Real estate consists of the buying, selling, and leasing of property, buildings, and residences. With that in mind, it falls to reason that laws have been constructed to regulate the process and people within the industry. Here are four areas of regulations you will study if you decide to take real estate courses.
The world of realty has its own jargon and legal definitions for you to learn such as conveyance, water front, and material defects. As you study, you will also learn about easement, egress, ingress, and parcels. There are also separate rules and procedures for the agents, and counties keep track of land and descriptions that the agents must learn to read. An agent must also abide by Nevada real estate license requirements.
Agency is about the duty the real estate agent has to the public. He or she cannot lie, steal or cheat their clients. In other words, they should be honorable in everything they do for their clients and put the client’s interests above all else, including their own. This holds true to the interest of all parties the agent interacts with. They must be honest with other agents and disclose problems, including if the house is haunted or has material defects.
Learning about financing programs such as FHA, VA, Conventional, USGA, and Jumbo loans is a big part of the studies in a real estate program. Agents must also learn which loan is appropriate for which type of property. They also learn what the down payment can consist of, and how much money is required for each program.
Nevada law regulates filling out forms and creating the purchase-and sale agreements, creating legal documents, and client interactions. Held to the same legal standards as an attorney, the agent has to know the laws surrounding the forms and how those forms impact clients. Also, the agent must explain the forms to clients, so they must learn the legal ramifications of each document. Agents study to have a good understanding of what they are legally allowed to do with both the public and their clients. Agents also have ethical requirements to avoid fraud and maintain their license, including continuing education in the Code of Ethics.
Real estate is a booming industry that has been around for hundreds of years. If you love to interact with people, why not consider taking a real estate course to find out if it is the job for you.