Washington 3 hours Current Issues in Washington Residential Real Estate Core 2010-2011 course.

Approved by the Washington Department of Licensing

Core law focuses on recent changes to state and federal real estate license law, highlighting both RAC's and WAC's. Real estate agents who practice in the residential field need to know specific issues such as the environmental issues of Lead and Mold, the differences in Purchase and Sale agreements, handling earnest money, contractual elements needed to make a valid contract, multiple offers and the Enactment of Real Estate Settlement Procedures Act (RESPA). Students will learn that ethical conduct is conduct that is not rooted in the law, but in moral qualities.

Short Sales

Understand the:

• Operation of note and deed of trust executed by the seller at the time the seller received the loan and any short sale agreement offered by the lender
• Effect of a short sale, foreclosure and deed in lieu of foreclosure on the seller's credit rating
• Potential tax consequences of a short sale, foreclosure and deed in lieu of foreclosure
• Ability to effectively communicate with the lienholder(s) and loan servicing companies when representing sellers in a short sale.

Carbon Monoxide

Understand the:

• basics of Carbon Monoxide
• importance of keeping current with new legislation for both new construction and rental property installation

Labor and Industries Requirements

Understand:

• L and I requirements affecting real estate licensees and review the differences between real estate sales and property management
• the L and I requirements affecting designated brokers or real estate firms
• here to secure the current rates for real estate and property management business
• the benefits from L and I Insurance
• how to comply with the record keeping requirements of L and I
• where to get further information

Real Estate Licensing Law Relating to the Referral of Title Insurance Providers

Understand:

• the basics of a title insurance policy and who it is issued to.
• who to contact if a title company or licensee is in violation of the law regarding gifts.
• term "controlling interest" as it relates to licensees and title companies.

Home Inspector Referrals

Understand:

• the disclosures required with the new Jan 30, 2009 legislation regarding home inspection referrals
• the new requirements from the July 1, 2009 legislation
• the requirements of a brokerage for home inspector referrals
• what a familial and a business relationship in terms of home inspector referrals
• where to Find the Home Inspectors Standards of Practice Rules

Property Management and the Brokerage’s Policy

Understand:

• that real estate licensees cannot perform property management without approval from management.
• that property management is a real estate activity and that the designated broker has responsibility for property management activities performed by his or her licensee.
• the necessary agreements, record keeping and funds management procedures associated with property management as described by WAC-308-124D-215.