Course 2 Public

Course 2

Sieu Moi Ly
Course by Sieu Moi Ly, updated more than 1 year ago Contributors

Description

PREC-1020A-010

Module Information

Description

Following the flow of the real estate transaction, this course details the requirements and processes for listing, selling, and completing residential real estate transactions.
No tags specified

Context

Modules explore a variety of topics, including: seller and buyer services; residential dwellings and attributes; advertising and marketing; and the agreement of purchase and sale.
Show less

Description

WELCOME TO EXPLAINING SERVICES AVAILABLE TO A SELLER OR A BUYER
No tags specified

Context

In this module, you will explore the relationship options available to a seller and a buyer when they are working with a brokerage. Throughout this module, you will learn how the duties and obligations can differ depending on the relationship established. This module will focus on an agency relationship being established and the associated authority that can be granted, the services a salesperson can provide to a seller or a buyer, and the prohibitions against contacting a seller or a buyer who has an existing relationship with another brokerage. As the relationship determines the obligations of all parties, the module highlights the importance of communicating relationship options and determining what the relationship will be as early as possible. This will help ensure everyone fully understands the obligations and expectations of the other party.
Show less

Description

WELCOME TO DOCUMENTING RELATIONSHIPS
No tags specified

Context

In this module, you will learn about the types of agreements used to document a brokerage's relationship with a seller or a buyer. As a salesperson, your obligations will differ depending on whether you are representing the seller or the buyer as a client, or providing services to the seller or the buyer as a customer. The module will explain how to document the relationship, how to document changes made to that relationship, and detail leading practices you should follow to avoid mistakes or misunderstandings.
Show less

Description

WELCOME TO UNDERSTANDING RESIDENTIAL PROPERTY TYPES, OWNERSHIP, AND PLANNING
No tags specified

Context

This module will help reinforce what you learned earlier about identifying types of residential structures, forms of ownership, and planning-related issues for residential properties. It will also introduce you to considerations for heritage properties. Familiarity with different property types will help you recognize them in the field. Your understanding of ownership and planning will help you match listings to a buyer's needs. Expanding your knowledge base will aid you in growing your understanding and will support your ability to provide appropriate services during the listing and selling process in the future. This module includes images and content used with the permission of Carson Dunlop.
Show less

Description

WELCOME TO FACTORS IMPACTING RESIDENTIAL REAL ESTATE NEGOTIATIONS
No tags specified

Context

In this module, you will learn how to identify the needs and requirements of sellers and buyers in the listing and selling process. You will review the obligations regarding services from others and the disclosure of material facts. In addition, you will gain insight into different market conditions and potential strategies when working with sellers and buyers. Having a clear understanding of your obligations as a salesperson and approaches you can take under different market conditions will help you develop and maintain relationships with sellers and buyers.
Show less

Description

WELCOME TO THE FINANCIAL ASPECTS OF THE BUYING AND SELLING PROCESS AND THE ROLE OF THIRD-PARTY PROFESSIONALS
No tags specified

Context

This module will help you understand the various expenses incurred by a seller and a buyer in a typical real estate transaction. This module also describes mortgage essentials, advising a seller or buyer on when to involve a mortgage specialist, and advising a seller or buyer on when to involve a lawyer or other third-party professionals as required.
Show less

Description

WELCOME TO UNDERSTANDING RESIDENTIAL CONSTRUCTION – STRUCTURAL COMPONENTS
No tags specified

Context

In this module you will learn about the basic structural components related to residential construction. This will include topics such as construction related terminology, different building systems, and additional factors to enable you, as a salesperson, to speak knowledgeably about residential construction. This module will also enable you to identify potential problems related to residential properties, recognize the impact of those problems, and gain insight on when to recommend seeking advice from a third-party professional. This module includes images and content used with the permission of Carson Dunlop.
Show less

Description

WELCOME TO UNDERSTANDING RESIDENTIAL CONSTRUCTION – MECHANICAL SYSTEMS
No tags specified

Context

This module focuses on the mechanical systems of residential properties. It will begin by considering the different electrical systems in residential structures and problems to be concerned about when choosing a property. It will then identify different types of heating and cooling systems and their key considerations, including new heating and cooling innovations. Next, the module will consider the plumbing systems used in residential structures and the issues that affect water efficiency. Well systems and the associated issues that affect water efficiency for such systems will also be reviewed. Finally, the module will look at both municipal and on-site sewage systems (and their different classifications) and identify potential problems with septic tanks. This module will enable you, as a salesperson, to identify potential problems related to residential properties, recognize the impact of those problems, and understand when to recommend sellers and buyers seek advice from a third-party professional. This module includes images and content used with the permission of Carson Dunlop.
Show less

Description

WELCOME TO UNDERSTANDING RESIDENTIAL CONSTRUCTION – INTERNAL AND EXTERNAL FINISHES
No tags specified

Context

This module will give you an overview of internal and external finishes for residential buildings. The topics discussed include common types of exterior walls and finishes, heat gain/loss, R-values, insulation, and energy efficiency considerations in residential structures. Also covered are the functions of interior walls, and common finishes, as well as features, finishes, and structures, and how these contribute visually and aesthetically to enhance property appeal. This module also describes special considerations for conversions, retrofits, and renovations, and identifies construction types, methods, and components. This module includes images and content used with the permission of Carson Dunlop.
Show less

Description

WELCOME TO PREPARING TO MARKET A RESIDENTIAL REAL PROPERTY
No tags specified

Context

This module provides a step-by-step approach of what you, as a salesperson, would do leading up to and when meeting with a potential seller, such as conduct a visual inspection of the property, gather information, calculate areas and related linear measurements, and identify and discuss conditions and material facts that may impact marketability.
Show less

Description

WELCOME TO HOW PROPERTY CONDITIONS IMPACT DISCLOSURE REQUIREMENTS
No tags specified

Context

This module explains how property conditions, such as environmental concerns and stigma, impact disclosure requirements. You will learn about the regulatory authorities that oversee environmental issues in Ontario, how to identify any potential detrimental condition, how to discuss these issues with the seller, and what type of property condition must be disclosed to potential buyers and other brokerages.
Show less

Description

WELCOME TO PROPERTY VALUE AND LISTING PRICE CONSIDERATIONS
No tags specified

Context

This module describes situations in which a salesperson needs to advise a seller or buyer to consult with an appraiser. It also explains how a comparative market analysis (CMA) is prepared.
Show less

Description

WELCOME TO LISTING AND MARKETING PROPERTIES
No tags specified

Context

In this module, you will learn about the process of listing a property for sale. This process includes verifying all relevant information related to the property. You will also learn about a variety of marketing options that will help you, as a salesperson, successfully sell a property. These marketing options and duties include holding an open house, advertising requirements for a brokerage and a salesperson, and the legal obligations of a brokerage and a salesperson. Once you have completed this module, you will know how to adhere to advertising compliance under the Real Estate and Business Brokers Act (REBBA). You will also understand the many options available to market yourself and a property for sale—as well as due diligence strategies for your marketing.
Show less

Description

WELCOME TO SHOWING RESIDENTIAL PROPERTIES AND ADVISING ON PROPERTIES OF INTEREST
No tags specified

Context

In this module you will learn about a salesperson's activities to identify sources of buyers, how to select properties matching their criteria, and the interactions with a buyer throughout the buying process including when to refer third-party service providers.
Show less

Description

WELCOME TO THE OFFER PROCESS AND REGULATORY OBLIGATIONS
No tags specified

Context

This module introduces you to the offer process and the requirements under REBBA that impact the activities of a salesperson.
Show less

Description

WELCOME TO INTRODUCING A RESIDENTIAL AGREEMENT OF PURCHASE AND SALE
No tags specified

Context

In this module, you will learn about a residential agreement of purchase and sale as well as the requirements when attaching a schedule to an agreement. As you learned earlier, although not all registrants choose to be a member of the Ontario Real Estate Association (OREA), the forms and clauses provided by OREA are commonly used in trading. This module will reference the OREA Form 100: Agreement of Purchase and Sale for illustrative purposes only. Images of the OREA form and clauses are included with permission from OREA.
Show less

Description

WELCOME TO COMPLETING A RESIDENTIAL AGREEMENT OF PURCHASE AND SALE INCLUDING TERMS FOR A BUYER OR SELLER
No tags specified

Context

In this module, you will complete an agreement of purchase and sale for a residential property following the steps prescribed for an offer with no conditions. You will also learn about different types of clauses that can be added to a schedule to an agreement of purchase and sale.
Show less

Description

WELCOME TO WRITING CONDITIONS TO BE INCLUDED IN AN AGREEMENT OF PURCHASE AND SALE
No tags specified
In this module, you will learn how conditional clauses are structured and the types of conditions a seller or buyer might consider in an offer. You will then practice your skills writing a condition.
Show less

Description

WELCOME TO COMPLETING A RESIDENTIAL AGREEMENT OF PURCHASE AND SALE, COUNTERING AN OFFER, AND WORKING WITH COMPETING OFFERS
No tags specified
In this module, you will practice drafting offers that include conditions. You will also learn about counter offers and competing offers.
Show less

Description

WELCOME TO ADDITIONAL SALE-RELATED DOCUMENTS AND OTHER LEGAL OBLIGATIONS
No tags specified
This module introduces you to additional documents related to a transaction, requirements under REBBA for retention of documents, and additional disclosures and considerations during the offer process. The obligations under FINTRAC are detailed along with an overview of mortgage fraud and your obligations when you observe suspicious activity.
Show less

Description

WELCOME TO COMPLETING REAL ESTATE TRANSACTIONS
No tags specified
This module details the activities and requirements of a salesperson, seller, and buyer once an offer has been accepted through to the closing of the transaction. The lessons will explain how the closing process takes place, the role a lawyer plays in completing the transaction, and the duties you will have as a salesperson. Although you are not directly involved with the closing, as a salesperson, you should understand the underlying fundamentals to assist your sellers and buyers through these steps. Each seller and buyer will retain a lawyer who is responsible for most activities once an offer contains no conditions. To assist in ensuring the transaction closes successfully, it is important for you to understand what will be done during this time period. As a salesperson, you could be called upon by your seller or buyer, or their lawyer, to answer specific questions regarding the property or the transaction.
Show less
Show full summary Hide full summary