LESSONS | LESSON OBJECTIVES |
|
|
Contracts Overview | By the end of the lesson students will know the roles of common law and federal statutes, with a focus on consumer protection laws such as the Truth in Lending Act and the Consumer Credit Protection Act. |
General Knowledge of Contracts | By the end of this lesson, learners will be able to identify and explain the essential elements of a contract, including offer, acceptance, consideration, intention to create legal relations, capacity, and legality of purpose. |
Classifications of Contracts | By the end of the lesson, students will be able to describe the essential elements required for contract formation, and evaluate the enforceability of the contract based on legal principles and classifications. |
Elements of a Contract | By the end of the lesson, students will be able to explain the fundamental principles of mutual assent in contract law, including the requirements for offers, acceptance, and essential terms, as well as key legal doctrines such as the mirror image rule, UCC rules on acceptance, and the mailbox rule. |
Real Estate Transfer Contracts | By the end of the lesson, students will be able to identify and explain the key components of a real estate contract, including parties involved, property description, purchase price, terms and conditions, and the closing process. |
The Writing Requirement | Upon completion of this lesson, participants will understand the significance of the writing requirement in real estate contracts, identify the material terms necessary for compliance with the Statute of Frauds, and recognize the risks associated with relying solely on part performance to satisfy contractual obligations. |
Duty to Convey Marketable Title | By the end of this lesson, students will be able to discuss the key components of conveying marketable title in a real estate transaction, including the requirements for marketable title, methods of demonstrating marketable title, types of defects that can make title unmarketable, and the implications of failing to disclose material defects. |
The Broker’s Commission | By the end of the lesson, participants will be able to identify states requiring attorney presence during real estate transactions and those allowing non-attorneys to handle closings. |
The Department of Justice vs. NAR | By the end of the lesson, students will be able to understand the impact of the current commission fee structure in the real estate industry and evaluate potential consequences of legal challenges against the National Association of Realtors (NAR) on commission fees, competition, and transparency in real estate transactions. |
Moehrl vs. NAR (Class action lawsuit) | By the end of the lesson, students will be able to define and explain the concept of price-fixing in the context of the real estate industry. |
Breach of Contract | By the end of the lesson, students will be able to identify different types of contract breaches and understand the corresponding legal remedies available to the aggrieved parties. |
Equitable Conversion | By the end of this lesson, students will be able to explain the concept of equitable conversion in real estate transactions, analyze the implications of equitable conversion on the transfer of ownership and risk of loss, and evaluate the remedies available for breach of contract in real estate transactions.” |
Are Agreements Contracts? | By the end of the lesson, students will be able to differentiate between agreements and contracts by listing at least three distinguishing characteristics of each. |
Broker Agreements with Licensees and Assistants | By the end of the lesson, students will be able to understand the significance of written agreements and operational guidelines in defining the relationship between brokers and sales associates, and to recognize their role in clarifying rights, obligations, and expectations for both parties within the real estate industry. |
Real Estate Contracts in Mississippi | By the end of the lesson, students will be able to demonstrate an understanding of the legal and ethical responsibilities of real estate licensees by analyzing and interpreting key provisions outlined in regulatory documents. |
Agency Relationship Disclosure | By the end of this lesson, learners will understand the role and responsibilities of responsible brokers and affiliated licensees in Mississippi real estate brokerage. |
Seller’s Agreements with the Listing Broker | By the end of this lesson, Students will be able to identify and explain the key components of a real estate listing agreement, including its types, requirements, and legal implications, as outlined in Mississippi license law. |
Buyer’s Agreement with the Selling Agent | By the end of the lesson, students will be able to identify the primary components of a buyer agreement in real estate transactions and explain their importance in establishing a clear understanding of the buyer-agent relationship. |
Property Condition Disclosure Statement | By the end of the lesson, students will demonstrate understanding of key provisions of Senate Bill 2647 and other relevant disclosure laws. |
Cooperating Broker Agreement | By the end of the lesson, students will analyze and interpret the regulations governing cooperative agreements between Mississippi brokers and nonresident brokers in real estate transactions, identifying key requirements and responsibilities outlined in the text. |