Learn from the Mistakes of Others: Avoiding Common Pitfalls in Real Estate
Common Mistakes Made by Real Estate Rookies and the Rest of Us. This course is designed to bring awareness to the real estate professional of the common pitfalls/mistakes that are made by many licensees. The course is practical in nature and the discussion is based on an introduction to the subject, case studies and examples of mistakes that are commonly made in many areas. Look for the "TIPS", "Case Studies" and "Notes" sections for discussions about pitfalls.
In any business, it's common that mistakes will be made. Explore some of the more common mistakes made by new real estate licensees and also those who have been in the real estate business for many years. We'll discuss resources that are available to help you avoid these mistakes.
Unit #1 Definition and Elements of Contracts
Upon completion of this section, the student should be able to:
Define a contract; describe the elements necessary for a valid contract.
Introduction to Contracts:
Contracts are an essential part of the transfer of real estate. It is important that you, as the real estate professional, are familiar with these contracts, know how to use them, and have the ability to explain the terms contained within these forms to your clients.
These forms aid in the development of a legally binding contract between the parties and express the terms, conditions, timeline, and promises of the seller and the purchaser.
Should an issue or dispute ever arise between the parties to a contract, these forms and their content will be of the utmost importance in arbitration or in a court of law.
In this course, we will be referring to the contract between the buyer and the seller for the purchase of real property as a Purchase and Sale Agreement (PSA).
TIP: Familiarize yourself with all of the common forms used in real estate contracts. Practice filling out blank forms and when possible, get your managing broker to review these forms. This will eliminate some of the mistakes that you might make when writing a contract for a client.