Virginia Continuing Education COURSE
Virginia 2HR Contract Law
The purpose of this course is to provide licensees with a thorough understanding of the core components of the variety of contracts they use in the course of their business. We'll start by laying the groundwork, examining the essential elements and the language that makes a contract truly binding. But this course goes beyond the basics. We'll unpack a variety of real-world contracts, from listing agreements to buyer-broker deals, and everything in between.
This two-hour course, which meets the real estate contracts requirement for renewing salespersons and brokers, analyzes common agency agreements, Virginia-specific contract guidelines, and explicit requirements. Next, we'll turn our attention to licensees and their role in crafting airtight purchase agreements. Finally, get ready to master the art of contract negotiation, see how agreements are put into action, and even explore what happens when things fall apart (and how to fix them!).
Course highlights include:
- Contract terminology and the elements of a valid contract
- The three key types of listing contracts—exclusive right to sell, exclusive agency, and open agency—and the benefits and defining characteristics of each
- Void and voidable contracts
- How offers can be terminated
- Virginia's guidelines for correctly handling each contract
- Activities to seal in the new information and frame it in everyday context
- Preparing for a sales transaction
- The licensee's role in preparing purchase agreements
- Negotiating the sales contract
- Understanding the types of performance—performance, partial, specific and impossibility of performance
- Contract breaches and remedies
- Virginia's statute of limitations for real estate transactions