REAL ESTATE LAW AND THE PROFESSIONAL

~CERTIFICATE PROGRAM~

NYS, DEPT. OF STATE REAL ESTATE CONTINUING EDUCATION APPROVAL PENDING

NYS, DEPT. OF STATE FAIR HOUSING CE APPROVAL PENDING

BILL C. MERRELL, PH.D.-  APPRAISAL EDUCATION NETWORK SCHOOL AT THE MERRELL INSTITUTE

1461-16 LAKELAND AVE., BOHEMIA, NY 11716 631-563-7720

OUTLINE:

1.                   Introduction to Real Estate Law and the Profession

1. Law and the Real Estate Profession
2. The nature and Functions of Law
3. Historical Background
4. Legal Categories and Concepts (substantive and procedural law, criminal and civil law, basic civil law concepts)
5. Sources of Law (constitutions, statutory law, case law, regulations)
6. The Judicial System (trial courts, appellate courts, state courts, and federal courts)
7. Civil Lawsuit (the dispute, starting the lawsuit, pretrial discovery, settlement negotiations, judge or jury, the trial, appeal, collecting a judgment)
1. Nature of Real Property
   1. Land Description
   2. Attachments (natural attachments and fixtures)
   3. Appurtenances (air rights, water rights, mineral rights, etc.)
2. Interests in Real Property
   1. Possessory Interests (freehold and leasehold estates)
   2. Non-possessory Estates (easements and liens)
3. Co-Ownership of Real Property
   1. Forms of Co-Ownership (tenancy in common, joint tenancy, trusts, etc.)
   2. Ownership by Associations (corporations, general partnerships, limited partnerships, real estate investment trusts, etc.)
   3. Common Interest Developments (condominiums, stock cooperatives, community apartment projects, planned unit developments, timeshares)
4. Introduction to Agency Law
   1. Agency (agent’s authority and types of agents)
   2. How and Agency is Created
   3. Real Estate Agency Relationships
   4. Terminating and Agency
   5. Dept. of State requirements for Brokers/Salespersons
5. Agency Duties and Liabilities
   1. Agency Disclosure
   2. Agent’s Duties to the Principal
   3. Agent’s Duties to Third Parties
   4. Penalties for Breach of Agent’s Duty (action by associations, civil lawsuits, criminal prosecution, violations)
   5. Broker’s Agency and Statutory Disclosures
6. Contract Law
   1. Contract Classifications
   2. Contract Formation (capacity, mutual consent, consideration, lawful purpose, Statute of Frauds, promissory estoppel, modification)
   3. Performance and Breach of Contract
   4. Remedies for Breach of Contract
7. Real Estate Contracts
   1. Broker/Salesperson Agreements
   2. Listing Agreements
   3. Deposit Receipt and Counter-offers
   4. Megan’s Law Disclosure
   5. Options (consideration, relation back, assignment, termination, right of preemption
   6. Natural Hazard Disclosure Statement
8. Alternatives to Litigation
   1. Alternate Dispute Resolution-ADR (non-adjudicative & adjudicative)
   2. Negotiation
   3. Mediation
   4. Arbitration
   5. Resolving Disputes Concerning a Real Estate License
   6. A Mock Alternative Dispute Resolution Hearing- non binding
9. Title and Alienation
   1. Voluntary Alienation (deeds and wills)
   2. Involuntary Alienation (succession, escheat, court decisions, adverse possession, condemnation, dedication, accession)
   3. Recording (Recorder’s office, notice)
   4. Title Insurance (obtaining, types, duty to defend)
10. Escrow and Closing
    1. Preparing for Closing
    2. Escrow (purpose, opening, requirements, and agent)
    3. Termination of Escrow (mutual agreement, expiration, default)
    4. When Title Passes
    5. Real Estate Settlement Procedures Act—RESPA
    6. Settlement Statements (allocating expenses, transaction settlement guide, buyer’s costs and credits, sellers costs and credits, pro-rations and closing)
11. Real Estate Financing
    1. Promissory Notes
    2. Deeds of Trust
    3. Optional Loan Terms (prepayment, default, and transfer provisions)
    4. Foreclosure (non-judicial foreclosure of a trust deed, judicial foreclosure of a mortgage)
    5. Real Property Sales contracts
    6. Lending Disclosure Laws (Truth in Lending Act, Seller Financing Disclosure Law, Mortgage Loan Broker Law)
12. Land Use controls
    1. Public Restrictions (zoning, building codes, subdivision regulations, environmental regulations)
    2. Private Restrictions (restrictive covenants running with land, enforcing restrictions, terminating restrictive covenants)
13. Fair Housing in Real Estate
    1. Historical Background
    2. Federal and State Regulations
    3. New York State Regulations
    4. Department of State Regulations for Licensees (Salespersons/Brokers)
    5. Liability for discrimination
14. Landlord/Tenant Law
    1. Leases and Termination of Leases
    2. Rights and Duties of Landlord
    3. Property Management

TOTAL HOURS…………………………………………………………………………………………22.5 HOURS

FAIR HOUSING CREDIT……………………………………………………………………………….3 HOURS

APPROVAL PENDING- WANT TO SIGN UP AND LEARN MORE, CALL 631-563-7720

WWW.MERRELLINSTITUTE.COM