Michigan Real Estate 40-Hour Salesperson Prelicensure Online Course

Description

This course is designed to provide individuals in the state of Michigan with the prelicense instruction that must be completed in order to be issued a salesperson license. This course contains instruction on a wide variety of topics including agency, fair housing, mathematics, property ownership, titles and deeds, mortgages, and property management. The course is broken up by a series of incremental quizzes that are intended to promote comprehension and retention of course materials.

Course Content

At Your Pace Online (AYPO) is responsible for the content of this course.

At the end of this class students will be able to:

• Operate in a manner that is ethical and responsible
• Establish and maintain agency relationships with real estate brokers and other real estate salespersons
• Properly handle brokerage funds including commissions and client trust monies
• Advertise in a manner that is legal and appropriate
• Operate in accordance with federal and state antitrust laws
• Interact with customers and clients while respecting fair housing laws and the fair housing rights of individuals
• Operate in accordance with established federal and state fair housing laws
• Establish an agency relationship
• Operate as a party to an agency relationship
• Fulfill the responsibilities of an agent
• Terminate an agency relationship
• Calculate various values associated with real estate including property size, commission payments, and mortgage payments
• Form a valid contract
• Respond appropriately to a breach of contract
• Assist a client in forming an appropriate real estate contract
• Identify a property and its location from its legal description
• Evaluate what rights are held by the owner of a particular property
• Discern the form of ownership an individual holds over a property
• Explain to a client how encumbrances affect ownership of their property
• Estimate the value of a piece of real estate
• Carry out a comparative market analysis
• Determine if an official appraisal is required for a particular property
• Determine how a property is owned based on the estate the owner possesses
• Help a client establish a business structure that is best suited for their needs
• Assess whether a client needs title insurance
• Determine if the title to a particular property has any attached encumbrances
• Help a client select the deed that will transfer ownership of a property in a way that meets their needs
• Assist a client with a 1031 exchange
• Help a client select a suitable mortgage loan
• Evaluate a mortgage loan contract
• Operate in accordance with state and federal mortgage loan laws including the Home Mortgage Disclosure Act, RESPA, and ECOA
• Provide clients and customers with the proper TRID disclosure forms
• Explain how a transaction of real estate is financed
• Assist a client in selecting the loan that will best serve their needs
• Guide a client through the loan application process
• Describe the various sources of loan money
• Successfully operate as a property manager
• Help a client establish a lease agreement that is suitable to their needs
• Establish an effective relationship with tenants
• Operate in accordance with the landlord-tenant laws of the State of Michigan
• Advise a client on how to manage environmental issues while also avoiding violating state and federal environmental laws
• Advise a client on how land use controls will affect their use and enjoyment of a property
• Describe the purpose and effect of zoning and master plans
• Provide clients and customers with required disclosures
• Operate in accordance with the real estate laws of the State of Michigan

This course covers:

Practices Chapter

• Real Estate Practices: 1h 44m
• Fair Housing Laws: 2h 12m
• Incremental Quiz 1: 6m

Agency Chapter

• Principal / Agent Relationship: 2h 55m
• Incremental Quiz 2: 5m

Mathematics Chapter

• Mathematics for Real Estate: 3h 31m
• Incremental Quiz 3: 5m

Contracts Chapter

• Contracts: 2h 41m
• Incremental Quiz 4: 7m

Property, Ownership, & Valuation Chapter

• Property and Property Ownership: 3h 24m
• Property Valuation: 1h 1m
• Incremental Quiz 5: 8m

Estate, Titles, & Deeds Chapter

• The Estate Concept: 43m
• Titles and Deeds: 3h 10m
• Incremental Quiz 6: 8m

Financing Chapter

• Mortgages: 1h 18m
• Real Estate Financing: 1h 53m
• Incremental Quiz 7: 7m

Condominiums, Property Management, & Environmental Issues Chapter

• The Condominium Concept and Laws: 2h 15m
• Property Management: 2h 48m
• Environmental Issues: 2h 2m
• Incremental Quiz 8: 5m

Other Issues Chapter

• Michigan Specific Issues: Laws and Rules: 5h 18m
• Incremental Quiz 9: 11m

Final Exam: The final exam is 1 hour and 15  minutes long and will present 150 questions randomly drawn from the course.