21 Hour Course
Approved By: Maine Real Estate Commission
This package course provides brokers and associate brokers in Maine with a varied program of continuing education in ethics, safety when showing properties, and protecting yourself against an E&O claim, along with a presentation of the laws and practices that are part of the mandatory curriculum for license renewal.
The first of nine classes focuses on the laws and rules essential to the practice of real estate in Maine, with both discussion the laws and interactive scenarios to illustrate how they apply in the real world. Laws covered include those governing brokerage agreements, seller's, buyer's, and dual agents, and affiliated licensee â??teamsâ?. Department of Professional and Financial Regulation Rules Chapter 400 (Agency/Designated Broker Responsibilities) and Chapter 410 (Minimum Standards of Practice) are also covered.
One aspect of a designated broker's responsibility that is receiving increasing attention is safety when showing properties. The second class in this package addresses how to identify threats and some tried-and-true steps to take both before and during a showing that can enhance safety. It also looks at what insurance would be helpful if an accident or injury occurs.
Ethics are at the core of all real estate trainings. Not only does it protect the reputation of your agency and of the profession, but it also helps when earning customer loyalty and positive word of mouth (which, these days, is amplified online). This class provides a thorough grounding in the principles and concepts of ethics, why ethics matter, and the practical application of ethics through duties to customers, to the agency, and (not least of all) ethical duties to yourself, concluding with a look at ethical grey areas and everyday ethical situations.
Real estate transactions involve numerous complex and consequential calculations, where small changes in a single factor can have a major impact on the final numbers and where errors can have a terrible impact. This class provides a thorough grounding on the math concepts and calculations related to real estate, including valuation, amortization, and the effects of the numbers on loan approvals and ultimate costs.
As of October 2015, the TILA/RESPA Rule streamlines and combines the forms lenders must provide prior to a loan and at closing as well as providing tools to aid in understanding and optimizing mortgage terms. TILA/RESPA represents a major change in mortgage-related disclosures, set out in the nearly 1900 pages of the Rule published by the CFPB. This two-hour class gives you all the tools you need to help clients effectively navigate the forms and the rules, including a detailed review of the Loan Estimate and the Closing Disclosure.
Fair Housing Laws have helped to extend the benefits of homeownership more widely while expanding the pool of potential buyers and creating a more robust real estate market. This course cover the history, statutes, and application of Fair Housing Laws, as well as the other civil rights and consumer protection laws and Executive Orders that support fair housing, with a special focus on how each of these affect real estate professionals.
Class 7 of the 9 classes in this package covers Errors and Omissions (E&O) insurance. Many real estate licensees fail to protect themselves against the kind of E&O claim that can be filed against the most conscientious and careful real estate professional. This class discusses strategies to make an E&O claim less likely, what to avoid, and the kind of insurance you might need.
The contracts on which all real estate transactions are founded are also rife with pitfalls and require a broad understanding and comfort with all terms in order to ensure a successful transaction. This class illustrates the key terms, core concepts, and standard clauses and provisions that characterize all contracts, along with a deeper look at the contracts common to real estate.
The final class provides a look at the bookkeeping and economic elements of property management, including how to align expenditures with owner objectives and expectations while still honoring tenant rights. The fiduciary responsibilities that come along with property management are explored, with an emphasis on practical ways to provide your clients with the best possible and most sound financial advice and stewardship of their property.