2019 Mandatory – LREC Updates & Addenda

$20.00

4 credit hours class.

Upon completion of the Updates Subsection in the “Purchase Agreement” portion of the course, the student will be able to: Describe the improvements made to the LREC state form purchase agreement and identify the rules of law pertaining to the preparation of purchase and sale agreements, describe the required deliverables from Buyer to Seller in conjunction with a loan application and understand the costs and timeline associated with obtaining financing as well as the ramifications of failure to timely obtain financing, explain the benefit of the change to allow for extension of inspection period and understand the timeline inherent with the inspection and repair process, understand the obligations and ramifications of Seller’s curative work upon receipt of title objections, summarize and explain the recent changes made to the LREC Property Disclosure form and discuss Louisiana Supreme Court Cases that may have bearing on these changes, compare and contrast major issues with Buyer agency agreements to listing agreements,  understand the purpose and substance of the Condominium Addendum and be able to accurately populate the form, describe the difference between a contingent and non-contingent contract and accurately summarize the contingency clause, understand the obligations of Seller and Buyer related to notice and future awards of disaster relief,  discuss changes made to laws pertaining to the New Home Warranty Act and understand the elections required on the form,  define “Ministerial Acts” and understand the relationship formed or not formed between the Licensee and customer based on Ministerial Acts, describe the limitations on a Licensee in drafting a listing agreement with representation, describe the limitations on a Licensee in drafting a listing agreement without representation, describe the rules and laws pertaining to the preparation of rights of first refusal addendum and identify information needed for a right of first refusal addendum.

The class slides are provided here free of charge for your benefit.
Louisiana 2019 Mandatory Course

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October 8, 2019 | 9:30am-1:30pm | Class location:
St. Charles Parish East Regional Library, 160 W. Campus Drive, Destrehan, LA 70047

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Description

About the Instructor

Deryle Bourgeois is a licensed notary public in the state of Louisiana and has closed more than 20,000 sales in and around the New Orleans area. A recognized expert in the field of Louisiana real estate law and practice, Mr. Bourgeois is regularly consulted by legal and lay persons alike for his knowledge and experience.

Course Outline

  • Section One: Updates to the Louisiana Residential Agreement to Buy or Sell
  • Section Two: In-Depth Portions
    • Financing
    • Inspection Period
    • Curative Work and Merchantable Title
  • Section Three: Addenda
    • LREC Property Disclosures
    • Buyer Agency Agreement
    • Condominium Agreement
    • Contingency Agreement
    • Flood Insurance Purchase Requirement Addendum
    • New Construction Addendum
    • Notice of Ministerial Acts
    • One Time Listing with Representation
    • One Time Showing Without Representation
    • Right of First Refusal Addendum
  • Section Four: MyLREC Portal
    • Portal Features
    • How to access
    • User ID and password lookup
    • Auto forwarding your MyLREC Email
  • Case Studies
  • Exhibits

Course Description

Upon completion of the Updates Subsection in the “Purchase Agreement” portion of the course, the student will be able to: Describe the improvements made to the LREC state form purchase agreement and identify the rules of law pertaining to the preparation of purchase and sale agreements, describe the required deliverables from Buyer to Seller in conjunction with a loan application and understand the costs and timeline associated with obtaining financing as well as the ramifications of failure to timely obtain financing, explain the benefit of the change to allow for extension of inspection period and understand the timeline inherent with the inspection and repair process, understand the obligations and ramifications of Seller’s curative work upon receipt of title objections, summarize and explain the recent changes made to the LREC Property Disclosure form and discuss Louisiana Supreme Court Cases that may have bearing on these changes, compare and contrast major issues with Buyer agency agreements to listing agreements,  understand the purpose and substance of the Condominium Addendum and be able to accurately populate the form, describe the difference between a contingent and non-contingent contract and accurately summarize the contingency clause, understand the obligations of Seller and Buyer related to notice and future awards of disaster relief,  discuss changes made to laws pertaining to the New Home Warranty Act and understand the elections required on the form,  define “Ministerial Acts” and understand the relationship formed or not formed between the Licensee and customer based on Ministerial Acts, describe the limitations on a Licensee in drafting a listing agreement with representation, describe the limitations on a Licensee in drafting a listing agreement without representation, describe the rules and laws pertaining to the preparation of rights of first refusal addendum and identify information needed for a right of first refusal addendum.

Course Objectives

Purchase Agreement:

  1. Updates: Upon completion of the Updates Subsection in the “Purchase Agreement” portion of the course, the student will be able to:

 

  1. Describe the improvements made to the LREC state form purchase agreement and identify the rules of law pertaining to the preparation of purchase and sale

 

  1. In-depth Portions: Upon completion of the In-depth Portions Subsection in the “Purchase Agreement” portion of the course, with regard to each of the items below, the student will be able to:

 

  1. Financing – Describe the required deliverables from Buyer to Seller in conjunction with a loan application and understand the costs and timeline associated with obtaining financing as well as the ramifications of failure to timely obtain

 

  1. Inspections – Explain the benefit of the change to allow for extension of inspection period and understand the timeline inherent with the inspection and repair

 

  1. Curative – Understand the obligations and ramifications of Seller’s curative work upon receipt of title

 

Property Disclosures & Addenda: Upon completion of “Property Disclosures and

Addenda” portion of the course, with regard to each of the items below, the student will be able to:

  1. LREC Property Disclosures – Summarize and explain the recent changes made to the LREC Property Disclosure form and discuss Louisiana Supreme Court Cases that may have bearing on these

 

  1. Buyer Agency Agreement – Compare and contrast major issues with Buyer agency agreements to listing

 

  1. Condominium Agreement – Understand the purpose and substance of the Condominium Addendum and be able to accurately populate the form.

 

  1. Contingency Agreement –Describe the difference between a contingent and non-contingent contract and accurately summarize the contingency clause.

 

  1. Flood Insurance Purchase Requirement Addendum (Obtain and Maintain) – Understand the obligations of Seller and Buyer related to notice and future awards of disaster

 

  1. New Construction Addendum – New Home Warranty Act – Discuss changes made to laws pertaining to the New Home Warranty Act and understand the elections required on the

 

  1. Notice of Ministerial Acts – Define “Ministerial Acts” and understand the relationship formed or not formed between the Licensee and customer based on Ministerial

 

  1. One Time Listing with Representation – Describe the limitations on a Licensee in drafting a listing agreement with

 

  1. One Time Showing Without Representation – Describe the limitations on a Licensee in drafting a listing agreement without

 

  1. Right of First Refusal Addendum – Describe the rules and laws pertaining to the preparation of rights of first refusal addendum and identify information needed for a right of first refusal

Course Materials

All materials needed for this course are included in this manual. Links to additional materials are included in the Sources section at the end of this manual.

Course Requirements

If this course if given in a live format, then you must be present for the full four hours of the course to receive credit for attending.

Vendor or School Policies
Pre-requisites

There are no educational pre-requisitesfor this course.

Registration

Registration for this course may be completed by phone, fax or email. Payment is due on or before the start of class. Any attempt to take this course under an assumed identity will forfeit your right to a certificate of completion and may result in sanctions by the Louisiana State Real Estate Commission.

Attendance

You must be present for the entire four-hour session to receive credit for attendance. Partial credit is not given forpartial attendance.

Course Participation

Instructors may not, in any venue, answer questions of a personal or legal nature, and students should not interpret any information received from instructors or course content as being legal advice.

Cell Phones

Please turn off all cell phones prior to the start of class.

Course Completion

You must be present for the full four hours of the course to receive credit for attending. You must submit your Louisiana State real estate license number so that we can report your hours to the Louisiana Real Estate Commission.