TABLE OF CONTENTS: MODULE 3 UNIT 12. FINTRAC AND THE PRIVACY CODE Session 1: Money Laundering and Terrorist Financing Historical Background Federal Legislation What is Money Laundering Methods of Money Laundering Importance of Combating Money Laundering What is Terrorist Financing? Methods of Terrorist Financing Transactions Related to Terrorist Property Distinguishing Between Money Laundering and Terrorist Activity Financing FINTRAC Compliance Requirements Identification Verification Requirements Collecting Personal Information Collecting Entity Information Verification of Third Parties Receipt of Funds Privacy Issues Record Keeping Requirements for Brokers Changes in Office Compliance Policy Questions a Registrant Should Ask About a Transaction Administrative Monetary Penalties Violations Determining the Penalty List of Administrative Monetary Penalties A FINTRAC Administrative Monetary Penalty Summary Appendix 1 Session 2: Privacy Code and the Practitioner Will there be Manitoba Privacy Legislation The Ten Principles of Privacy Exemptions Complaints CREA s Privacy Code to the Privacy Code Privacy Code Principles Interpretations of the Privacy Code Brokers, Owners, and Managers - What is Required? Real Estate Salespeople - Dos and Do Nots Appendix 1 - Definitions You Need to Know Appendix 2 - CREA s FINTRAC Compliance Forms UNIT 13. PROFESSIONAL CONDUCT
Session 1: Ethics, Professional Standards and Risk Management Morals, Ethics, and Professional Conduct Why Have a Standard of Conduct? Integration of Business and Personal Ethics Solving Ethical Dilemmas The Six Steps in Solving an Ethical Dilemma Testing Points of an Ethical Action Professional Conduct and the Real Estate Practitioner The REALTOR Code Professional Standards Defined Ethics and the Law Registrant Responsibility Benefits of Professional Responsibility A Private Enforcement System The Professional Practitioner Professional Courtesies Competition Act Enforcement Penalties Applying the Act to Real Estate Conspiracy Information Exchanges and Board and Association Meetings Conspiracy-Compliance Guidelines False or Misleading Representations Common Types of Advertising Claims Price Maintenance Types of Price Maintenance Summary Session 2: Real Estate Insurance Alliance (REIA) Errors and Omissions Liability Insurance Real Estate Insurance Alliance (REIA) Organization Involvement Administration of the Program The E&O Claims Committee Limits of Liability and the Deductible Coverage Terms and Conditions Exclusions What to do When There is a Claim Guidelines for the Subscriber Risk Management FAQs Appendix 1 - The REALTOR Code UNIT 14. TENANCY LEGISLATION IN MANITOBA
Session 1: Tenancy Legislation The Residential Tenancies Act The Structure of The Residential Tenancies Act Tenancy - Not Shared Accommodation Agreements Guarantee Agreements Reasonable Rules Renewal of Tenancy Agreement Rent Security Deposits Pet Friendly Deposits Condition Reports Assigning and Subletting Landlord s Obligations and Responsibilities Tenant s Obligations and Responsibilities Smoke Alarms Termination of Tenancy by Landlord Termination by Tenant Tenant s Personal Property Alarm Systems Mobile Homes Rent Increases and Rent Regulation Purchase and Sale of Residential Rental Properties Showing Rental Units for Sale When there are School-Aged Children Privacy The Landlord and Tenant Act General Written Leases Types of Tenancies and Termination Fixed Term Periodic Tenancy Tenancy At Will Non-Residential Rent Re-entry for Non-payment of Rent Distress Re-entry for Breach of Other Terms or Conditions Security Deposits Privacy The Right to Assign or Sublet Mitigation Implied Rights and Obligations Summary UNIT 15. REPRESENTING THE SELLER Session 1: Agency and the Listing Process Seller Agency Duties of an Agent to Third Parties
Double-ending a Transaction Limited Joint Representation Agency Disclosure Duties Owed to Clients The Listing Process Prospecting for Listings: Your Business Development Plan People with Present Needs People with Future Needs - Where you will find your future clients The Saleable Listing Characteristics of a Saleable Listings Qualifying the Listing and the Seller What Happens When the Listing Price is Unrealistic Undervalued Listings - A Warning The Importance of a Realistic Listing Price The Listing Presentation Information Gathering Tools for Communicating - The Listing Folder The Listing Appointment Risk Reduction and Listing Guidelines Facts You Should Always Check Remember that the Listing Agreement is a Legal Contract Session 2: Listing Contracts Three types of Listing Contracts The Exclusive Listing The Multiple Listing The Open Listing Making a Listing Agreement Valid Law of Contract The Manitoba MLS Real Estate Listing Contract General Authority What Properties can be Listed on MLS Systems? Property Description - The Data Input Form Requirements for Bedrooms in Basements Building Permits Required Property Disclosure Statement Exclusive Listing Mere Postings Session 3: Marketing, Offer Presentation, and Follow-up Servicing the Listing - Marketing/Promotion of the Property Preparing the Sellers Prepare and Implement a Marketing Plan Promotion and Advertising Contact with Prospective Buyers Showing the Property Communicating with the Seller Obtaining and Presenting the Offer Disclose Material Information Who Presents the Offer The Presentation of the Offer Handling Multiple Offers
Multiple Offer Protocol Negotiations How to Minimize Your Risks After Sale Service UNIT 16. OFFER TO PURCHASE Session 1: Statutory Offers to Purchases A Review of the Process A Review of Some Legal Aspects of Offers Terms and Conditions Preparation to Complete an Offer Presentation of the Offer The Residential Offer to Purchase Clause-by-Clause Description Brokers Names Confirmation of Representation Sellers and Buyers Names and Addresses Subject Matters of the Offer Purchase and Sale Price and Payment Possession Seller s Promises as to Status of the Property Seller s Promises as to Title and Ownership Seller s Promise Regarding Goods and Services Tax Seller to Provide Property Disclosure Statement Conditions Benefiting the Buyer Conditions Benefiting the Seller Conditions Generally Mutual Promises and General Provisions Representations by Broker Use and Disclosure of Sale Information Deadline for Acceptance by Seller Other Terms Additional Clauses Signatures of the Buyers Acceptance by the Seller (with directions regarding commission) Acceptance by Buyer of Counter-Offer The Homesteads Act The Homesteads Act Consent to Disposition and Acknowledgement Broker s Receipt for Deposit in Cash Seller Promises and Their Survival Appendix A to Residential Form of Offer to Purchase: Property Disclosure Statement Completed Residential Form of Offer to Purchase and Appendix A Assumption of Mortgage(s) Schedule (Form 3) Assumption of Mortgage Financing Clause for the Benefit of the Buyer Only Seller Authorizes Mortgage General Purpose Schedule Order of Completion By Buyer By Seller
The Counter-Offer to Residential Form of Offer to Purchase Example of a Counter-Offer Acceptance by Buyer of Counter-Offer Example of Acceptance of a Counter-Offer Rejection of a Counter-Offer Example of Rejection of a Counter-Offer The 48 Hour Clause Working with a 48 Hour Clause 48 Hour Notice of Another Offer Conditions and the Offer to Purchase Notice of Fulfillment of Condition Notices Regarding Conditions Notice of Conditions Satisfied Notice of Conditions Not Satisfied Notice of Extension of Time for Financing Notice of Waiver of Condition Revival of Offer to Purchase The Homesteads Act Definition of Homestead Requirement of Homestead Consent Consent to Disposition Consent Not Required Upon the Death of the Owner Wrongful Disposition of the Homestead by the Owner The Real Estate Salesperson s Responsibility The Homesteads Act and The Offer to Purchase Homesteads Act Consent to Disposition and Acknowledgement Condominium Offer to Purchase Miscellaneous Differences in the Condominium Offer to Purchase Session 2: Miscellaneous Topics Verbal Offers and Acceptances Verbal Offers Verbal Acceptances Witnessing a Signature Multiple Offers Multiple Offers and the Seller Multiple Offers and the Buyer Back Pocket Offers Communication with Potential Buyers and their Agents Disclosure of Competing Offers by Implication List of Competing Offers Handling of Rejected Offers Conducting Offer Presentations Rejection of an Offer Revocation What Happens if Communication of Acceptance has Occurred Anonymous Offers Use of "Or Nominee" Offers Where the Seller is a Real Estate Practitioner Disclosure Requirements under The Real Estate Brokers Act Disclosure and the Offer to Purchase Payment of Commission Offers Where the Buyer is a Real Estate Practitioner Procedure
Disclosure Requirements under The Real Estate Brokers Act Disclosure and the Offer to Purchase Payment of Commission Payment of Commission When Buyer or Seller is a Registrant Offers Where There is Limited Joint Representation UNIT 17. REPRESENTING THE BUYER Session 1: Buyer Agency and the Selling Process Buyer Agency The Selling Process Finding Buyers or Prospecting for Business Agency Obligations to the Buyer/Client In a Limited Joint Representation Situation Buyer Agency Agreement Buyer Agency Agreement - Long Form Buyer Agency Termination Agreement Fee Agreement Between Seller and Buyer s Agent Minimizing Risk With the Buyer In Summary Why Take the Risk? Session 2: Qualifying the Buyer Understanding Prospective Buyers How People Buy Qualifying - What is it? Qualifying Needs Qualifying Financial Position Mortgage Qualifying by Lenders Effective Contact with Prospective Buyers Agency Disclosure Build Buyer Loyalty Effective Communication The Buyer s Kit Market Information Dos and Do Nots When Qualifying Prospective Buyers Session 3: Locating Property, Offer Preparation and Closing The Property Search Selecting and Showing Properties Selecting Properties and Preparing for Showings Showing Properties and Assisting Prospects with Decision Making Offer Preparation and Follow-up Closing Tips and Techniques Creating Enforceable Contracts The Presentation of the Offer Negotiating Completing the Transaction - Obligations to the Buyer Following Acceptance
UNIT 18. REAL ESTATE TECHNOLOGY Session 1: Technology and the Practitioner Computer Hardware Internal Devices External Devices Computer Storage Devices for Protecting Important Data Computer Software General Business Software Client Management and Forms Software Real Estate Specific Software Multiple Listing Service System and Access Software The Multiple Listing Service System Consumer Access to MLS System Information MLS System in Manitoba Internet and World Wide Web World Wide Web Internet Service Provider Internet Tools for Marketing and Communication Email Sources of Online Real Estate Information for Salespeople Personal Websites Advertising and the Internet Security and Computer Protection Viruses Internet Network Security Trends Wireless Communication Internet Innovation Web-Based MLS Systems Internet Collaboration Technical Support Internet Recommended Best Practice Guidelines Social Media and Networking Summary