Real Estate School Class Handouts

DISCLAIMER
Documents are provided to attendees of real estate classes instructed by Lou Tulga CCIM CRB solely for educational purposes and do not constitute legal or other advice. Downloading of materials is for personal use only and does not create assignment of ownership of document design or content.
Lou’s Buyer Information Packet 2010
Condition and Repair Inspection Options 2010
NMREC 2009 License Law and Rules
IRS Explanation: Foreign Investment Real Property Tax Act (FIRPTA)
2010 Realtor Code of Ethics
THE FUTURE OF FAIR HOUSING REPORT
Homeowner Affordability and Stability Plan (HASP) Q&A
Seller Disclosure Certification at Settlement/Signing
A Sample Truth in Lending Disclosure
A Sample Good Faith Estimate
HUD-1 Settlement Statement
Jack Guttentag’s Mortgage Glossary
PSI Exam Application
Lou Tulga’s Brokerage Relationship Analysis
Summary of Surface Owners Protection Act of 2007
NM Environment Department Liquid Waste Regulations
2007 NM Real Estate License Law and Rules
Tim Covell,Esq.,”Transfer on Death Deed Brochure”
APOD Annual Property Operating Data Blank Form
Digital Signature Guidelines Tutorial
Lou Tulga’s Keystroke Basics for the HP10B II Financial Calculator
English-Spanish Real Estate Glossary–Sample from Real Estate Center
PES Sample Only–Dual Facilitation–Transaction Broker
EPA’s “A Brief Guide to Mold, Moisture,and Your Home”
EPA’s “Citizen’s Guide to Radon”
EPA’s “Protect Your Family from Lead in Your Home”
Fair Housing Complaint Form
National Fair Housing Advocate Online
NAR Sample Do Not Call Policy
PES Buyers’ Condition and Repair Inspection Options
Sample C.L.U.E. Report
Insurance Score Report
Lou Tulga’s Financial Planning Class Worksheets
Real Estate Safety Council Personal Safety Guide
Field Guide to Real Estate Organizations
PES One Page Buyer Agreement

PSI Examination Services is scheduled to make the NMREC Mandatory EXAM available online only as January 1, 2010 from home, work or from any computer with internet access. Soon after completing the Mandatory Course you will receive an email from vantageonline store.com stating your eligibility to apply to the take the Mandatory Course examination online. Your user name and new password are provided in this email. All you have to do next is follow the further steps outlined in the received email, pay your $95.00 and when ready follow the instructions on on your computer screen and take the examination.

The exan fee is $95.00. The exam itself has not changed and the number of test items has remained at 50. Brokers are allowed the same 90 minutes to take the exam. Broker who do not achieve a passing grade of 70 may take the exam over again immediately or later with payment of another $95.00 testing fee. Upon completion of the test you will receive your score immediately. Print out the passing test score notification and attach it to your school certificate for completion of the Mandatory Class and submit both to the NMREC along with other course certificates and various documents at time of license renewal. If you fail the exam you may take it over immediately by following the steps mentioned above. Each retesting is $95.00 and there is no limit to how many times you may take the test.

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Foreclosure Alternatives Program (FAP)
On December 8, 2009 the Treasury Department announced details of the newly developed Foreclosure Alternatives and Home Price Decline Protection Incentives as a part of the Making Home Affordable (MHA) Program.

Lou’s Commentary: At first reading it appears to me that this Program is entirely VOLUNTARY on the part of servicers who may or may not be the investors and may or may not have the authority to opt-in to the Program. So, it remains for me unclear what degree of impact the Program will have in providing significant “foreclosure alternatives.” When more information is available it will be posted here.

The MHA Foreclosure Alternatives Program (FAP) is meant to simply and streamline the short sale and deed in lieu (DIL) process by providing additional incentives, a standard process flow, minimum performance time frames and standard documentation.
• Standardized Documentation including Short Sale Purchase Agreement and Offer Acceptance Letter.
• Servicer will independently establish both property value and the minimum acceptable net return in keeping with investor guidelines and provide instructions to the distressed homeowner regarding list price and any permissible reductions–based on either an appraisal in accordance with USPAP and/or one or more Broker Price Opinions (BPOs) done within 120 days of the Short Sale Purchase Agreement.
• Minimum and Maximum Duration: Distressed homeowners will be allowed at least 90 days to market and sell the property with possibly more time based on local market conditions. Marketing can run concurrently with the foreclosure process but no foreclosure can take place during the marketing period specified in the Short Sale Agreement as long as the distressed homeowner in acting in good faith to sell the property which includes having the property listed with a licensed real estate broker who is experienced in selling properties in the neighborhood. The maximum covered marketing period is generally no more than one year.
• The Program is open until December 31, 2012 for payments to be made upon a successful completion of a short sale or DIL.
• Reasonable and customary real estate broker commissions and selling costs that may be deducted from the sales price will be specified in the Short Sale Agreement. Participating servicers must agree not to negotiate a lower sales commission after an offer has been received.
• Servicers may not charge distressed homeowners fees for participation in the Foreclosure Alternative Program. The Program is open until December 31, 2012 for payments to be made.
• The Treasury Department will share the cost of paying junior lien holders to release their claims, matching $1 for every $2 paid by the investor to a junior lien holder up to a total of $1,000.
• At the servicer’s option, the Short Sale Agreement may include a condition that the distressed homeowner agrees to deed the property to the servicer in exchange for a release from the debt if the property does not sell within a time specified in the Short Sale Agreement or any of its extensions. In case of a DIL the distressed homeowner would have 30 days to vacate the property and would be entitled to $1,500 to assist in relocation expenses, in addition to any other funds the servicer may agree to provide.

This new legislation, the “Worker, Homownerhship and Business Assistance Act of 2009″ was signed into law on November 6, 2009 extends and expands the first-time homebuyer tax credit allowed under previous Acts. The new law extends deadlines for purchasing and closing on a home AND authorizes the tax credit for long-time homeowners buyer a replacement principal residence AND raises the income limitations for homeowners claiming the credit. READ THE POST BELOW FOR DETAILS.

Worker, Homeownership and Business Assistance Act of 2009

Lou Tulga, an experienced real estate broker, holds the coveted CCIM CRB professional designations. He is Qualifying Broker for Lou Tulga & Associates and is a New Mexico Real Estate Commission Approved Instructor. Lou is approved to instruct all Commission required Pre-Licensing courses and over 20 Commission approved Continuing Education Courses as well. He served the Greater Albuquerque Association of Realtors® (GAAR) as both officer and director and was named GAAR’s “Salesperson of the Year,” “Realtor® of the Year,” and “Instructor of the Year.” He served as President of the Realtors ® Association of New Mexico (RANM) and honored as its “Realtor® of the Year.” Lou is a faculty member of the Graduate REALTOR® Institute (GRI) and received the National Association of Realtors® (NAR) award of “Instructor of the Year for Small States.” Lou served as a national Director for NAR and chaired its Risk Management and Commercial Investment committees.

Exam Prep

Questions & Answers to Help You Pass the Real Estate Exam Plus NM Specific Exam
Version 7.0 Professional Development, $75 + NM GRT

For Attendees of Lou’s Presentations

NM STATUTES
39-5-1ff– FORECLOSURE
48-7-1ff MORTGAGES
48-10-1ff DEEDS of TRUST

FAP FactSheet-MakingHomesAffordable
Compensation Modification with Cooperating Broker
Protecting Tenants at Foreclosure Act of 2009
HUD-1 New for 2010 Page 1
HUD-1 New for -2010 Page 2
HUD-1 New for -2010 Page 3
NAR FAQs on Tenant Protection in Foreclosure
Good Faith Estimate
2008 FBI Mortgage Fraud Report
Lender Approval and Waiver Short Sale
Cooperating Broker’s Role in Short Sale Lienholder Negotiations
Lender Required Short Sale Affidavit of Arms-Length Transaction
Short Sale Specialist versus Tourist
Sample Lender Approval and Waiver Short Sale Format
Broker Price Opinion (BP)–Freddie Mac
HUD Approved Credit Counseling Agencies in New Mexico
Fannie Mae Directive Against Cutting Short Sale Commissions
Financial Information Form 1126 Freddie Mac
Competitive Market Analysis Form–FNMA
Does FNMA Own Your Loan?
Does Freddie Mac Own Your Loan?
Ball Parking the List Price
Sample NET PROCEEDS to Lender Comparables
Blank Worksheet for Net Proceeds to Lender Comparables
Short Sale HUD-1 Use Illustration
New Mexico Brokerage Relationships
Short Sale Pre-Test 30 Questions
Authorization-to-Release-Lending-Information
Short-Sale-Letter-of-Intent-to-List
Parties and Counter-Parties in Short Sales
Short Sale Illustrated
Seller Disclosure Certification at Settlement/Signing
Sample Truth in Lending Disclosure
Sample Good Faith Estimate
HUD Settlment Statement
Jack Guttentag’s Mortgage Glossary
VA Glossary

Mortgage Disclosure Improvement Act (MDIA) Summary