Real Estate Law: Licensing, Brokerage, and Contracts

Licensing Requirements:
- Age: 18 years old
- High school diploma or equivalent
- 63 hours of approved pre-licensing education
- Pass the state exam
Brokerage Relationships:
- Types: transaction broker, single agent, no brokerage relationship
- Disclosure requirements
Real Estate Contracts:
- Types: listing agreements, purchase agreements, lease agreements
- Essential elements: offer, acceptance, consideration, capacity
Property Rights:
- Types: fee simple, life estate, easements
- Encumbrances: mortgages, liens, encroachments
Real Estate Taxes:
- Types: ad valorem, non-ad valorem
- Tax implications for buyers and sellers

Elements of a Valid Contract:
- Offer
- Acceptance
- Consideration
- Capacity
- Legality
Types of Contracts:
- Bilateral: promises for promises
- Unilateral: promise for an act
- Executory: promises for future performance
- Executed: fully performed
Real Estate Contract Provisions:
- Deposit requirements
- Financing contingencies
- Inspection contingencies
- Closing procedures
Contractual Rights and Obligations:
- Seller's obligations: disclosure, warranties
- Buyer's obligations: payment, inspection

Appraisal Methods:
- Sales Comparison Approach
- Cost Approach
- Income Approach
Appraisal Process:
- Inspection
- Data collection
- Analysis
- Report preparation
Appraisal Report:
- Contents: property description, value opinion, limitations
- Types: oral, written, self-contained
Appraisal Standards:
- USPAP (Uniform Standards of Professional Appraisal Practice)

REALTOR Code of Ethics:
- Preamble: professionalism, fairness, integrity
- Articles: duties to clients, duties to customers, duties to REALTORS
Ethical Obligations:
- Confidentiality
- Disclosure
- Loyalty
- Accounting
Ethical Dilemmas:
- Conflict of interest
- Dual agency
- Misrepresentation
Penalties for Unethical Behavior:
- License suspension or revocation
- Fines
- Legal action

Types of Mortgages:
- Fixed-rate
- Adjustable-rate
- Government-backed (FHA, VA, USDA)
- Jumbo loans
Financing Options:
- Conventional financing
- Owner financing
- Hard money lending
Mortgage Process:
- Application
- Processing
- Underwriting
- Closing
Financing Terminology:
- Amortization
- APR (Annual Percentage Rate)
- PITI (Principal, Interest, Taxes, Insurance)

To become a real estate agent, you must be at least 18 years old, have a high school diploma or equivalent, complete 63 hours of approved pre-licensing education, and pass the state exam.
There are three types of brokerage relationships: transaction broker, single agent, and no brokerage relationship, which require specific disclosure requirements.

A valid contract must have five essential elements: offer, acceptance, consideration, capacity, and legality.
There are four types of contracts: bilateral, unilateral, executory, and executed contracts.
Real estate contracts include listing agreements, purchase agreements, and lease agreements, which require specific provisions like deposit requirements, financing contingencies, and inspection contingencies.

The three main appraisal methods are the Sales Comparison Approach, Cost Approach, and Income Approach.
The appraisal process involves inspection, data collection, analysis, and report preparation.
An appraisal report includes a property description, value opinion, and limitations, and can be oral, written, or self-contained.

The REALTOR Code of Ethics is a set of principles for real estate professionals, including a preamble and articles outlining duties to clients, customers, and other REALTORS.
Ethical obligations include maintaining confidentiality, disclosing relevant information, and being loyal to clients.
Ethical dilemmas may arise from conflicts of interest, dual agency, and misrepresentation, and can result in penalties like license suspension or revocation, fines, and legal action.

There are several types of mortgages, including fixed-rate, adjustable-rate, government-backed, and jumbo loans.
Financing options include conventional financing, owner financing, and hard money lending.
The mortgage process involves application, processing, underwriting, and closing, and requires an understanding of financing terminology like amortization, APR, and PITI.