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New York 77 Hour New Agent Course
Course Home
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Preface
1 Topic
Preface
Chapter 1
9 Topics
|
3 Quizzes
New York Real Estate License Regulation and Real Estate Fundamentals
What To Bring
Exam Site Policie
Score Reporting
Chapter 1 Knowledge 1
About the Exam
Dual Agency
Criminal Background Check Required and current charges reported
Chapter 1 Knowledge 2
License renewal and Continuing Education
Who can take a listing and represent a seller? Who can represent a buyer?
End of Chapter 1 Quiz
Chapter 2
3 Topics
This chapter presents the fundamentals of what is real estate and what constitutes real property.
Property Ownership and liens or encumbrances
Other encumbrances affecting Title
Chapter 3 – Real Estate Brokerage, Real Estate Salesperson, Buyers Agent-It’s all about Who represents Whom
8 Topics
The Concept of Agency, Acting on the behalf of someone else
Why the confusion over Client vs Customer?
Dual Agency
Fiduciary vs Reasonable Care
Other forms of Agency
IRS and NY State Definitions of Workers
Specific Federal and State Regulations Regarding Independent Contractors
Exclusive Right to List Rental
Chapter 4 – Conformance with Agency Law/ How to Avoid Violations
8 Topics
Violations identified
New York Statute of Fraud
Puffing
Misrepresentation- an iron-clad definition
Violations related to handling of funds
Avoiding Liability by Being Compliant
Professional Codes of Ethics and Industry Standards
Fees and Costs
Chapter 5
12 Topics
|
1 Quiz
Estates and Ownership
What is Real Property and What Are its Characteristics
Property Rights Subject to restriction
The concept of Unity of Ownership
“The Deed is done” and Covenants in Deeds
Easements
Ownership Rights
Implication of Servient and Dominant Estates
A Review of Characteristics of Easements
Liens impact on sale or transfer of property
Validity of Deeds -Three key components
Wills as instruments of conveying property
Knowledge Check
Chapter 6 – Securing Financing for the Acquisition
14 Topics
Financing the Purchase-Step One-the Application
The first steps of Loan Inquiry and Application Process Requirements
Information on the Form 1003 (see Addendum E)
Handling credit report discrepancies
Acceptable gift donors
Information provided to a borrower in response to a loan inquiry
Application accuracy and required information on an application
The Application Process
Methods of verifying employment
Determining the Suitability of Products and Programs
Accuracy and Timing of Disclosures
Valid Reasons for a Change in Circumstance
Delivery Methods
Closing Disclosure
Chapter 7
30 Topics
Loan Qualification: Processing and Underwriting
Types of Liabilities
Analysis of Income
Utilizing Capital Gains Income on an Application
Types of Applicable Incomes for Loan Qualification
Social Security and/or Disability Income Applied Toward Loan Analysis
Qualifying Ratios
Ability to Repay Rule
Methods of Verifying Income/Assets
Determining a borrower’s ability to repay
Allowable debt to income ratio at loan consummation
Safe harbor provisions and scenarios
Tangible net benefit
Periodic Interest
Interest Per Diem (Interest per day)
The Monthly Payment on a loan incorporates the Principal, Interest, Taxes and Insurance (PITI)
Down Payment
Temporary and Fixed Interest Rate Buy-Down (Discount Points)
Closing Costs and Prepaid Items
Qualified Mortgage Monthly Payment Calculations
Chapter 8
Chapter 9
Chapter 10
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