Introduction to Contracts [Mandatory]

Course Goals:

All licensees involved in the practice of real estate are necessarily involved in the preparation and negotiation of contracts. This advanced contract law course builds upon the basic principles of contract law which the licensee was introduced to in their pre-license course.

In this advanced contracts course, the licensee will build upon their basic contract law knowledge to include concepts beyond the basics. The licensee will be introduced to the numerous problems which may arise in the formation, interpretation and performance of a contract which may affect its validity. The licensee will also learn how the concepts of assignment and delegation may apply to a real estate related contract.

Conditions and contingencies are involved in most real estate transactions. In the discussion of conditions and contingencies the licensee will be introduced to how conditions impact most contracts. The licensee will also learn how to draft contingencies and their implications in the typical real estate transaction.

Finally, the licensee will be introduced to the concept of breach of contact and will learn the resulting consequences of a contract breach along with the many possible remedies available to the injured party. The licensee will also be introduced to the concept of tort liability as it applies to the breach of contracts and its impact on potential litigation in which a licensee may become involved.

Course Materials:

This course contains approximately 65 pages of text. The course is divided into 4 chapters. A review quiz of 5 questions follows sections 1 through 4. A quiz score of 60% or greater is required prior to being allowed to proceed to the next course section.

At the end of the course, a final examination is required. The final examination consists of 35 questions: 21 questions in a true/false format and 14 questions in a multiple choice format. A test score of 75% or greater is required for course completion. The final examination is not downloadable or printable. The student will be notified of the number of questions answered correctly after final examination has been completed. 

The Real Estate Division requires that the final examination is not downloadable or printable. The student will be notified of the number of questions answered correctly after final examination has been completed. The student will not be given the questions which were answered incorrectly.