TN 3.0 hours Contracts and Leasing - Course Syllabus

Course Syllabus:

3.0 Elective Hours.

This course begins with a basic knowledge of contract laws and leases and covers the importance of basic requirements. This course also covers a proper offer and acceptance, the need for competent parties, providing value or consideration, and an understanding of basic contracts and leases in the real estate arena. The student will learn about the types of contracts, how they are formed, and how they are terminated. Also discussed are leases and common lease provisions, as they pertain to property management. Additionally, the student should have a firm grasp of what kinds of contracts are required in most states and a working knowledge of the Statute of Frauds and the Statute of Limitations.

Course Objective

Define a contract, contract law, and list the essential elements for a valid contract.

Define different contract types.

Define the terms "Time is of the Essence," "Statute of Frauds," and "Statute of Limitations" and give examples.

Know and understand the differences between assignment and novation and describe financing contracts.

Describe the differences of how a contract can be discharged or terminated and the rights of both parties in the event of a default by either party.

Identify the information that should be gathered prior to completing a listing agreement.

Explain who has the authority to sign, modify or cancel a listing agreement.

Explain ways in which a listing agreement can be terminated and describe contingencies and "subject to" clauses in a purchase and sale agreement.

Explain the appropriate circumstances to seek the assistance of your broker when writing a purchase and sale agreement and describe sales and contracts that have special circumstances.

Explain the importance of notifications and describe how offers become contracts, executed contracts and executory contracts.

Describe default (breach) of contract and the rights of both parties.

Explain and give details of an option agreement, a real estate contract or an installment sale and provisions of a lease agreement.

Describe the role of a property manager.

Scheduled Outage: July 22, 2017 7:00 - 7:15 EST