Michigan 40 Hr Real Estate Pre-License Package with
*FREE* Real Estate Finance course 40 Hrs $179.00
14 Hour Catch-up Package 14 Hrs $89.99
Legal and electives
All Electives - 12 Hour Package 12 Hrs $79.99
Electives CE Pack
Complete Annual Recommended CE 6 Hrs $34.99
Required Legal and Elective
1031 Exchanges 3 Hrs
Asset Management 3 Hrs
Closing and Settlement Costs 4 Hrs
Code of Ethics 7 Hrs
Contracts Purchase & Sales Agreements 4 Hrs
Environmental Hazards 4 Hrs
Fair Housing 4 Hrs
Home Inspection 4 Hrs
Liens, Taxes & Foreclosures 4 Hrs
Michigan CE Laws, Rules, & Court Cases 2 Hrs
Property Management 4 Hrs
Real Estate Finance 4 Hrs
Real Estate Math 3 Hrs
Real Property Ownership & Land Use 4 Hrs
Titles and Records 4 Hrs
Gramm Leach Bliley Act 1.0
Fair Housing 3.0
Understanding an Appraiser's Role 3.0
Business Writing 3.0
Estate Planning - Basic 3.0
Estate Planning - Advanced 3.0
Managing Corporate Records 3.0
Managing Corporate Records 3.0
Wills and Trusts 3.0
1031 Exchanges 6.0
Fundamentals of Mortgage Lending 15.0
Sales Negotiations Package 19.0
Gramm Leach Bliley Act 1.0
Creating Value Through Innovation 1.0
Workplace Violence 1.0
Consumer Protection Law 1.0
Managing Corporate Records 1.0
Evaluating Financial Performance 2.0
Dealing with Conflict and Confrontation 2.0
Dealing with Difficult People 2.0
Qualified Retirement Plans and IRAs 2.0
Anti-Money Laundering 2.0
Capital Budgeting Analysis 2.0
Qualified Retirement Plans and IRAs 2.0
The Management of Capital 2.0
RESPA 2.0
Understanding Economic Components 3.0
Asset Management 3.0
Commercial General Liability Insurance 3.0
Business Writing 3.0
Understanding an Appraiser's Role 3.0
Wills and Trusts 3.0
Appraisal Basics for Real Estate Agents 3.0
Estate Planning - Advanced 3.0
Estate Planning - Basic 3.0
Fair Housing 3.0
Introduction to Commercial Real Estate 3.0
Analyzing Financial Statements Advanced 3.0
Understanding Securities Trading 3.0
Annuities 3.0
Arbitration and Mediation 3.0
Corporate Pension Plans 3.0
Investment Analysis 3.0
Investment Risk and Policy 3.0
Life, Health, Disability and Long Term Care 4.0
Prospecting, Selling & Closing 4.0
1031 Exchanges 4.0
Margin Accounts 5.0
Understanding Different Types of Security Investments 5.0
Equities 5.0
Creating Value Through Financial Management 6.0
Introduction to Property and Casualty
and the Insurance Contract 6.0
Employment Law 6.0
Estimating the Gross Living Area 6.0
Agency Operations 6.0
Negotiations- Reading People 6.0
Understanding the Rules of NASD 6.0
Negotiations- Effective Communication 6.0
Negotiations- Negotiations 7.0
Property Insurance 8.0
Building a Real Estate Practice 30.0
Michigan 40 Hr Real Estate License Package with *FREE* Real Estate Finance course
This package contains the following:
•Michigan 40 Hr Real Estate Fundamentals Course
•Free Finance course
The course consists of not less than 40 clock hours of classroom instruction in fundamentals of real estate, including four (4) clock hours of civil rights law and equal opportunity in housing. This course is designed to accompany and enhance material from Michigan Real Estate Principles & Practices, Fourth Edition by Marge Fraser. This course is comprised of 16 case studies designed to challenge the student’s understanding of the material, each of which is followed by a 10-question quiz. Finally, the student will be able to take two comprehensive 100-question exams as practice for the third and final exam, which the student must pass in order to receive credit for the course.
NOTICE
Beginning December 1, 2007, the State will be requiring Real Estate Salesperson Candidates to apply for licensure before being authorized to take the State Licensure Examination. The candidate will apply using the new on-line iCOLA system.
All the Salesperson candidates that are in PSI's examination system before December 1, 2007 will be allowed to continue in that system for the 1 year from the original examination registration date.
MICHIGAN Real Estate Continuing Education
Registered Provider w/ the State of Michigan. Provider # 100-J132-65.
Real estate brokers and real estate salespersons are required to renew their licenses by October 31 the year they expire. Renewal notices are mailed approximately 90 days prior to the October 31 expiration. Licensees may continue practicing only if all requirements are met by October 31.
A license may be renewed between November 1 and December 30 (60 day late renewal period) by paying the late renewal fee, plus the regular renewal fee and completing continuing education, if not already taken. However, the individual may not legally practice until the license and pocket card have been received by the broker.
PLEASE NOTE: The above Requirements are subject to change.
Always check your state's requirements
Michigan Real estate license continuing education -MCE
Michigan Continuing Education
Section 2504(4) of the Occupational Code (license law) requires that all licensees complete 18 hours of continuing education each three-year license cycle. However, beginning with and during the calendar year 2007, and thereafter, a licensee is required by statute to complete at least [no less than] 2 hours per calendar year of the required 18 hours of continuing education courses. To review the entire section of the statutory provisions, access the Redbook.
Important aspects of real estate continuing education include:
The standard license cycle is three years. Current licenses are being issued to expire 10-31-09. All licensees require some continuing education every year.
One of the easiest ways to remember is to just continue to complete 6 clock hours of CE every year. Of those 6 hours, 2 must include law and rules updates.
There no longer is a "waiver" of CE for the first year the license is issued.
The CE requirements are pro-rated depending upon which year of the three-year cycle the license is issued, but ALL licensees require CE to renew.
The prorated CE hours for renewal requirements are based on when the license is issued:
License issued between 7-1-06 and 10-31-07 requires 18 hours of CE
License issued between 11-1-07 and 10-31-08 requires 12 hours of CE
License issued between 11-1-08 and 7-1-09 requires 6 hours of CE
120 days prior to the expiration date of licenses, licenses are issued for the next expiration date; Department-wide policy mandates that a license not be issued for a term of less than 4 months; thus licenses issued in July will reflect a 10-31-2012 expiration date
CE course numbers for the current three-year license cycle (2007-2009) are prefaced with a K (e.g., K500, K297, K700) and are given separate course numbers if the hours can be counted toward the law and rules mandatory requirement.
Relicensure applicants may use K courses toward getting relicensed but those courses are then USED and CANNOT count toward the renewal requirements in October 2009.
All licensees can track CE hours that are posted to their i.d. number by accessing this http://www.cis.state.mi.us/bcsc/coned/research.htm. Enter the 10-digit i.d. number and click on it to see the listing of courses credited. It is important to keep continuing education completion certificates to refer to when signing up for new classes. This way, you can ensure that you do not take the same course twice (as credit will be given only once). If a reporting error occurs, you will be able to prove attendance.
Lists of CE Sponsors who are course providers are available and can be viewed in a number of formats (e.g., on-line courses only, all providers, etc.).
Licenses EXPIRE 10-31-09 and to continue uninterrupted practice, sufficient CE must be attained by that date. There is a 60-day late renewal period, however the license is considered expired. Practice must CEASE until the renewal requirements are met and the renewed license is issued and received.
Failure to meet the CE requirements by 12-30-09 will lapse the license. If relicensure is desired, a relicensure application and fee are required.
Renewal fees are earned upon receipt and are non-refundable. If you are not going to meet the requirements for renewal, do not pay your renewal fee. You can apply for relicensure at a date you can meet the requirements.
If you have any questions regarding the continuing education courses email bcslic@michigan.gov for assistance.
Michigan Real estate license continuing education-MCE
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 how the government influences real estate finance through agencies like the Federal Reserve and the Department of Housing and Urban Development.
•Understand the basic concepts of real estate finance.
•Know the principal instruments of financing—the promissory note, the mortgage and the deed of trust—and how they are used.
•Understand how interest rates affect the real estate market.
•Know who lends money to the purchasers of real estate.
•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.
•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 what an underwriter looks for in approving a loan.
•Be familiar with the elements of a credit report and how FICO® scores affect a consumer’s borrowing ability.
•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.
•Know the use and the method of calculation of a lender’s qualifying income ratios.
•Be familiar with the classification of types of debts.
•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.
•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.
•Know the purpose and content of an earnest money contract and the earnest money deposit.
•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.
•Know the basic organization of face-to-face and escrow closings: who presides over them and how transactions are conducted.
•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 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 the requirements for a borrower’s financial qualifications in a conforming loan.
•Be familiar with the different types of mortgages, including ARMs, GEMs, GPMs and balloon mortgages.
•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.
•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.
•Know who is eligible for the VA program and the documents required for proving one’s eligibili
•Know the current amount of a veteran’s maximum entitlement and how to calculate remaining entitlement.
•Be familiar with Fannie Mae’s Desktop Underwriter and Freddie Mac’s Loan Prospector electronic underwriting programs.
Michigan real estate license, Michigan real estate continuing education, michigan title insurance & escrow, michigan real estate professional development, michigan fundamentals of mortgage lending
MICHIGAN Real Estate Courses
Real Estate
Michigan Real Estate License, Real Estate Continuing Education, Title Insurance/Escrow
Michigan real estate license, Michigan real estate continuing education, michigan title insurance & escrow, michigan real estate professional development, michigan fundamentals of mortgage lending
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