SEF-REX7108 - Contracts and Closing (Post-Licensing #302)

Course Description

This course is one of three post-licensing courses designed to assist the "provisional" broker to meet the 90-hour post-licensing educational requirement set by the North Carolina Real Estate Commission (NCREC). All Post Licensing must be completed within the prescribed period of time after initial licensure.

Course Outline

Real Estate Sales Contracts (17 hours)    

1. Review of selected important basic concepts (3 hours)    

• Contract offer and acceptance
• Requirement for writing and UETA
• Discharge of contracts
• Rules for interpretation of contracts

Real Estate Sales Contract Preparation (12 hours)    

• Prohibition against "drafting" contracts; using appropriate form
• Commission requirements
• Review and completion of the NCAR and NCBA standard offer to purchase and contract form and all standard addenda forms and related forms.
• Sales Contract Procedures (2 hours)

Closing Procedures and Statements (9.5 hours)    

2. Post-contract and closing procedures (2 hours)    

• All routine steps - assisting buyer with obtaining loan
• Assisting buyers and sellers with obtaining professional services
• Dealing with special situations
• Other pre-closing procedures
• Closing meeting

Real Estate Settlement Procedures Act (RESPA) (½ hour)    

• Disclosures required
• Prohibited kickbacks and fees

Closing Statement Preparation (7 hours)    

• All calculations and HUD - 1 entries

Learner Outcomes

• To provide students with an in-depth view of preparing and executing Real Estate Sales Contracts, and
• To gain a practical understanding of closing procedures and laws, and
• To assist students in satisfactory completion of the course.

Notes

Method of Instruction - Textbook, Lecture, Discussion

Evaluation - Examinations with a cumulative score of 75% and 90% attendance.

Textbook required. May be used for all three post-licensing courses. Per the NCREC students must meet the 90% attendance requirement and pass the course exam.