Fillable Form ED 110 PE (Arizona Department of Real Estate)

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Form ED 110 PE (Arizona Department of Real Estate)

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Instructions not a part of the Application; do not file with ADRE
ARIZONA DEPARTMENT OF REAL ESTATE (ADRE)
PRE-LICENSING EDUCATION – SALESPERSON LIVE CLASSROOM
CERTIFICATE OF COURSE APPROVAL APPLICATION
(ED-110-PE)
Any school licensed by ADRE, or exempt from licensure under A.A.C. R4-28-404
must present to ADRE for approval, all ADRE
Pre-Licensing courses offering credit toward an Arizona real estate license. Only ADRE approved School Administrators of an
ADRE approved school may submit a request for course and/or instructor approvals. All ADRE approved course content must be
directly related to professional Arizona real estate practice and adhere to all specific guidelines as stated in the current
A.R.S §§ 32-2124, 32-2135, and the ADRE Detailed Instructor Outline Prescribed Curriculum Salesperson’s License, as well as,
serve to protect the public interest by providing relevant education to students to enter the professional practice of Arizona real
estate.
Salesperson Live Classroom Pre-Licensing Education Course Application Requirements
Definitions:
“School” means a person or entity that offers a course of study towards completion of the education requirements leading to
licensure or renewal of licensure.
“Credit Hour” means 50 minutes of instruction, which shall include participation and interaction. A.A.C. R4-28-101
“Course” means a class, seminar, or presentation.
“Certificate of Course Approval”. Any school offering a course of study for original licensure of a real estate applicant shall apply
for and possess a Certificate of Course Approval for each course offered by the School. The school’s authorized representative shall
submit the requirements listed in A.A.C. R4-28-404(C)
.
“Host/remote location”. Instruction/delivery methods for courses may be presented by a host/remote location. The host/remote
location instruction delivery method must be classes that are held in a classroom, with synchronized platforms, bi-directional audio
and video communication between the host and remote classroom, administered by a live instructor from the host classroom, and
monitored by a living onsite monitor present at all times in the classroom at each remote classroom location.
Course Application Requirements:
Course Orientation: The prospective student shall sign an agreement or application to enroll, presented to the student by the
school administrator, that includes in bold type and capital letters: 1) The course, or course segment title within a curriculum; 2) The
ADRE approved course number; 3) The total credit hours applicable to licensure; 4) The cost of the course; 5) A statement of the
refund policy; 6) A list of any/all required course material, with information on the accessibility and/or required cost of the material;
7) Course completion requirements; 8) Policies regarding attendance and behavior; 9) Topical outline; 10) Learning objectives; and
11) a statement of any job placement services.
Instructor Qualifications. All instructors must be listed on application, and, must possess a current Arizona Pre-License Instructor
number. The school Administrator shall attest to having identified and ensured that all instructors are an ADRE approved
instructor, and that the instructor maintains knowledge and competence of the course content, and has prepared specifically to the
course content being taught. A Guest Speaker does not apply to pre-licensure courses.
Instructor Methods/Student Participation/Interaction. Each credit hour shall include student participation/interaction with
appropriate teaching methods, which go beyond standard lecture, and in addition to lecture, should include at least two of the
following based on the topic area: scenarios with interactive discussion; role play activities; simulation, group exercises; quizzes,
quiz review; vocabulary review; math exercises, all designed to support the learning objectives of the course, and the topic.
Teaching Materials. Any, and all teaching materials, and/or aids used, including any student handouts and textbook titles must be
stated on application, confirming adherence to any applicable copyright laws, and that any required permissions have been obtained.
Do not submit hard copies of instructional material to ADRE.
School End-of-Course (Final) Exam. All Pre-Licensing courses are required to have an end-of-course school examination. Final
school exam requirements shall contain a minimum of the following: 1) Not less than 150 questions; 2) Final exam questions must
be pulled from a question bank with a 2:1 ratio (300 question bank); 3) Questions must be related to the subject and content of the
course and may not contain true/false questions; 4) Exam must consist of multiple choice questions with at least 4 options for each
question/item; 4) Questions must be of sufficient rigor that they support the course’s learning objectives, test the student’s
knowledge, and ensure the student’s comprehension and retention of the material; 5) Final exam may not count toward the overall
time of the course; 6) A minimum 75% passing ratio must be achieved before a school course completion certificate is issued.
Student Identity Verification. A student signature roster shall be provided at each class offering, with an ADRE provided
attestation, (click here)
that by signing, the student attests that the signature indicates student’s true identity. In addition, the school
shall maintain a record for five years of each student attending the school The record shall include: the name of the student; the
dates of attendance; the course title and ADRE course number, credit hours awarded. The original signature roster for each course
must be retained by school for five (5) years.
Instructions not a part of the Application; do not file with ADRE
Student Course Evaluation. Upon completing the 90 hours of classroom instruction the student must complete the ADRE
prelicensure course evaluation form, covering both content and instructor delivery (click here)
, School Administrator must be
prepared to demonstrate that “end-of-course” evaluations are being completed. All course evaluations must be retained according to
course number for five years from course completion.
Course Completion Certificate. After students pass the school final exam, and after the course evaluation form is completed, each
student shall receive a fully completed ADRE required Student Course Completion Certificate (click here)
, which includes: 1) the
name of course provider; 2) the course title; 3) the course number; 4) the course start date; 5) the course completion date; 6) hours
awarded; 7) the Student’s name; and 8) the School’s contact information. Note: Only the School Administrator shall complete and
sign the Student Course Completion Certificates. Providers (schools) are not to have a student fill in the information on their own
course completion certificate.
Credit Hour. The course must contain a minimum of ninety (90) credit hours. A “credit hour” is 50 minutes of instruction. A
“credit hour” does not include break time, administration of the final examination, nor sponsor presentation time. Maximum of 10
credit hours per day for pre-licensing education. A.A.C.
R4-28-402(C).
Course Outline. All applications must be complete at time of submission. Courses must be organized and divided into fifty (50)
minute instructional segments, with those segments organized into multiple units of instruction. Application must include a very
detailed course outline of the entire proposed course material with sufficient detail to clearly identify the course scope and content.
Each unit of instruction must be delivered in a manner that supports the learning objective of the course. The outline must identify:
1). The nature of each subject matter and each specific topic, according to the ADRE Detailed Instructor Outline Prescribed
Curriculum, 2). Specific time allocations for each topic; 3). Topic placement within the instruction; 4). A desired instruction
outcome stating the relevant and unique proposed course learning objective for each instructional segment, and, 5). the teaching
method(s) applied. The outline must be presented in 12 point type. The ADRE provided School Administrator Attestation must be
signed by the authorized School Administrator.
Application Timeframe Filing Requirements (A.R.S §32-2135
)
Pre-License classroom course applications must be received by ADRE no less than 30 days prior to the first course
presentation and allow ADRE a maximum 30 days for approval process.
Host/Remote Location course applications must be received by ADRE no less than 30 days prior to the first course
presentation.
Should deficiencies still exist after the overall time-frame period expires, the course approval will be denied. The school
may advertise a course, before its approval, only as “pending approval”. A.A.C. R4-28-103
Sale or promotion of products or services are only permitted prior to or after class, or during breaks. Lender programs
presented in class must be generic programs, offered through other Arizona lenders, and not proprietary to the presenting
lender.
A.R.S. §32-2135(E)
states, in pertinent part: “The commissioner may determine minimal content requirements for approving
educational courses….”.
Page 1 of 37
Pre-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
PRE-LICENSING EDUCATION - SALESPERSON LIVE CLASSROOM
CERTIFICATE OF COURSE APPROVAL APPLICATION
(FORM ED-110–PE)
Review the course application requirements prior to submitting this form.
SECTION I – PRE-LICENSING EDUCATION COURSE INFORMATION
1. Course Title:
Date Submitted:
2. Course Type: Real Estate Salesperson Pre-licensure
Purpose: New Course—Recurring Revised Course Renewal Expiration Date*:
(*must file before expiration)
Total No. Credit
Hours:
3. If applicable, ADRE course number Previously approved for this same submitting School? Yes No
4. Desired Instructional Outcome (a descriptive summary of the course, its objective, and its application to protection of the public interest):
5. School’s Legal Name:
Phone No.:
School Address:
City
State
Zip Code
6. School License No.:
School Expiration Mo/Year:
7. Regular Business Hours: _________________ a.m. or p.m. through __________________ a.m. or p.m.
8. Days of Week with Regular Business Hours (Check all that apply):
Monday Tuesday Wednesday Thursday Friday Saturday Sunday
9. Ten (10) Hours Maximum Per Day. Are measures in place to prevent students from receiving credit for more than ten (10) hours
of Pre-Licensing education per day? A.A.C. R4-28-401 (E) Yes No
10. Arizona Practices.
A .Does the entire course content adhere to the Detailed Instructor Outline Prescribed Curriculum and clearly and
exclusively identify current Arizona Practices when it covers areas of practice, law, administrative code, custom or
the standard of care? Yes No
B. Is the course content accurate, specific to Arizona, timely, relevant, and in accordance with all applicable Arizona statutes,
rules and policies? Yes No
11. Approved Instructor(s) who will teach/continue to teach this course: If more names, list on separate sheet and check here
Instructor Name (Live Classroom)
Approval for
Pre-licensure?
ADRE Instructor #
Expiration Date.
Active AZ Real
Estate Broker?
Yes No
Yes No
Yes No
Yes No
Sponsor School (If secondary sponsor, Expedited Instructor Application required ED-103)
Arizona Department of Real Estate (ADRE)
Education Division
www.azre.gov
DOUGLAS A. DUCEY
Governor
JUDY LOWE
Commissioner
100 NORTH 15
th
AVENUE STE-201, PHOENIX, AZ 85007
click to sign
signature
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Page 2 of 37
Pre-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
SECTION II – COURSE ORIENTATION
SECTION III - INSTRUCTION METHODS / TEACHING AIDS
SECTION IV - FINAL EXAMINATION
SECTION V – STUDENT IDENTITY VERIFICATION
19. Is a process in place to maintain the original ADRE required signature roster (click here), including the ADRE
student identity verification attestation for each course offering to track every sign-in and sign-out activity to
comply with record keeping requirements, etc.? Yes No
SECTION VI – COURSE EVALUATION
20. Is a process in place for the ADRE required course evaluation form to be distributed to students and collected at the end of the
course just before the completion certificate is issued? Yes No
ADRE required Course Evaluation Form (click here)
SECTION VII –COURSE COMPLETION CERTIFICATE
21. Is the ADRE Course Completion Certificate requirement satisfied? See Instructions – (click here) for certificate Yes No
SECTION VIII – REMOTE CLASSROOM
12. Enrollment Agreement or Application. At time of enrollment will each prospective student be presented with
an enrollment agreement or application for review and signature which includes: 1) the course or course segment title
within a curriculum; 2) ADRE course number; 3) the ADRE course total credit hours applicable to licensure; 4) cost
of the course; 5) refund policy; 6) a list of any/all required course material, with information on the accessibility and/or
required cost of the material; 7) course completion requirements; 8) policies regarding attendance and behavior;
9) topical outline; 10) learning objectives; and 11) and a statement of any job placement service? Yes No
A.A.C. R4-28-404(E)
13. Instruction Methods (Check all that apply) Lecture Interactive Discussion Role Play Simulation
Group Exercise Quiz Quiz Review Vocabulary Review Math Exercises Other (Describe in outline)
In addition to lecture, are at least 2 instruction methods planned for each credit hour? Yes No
14. Teaching Aids (Check all that apply) Text(s) PowerPoint Flip Chart/Whiteboard Quiz Internet/Software
Handout(s) DVD/Video Total Class%______ Other (Describe):
15. Teaching Materials Is a statement attached listing all teaching materials, and/or aids used, including any student
handouts and textbook titles and confirming adherence to any applicable copyright laws, and that any/all required
permissions have been obtained. Yes No
16. Is student required to pass a comprehensive school test (examination on the course) according to application
requirements to receive credit? Yes No
a. A copy of test with answer key attached? Yes No
17. Is the pass rate for the comprehensive test at least 75%? Yes No
18. Are there at least 150 questions on the comprehensive test, with a question bank of at least a 2X1 ratio? Yes No
22. Host/Remote Location: Are prelicensure education classes delivered by a live instructor from a host classroom to
remote classrooms through synchronous delivery platforms with real time audio and video, such as satellite
broadcasting or third party technology facilitators (i.e., Webex, GoToMeeting, NEFSIS)? Yes No N/A
23. Host/Remote Class Location Requirements (a through f below)
a. Host/Remote classes will be held in a classroom facility that meets ADRE classroom criteria/guidelines as defined
in rule, statute or policy and will comply with applicable local, state and federal regulations regarding safety, health,
and disabilities? Yes No N/A
b. Host/Remote classrooms have a synchronized platform, which includes bi-directional audio and video
communication between the classrooms? Yes No N/A
c. Remote classrooms have an onsite monitor in the classroom to monitor attendance and student engagement
activities and follow prescribed guidelines? Yes No N/A
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signature
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Page 3 of 37
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re-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
S
ECTION IX - CLASS LOCATION
24. Class Location: Date:__________ Time:
Each course event requires a separate 14 day notice pursuant to A.R.S. §32-2135(G)(1).
This application does not serve as the required 14 day notice [A.R.S. §32-2135(G)(1)] visit www.azre.gov to submit notice through the ADRE
online Real Estate School System. This application does not serve as notice for a course to be held outside of Arizona [A.R.S. §32-2135(I)]. Contact
ADRE to submit written request.
SECTION X – INSTRUCTOR ATTESTATION
25. By my signature below, I attest that I have reviewed the entire course and material and the course is accurate, specific to
Arizona, timely, relevant, and does not contain any information that is not applicable in Arizona and is in accordance with all
applicable Arizona statutes and rules. (If more than one instructor, attach a separate attestation for each additional instructor)
I will maintain a current ADRE Pre Licensure Instructor license during all times of instruction.
Instructor Name (print):
Instructor Signature: Date:
S
ECTION XI – SCHOOL ADMINISTRATOR ATTESTATION
26. School Administrator Attestation (upon School Administrator severance from school, a new Attestation shall be signed)
By my signature below I attest that I have thoroughly read and reviewed and hereby approve of the submitted course
a
pplication, including the application requirements, the outline and all other course materials. I have further thoroughly
reviewed and approve each proposed instructor’s qualifications and credentials. I will be responsible for ensuring that the
course is presented by the School in the manner stated in this application. I understand the potential penalties pursuant to
A.R.S. §§32-2135(C) and 32-2153(A)(26)
. I attest that:
• The course content adheres to A.R.S §§ 32-2124, 32-2135, the requirements of the Application and the ADRE Detailed
Instructor Outline Prescribed Curriculum - Salesperson’s License, and that the course content is intended to prepare
t
he student with the appropriate knowledge and understanding of real estate practices and principles in the real estate
profession, as well as protecting the public interest.
• The course content is appropriate for professional real estate education, reflects current Arizona real estate practices
or methods, is consistent with the proposed instructional materials and can be taught in the allotted time as stated in
t
he application.
• Each named proposed instructor for this course is knowledgeable and is a subject matter expert in the prelicensu
re
c
urriculum, and is, and will be an ADRE-approved pre-licensing instructor at the time of presentation.
• The course content is, and will remain current, accurate, specific to Arizona, timely, relevant, and in accordance with
all applicable Arizona statutes and rules;
• The course will be updated, or rewritten as necessary during the four (4) year course approval period.
• All instructional materials used by students reflect accurate and current content according to Arizona real estate
practice, and contain no significant errors, in content, typography or grammar, and adhere to all copyright
requirements.
• I further understand that “The course may not be taught if the content ceases to be current or is substantially
changed.” A.R.S. §32-2135(F)
.
I have a full understanding, that should there be any proven misrepresentation, or willful omission in this application, or any
of the attachments, any approval, which may have been granted, is subject to suspension or revocation, and disciplinary action
could occur.
Administrator Name (printed): Title:
Administrator Signature: Date:
d. Host classroom is administered by a live instructor? Yes No N/A
e. Course administrator is able to visually monitor the remote classrooms? Yes No N/A
f. Course contains student-instructor interactivity and allows for students to view material and ask questions to
the instructor (i.e. via email, chat or VoiP, phoneline, or other electronic means)? Yes No N/A
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re-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
SECTION XII – 90 HOUR SALESPERSON PRE-LICENSE COURSE OUTLINES
27. Is a copy of the School’s Official Detailed Salesperson Pre-License Course Outline included with this Yes No
Application?
28. Does the submitted School’s Pre-License Course Outline contain all of the mandatory content in the
ADRE Detailed Instructor Outline Prescribed Curriculum Salesperson’s License? Yes No
29. Does the School’s Pre-License Course Outline contain the nature of each subject matter and each specific topic,
according to the ADRE Detailed Instructor Outline Prescribed Curriculum? Yes No
30. Does the School’s Pre-License Course Outline contain specific time allocations and placement in course for each
topic, and divided into estimated fifty minute instructional segments? Yes No
31. Does the School’s Pre-License Course Outline contain topic placement within the instruction? Yes No
32. Does the School’s Pre-License Course Outline contain a desired instruction outcome stating the relevant and
unique proposed course learning objective for each instructional segment? Yes No
33. Does the School’s Pre-License Course Outline contain the teaching method(s) applied? Yes No
34. Complete the following outline matrix in SECTION XIII below which includes the ADRE Detailed Instructor Outline Prescribed
Curriculum Salesperson’s License content in the left column. Be sure to include the approximate time for each topic, page and item
number of corresponding item on school prelicense course outline, learning objectives, and teaching methods in the appropriat
e
columns.
COMPLETE DETAILED SALESPERSON PRELICENSE COURSE OUTLINE AND REFERENCE INFORMATION
MATRIX IN NEXT SECTION (XIII)
Note: TIME GUIDE and OBJECTIVE information is only required for each Subject Matter Topic (Nos. 1.-27.)
in the Matrix and is not necessary for each Subtopic item.
S
chools may attach additional information in the form of an addendum that specifically lists numbered
Objectives and Teaching Methods and reference one or more Objectives or Teaching Methods by number in
the detailed outline for this Section.
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Page 5 of 37
Pre-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
SECTION XIII - DETAILED SALESPERSON PRELICENSE COURSE OUTLINE AND REFERENCE INFORMATION MATRIX
SUBJECT MATTER
TIME
GUIDE
PAGE & ITEM NO. OF
CORRESPONDING ITEM ON
SCHOOL COURSE OUTLINE
OBJECTIVE
(Student will be able to…)
TEACHING METHOD(S)
1. Real Estate Statutes
1.1. Sources of Real Estate Law
State Constitution
Article XXVI
Purpose
Statutes – Federal
Statutes – State
Commissioners Rules
Substantive Policy Statements
Case Law
1.2. Arizona Real Estate Statutes
Real Estate Department – Article 1
Definitions
Real Estate Broker
Real Estate Salesperson
Advisory Board
Commissioner
Powers/Duties of Commissioner
Licensing – Article 2
License exemptions
Parties required to be licensed
Broker and Salesperson requirements
Place of business required
Branch office requirements
Broker’s temporary absence
Active v. inactive status
Display of license
Licensing as Professional Limited
Liability Company
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Page 6 of 37
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re-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
SUBJECT MATTER
TIME
GUIDE
PAGE & ITEM NO. OF
CORRESPONDING ITEM ON
SCHOOL COURSE OUTLINE
OBJECTIVE
(Student will be able to…)
TEACHING METHOD(S)
Multiple licenses
Renewal of License
Temporary Brokers license
Regulation Article 3
Disposition of fund
Trust Accounts
Broker requirements – recordkeeping
Action to collect compensation
Grounds for denial, suspension or
revocation of licenses
Consent Orders, Cease & Desist Orders
Restriction on employment or
compensation
Broker to employ and pay only active
licensees
Unlawful to pay unlicensed person
No compensation for negotiating loans
Real Estate sales and lease disclosure
law (Stigmatized property law)
Out-of-state broker, cooperation
agreement
Unlicensed activities
Real Estate Teams/Groups
Employee(s) of Broker or Salesperson
Licensed v Unlicensed activities
Sale of Subdivided Lands – Article 4
Definition
Procedures
Issuance of Public Report
Amended Public Report
Exemptions
Subsequent owner exemption
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Page 7 of 37
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re-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
SUBJECT MATTER
TIME
GUIDE
PAGE & ITEM NO. OF
CORRESPONDING ITEM ON
SCHOOL COURSE OUTLINE
OBJECTIVE
(Student will be able to…)
TEACHING METHOD(S)
Commercial/Industrial
Bulk Sales
Rescindable Sales
Public Report Receipt from buyer
Unimproved parcels
Lot Reservations
Illegal Subdivisions
Affidavit of Disclosure
Real Estate Recovery Fund - Article 5
Definition
Process and procedures
Fund liability
Eligible parties
Funding
Sale of Unsubdivided Land – Article 7
Definition
Real Estate Timeshares – Article 9
Definition
Public report requirements
Rescission of contract or agreement
Advertising and promotional
requirements
2. Commissioner’s Rules – A.A.C. Title 4, Ch. 28
2.1. General license requirements
Department notification
Employing Broker, Sole proprietors,
Corporations, Limited Liability Companies
Renewal, reinstatement, changes
Professional Corporations, Professional
Limited Liability Companies
Branch offices, managers
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Page 8 of 37
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re-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
SUBJECT MATTER
TIME
GUIDE
PAGE & ITEM NO. OF
CORRESPONDING ITEM ON
SCHOOL COURSE OUTLINE
OBJECTIVE
(Student will be able to…)
TEACHING METHOD(S)
Unlawful license activity
2.2. Education
Continuing Education Requirements
2.3. Advertising – Article 5
By licensee
No blind ads
“Owner Agent” requirement
Accurate Claims
Broker’s name in clear and prominent
manner
Advertising another broker’s listing
Designated Broker supervises advertising
Advertising an Acre = 43,560 sq. ft.
Written consent to place sign
Promotional Activities
Premiums to clients not “award” or “prize”
Disclosure of terms for premiums
Lotteries, drawings or games of chance
prohibited
Exception for subdividers and timeshare
developers
2.4. Compensation – Article 7
2.5. Documents – Article 8
Conveyance Documents
Copies to signers as soon as practical
Submission of offers
Broker to retain copies of escrow closing
statements
2.6. Professional Conduct – Article 11
Duties to Client
Property negotiations through exclusive
agent
Page 9 of 37
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re-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
SUBJECT MATTER
TIME
GUIDE
PAGE & ITEM NO. OF
CORRESPONDING ITEM ON
SCHOOL COURSE OUTLINE
OBJECTIVE
(Student will be able to…)
TEACHING METHOD(S)
Broker supervision
3. Agency Relationships and Managerial Duties
3.1. Law of Agency
Types of agents
Special
General
Power of Attorney and Attorney in Fact
3.2. Agency Relationships
Dual Agency
Disclosure & Consent to Limited
Representation
Single Agency
Agency principles
Vicarious liability (Respondeat Superior)
Imputed notice
3.3. Fiduciary Duties
Definitions
Obligations
Requirements
Breach of Fiduciary Duty Examples
3.4. Due Diligence
3.5. Misrepresentation and Fraud
Definitions
Duty to disclose
Puffing
3.6. Creating an Agency Relationship
Expressed
Written
Oral
Implied
3.7. Terminating an Agency Relationship
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re-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
SUBJECT MATTER
TIME
GUIDE
PAGE & ITEM NO. OF
CORRESPONDING ITEM ON
SCHOOL COURSE OUTLINE
OBJECTIVE
(Student will be able to…)
TEACHING METHOD(S)
3.8. Real Estate Employment Agreements
Statutory Definition
Statutory Requirements
Listings
Open Listing
Exclusive Agency Listing
Exclusive Right to Sell Listing
Multiple Listing Services
Full Service
Limited services
Net listings
Pocket Listings
“Coming Soon” Listing
Duties of Seller’s Agent
Buyer’s offer on a “Coming Soon”
Listing
“Exclusive” Listing
No Broker Cooperation
Duties of Seller’s Agent
Compensation to Buyer’s Agent
Working with For Sale by Owner
Listing v. Unrepresented
Compensation Agreement
Buyer Broker Agreements
Compensation and Co-brokerage
Prohibition against assignment
Prohibition against Procuring Additional
Agreements without Consent
3.9. Brokerage Business
Cyber Crime
Wire Fraud
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re-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
SUBJECT MATTER
TIME
GUIDE
PAGE & ITEM NO. OF
CORRESPONDING ITEM ON
SCHOOL COURSE OUTLINE
OBJECTIVE
(Student will be able to…)
TEACHING METHOD(S)
Identity Theft
4. Contracts and Contract Law
4.1. Contract Essentials and Terminology
Expressed contracts versus implied
contracts
Unilateral contracts versus bilateral
contracts
Executory contracts versus executed
contracts
Valid, void, and voidable contracts
Enforceable contracts versus unenforceable
contracts
Elements of a valid contract
Competent parties
Of legal age
Not under duress (undue influence/or
menace)
Not of sound mind
Offer and acceptance (and proper
communication of acceptance)
Lawful purpose
Consideration
Adequate description of the
property/legal description
Statute of Frauds
Signed by all appropriate parties
Electronic Transactions
Boiler plate forms
Bankruptcy
Impacts on contracts/transactions and
foreclosure
4.2. Purchase Contract concerns
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re-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
SUBJECT MATTER
TIME
GUIDE
PAGE & ITEM NO. OF
CORRESPONDING ITEM ON
SCHOOL COURSE OUTLINE
OBJECTIVE
(Student will be able to…)
TEACHING METHOD(S)
Offer, acceptance and communication
Letter of Intent
Earnest money
Close of escrow – actual occurrence
Risk of loss before C.O.E.
Marketable title
“Time is of the Essence”
Contingencies
Contract termination
Presenting offers
Withdrawing offers
Counter offers
Multiple counter offers
Multiple offers on one property
Multiple offers on different properties
4.3. Contract Interests
Equitable interest
Nominee
Assignability
Restrictions
Liability
Options
Right First of Refusal
Covenant not to compete
Dispute Resolution
Mediation
Arbitration
5. Property Interests, Estates and Tenancies
5.1. Real Property
Land
Page 13 of 37
Pre-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
SUBJECT MATTER
TIME
GUIDE
PAGE & ITEM NO. OF
CORRESPONDING ITEM ON
SCHOOL COURSE OUTLINE
OBJECTIVE
(Student will be able to…)
TEACHING METHOD(S)
Physical Characteristics
Economic Characteristics
Surface rights
Subsurface rights
Air rights
Tenements/Appurtenances
Improvements
Fixtures
Definition
Legal Tests
Owned v. Leased
Rights and relationships – Bundle of rights
Easements
Rights of Way
5.2. Personal Property
Tests for personal property
Trade fixtures
Industrial fruits/emblements
Transfer of title (bill of sale)
Manufactured Home Sales (new and resale)
Security agreements and Uniform
Commercial Code (U.C.C.)
5.3. Affidavit of Affixture
Manufactured Housing
5.4. Real Estate Interests and Ownership
Classification of Estates
Freehold
Less than Freehold
Fee Estates
Fee Simple
Defeasible fee
Page 14 of 37
Pre-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
SUBJECT MATTER
TIME
GUIDE
PAGE & ITEM NO. OF
CORRESPONDING ITEM ON
SCHOOL COURSE OUTLINE
OBJECTIVE
(Student will be able to…)
TEACHING METHOD(S)
Life Estates
Conventional
Reversion
Remainder
Statutory
Homestead
Easements
Definitions
Classifications
Appurtenant
In Gross
Prescriptive
Personal (license)
By Necessity
Conservation Easement
View Easement
Types of Tenancies
Sole and Separate
Co-ownership
Community Property
Community Property with Rights of
Survivorship
Tenancy in Common
Joint Tenancy with Rights of
Survivorship
Trusts, Real Estate Investment Trusts
(REITS), Limited Liability Companies
(LLC’s), Corporations
Authorized Signatories
Types of common ownership
Cooperative
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signature
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Page 15 of 37
Pre-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
SUBJECT MATTER
TIME
GUIDE
PAGE & ITEM NO. OF
CORRESPONDING ITEM ON
SCHOOL COURSE OUTLINE
OBJECTIVE
(Student will be able to…)
TEACHING METHOD(S)
Condominium
Planned Unit Development
6. Government Rights in Real Property
6.1. Eminent Domain
6.2. Police Power
6.3. Escheat
6.4. Real Property Taxation
Full Cash Value
Limited Property Value
Assessed Value
Existing property
New Homes & other property under
development
Assessed Value Ratios (Assessment rates)
Residential property (Class 3 and Class
4)
Residential rental property registration
Vacant Land (Class 2)
Commercial (Class 1)
Calculating taxes
Appealing FCV
Property tax lien date and priority
Tax Bill and Payments
Community Facilities Districts
Delinquent Taxes
Penalty Interest
Taxes Lien Auction (Treasurer’s Sale)
Bidding Process and Certificate of
Purchase (CP)
Live Auction
On-Line Auction
click to sign
signature
click to edit
Page 16 of 37
Pre-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
SUBJECT MATTER
TIME
GUIDE
PAGE & ITEM NO. OF
CORRESPONDING ITEM ON
SCHOOL COURSE OUTLINE
OBJECTIVE
(Student will be able to…)
TEACHING METHOD(S)
Redemption Period
Foreclosure and Treasurer’s Deed
Special Assessments
Government/Municipal and Priority
Home Owners Association (HOA)
Assessment
Lien priority
Minimum requirements to foreclose
7. Income Tax Aspects of Real Estate
7.1. Types of Income
Ordinary Income
Capital Gain Income
Income treatment for pass through entities
7.2. Deduction of Taxes and Interests on Principal
Residence
Limitations
7.3. Sale of Principal Residence
Gain
Qualifying Parties
Requirements
7.4. Investment Real Estate
Deductibility of Expenses & Interest
Depreciation “Cost Recovery”
Tax Shelter Concept
Tax Deferred Exchanges – Basic Concepts
7.5. Employee v. Independent Contractor
W2 v. 1099
8. Water Law
8.1. Doctrine of water law applicable to Arizona
Riparian Doctrine
Doctrine of Prior Appropriation
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signature
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Page 17 of 37
Pre-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
SUBJECT MATTER
TIME
GUIDE
PAGE & ITEM NO. OF
CORRESPONDING ITEM ON
SCHOOL COURSE OUTLINE
OBJECTIVE
(Student will be able to…)
TEACHING METHOD(S)
First in time, first in right
8.2. Two Types of Water Sources
Surface Water
Ground Water
Renewable Sources
Central Arizona Project (CAP)
Central Arizona Groundwater
Replenishment District (CAGRD)
Effluent
8.3. Water Users
Agriculture
Commercial
Domestic
Municipal (cities, towns, water districts)
Private water companies
Special users (golf courses, lake
developments, recreational)
8.4. Arizona Groundwater Act of 1980
Reasons for the Act
Overdraft
Subsidence
Arizona Department of Water Resources
Active Management Areas
Irrigation Non-Expansion Areas
Grandfathered rights
Irrigation
Type I Non-irrigation
Type II Non-irrigation
Assured Water Supply versus Adequate
Water Supply
Transfer of Well Rights
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signature
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Page 18 of 37
Pre-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
SUBJECT MATTER
TIME
GUIDE
PAGE & ITEM NO. OF
CORRESPONDING ITEM ON
SCHOOL COURSE OUTLINE
OBJECTIVE
(Student will be able to…)
TEACHING METHOD(S)
Requirements
Transfer request
Exempt Wells
Adjudication of Indian Tribe claims
8.5. Wetlands
Definition
9. Environmental Law
9.1. Regulators
Environmental Protection Agency (EPA)
Arizona Department of Environmental
Quality (ADEQ)
9.2. Environmental Laws and Regulations
Federal – Comprehensive Environmental
Response Compensation and Liability Act
(CERCLA)
State – Water Quality Assurance Revolving
Fund (WQARF)
9.3. Common Issues
Mold
Radon
Asbestos
Lead paint – contract requirements
Underground storage tanks (UST)
SBS (sick building syndrome)
Pesticides and fertilizers
Wood destroying insects
Flood hazard areas
Expansive soils
Fissures as shown on earth fissure maps
issued by the Arizona Geological Survey
Radon gas potential zones
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signature
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Page 19 of 37
Pre-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
SUBJECT MATTER
TIME
GUIDE
PAGE & ITEM NO. OF
CORRESPONDING ITEM ON
SCHOOL COURSE OUTLINE
OBJECTIVE
(Student will be able to…)
TEACHING METHOD(S)
Superfund Sites and Water Quality
Assurance Revolving Fund Sites
Brownfields
9.4. Due Diligence and Information Sources
Phase I Assessment
Phase II Assessment
Remediation (Phase III)
Abatement
Management in place/encapsulation
9.5. Strict Liabilities
Owner and operator
Brokers and agents’ disclosures
9.6. Alternative Waste Water Systems
Conventional Septic
Requirements upon resale
Non-conventional systems
Land Percolation
10. Land Descriptions
10.1. Metes and Bounds
Point of Beginning
Distances
Directions
10.2. Rectangular Survey aka Government Survey
aka Public Land Survey System (PLSS)
Meridian
Baselines
Range Lines
Township Lines
Correction Lines
Quadrangles / Checks
Sections
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signature
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Page 20 of 37
Pre-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
SUBJECT MATTER
TIME
GUIDE
PAGE & ITEM NO. OF
CORRESPONDING ITEM ON
SCHOOL COURSE OUTLINE
OBJECTIVE
(Student will be able to…)
TEACHING METHOD(S)
Fractional Sections
10.3. Lot and Block (recorded plat)
Plat of Survey
Assessors Maps
10.4. Article X-Arizona Constitution: State Trust
Land
Purpose
How created
11. Land Development and Zoning
11.1. Land Development
11.2. Land Planning Terminology
General Plan
Master Planned Community
Master Deed
Setbacks
Buffer Zones
Zoning/Changes
Non-Conforming Use (grandfathered rights)
Variances
Natural Area Open Space (NAOS)
Arizona 811 (Blue Stake)
11.3. Planned Communities
Definition
Requirements Upon Resale
Requirements
Charges/Fees
11.4. Interstate Land Sales Act
11.5. New Home Sales
Earnest Money Treatment
Representation
12. Encumbrances
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Page 21 of 37
Pre-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
SUBJECT MATTER
TIME
GUIDE
PAGE & ITEM NO. OF
CORRESPONDING ITEM ON
SCHOOL COURSE OUTLINE
OBJECTIVE
(Student will be able to…)
TEACHING METHOD(S)
12.1. Non-Monetary
Easements
Deed Restrictions/C&R’s
For sale/rent signs
Solar Exemption
Encroachments
Clouds
12.2. Monetary (Liens)
General v. Specific
Voluntary v. Involuntary
Equitable v. Statutory
Financing Liens
Property Tax Liens
Mechanic’s Liens
Justification
Parties with lien rights
Pre-Lien Notice
Priority
Time Frames
Judgement Liens
Creation
Recordation
Enforcement and Renewal
IRS Liens
Priority of Liens
Arizona Homestead Exemption
13. Acquisition and Transfer of Title
13.1. Methods of Transfer
Voluntary
Define Dedication
Involuntary
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Page 22 of 37
Pre-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
SUBJECT MATTER
TIME
GUIDE
PAGE & ITEM NO. OF
CORRESPONDING ITEM ON
SCHOOL COURSE OUTLINE
OBJECTIVE
(Student will be able to…)
TEACHING METHOD(S)
13.2. Inheritance
Probate
Testate and intestate
13.3. Deeds of Conveyance
Types
Warranty
Special Warranty
Bargain and Sale
Quit claim
Special Purpose Deeds
Beneficiary
Disclaimer
Dedication
Patent
Parties
Requirements for Validity
13.4. Notice
Actual
Constructive
13.5. Affidavit of Value
Definition
Purpose
Use
13.6. Adverse Possession
13.7. Title Insurance
Types of Policies
Owner’s
Standard Policy
Extended Coverage
Lender’s
Commitment for Title Insurance
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signature
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Page 23 of 37
Pre-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
SUBJECT MATTER
TIME
GUIDE
PAGE & ITEM NO. OF
CORRESPONDING ITEM ON
SCHOOL COURSE OUTLINE
OBJECTIVE
(Student will be able to…)
TEACHING METHOD(S)
Schedule A
Schedule B
Subrogation
14. Escrow and Settlement
14.1. Definition
14.2. Parties
14.3. Purpose
14.4. Settlement Statements
Debits and Credits
Sample statement and worksheet
14.5. Requirements for disbursing commissions to
salespersons and associate brokers
14.6. Double escrow/simultaneous
14.7. Foreign Investment Real Property Tax Act
(FIRPTA)
15. Fair Housing and Americans with Disabilities
Act
15.1. Fair Housing Laws
History
1866 Civil Rights Act
1968 Federal Fair Housing
1988 Amendments
Equal Opportunity Lending – Equal
Credit Opportunity (ECOA)
Steering
Blockbusting
Redlining
Fair Housing Enforcement
Exemptions to 1968 Law
For Sale by Owner
Housing owned by Religious
Organizations
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signature
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Page 24 of 37
Pre-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
SUBJECT MATTER
TIME
GUIDE
PAGE & ITEM NO. OF
CORRESPONDING ITEM ON
SCHOOL COURSE OUTLINE
OBJECTIVE
(Student will be able to…)
TEACHING METHOD(S)
Private clubs
Owner occupied 1-4 Family
Advertising Requirements
15.2. Americans with Disabilities Act
15.3. Potential Conflicts
Arizona Residential Landlord and Tenant
Act
Deed Restrictions
Age restricted developments
Group homes
16. Leases and Leasehold Estates
16.1. Types of Leasehold Estates
Estate for Years
Estate from Period to Period
Estate at Will
Estate at Sufferance
Holdover Tenancies
16.2. Essentials of a Valid Lease
16.3. Types of Leases/Payment Plans
Graduated Lease
Lease-option
Percentage Lease
Net Lease (triple net)
Gross Lease
Ground Lease
Sale and Leaseback
16.4. Assignment and Subleasing
Definitions and parties
Contract Rent
Positive Leasehold
Excess Rents
Page 25 of 37
Pre-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
SUBJECT MATTER
TIME
GUIDE
PAGE & ITEM NO. OF
CORRESPONDING ITEM ON
SCHOOL COURSE OUTLINE
OBJECTIVE
(Student will be able to…)
TEACHING METHOD(S)
Economic Rent
Negative Leasehold
Liabilities
16.5. Termination of the Lease
Actual eviction
Constructive eviction
Destruction of the property
Eminent domain
Surrender and acceptance
Foreclosure
16.6. Commercial Leasing
Tenant improvements
Building shell
Certificate of Occupancy
Common Area Maintenance (CAM) charges
Expense stop
Turnkey project
Anchor tenant
16.7. Section 8
16.8. Short Term/Vacation Rentals
16.9. Residential Tenants’ Rights after Foreclosure
17. Arizona Residential Landlord and Tenant Act
A.R.S
.
Title 33
Chapter 10
17.1 General Provisions
Purposes and Applicability
Exclusions
Discrimination against tenants with children
prohibited
Early Termination for Domestic Violence
Bedbug Control, Landlord and Tenant
obligations
Page 26 of 37
Pre-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
SUBJECT MATTER
TIME
GUIDE
PAGE & ITEM NO. OF
CORRESPONDING ITEM ON
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OBJECTIVE
(Student will be able to…)
TEACHING METHOD(S)
17.2. Landlord Obligations
Security Deposits
Limitations
Refundable v. Non-refundable
Move-in and move-out inspections
Application upon termination and
accounting
Landlord’s failure to comply and
damages
Disclosure and Tender of written agreement
Disclosure of manager and owner or
owner’s rep
Availability of AZ Residential Landlord
and Tenant Act
Maintain Fit Premises
17.3. Tenant Obligations
Maintain Dwelling Unit
Follow Rules and Regulations
Access and notice by landlord
17.4. Remedies
Non-compliance by Landlord
Violation of health and safety
Other violations
Self-help for minor defects
Non-compliance by Tenant
Notice to Terminate for Health and
Safety Violations
Notices and timelines
Abandonment
Definition
Notice and Posting
Personal Property
Page 27 of 37
Pre-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
SUBJECT MATTER
TIME
GUIDE
PAGE & ITEM NO. OF
CORRESPONDING ITEM ON
SCHOOL COURSE OUTLINE
OBJECTIVE
(Student will be able to…)
TEACHING METHOD(S)
Distraint
Periodic Tenancy Notice to Terminate
18. Property Management Title 32 Chapter 20
Article 3.1
18.1. Property Management Agreements
Requirements
Licensees acting as a property manager
outside of brokerage company
Unlicensed persons performing property
management
18.2. Trust Accounts: Property Management
Specifics
18.3. Finder fees to unlicensed tenants
18.4. Manager’s duties and responsibilities
19. Property Insurance and Warranties
19.1. Property Insurance
Additional insured
Loss Payee
Claims History
19.2. Home Warranty
19.3. National Flood Insurance Program
Elevation Certificate
19.4. Business Insurance
Errors and Omissions (E&O)
Liability Coverage
Umbrella Policy
20. Appraisal
20.1. Terminology
Appraisal/Appraiser
Value
Components of Value (Demand, Utility,
Scarcity, Transferability)
Page 28 of 37
Pre-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
SUBJECT MATTER
TIME
GUIDE
PAGE & ITEM NO. OF
CORRESPONDING ITEM ON
SCHOOL COURSE OUTLINE
OBJECTIVE
(Student will be able to…)
TEACHING METHOD(S)
Market value v. Market Price
Other types of Value
Loan (Mortgage) Value
Insurable Value
Assessed (Taxable) Value
Salvage/Residual Value
Square Footage
Livable
Under roof
20.2. Appraisal Concepts and Principles of Value
Highest and Best Use
Substitution
Change
Anticipation
Supply and Demand
Contribution
Conformity
Progression and Regression
Competition
Integration, Equilibrium, and Disintegration
(Growth, Stability, Decline, and Renewal)
Plottage (Assemblage)
Directional Growth
Orientation
Externalities
Appreciation
Earned Increment
Unearned increment
Depreciation
Economic life
Excess land
Page 29 of 37
Pre-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
SUBJECT MATTER
TIME
GUIDE
PAGE & ITEM NO. OF
CORRESPONDING ITEM ON
SCHOOL COURSE OUTLINE
OBJECTIVE
(Student will be able to…)
TEACHING METHOD(S)
20.3. Appraisal Approaches
Sales comparison approach to value
(market data)
Collection and analysis of data
Adjustments to comparables
Cost Approach to Value (Appraisal by
Summation)
Estimation of site value (land value)
Estimation of construction costs (building
costs)
Replacement Cost
Reproduction Cost
Estimation of accrued depreciation from
all sources
Physical Depreciation
Functional Obsolescence
Economic Obsolescence
Income Approach to Value
Gross Rent Multipliers
Direct Capitalization
Reconciliation
20.4. Financial Analysis
Property Income and Expense Terminology
Capitalization Rates
Cash-On-Cash Returns
20.5. Appraiser Licensing and Certification
Licensed
Certified Residential
Certified General
20.6. Competitive Market Analysis (CMA)
20.7. Broker Price Opinion - Exemption for Real
Estate Licenses
Page 30 of 37
Pre-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
SUBJECT MATTER
TIME
GUIDE
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CORRESPONDING ITEM ON
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OBJECTIVE
(Student will be able to…)
TEACHING METHOD(S)
Prohibition against use of term “appraisal”
20.8. Appraisal Process
Appraisal Management Companies (AMC)
Drive by Appraisal
Desk Top Appraisal
Automated Valuation Models
20.9. Uniform Residential Appraisal Report (URAR)
Overview
21. Primary and Secondary Markets/Financing
Concepts
21.1. Primary Lenders
Commercial Banks
Mortgage Bankers and Brokers
Life Insurance Companies
Credit Unions
Private Investors
Portfolio Lenders
21.2. Secondary Mortgage Market
Fannie Mae (FNMA)
Freddie Mac
Government National Mortgage Association
(GNMA)
Estoppel Certificate
Loan Servicing
21.3. Loan Types
Open End Loan
Blanket loan
Reverse Mortgage
Gap Loan (Bridge Loan/Swing Loan)
Take Out Loan
Construction Loan
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Page 31 of 37
Pre-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
SUBJECT MATTER
TIME
GUIDE
PAGE & ITEM NO. OF
CORRESPONDING ITEM ON
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OBJECTIVE
(Student will be able to…)
TEACHING METHOD(S)
Balloon Payment
Budget Payment
Seller Financing
Package Loan
Private Investor/Hard Money Loan
Loan Assumption
Wraparound Loan
21.4. Loan Clauses
Acceleration
Alienation (Due on Sale)
Release (Partial Release)
Subordination
Prepayment
Non-disturbance
Nonrecourse
21.5. Leverage
22. Residential Financing and Commercial
Financing
22.1 FHA Financing
Lender Requirements
Types of Properties
Mortgage Insurance Premium (MIP)
Conditional Commitment and Amendatory
Clause
Advantages and Limitations
22.2. VA Financing
Lender Requirements
Types of Properties
Funding Fee
Certificate of Reasonable Value
Eligibility and Entitlement
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Page 32 of 37
Pre-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
SUBJECT MATTER
TIME
GUIDE
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CORRESPONDING ITEM ON
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OBJECTIVE
(Student will be able to…)
TEACHING METHOD(S)
Advantages and Limitations
22.3. U.S. Department of Agriculture (USDA)
22.4. Conventional Loans
Types of Properties
Advantages and limitations
Conforming Loan
Non-conforming / Jumbo
Subprime Loan
Private Mortgage Insurance (PMI)
22.5. Types of Repayment Plans
Fixed Rate Loan
Fully Amortized Loan
Interest Only
Adjustable Rate
Indices
22.6. Seller Financing
Consumer Credit Transaction v. Non-
Consumer Credit Transaction
22.7. Truth in Lending Act (Regulation Z)
Purpose and Application
Annual Percentage Rate
Trigger Terms and Full Disclosure
Right to rescind refinance on personal
residence
22.8. Real Estate Settle Procedures Act RESPA)
Purpose and Application
Consumer Financial Protection Bureau
(CFPB) and TILA/RESPA Integrated
Disclosure (TRID) Loan Estimate and
Closing Disclosure
Affiliated Business Arrangements
Prohibition against kickbacks and referral
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Page 33 of 37
Pre-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
SUBJECT MATTER
TIME
GUIDE
PAGE & ITEM NO. OF
CORRESPONDING ITEM ON
SCHOOL COURSE OUTLINE
OBJECTIVE
(Student will be able to…)
TEACHING METHOD(S)
fees
Loan escrow impound accounting
22.9. Loan Fees and Interest Rates
Discount Points/Buydown
Origination Fee
Floating Rate
Rate Lock
Tax Service
Underwriting Fee
22.10. Loan Qualifications
Pre-approval
Uniform Residential Loan Application
(URLA) Fannie Mae Form 1003
Tri Merged Credit Report
Credit Score
Home Owners Association Reserve
Requirement
22.11. Commercial Financing
Types of Loans
Conventional
Seller Financing
Small Business Administration Loans
Personal guarantee
Yield Maintenance – prepayment penalty
Basis Points
Debt Coverage Ratio
23. Financing Documents
23.1. Financing Theory
Lien Theory v. Title Theory
Hypothecation v. Pledge
23.2. Promissory Notes
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Page 34 of 37
Pre-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
SUBJECT MATTER
TIME
GUIDE
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CORRESPONDING ITEM ON
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(Student will be able to…)
TEACHING METHOD(S)
23.3. Mortgages
Parties
Payoff and Satisfaction of Mortgage
23.4. Deeds of Trust
Parties
Equitable title and legal title
Payoff and Deed of Reconveyance
23.5. Agreement for Sale (Land Contract)
24. Deed of Trust Foreclosure
24.1. Foreclosure Option #1: Non-Judicial
Foreclosure
Recordation of Notice of default and
Trustee’s Sale
Parties required to be notified
Trustor’s right of reinstatement
Absence of acceleration of debt
Minimum time prior to Trustee’s Sale
Trustee’s sale and bidding process
Delivery of Trustee’s Deed
Absence of Statutory Right of Redemption
Rights of borrower in possession
24.2. Foreclosure Option #2: Judicial Foreclosure
Legal action, acceleration of debt and
recording of Lis Pendens
Sheriffs Sale and Sheriff’s Certificate
Statutory redemption period and Sheriff’s
Deed
24.3. Bidding Process
Excess money bid
Lender’s credit bid
Deficient bid
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Page 35 of 37
Pre-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
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TIME
GUIDE
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CORRESPONDING ITEM ON
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OBJECTIVE
(Student will be able to…)
TEACHING METHOD(S)
24.4. Deficiency Judgments
Arizona Anti-Deficiency Statute
24.5. Foreclosure with multiple liens on property
Right of junior lien holder to cure default on
prior liens
Termination of junior lien by foreclosure of
prior lien
24.6. Deed in Lieu of foreclosure
Cancellation of debt
Acquisition by lender subject to prior and
subordinate liens
24.7. Foreclosure of Agreement for Sale (Land
Contract, Contract for Deed)
Difference between judicial foreclosure and
forfeiture
Default by Vendee
24.8. Distressed Property Transactions
Short Sale
Bank Owned Property/REO (Real Estate
Owned)
Forbearance/Loan Modification
25. Disclosure/Consumer Protection
25.1. Consumer Privacy Act
25.2. Telephone Consumer Protection Act
Do Not Call
25.3. Military airports and ancillary military facilities
25.4. Military training routes and restricted airspace
25.5. Public and private airports
25.6. Fix and Flips
Building/fixing for sale
Dollar amount limit for Unlicensed
Contractors
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Page 36 of 37
Pre-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
SUBJECT MATTER
TIME
GUIDE
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CORRESPONDING ITEM ON
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OBJECTIVE
(Student will be able to…)
TEACHING METHOD(S)
Buildings / Add-ons without Permit(s)
Registrar of Contractors
Builder Requirements
25.7. Any other condition that affects the property
26. Math
26.1. Prorations
Taxes
Home Owners Associations Dues
Rents
26.2. Appreciation and Depreciation Calculations
26.3. Property Tax Calculations
26.4. Seller Net Proceeds Calculations
26.5. Loan Interest Calculations
26.6. Area and Perimeter Calculations
26.7. Capitalization Calculations
26.8. Commission Calculations
26.9. Closing Statement Calculations
26.10. LTV Ratio Calculations
Discount Points
Origination Fees
26.11. Remaining Balance Calculations
27. Cooperative Nature of Real Estate
27.1. Professional Boards and Associations
27.2. Sherman Anti-Trust Act
Price fixing
Boycotts
Tie-in agreements
Restraint of trade
27.3. Parties Related to a Real Estate Transaction
Licensed Contractors
Registrar of Contractors
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Page 37 of 37
Pre-licensing Education – Salesperson Live Classroom Course Approval Application, Form ED-110-PE, 11-1-2018 Administrator’s Initials
SUBJECT MATTER
TIME
GUIDE
PAGE & ITEM NO. OF
CORRESPONDING ITEM ON
SCHOOL COURSE OUTLINE
OBJECTIVE
(Student will be able to…)
TEACHING METHOD(S)
Mortgage Loan Originators
Arizona Department of Financial Institutions
Nationwide Mortgage Licensing System
Home Inspectors
Board of Technical Registration
Pest Control Inspectors
Pest Management Division, Department of
Agriculture
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Form ED 110 PE (Arizona Department of Real Estate)

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Completed 25 July 2020

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