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Evidence of Debt (2:10)

Covers: Use of a promissory note to evidence the borrower’s promise to pay; Secured and unsecured promissory notes; Using a trust deed to secure a note with real estate, commonly called a mortgage; Reconveyance.
Published 09/15/20

Title by Claims of Adverse Possession (2:22)

Covers: Five critical elements to establish title by adverse possession; Public policy objective behind the theory of adverse possession; Adverse possession based on a claim of right or color of title.

Describing the Property Conveyed (2:46)

Covers: Use of a common address or legal description to sufficiently describe the property being conveyed; The grantor’s signature on the deed; The grantor’s use of an attorney in fact or an amanuensis to sign a deed on their behalf

Words of Conveyance for a Fee or Less (1:26)

Covers: Use of a grant deed to pass a fee simple interest in real estate from the grantor to another, unless a lesser interest is stated; Use of a quitclaim deed to convey whatever interest, if any, the grantor may hold in the real estate

The Grantee (2:47)

Covers: Identifying the party receiving title to real estate; Use of a fictitious name to receive title; Conveying title to real estate when the seller inadvertently misnames the grantee in the recorded deed

The Grantor (3:11)

Covers: Qualifications of a grantor capable of conveying an interest in real estate; Emancipated minors; The grant provision in a deed which identifies each person conveying an interest; Indexing the transfer of interest with the county recorder

A Deed in Writing, with Exceptions (1:56)

Covers: Words of conveyance contained in a grant deed or quitclaim deed; Limited exceptions when a transfer of ownership does not need to be in writing; Specific performance and estoppel

A Deed by Any Name is a Grant (2:43)

Covers: The transfer of an interest in title to real estate contained in a writing; Grantor as the individual conveying real estate; Grantee as the individual acquiring title; Grant deed versus a quitclaim deed; Requirements of a valid deed

Property Appraisal and Mortgage Approval (2:45)

Covers: Appraisal of a property on the lender’s receipt of the borrower’s mortgage application; Understanding the loan-to-value ratio (LTV); Private mortgage insurance (PMI); Conditional approval of a mortgage application; The borrower’s need to shop around for the most favorable mortgage terms

Civil Rights and Fair Housing Laws (7:14)

Covers: Blockbusting as a prohibited practice; Protections provided by the Federal Fair Housing Act (FFHA); California prohibitions against discrimination in the sale or rental of housing; the Unruh Civil Rights Act

Advertising Guidelines for Sales and Rentals (5:56)

Covers: Avoiding discrimination when advertising a dwelling for sale or rent; Properly marketing real estate for sale or rent; Improper selective use of words that indicate a preference; The Department of Housing and Urban Development (HUD) Fair Housing Poster; HUD posting guidelines

 

RESPA Disclosures (2:14)

Covers: Mortgage-related charges to be disclosed under the Real Estate Settlement Procedures Act (RESPA); Documents to be provided to a borrower within three business days of the lender’s receipt of the borrower’s consumer mortgage application; Documents to be provided to the borrower at least three days prior to closing

The Borrower’s Debt-to-Income Ratio and Ability to Repay(1:55)

Covers: Analyzing a borrower’s ability to pay by considering their willingness and capacity; Regulation Z (Reg Z) and the Truth-in-Lending Act; Debt-to-income ratios and compensating factors

Additional Components of the URLA Application (2:48)

Covers: Final sections of the Uniform Residential Loan Application (URLA); Declarations; Acknowledgments and agreements; Demographic information; Loan Originator Information

URLA Section 4: Loan and Property Information (1:36)

Covers: Borrower entry of information about the purpose of a mortgage and the property they intend to purchase or refinance with it; Intended occupancy or use of a property as an investment

URLA Section 2 & 3: Financial Information (2:38)

Covers: Assets the borrower owns which qualify them for a mortgage; Borrower debts and liabilities; Financial privacy versus proof of creditworthiness; Identifying properties currently owned

URLA Section 1: Borrower Information (3:01)

Covers: The first component of the Uniform Residential Loan Application (URLA); Borrower entry of personal identifying information and income from employment; Individual or joint credit; Employment information entered into the URLA

Fundamentals of the Uniform Residential Loan Application (2:02)

Covers: Contents of the Uniform Residential Loan Application which provides the lender with the necessary information about the buyer and the property securing the mortgage; Authorization for the lender to start the mortgage packaging process

Preparing for Meeting with a Lender (4:02)

Covers: Expectations held and the role of each service provider involved in the mortgage transaction; Documents the buyer submits to the lender; Shopping around for the best mortgage terms available; Use of the Mortgage Shopping Worksheet to compare all the mortgage variables occurring on origination and during the life of the mortgage

The Buyer’s Agent Becomes the Transaction Agent (2:05)

Covers: Submission of a mortgage application to a private or institutional lender as the catalyst which sets the mortgage industry in motion; Agency duties imposed on a transaction agent to represent the best interests of the buyer

Funds Held in Escrow on Cancellation (2:20)

Covers: The proper disbursement of funds deposited in escrow when escrow fails to close; Treble damages; Escrow company’s deposit of the contested funds with the court absent mutual instructions to disburse the funds; Interpleader

Escrow Prorations (3:33)

Covers: Credits or charges in escrow for a buyer’s or seller’s proportionate share of income or expenses involved in the ownership of the property being conveyed; Common items the buyer takes over and are prorated; Property taxes and prorations; Prepaid rents and security deposits

Modifying Escrow Instructions (1:30)

Covers: Properly handling issues and questions that arise over the course of a transaction which are not covered in the underlying purchase agreement or escrow instructions; An agent’s actions to mediate an agreeable solution; Amended escrow instructions

The Documents Work Together (2:56)

Covers: The purchase agreement and escrow instructions working in tandem to close a transaction; Escrow instructions need to be in writing under the Statute of Frauds; Additional exactness and completeness provided by escrow instructions; Use of escrow instructions when there is no underlying agreement memorializing the understanding of the participants

Escrow Instructions (1:21)

Covers: An escrow officer’s performance of escrow activities as dictated by the escrow instructions; Bilateral escrow instructions signed by both the buyer and seller covering the activities to be performed for both; Separate unilateral escrow instructions containing only the activities to be performed on behalf of one of the participants

Escrow Basics (2:57)

Covers: Opening escrow; Use of worksheets to document all the tasks the escrow officer is to undertake to handle the close of escrow; Confirming escrow instructions conform to the intent of the transaction participants

Escrow Companies and Escrow Officers (2:00)

Covers: Escrow officer licensing; Services rendered by an escrow officer; Controlled escrows exempt of Department of Business Oversight (DBO) escrow licensing requirements

Introduction to Escrow (1:55)

Covers: Escrow activities employed to timely close a real estate transaction; Participants of an escrow transaction; Escrow and as impound account consisting of mortgage principal, interest, property taxes and insurance premiums (PITI)

Rules Controlling Appraisals (2:55)

Covers: Unlawful violations of appraisal independence; Prohibited actions which attempt to influence an appraiser’s opinion of value; Acceptable interactions with an appraiser

Correlation of Values and Creation of the Appraisal Report (2:09)

Covers: Reconciliation of property values arrived at under each of the three appraisal approaches; Creation of a completed Uniform Residential Appraisal Report; Information and data included in the appraisal report

Three Appraisal Approaches: Income Approach (4:15)

Covers: Types of income-producing properties appraised using the income approach; Gross rent multiplier (GRM) method under the income approach; Capitalization method under the income approach; Calculating effective gross income and operating expenses; Expected rate of return and rate of recovery of invested funds

Estimating Replacement Cost and Depreciation Under the Cost Approach (5:18)

Covers: Specific methods for estimating replacement cost and depreciation; Replacement cost versus reproduction cost; Comparative-unit method; Unit-in-place method; Quantity survey method; Index method; Three types of depreciation: physical deterioration, functional obsolescence and economic obsolescence

Three Appraisal Approaches: Cost Approach (1:39)

Covers: Determining a property’s market value by adding the value of the lot as though vacant plus the current construction costs, less depreciation; When the cost approach is the best appraisal method to employ; Calculating direct and indirect costs

Three Appraisal Approaches: Market Comparison (2:40)

Covers: Analyzing the selling price of comparable properties to establish the value of the subject property being appraised under the market comparison approach; Adjustments for differences in the similar properties, such as location, improvements and obsolescence; Gathering data on numerous comparable sales

Types of Lots (3:15)

Covers: Cul-de-sac lots; Corner lots; Key lots; T-intersection lots; Interior lots; Flag lots; Physical aspects of a lot; Analyzing the appraisal data collected

Defining the Appraisal Effort and Gathering Data (2:51)

Covers: Six steps of the appraisal process; Defining the scope of effort to be employed during the appraisal; Analysis of general data which provides a broad overview of the area surrounding the property, and specific data which concerns the attributes of the subject property

Economic Principles of Appraisal, Part II (4:22)

Covers: Consistent-use-principle; Principle of balance; Principle of contribution; Principle of substitution; Principle of anticipation; Principle of competition

Economic Principles of Appraisal, Part I (3:38)

Covers: Supply and demand; Principle of change – development, stability, decline and revitalization; Principle of conformity – progression and regression; Principle of highest and best use – physically possible, legally permissible, economically feasible and maximum productivity

An Opinion of Value (3:42)

Covers: An appraiser’s opinion of value on a specific date; Factors considered in the appraisal process to determine a property’s value – demand, utility, scarcity and transferability; Forces which influence value – physical considerations, economic considerations, government considerations and social considerations

Maintaining Trust Account Integrity (3:35)

Covers: A broker’s detailed records which track their receipt and disbursement of trust funds; Limited authorized mixing of personal or business funds with trust funds; Review of the monthly statement of accounts to best protect the trust funds from unauthorized withdrawals; Business insurance to include coverage for employee theft

Trust Account Management (4:21)

Covers: Management of trust funds deposited into a non-interest bearing trust account; Authority to withdraw or disburse funds; Insurance coverage for theft by employees who have direct or indirect access to trust funds

Analyzing the Marketing Package Cost Sheet (1:57)

Covers: Disclosure of itemized costs the seller can expect to incur during the marketing and sale of their property; Deposit of estimated advance costs with the broker; Coordination of payments to vendors on behalf of the seller

Advance Fees are Trust Funds (2:26)

Covers: The proper handling of broker fees deposited with the broker before they are earned; Verified accounting requirements of advance fees; Department of Real Estate (DRE)-approval of advance fee material

Advance Costs are Trust Funds (2:56)

Covers: Costs advanced by a seller to a broker to market their property and acquire property reports; Placement of advanced funds in a trust account; Use of a marketing package cost sheet to authorize the broker to make disbursements from the funds as the itemized costs are incurred; Proper use of a trust account ledger and statement of account

A Broker’s Use of Supervisors (4:32)

Covers: A broker’s delegation of oversight and management duties to an office manager; The office manager’s meaningful review of the activities of every employed licensee; Delegated supervision, not agency; Supervision of non-licensed individuals

The Borrower and Mortgage Broker Relationship (3:52)

Covers: The disclosure of essential mortgage terms to a borrower by the broker soliciting or arranging a mortgage; Agency duties of a loan broker

Opinions of the Buyer’s Broker and Agent (3:05)

Covers: Opinions given to a buyer by the buyer’s broker or their agent impart a higher level of reliability than had the same opinion been expressed by a seller’s agent; Preventing an opinion from becoming an actionable assurance; Use of a further-approval contingency provision to mitigate risks when issuing an opinion

When an Opinion Becomes a Guarantee (4:06)

Covers: The difference between the wording used by an agent to express an opinion or a guarantee regarding the future ownership of a particular property; Honestly held opinions about an uncertain future event which do not impose liability, versus assurances worded as a guarantee; Special circumstances which expose an agent to liability when voicing an opinion

Estimates as Projections or Forecasts (4:05)

Covers: Estimates about an income property’s future performance as either a projection or a forecast; Use of an Annual Property Operating Data Sheet (APOD) to provide buyers with the annual income and expenses incurred to operate a property; Changes in circumstances considered in a forecast

Is it a Section 32 loan? (5:01)

Covers: How the Home Ownership and Equity Protection Act (HOEPA) protects consumers against potential abuses in connection with high-cost home loans.

Referral Fees Between Brokerages (2:24)

Covers: Compensation for a referral by or between brokers permitted under the Real Estate Settlement Procedures Act (RESPA); Properly directing the payment of any fee through an agent’s employing broker; Disclosure to a client of any compensation received from a service provider related to a real estate transaction

RESPA Controls Indirect Kickbacks (1:56)

Covers: Prohibited indirect kickbacks provided by third-party service providers in exchange for referrals from brokers or agents; RESPA regulation of “closed offices”; Significant services provided by a broker or agent when receiving a fee from a lender

Kickbacks as a RESPA Violation (2:21)

Covers: Prohibited kickbacks which increase the cost of doing business; No second service, no second fee rule; Real Estate Settlement Procedures Act (RESPA) penalties for improper kickbacks

The RPI Purchase Agreement – Better Protection of Your Fee (2:39)

Covers: Seller’s agent’s fiduciary duty to present all legitimate offers received, regardless of the form on which the offer is written; Failure to present an offer is an affirmative representation the offer doesn’t exist; RPI forms are engineered to provide maximum loss protection; Deliberately excluded provisions which work against the best interests of participants

Analyzing the Purchase Agreement (3:15)

Covers: Universal characteristics of the purchase agreement; Identification; Price and terms; Acceptance and performance; Property conditions; Closing conditions; Brokerage fee; Signatures and agency confirmation

The Purchase Agreement in Practice (2:24)

Covers: A buyer’s use of the purchase agreement to prepare and submit a written offer to purchase property; A seller’s use of a new purchase agreement on different terms to submit a counteroffer; Purchase agreement as a checklist of provisions an agent is to consider when preparing an offer; Use of escrow instructions to bind a buyer and seller as though they had entered into a purchase agreement

California Real Estate Forms and the Freedom of Choice (3:21)

Covers: A broker’s freedom to use any real estate form they choose; Mandatory forms dictated by statute and generic forms unique to each publisher; Purchase agreement variations; Your professional use of RPI forms

Purchase Agreement Types and Variations (1:39)

Covers: The primary document used to negotiate a transaction between a buyer and seller; Three main categories of purchase agreements; Purchase agreement variations for the specialized use of a property

Fee Sharing by a Broker Under RESPA (2:22)

Covers: Acceptance of referral fess under the Real Estate Settlement Procedures Act (RESPA); Prohibited referral fees and double dipping; Properly sourcing new clientele and sharing fees

Referral Fees and Business Development (2:29)

Covers: Developing a business model for finding and locating new clients on a regular basis; Cooperation among licensees in the form of referrals; Referral fee agreements versus finder’s fee agreements

Finding and Introducing Participants (2:56)

Covers: Services which may be performed by a finder, such as finding and introducing participants; Activities which may not be performed by an unlicensed finder, such as taking part in any transaction negotiations; Penalties for performing unlicensed activities

Finders: a Nonlicensee Referral Service (2:04)

Covers: Locating, identifying and referring potential clients to brokers and agents in exchange for a fee; Limitations placed on the conduct of a finder; No fiduciary duties imposed on an unlicensed finder

Provisions for Payment of a Fee (3:27)

Covers: Operative fee provisions in an exclusive right-to-buy agreement; Calculation of fees; Entitlement to a fee under an agreed-to safety clause