Virginia Realtor® Education from the RGS TITLE Real Estate Academy

1. Real Property
   • Personal Property, Fixtures and Utilities
   • Equipment, Maintenance and Condition
2. Finance Clauses
   • Financing Contingency
   • Appraisals
   • Seller Studies
3. Possible Applications
   • Well
   • Septic
   • Termite
4. Settlement
   • Date
   • Sscheduling
   • Settlement Agent
5. Default
   • Title
   • "Time Is of the Essence"
   • Legal Remedies
6. Notices and Deliveries
7. Additions
8. Virginia Jurisdictional Addendum
   • Lead Based Paint
   • Virginia Property Owners' Association Act
   • Virginia Condominium Act
   • Virginia Residential Property Disclaimer Act
   • Crespa
9. Contingencies/Clauses Addendum
   
   • Home Inspections
   • Radon
   • Sale of Home Contingency

This course is intended to give the attendee a fairly detailed viev/ of two sections of the Internal Revenue dealing with the tax consequences of the sale of real property.

The first section of the materials and presentation deal with IRe Section 121 relating to the sale of a principal residence and the exclusion from gross inconle of the gain realized from such a sale if the requirements of the section are met. The attendee will be exposed to a comprehensive review of the ternlS of the statute as well as some of the regulations prOITIulgated thereunder. The attendee should leave the presentation with an understanding of the basic requirelnents of the Code Section and the benefits available to the seller of a prin1ary residence.

The second section of the materials and presentation deal with IRC Section 1031. This section deals \vith the use of exchanges of like kind properties to achieve a deferral of taxation on any gain realized from the transfer of real property held for investment or for use in a business for the production of inCOIne. The attendee will receive a fairly detailed review of the statute and regulations pronlulgated thereunder dealing with the exchange of like kind real properties. The attendee should leave the presentation with an understanding of the availability of the potential benefits of deferring the recognition of gain from the sale of investment real estate and the basic
requirenlents of the statute regarding same. A warning to the attendee that advice in this area is conlplex and should be given by a tax professional is included.

1. Introduction/History of the Code
2. Structure of the Code of Ethics
   • Duties to Clients and Customers
   • Duties to the Public
   • Duties to Realtors
3. Ethics Quiz and Class Discussion
4. Process of Interpretation and Enforcement
5. Class Exercisises with Case Studies
6. The Issue of Ethics In Our Market Today
   • Questions and Answers and Open Discussion

1. Agency Status Revised
2. New Definitions In Section 54.1-2130
3. What is Limited Service Representative
4. A Closer Look at the Limited Service Representative
5. Standard Agent
6. Limited Service Representative Duties
7. Disclosure Requirements for the LSR
8. New Provisions Concerning Multiple Listing Services
9. Licenses Dealing with the LSR's Client
10. Code of Ethics: A Realtor® and the Connection
11. Questions and Answers

After introduction last year, the current Regional Sales Contract fonn has now been in use long enough to consider some issues and problems being experienced in the Inarketplace. Some may have been anticipated and others may be a surprise, but the
purpose of this course and outline is to highlight the provisions that have created stUlnbling blocks, questions or headaches for agents as they negotiate and close real estate transactions. As noted in previous presentations regarding the Regional Sales
Contract ("RSC"), there are some significant substantive changes in the language and the intent of the ne\v form as cOlnpared to the previous fonn, as well as practical changes in the way the contract fonn is completed. Also there is the possibility that prior forms are being utilized by some agents, who may prefer the language or just "did not get the memo" regarding use of the new fonn. In any event, it is still important for you to read
closely and know the RSC fonn and content, so that you are comfortable using it. It is one of the prilnary tools provided to you by your association. There are different styles and Inethods used by agents in representing Buyers and Sellers, and many transactions are con1pleted in a cooperative rather than adversarial manner, but each agent is obligated to represent his or her client by prolnoting the interests of that client, as well as assisting in establishing strategies to the meet the client's objectives. Even though not acting as legal counsel to the client, agents need to be prepared to deal with circumstances where
cooperation is not available or may not be the best course of action. This outline will point to areas that may call for even more focused attention.

The course will review and further explore all topics listed below as well as relevant case law that pertains to the subject lnatter.

1. Interests In Real Estate
2. Real Estate Taxes
3. Real Estate Contracts
4. Transfer of Title
5. Virginia Disclosure Statues
6. 2007 Relevant Legislative Changes

The course Inaterials and presentation provide a general overview of the use of living trusts in real estate transactions. The discussion begins with an overview of the creation of a living trust and the parties to a trust agreement. The course also addresses the benefits and other special issues that arise when a property is held in trust. The last section of the course provides SOlne practical advice for licensees representing sellers and buyers who wish to hold property in their living trusts.

This course will take the attendee through each step of the closing process as well as review frequently asked questions. Each section will touch focus on how to facilitate a smooth and successful closing transaction.

1. Introduction of Course
2. Before Settlement
3. At the Settlement Meeting
4. After the Closing
5. Special Circumstances
6. Q & A/FAQ Facts

This course will take the attendee though a complete and thorough review and comparison of the differences between the Virginia Association of Realtors contract for purchase and the Northern Virginia Associations of Realtors regional contract for
purchase. The course will also offer a description of other prOlllinent distinctions of the two.

The Virginia Jurisdictional AddendmTI will also be discussed and reviewed as it pertains to both contracts.

1. Introduction
2. The Good Faith Estimate (GFE) Review
3. The HUD-l Review
4. Conclusion

1. I. General
2. Sales Contract for Land
3. Lease Purchase Option Agreements
4. The Contract For Deed
5. Seller Financing

• How Do I Read the Contract?
  • Is there an obligation or duty owed by my client or to my client?
  • What strategy provides the best way to fulfill the duty or obligation?
  • Will the strategy consistently integrate into my process?
• Simple Solutions for Common Issues
  • Post-Settlement Occupancy Agreements
  • Disallowed Escrows/Credits for Walk-Through Issues
  • Assignments of Funds
  • Closing Cost Credits
  • Residential Property Disclosure Statement
• Getting the Most Out of the Process

• Surveys: - Why have one?
  • What if there are issues reported on the survey?
  • How do surveys impact title insurance?
• Easements: What are they?
• Example: -Fax alert of survey findings
  • Sample Survey Review

1. Buyer Benefits
2. Why Should ~ use Renovation Financing?
3. Realtor Questions
4. What is Purchase and Renovation Financing?
5. FHA 203 (K) & FHA 203(K) Streamline
6. Conventional Renovation Loan
7. Comparison of Down Payment & Monthly Payment
8. Q&A
9. The Renovation Process
10. How do the numbers work?
11. Q&A

1. Power of Attorney forms
2. Revocable Trusts / Living Trusts and Land Trusts
3. Estate Cases / Deceased Owners
4. Corporations/LLCs/Partnerships
5. "Foreign" Sellers
6. Tax Deferred/l031/Starker Exchanges
7. New Home Sales/Recent Construction
8. Construction Loans
9. Short Sales
10. Bankruptcy
11. Foreclosures
12. Persons under a Disability - Sales by Guardians/Custodians
13. Installments Sales/Contract for Deed
14. Rent Backs
15. Suggestions