Continuing Ed Offered By Laurel Stone 2009-10

Laurel Stone School of Real Estate 2009-10 Continuing Education Live Courses Quality Education in a Smaller Classroom Setting (Please refer to website for online courses) Licensees must complete 18 hours of continuing education during each biennium through six approved 3-hour courses. Courses 1, 2, 3 and 4 are mandatory, as well as two of the elective A – F courses. Co ntinuing Education is not required if a new license was issued during the current biennium. (December 15, 2008 December 14, 2010) Course Course Course Course

1 2 3 4

Elective Elective Elective Elective Elective Elective

Listing Contracts Mandatory Offer to Purchase Mandatory New developments Mandatory Buyer Agency Agreements Mandatory

A Risk Reduction 2 Electives Required B 1031 Exchanges and Exchange Opportunities 2 Electives Required C Condominiums 2 Electives Required D Landlord/Tenant and Property Management 2 Electives Required E Financing the Sale 2 Electives Required F Broker Supervision 2 Electives Required

Courses 1-4 and Electives A and F are being offered in classroom format. Electives A and F have been chosenb because I feel they offer the best general information about laws, rules, policies and procedures that is required of a competent licensee in the market today whether the licensee has a salesperson's or a broker's license. The other courses will be available online. There are two options to choose from. •

Option #1 - I will come to your office for $25/course/agent with a minimum of 10 agents plus mileage. Any staff or agents not needing continuing education are welcome to audit course at no charge. Times and locations individualized.

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Option #2 - You will come to Appleton to my classroom at 303 South Bluemound Dr. (see www.laurelstone.com for directions). The mandatory courses will be held as follows: ◦ ◦ ◦ ◦

The The The The

1st Monday of each month starting in August 2009 - CE 1 Listing Contracts 2nd Monday of each month starting in August 2009 - CE 2 Offer to Purchase 3rd Monday of each month starting in August 2009 - CE 3 New Developments 4th Monday of each month starting in August 2009 - CE 4 Buyer Agency Agreements

The Electives will be scheduled in the last week of each month on a month by month basis as needed. All courses start at 9am, are 3 hours followed by a 15 question test. Certificates will be emailed to students and will also be maintained by the school as required by the Department of Regulation and Licensing. In the event of a holiday conflict or bad weather the course will be canceled. Courses will be held for a minimum of 8 students and no more than 21. Preregistration is requested to assure that the minimum is met and to reserve your seat for the session. The is your opportunity to get first rate instruction in a small group setting. Cost of courses are as follows: • • •

$30 per course; or $100 for the four mandatory courses prepaid (save $20); or $140 for 6 courses prepaid (save $40).

Courses must be completed within 8 months of purchase. Payment may be made by check mailed to Laurel Stone, 303 South Bluemound Dr., Appleton, WI 54914 or by credit or debit card. To pay by credit or debit card, you need to email [email protected] and request an invoice. I will then invoice you through Paypal and you will follow the instructions on how to complete the transaction. You do not need a Paypal account to accomplish this but if you have one, you can use it.

I have included below the outlines of the courses for your information. If you have any questions, please do not hesitate to contact me. I look forward to providing you with quality education and a convenient method of obtaining your required education for the 2009-2010 biennium. Best regards, Laurel Stone Laurel Stone School of Real Estate 303 South Bluemound Dr. Appleton, WI 54914 877-815-0247 [email protected] Ask Laurel Blog

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CE1 Outline - Listing Contracts 2009-10 Wis. Stat. §240.10 requirements for a valid agency agreement • Description (lines 2-4) • Price (line 5) • Commission (line 40) • Term (Lines 258-259) • In writing • Signed by the person agreeing to pay a commission (lines 263-274) Exclusions Protected Buyers (lines 220-229) • Exclusions (lines 34-39) Commission (lines 40-58) • Incentives • Compensation to others (lines 59-60) • Extension of Listing (override clause) (lines 61-65) • Termination of listing (lines 66-73) Agency Relationships (lines 86-163) • Three models • Proper agency disclosure • Client vs. customer • Duties to clients Disclosure of Adverse Facts • Real estate condition report (lines 164-173) • Adverse Fact (184-190) • Material adverse fact (lines 211-214) • Inspection of the property and disclosure duties by the licensee (RL 24.07) Miscellaneous Provisions • Included/Not Included/Fixtures (lines 6-14/lines 199-210) • Marketing (lines 15-22) • Occupancy (lines 23-25) • Cooperation, Access to Property or Offer Presentation (lines 26-33) • Seller's cooperation with marketing efforts (lines 74-80) • Leased Property (lines 81-85) • Open House and Showing Responsibilities (lines 174-182) • Procuring Cause (lines 215-218) Definitions (lines 183-219)

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Deadlines - Days (lines 191-192) Delivery (lines 193-198) Property (line 219) Fair Housing (line 230-233) Earnest Money (234-241)

Addenda, Notices and Signatures • Additional Provisions (lines 242-250) • Addenda (line 251-254) • Notice About Sex Offender Registry (lines 255-257) • Reading/Receipt (lines 260-262) • Broker's Name, Address and Phone (lines 275-280) Various forms of business models • Full service listings (line 1) • Limited service listings ◦ Duties waived ◦ Disclosure responsibilities WB-42 Amendment to the Listing Contract ______________________________________________________________________________________

CE 2 Outline – Offer to Purchase – 2009-2010 Inclusions/exclusions – the offer controls Acceptance vs. binding acceptance Withdrawal of offer Delivery Dates and deadlines Contingencies • Financing contingency • Loan commitment • Drafting enforceable contingencies • Waiver of contingencies • Continued marketing (“bump”) clause • Secondary offers Testing vs. inspection • Home inspection • Overview of home inspector responsibilities Earnest Money Disbursement • Disbursement • Alternatives to cash earnest money • Basics of trust accounts Signatures WB-40 Amendment to Offer to Purchase WB-41 Notice Relating to Offer to Purchase WB-44 Counter-Offer WB-45 Cancellation Agreement and Mutual Release WB-46 Multiple Counter-Proposal Other State-approved forms __________________________________________________________________________________

CE 3 Outline – New Developments – 2009-2010

E-commerce/e-mail delivery • Addendum D • E-Sign requirements Short sales/Foreclosures • Short Sale Checklist • Listing Questionnaire Regarding Title Issues • Addendum SSL • Addendum SSO • Mortgage fraud and subprime mortgages Appraisal ethics and role of Uniform Standards of Professional Appraisal Practice (USPAP) Land Use • • • • • • • • •

Use value assessment Land use Private Regulations to land use Conditions Covenants Restrictions Easements Zoning Water Rights ◦ Pier regulations ◦ Wetlands (Addendum W) ◦ Shoreland ◦ Floodplain ◦ FEMA remapping

Representations by licensees of property dimensions Recent/relevant Case law Recent/relevant Legislative Fair Housing and Non-discrimination RL 16.06 Use of Addenda • 2 categories • Incorporate by reference ___________________________________________________________________________________

CE 4 Outline – Buyer Agency Agreement – 2009-2010 Wis. Stat. §240.10 requirements for a valid agency agreement • Description (exclusions - lines 11-20) • Price (line 10) • Commission (compensation/incentives - line 21-34) • Term (Lines 193-196) • In writing • Signed by the person agreeing to pay a commission (lines 218-229) Agency (lines 52-130) • Pre-agency • Client vs. Customer ◦ Duties to customers (lines 53-64) ◦ Confidentiality (lines 109-130) ▪ Exceptions ▪ Waiver of Confidentially ◦ Duties to clients (lines 65-77) ◦ Proper agency disclosure • Selling agent vs. buyer’s agent • Subagency (lines 101-103) • Agency Relationships ◦ Three models • Disclosing buyer agency status

Modifying the agency authorization • Exclusive right to locate and negotiate (lines 1-5) • Exclusive right to locate (lines 167-169) • Exclusive right to negotiate (lines 174-177) • Note (lines 6-9) • Brokers Duties (lines 35-42) Definitions • Adverse Fact (lines 147-153) • Buyer (lines 154-155) • Deadlines-Days (lines 156-157) • Delivery (lines 158-163) • Material Adverse Fact (lines 170-173) • Person Acting on Behalf of Buyer (lines 178-181) Additional Provisions • Earnest Money (lines 43-48) • Non Discrimination (lines 49-51) • Non-Exclusive Relationship (lines (131-134) • Cooperation (lines 135-140) • Property Dimensions (lines 141-145) • Additional Provisions (lines 182-190) • Addenda (lines 191-192) • Notice About Sex Offender Registry (lines 211-213) • Reading/Receipt (lines 214-216) Term, Termination and Extension (lines 193-210) • Term of the Agreement (lines 193-196) • Termination of Agreement (lines 197-204) • Extension of Agreement Term (lines 205-210) Date and Signatures (lines 217-235) WB-47 Amendment to Buyer Agency Agreement ___________________________________________________________________________________

CE Elective A Outline – Risk Reduction – 2009-2010 Advertising • RL 24 • Fair Housing Disclosures – Wisconsin Statute 452.23 • Required: Material adverse facts • Inspection of property by licensees • Asking seller about condition of property and getting response in writing • Environmental issues Risk Reduction/Liability • Referral fees • Fee splitting • Affiliated business relationships (agreements with third parties: home warranty company, etc). Self-dealing • Representing immediate family relationships or business interest • Commissions • Disclosure of interest (builders) • Licensee as a buyer/ as a seller Closing issues • Title evidence prior to closing • Construction liens • Escrows

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Tax proration Lottery credit Good funds at closing Rental Property ◦ Security deposits/leases ◦ Rental weatherization Transfer Return Form

DRL: what is it? • The Real Estate Board • Forms • Statutes and rules • Division of Enforcement - complaint process • Disciplinary process Forms of • • • •

ownership and who has to sign? Married/homestead Partnership Corporations Limited Liability Company (LLC) Co-ownership ◦ Tenants in common ◦ Joint tenants with the right of survivorship ◦ Marital Property

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CE Elective F Outline - Broker Supervision – 2009-2010 Office Management • Licensed vs. unlicensed assistant • Independent Contractor vs. Employee • Common law Independent Contractors • Statutory Independent Contractors • Basics of Independent Contract Agreements • Workman’s Compensation • Policy Manual • Mandatory Posters Leaving one company to go to another • Status of listings/buyer agency • Status of commissions earned prior to leaving Agency Agreements • Termination • Modifying Trust accounts RL-18 • Responsibility of Broker • Duty to notify the department • Escrow agreements • Bookkeeping System Supervision Duties RL-17 • Use of State Bar forms • Review forms • Record retention • Advertising • Marketing by agents • Confirming licensees are currently licensed • Agents independent practice • Agent Termination Issues