Title Insurance & Escrow Continuing Education
Real Estate License School Online
Before enrolling, please check your state requirements at the top of the Course Catalog (or Enrollment) Page and instructions for receiving credit after course completion.
COURSE TITLE CREDIT COST
HOURS
Understanding an Appraiser's Role 4 HR $40.00
1031 Exchanges 3 HR $30.00
Fundamentals of Mortgage Lending 8 HR $79.00
Gramm Leach Bliley Act 1 HR $10.00
See Course Descriptions Below
1031 Exchanges
The objective of this course is to enlighten the participant in the many important aspects of Internal Revenue Code Section 1031. The course will focus on the benefits of the §1031 exchange for the investor, licensed real estate agent/broker and other parties to the transaction. Participants will learn exactly what qualifies under Section 1031 and, furthermore, how to utilize the various types of §1031 exchange formats to enhance their clients' position in the investment real estate market. Real-life examples will be used to illustrate the important procedural issues as well as the IRS Rules and Regulations.
Understanding an Appraiser's Role
This course covers broad issues relating to appraisal and the role that an appraiser plays in their relationship with a principal. Specifically, you will learn about lender and FHA requirements, location analysis, property analysis, valuation considerations, regulatory environment, enforcement and sanctions, manufactured homes, planned unit and condominiums, preparing a property for mortgage and required forms.
Liens, Taxes and Foreclosures
COURSE DESCRIPTION
This module discusses liens, taxes and foreclosures. There are many types of liens, as well as several kinds of taxes, that can attach to a parcel of real estate. When borrowers default on a debt, foreclosure is the process by which lienholders collect the unpaid portion of a debt. Because liens represent an interest in real property, it is crucial that real estate licensees develop an in-depth understanding of liens and lien-related issues. Such knowledge also helps licensees to better advise buyers and sellers.
The first lesson presents a general overview of liens. It explains the classification of liens and discusses the types of non-tax liens. Lesson two discusses taxes and tax issues, including ad valorem taxes, real estate tax computation, special assessments, real estate transfer taxes, federal income taxes, capital gains taxes and tax shelters for homeowners and investors. It also discusses the priority of liens. Lesson three addresses the methods of foreclosure, redemption, deficiency judgments, tips for homeowners facing foreclosure and fraudulent behaviors related to foreclosure.
The conclusion of this module presents real world dilemmas and applications of the information presented. As the student completes the module, he or she should try to paint a big picture of the issues surrounding liens, taxes and foreclosures, which the module addresses with comprehensive questions, activities and case studies.
Titles and Records
Course Description
Recording entails the placement of a document into the public record. This process is necessary because it allows sellers to guarantee potential buyers of a valid title conveyance by presenting records that reveal a clean and good title. The county clerk’s office maintains the public record, which is comprised of libers. This is where individuals can file or access documents pertaining to real estate interests, conveyances, liens, encumbrances, etc.
In accordance with TREC rules Sections 535.71 and 535.72D, this module will cover how to record public documents and the importance of doing so. In addition, it will outline the priority that recorded documents hold, as well as why either constructive or actual notice is important and the difference between the two.
Upon completion of this module, students will be better equipped to assist customers and clients through the home-finding and marketing steps of the real estate transaction, as well as through closing. In addition, students will understand why it is important to tell consumers to obtain abstracts and why they should have the abstracts reviewed by a licensed attorney.
Gramm Leach Bliley Act
The Gramm-Leach-Bliley Act, also known as the Financial Modernization Act of 1999, repealed the Depression-era barriers that separated banking, insurance and securities, allowing all three to engage in a statutorily provided list of financial activities. This course will examine the broad umbrella of “financial institutions” that are covered under Gramm-Leach-Bliley, and discuss the financial activities in which they may engage.
Deeds
A deed is the most common written instrument used to convey the title to real property. Consequently, all real estate professionals need a clear understanding of the uses and purposes of different types of deeds. This course illustrates the difference between the concept of title and the concept of a deed. This course includes the following lessons:
Introduction to Deeds and Title Conveyance
- Types of Deeds
- State-Specific Information
- Real Estate Practice
The1st lesson of this course reviews the requirements of a legally enforceable contract. And, because a deed is a legal contract between two parties, requirements for a deed to legally convey the title to real property are also reviewed and explained in detail.
The 2nd lesson of this course covers types of deeds and their different uses. Types of deeds differ in the extent of covenants and warranties on the title that are offered to the grantee. The most common types of deeds for voluntary land conveyance are general warranty deeds, special warranty deeds, bargain and sale deeds and quitclaim deeds. The lesson then identifies other types of deeds that may be used for special purposes. However, all states have distinctive legislation pertaining to title conveyance. As a result, the third lesson of this course outlines relevant state statutes that affect deeds, including those that differentiate between the unauthorized practice of law and the lawful role of real estate professionals.
The 3rd lesson in this course is a real estate practice lesson in which the student is presented with real world situations that licensees might face in the field. This lesson gives the student the opportunity to employ his or her new knowledge, and to use the material in this course to properly manage ethical predicaments and problematic transactions.
Fundamentals of Mortgage Lending
This course provides an introduction to the basics of mortgage lending, from qualifying the borrower and qualifying the property in the underwriting process, to the various types of financing available, to closing the sale. The course begins with a discussion of the forces that control the market: supply, demand and the government. The student will learn the varied methods of real estate finance. Lenders run risks in making real estate loans; for this reason, they must have a firm grasp of a borrower’s financial qualifications. They consider a borrower’s income, credit, debt, source of funds and net worth. However, no analysis, no matter how thorough, of a borrower’s creditworthiness can be enough to make a loan free of risk. The second lesson introduces the different legislation related to real estate mortgage of which the student must have a fair knowledge. The third lesson describes the mortgage market and the way it is divided into primary and secondary lenders.
The student will learn how title, the abstract ownership rights to the property, is transferred to the buyer with a deed. The earnest money contract will also be discussed: terms of the contract, contingencies and earnest money deposits. In lesson five, the focus turns to closing. The student will learn the customary costs involved in a real estate transaction, how certain items are prorated between the buyer and the seller and the requirements set forth by the Real Estate Settlement and Procedures Act (RESPA).
Lesson six discusses foreclosure. It considers what happens when a borrower is in default of the mortgage contract and how lenders may help borrowers prevent foreclosure through forbearance, moratoriums and recasting. Also discussed is how, when these techniques fail, the property is foreclosed and sold at auction and how the creditors are repaid.
The module continues with the types of mortgages available. The seventh and eighth lesson discuss the elements of conventional loans—conforming and nonconforming—adjustable rate, graduated payment, growth equity and reverse annuity mortgages, to name a few. The advantages and disadvantages of each type of financing are emphasized so that the student may better understand the decision-making process inherent in real estate finance.
Two specific types of financing, FHA-insured and VA-guaranteed loans are reserved for separate lessons. FHA loans are insured by the government and perceived as less risky by lenders. They are available to all natural and naturalized U. S. citizens, but they carry a monthly insurance premium that cannot be canceled. VA loans are guaranteed in part by the government, but are only available to veterans, active servicemen and certain national guardspersons and special reservists.
At the end of each lesson, the student will be asked to complete a quiz that tests the information covered in that lesson in order to move on to the next lesson. The course ends with a real world practice lesson that brings together the concepts and material discussed throughout the entire course.
Learning Objectives
Upon completion of this module, the student will:
- Understand how the forces of supply and demand in the real estate market affect and are affected by the primary lending market.
- Know the principal instruments of financing—the promissory note, the mortgage and the deed of trust—and how they are used.
- Understand the basic concepts of real estate finance.
- Know who lends money to the purchasers of real estate.
- Know how the government influences real estate finance through agencies like the Federal Reserve and the Department of Housing and Urban Development.
- Understand how interest rates affect the real estate market.
- Be familiar with the operations of the secondary market for loans.
- Know how to calculate the monthly payments for a fully amortized, fixed-rate loan.
- Be familiar with the tax deductions and credits associated with real estate ownership.
- Know the use of and legal requirements placed upon escrow accounts.
- Be familiar with the elements of a credit report and how FICO® scores affect a consumer’s borrowing ability.
- Know the difference between lien theory and title theory states.
- Know what a discount point is, when it is offered and when it should be bought.
- Be familiar with the provisions of the federal legislation that affect real estate lending: the Fair Credit Reporting Act, the Equal Credit Opportunity Act and the Truth in Lending Act.
- Be familiar with the classification of types of debts
- Know the use and the method of calculation of a lender’s qualifying income ratios.
- Be familiar with what an underwriter looks for in approving a loan.
- Be familiar with the lender’s requirements for qualifying the title and how a title insurance company verifies that a mortgagee will have the first lien through a title search.
- Understand the role of mortgage brokers and loan officers in the financing process.
- Know the difference between constructive and actual notice and the buyer’s obligations under the principle of caveat emptor.
- Know the purpose and content of an earnest money contract and the earnest money deposit.
- Be familiar with the RESPA requirements for closing procedures and disclosures at closing
- Know what a deed is and the types of interest it can convey.
- Be familiar with the exceptions and reservations that can be placed upon a title.
- Be familiar with the RESPA requirements for closing procedures and disclosures at closing.
- Be familiar with the different types of mortgages, including ARMs, GEMs, GPMs and balloon mortgages.
- Know the principles of proration: calendar years and banker’s years, as well as prepaid items, accrued items and how to divide them by calculating a daily rate
- Know the basic organization of face-to-face and escrow closings: who presides over them and how transactions are conducted.
- Know the requirements for a borrower’s financial qualifications in a conforming loan.
- Know the current Fannie Mae and Freddie Mac loan limits.
- Understand private mortgage insurance: when it is required, when it is advisable and when it is cancelable.
- Know who is eligible for the VA program and the documents required for proving one’s eligibility
- Understand the use and purpose of temporary and permanent buydowns.
- Be familiar with the most important FHA programs, especially Section 203(b).
- Know the various underwriting requirements for FHA-insured loans, such as down payment and closing cost requirements.
- Know the current amount of a veteran’s maximum entitlement and how to calculate remaining entitlement.
- Understand the FHA’s mortgage insurance premium (MIP) and how it is different from PMI.
- Be familiar with the key elements of the VA loan guarantee program.
- Be familiar with Fannie Mae’s Desktop Underwriter and Freddie Mac’s Loan Prospector electronic underwriting programs.
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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 Navbar on the Course Catalog.
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Course Completion
Upon successful completion of this course, you can print your certificate online.
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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.
Ethics For Insurance Professionals
This course covers the basic concept of ethics with a detailed definition and what it entails. We will discuss the role of ethics in our personal as well as professional lives and the challenges faced. We will also discuss the core ethical values and how rationalization is used as a common tool. Finally, we will talk about the framework of ethical decision-making and conclude with a brief discourse on ethics and conflict of interests.
TOPICS COVERED:
- Introduction
- Lesson 1: How We Live
- LESSON 2: Role of Ethics
- LESSON 3: Ethics Philosophy
- LESSON 4: Ethics VS Values
- LESSON 5: Rationalization
- LESSON 6: Ethical Decision-Making
- LESSON 7: Ethics and Conflict of Interest
LEARNING OBJECTIVES:
- Define ethics and emphasize on the various principles involved.
- Discuss the ways in which we can incorporate ethical values in our personal and professional lives.
- Fully understand the core ethical principles and values and the use of rationalization.
- Define the key elements of a conflict of interest.
- Elaborate on the framework for ethical decision-making.
- Briefly define the major themes in ethical philosophy.
REGULATORY REQUIREMENT:
Please see the state/regulatory requirement from the course catalog page.
COURSE PRE-REQUISITE: N/A
SEAT TIME:
This course has been approved for 2 hours.
TESTING:
Quizes- You will not be required to pass the quizes to move on to the next lesson.
Final Exam - You will be required to pass the final exam with a 70% in order to receive course credit.
COURSE COMPLETION:
Upon successful completion of this course you will be able to print your certificate online.
ABOUT THE SUBJECT MATTER EXPERT:
EMMERT C. DAUGARD, M.A. CLU ChFC HIA MHP PAHM RHU REBC LIC
An accomplished speaker/trainer who has developed and taught many public insurance continuing education courses. Since 1988, designed and taught courses to over 25,000 insurance professionals. Held the insurance positions of agent/broker, manager, and corporate senior vice-president. Licensed for over 20 years in both property/casualty and life/health.
EXPERIENCE:
Director, Center for Continuing Education, Austin, Texas
District Manager, Farmers Insurance Group, California & Iowa
Manager/Senior Vice-President, Sales/Marketing, Sheshunoff & Company, Austin, Texas
Vice President, Sales, Hawkeye Insurance Services, Des Moines, Iowa
EDUCATION AND LICENSES:
Masters Of Arts, Business And Administration, Columbia Pacific University
Registered Health Underwriter & Registered Employee Benefits Counselor
Bachelor of Science, Mankato State University
Chartered Life Underwriter & Chartered Financial Counselor Designations
