Coupon Filler Image

3.0 hours Contracts and Leases

Course Syllabus:



3 3.0 Elective Hours

This course begins with a basic knowledge of contract law and leases and covers the importance of basic requirements. This course 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, 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.

Instructor: Susan Davis
Coura Gaye-Sow
Author: Lynnell Morgan CRB, CDEI C10369
Mandatory Seat Timer: Yes
Format: Online
Credit Hours: 3
Required Quiz Grade: 60
Exam Required: No

Content Review:
The Table of Contents page within each course will list the lesson titles and the expected time it should take the student to complete.

Kickout Minutes:
15 minutes. We need to receive a keystroke or mouse click from you every 15 minutes in order for your elapsed time to apply to your total time. If your elapsed time is greater than 15 minutes, then your time will not be counted towards your course time.

Availability of Course:
You will have 180 days to complete the course. The State course expiration date will override the account expiration date assigned at the time of purchase. Any expired, unfinished course will be replaced with a current state approved course, and will be available to you until your account expires. The courses can be accessed from any device connected to the internet at any time.

Washington Department of Licensing course approval number: C10369

Course Objective

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

Define Different Contract Types

Define the term "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) 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.