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Closing and Settlement Costs New

Course Description

Course Description:

In many states, a licensee has no official duties throughout the closing process. This leads some real estate licensees to believe that their job ends when the purchase and sales contract is signed, but this is not a prudent stance. Transactions can and do fall apart during the closing stage. Licensees who are familiar with closing procedures and settlement costs can stay involved and use their skills to help ensure that their transactions end well.

This course covers a broad range of issues related to closing and settlement to help the student learn ways to help clients through this sometimes complicated process. It includes the following lessons.

  • Real Estate Closings
  • Expenses
  • The HUD – 1 Settlement Statement
  • In addition, this course includes a final practice lesson. This concluding lesson presents real – world dilemmas and concrete applications of the information presented in the rest of the course. As the student completes this course, he or she should try to develop a broad picture of closing and settlement and how they fit into the larger practice of real estate. The last lesson will help with this project by presenting comprehensive content questions, practice problems and case studies.

    LEARNING OBJECTIVES:

    • Outline the primary concerns that arise throughout the closing process, for both the buyer and the seller.
    • Describe what both the buyer and the seller must do to prepare for the closing date.
    • List the documents that the buyer and the seller must complete to close a typical real estate transaction.
    • Explain a licensee’s responsibility with respect to IRS Form 1099 – S and HUD’s “Notice to the Homebuyer” form.
    • Name and distinguish the different types of closings.
    • Describe the licensee’s role in the closing process.
    • Outline the basic requirements and regulations imposed by the Real Estate Settlement Procedures Act (RESPA).
    • Identify which party is responsible for each expense in a typical closing transaction.
    • Explain the concept of credit and the concept of debit.
    • Prorate prepaid items and accrued expenses.

    Regulatory Requirement

    Our staff works diligently to provide you with an analysis of current mandates and legislation that affects you the licensee. All information pertaining to the Mandatory Continuing Education requirements can be found on the State Requirements page. You can find the link to this page on the upper Navigation bar on the Course Catalog.

    Course Completion

    Any applicable completion certificates or affidavits can be printed after completing the course and final exam.

    Testing

    Quizzes – There is a quiz at the end of each lesson to test comprehension of the subject matter.

    Final Exam – Passing Grade 70%. You can take the final three times.

    About The Subject Matter Expert

    This course is created and brought to you by 360Training, a leading provider of accredited e – learning courses to working professionals through today’s leading schools, associations and corporations. 360Training’s high quality e – learning courses assist thousands of working professionals each month in a wide range of disciplines to succeed in today’s marketplace, renew licenses, acquire certification or prepare for a new profession.

    Support

    If you have any requests for technical support please contact the 360Training Support Department located in the HELP section of your account profile. Technical support inquiries are handled immediately.

    State Requirements

    Our real estate CE courses meet the requirements of the Michigan State Board of Real Estate Brokers & Salespersons.

    PRICE:

    $29.95

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