “Notes” sections for discussions about pitfalls.

In any business, it’s common that mistakes will be made. We explore some of the more common mistakes made by new real estate licensees and also those who have been in the real estate business for many years. And we’ll discuss resources that are available to help avoid these mistakes.

This course uses the terms licensee and representative interchangeably to mean an agent that is affiliated with a broker. The term broker is used to specify a designated broker, principal broker or sponsoring broker who has affiliated licensees working for them.

Course Objective

Define a contract and describe the elements necessary for a valid contract.

Explain when a contract is required and describe torts.

Explain the Statute of Frauds and a basic PSA.

Explain Anti-trust Law and the penalties for violating the laws.

Explain the basic provisions contained in a typical listing agreement.

Explain seller's disclosures statements; who must comply and who may be exempt.

Explain Home Warranty Insurance and Errors and Omissions Insurance and give examples.

Explain the importance of business plans and using standard forms.

Explain and give examples of various resources to aid a real estate licensee.

Explain deferring risk to others and the importance of clear documentation.

Explain how offers become contracts.

Explain pre-approval and buyer and seller motivation.

Explain the circumstances for multiple offers and escalation clauses.

Explain common environmental concerns.

Explain basic agency and types of agency.

Explain the basics of Fair Housing laws and give examples.

Identify and describe kinds of specialization within the real estate industry.