Law of Contracts - (1200) Online version

360TRAINING, INC.
AND
AUSTIN COMMUNITY COLLEGE

Pre-License
Law of Contracts
COURSE NUMBER: TREC 1200
30 hours

COURSE SYLLABUS

COURSE DESCRIPTION

Texas Law of Contracts is a 30-hour course required by the Texas Real Estate Commission (TREC) for anyone who wishes to become a licensed real estate agent in Texas. This course covers broad issues on real estate purchase contracts, standards, regulations, forms and various other elements of a contract. Further, it puts more emphasis on how to fill out the forms and what the licensee’s responsibilities are. Finally, this course will cover the issues related to disclosures and regulations and what a licensee does in various real world situations.

Please note: This course contains a number of forms and contracts. In order to view these forms, you will need to have Adobe Acrobat Reader. It is recommended that, when you view the forms, you print them as well, so that you may use them as a reference throughout the course.

PREREQUISITES: None

LEARNING OBJECTIVES:

  • Describe the relationship between the listing agent and broker
  • Describe the relationship between the selling agent and broker
  • Identify the elements of a contract and its addenda, when used
  • Identify which form(s) are appropriate to define the agreement of the parties
  • Describe how to qualify the buyer for conventional, FHA and VA financing
  • Estimate the monthly mortgage payment and the estimated closing costs for the buyer
  • Present and negotiate single or multiple offers
  • Write offers for conventional, FHA, VA and assumption transactions

REQUIRED MATERIAL:

The items listed below are the minimal system requirements in order to take this online course. While you may use the minimal requirements shown below, it is recommended to use a faster system and faster Internet connection. Some courses may take time to download on 56k modem. If your computer is not up to par, the local library should have on-site computers available and connected to the internet free of charge.

  • IBM PC Compatible Computer (200 MHz processor with 32MB RAM)
  • Sound Card with speakers or headphones
  • SVGA (800x600) video card, driver, and monitor
  • Microsoft Windows 95/98/ME/NT/2000/XP
  • Internet connection (minimum 56Kbps recommended)
  • Microsoft Internet Explorer version 5.0 or greater (free download)

TYPE OF COURSE:
The course is an online course taken at the student’s convenience. It is available 24 hours a day, seven days per week.

Should you require help regarding the online course, please contact the content expert at instructor@360training.com. If you have technical questions please contact support@360training or 800-480-3890.

EVALUATION:
The course contains several lessons which include quizzes. The student must pass a lesson’s quiz in order to move onto the next lesson. In order to complete the course, the student must pass the final quiz with a minimum score of 70%.

At the time of completion, an automatic notification to ACC will be submitted. The College will mail you a certificate of course completion to the address you provided during course enrollment, and it is your responsibility to submit a copy of the certificate to TREC for credit. For more real estate education requirements, the student should visit TREC’s Web site, www.trec.state.tx.us

COURSE OUTLINE:

Law of Contracts

Lesson 1- The Role of the Licensee: 2 hours

  • The Process of Working Buyers and Sellers
  • Brokerage Services and Representation

Lesson 2- Contract Law and Terminology: 7 hours

  • Introduction
  • Elements of A Contract
  • Contract Terminology
  • History Of The Joint Broker-Lawyer Committee
  • Rules For The Use Of Contracts
  • Deceptive Trade Practices Act
  • The Federal Fair Housing Law

Lesson 3- Promulgated Forms: 7 hours

  • One To Four Family Residential Contract (Resale)
  • Condominium Contract
  • New Home Contracts
  • Farm and Ranch Contract
  • Unimproved Property Contract
  • Other helpful forms

Lesson 4- Presenting Offers and Licensee’s Responsibilities: 3 hours

  • Presenting The Offer
  • The Licensee’s Responsibilities
  • Breach Of Contracts

Lesson 5- Calculations: 4 hours

  • PITI (Principal, Interest, Taxes, Insurance)
  • Escrow Accounts
  • Calculations
  • Liens, Taxes and Proration

Lesson 6- Credit Scoring and Exercises: 2 hours

  • The Power of Credit Scoring
  • Conventional Exercises

Lesson 7- HUD Settlement and Closing Costs: 2 hours

  • HUD-1 Settlement Statement
  • Buyers Estimated Closing Costs

Lesson 8- FHA and VA Contract Information: 3 hours

  • Loan Limits
  • Down Payment and Minimum Investment
  • Mortgage Insurance Premium (MIP)
  • FHA Benefits
  • Home Inspection Guidelines