Confused About the Core Course?

 Posted by at 9:05 am
Sep 302014
 
Don't you hate options?

Don’t you hate options?

The Maine Real Estate Commission recently introduced a new core course. Well, more accurately, TWO new core courses. This means a lot more options for licensees but it also means a lot more potential confusion.

Let’s start with the basics. Most know that 21 hours of continuing education are required to renew a real estate license and those 21 hours must include a core course.  The confusion often comes about when there is more than one core course being offered. This newest release means that for a few months, there will actually be three core courses available. Which one do you take?

The answer lies in knowing when your license expires and what type of license you will be renewing. If your license expires on or after April 1, 2015:

  • If you are renewing an Associate Broker or Broker License, you’ll need to take the Core Course for Brokers and Associate Brokers – I.
  • If you are renewing a Designated Broker License, you’ll need to take the Core Course for Designated Brokers – I.”

It’s really that simple–after April 1. Just understand, the course required is based on the license you hold. Designated Brokers must take the Designated Broker Course. If you are a Designated Broker, taking the course for Brokers and Associate Brokers will not satisfy renewal requirements. Likewise, Brokers and Associate Brokers must take the Broker and Associated Broker Course. Taking the course for Designated Brokers will not satisfy renewal requirements.

It may well be that the best approach is to take both courses! You’ll still get three hours of credit for the course that isn’t required. For example, a Designated Broker must take the Core Course for Designated Brokers – I” and would earn three credit hours.  That Designated Broker could then take the Core Course for Brokers and Associate Brokers – I” and earn three credit hours for a total of six towards the requirement of 21.

What if your license expires before April 1, 2015? In an attempt to keep it simple, all that happens is you have one more option and this third option is the same for all licenses.

The two courses already mentioned work the same–you would take one of those two courses based on what license you are renewing. All licenses have a third option of taking the “Working With Buyers – What Have We Agreed To? Core Course”

In other words, if your current license expires before April 1, 2015, here’s how you could meet the core course requirement:

If you are an Associate Broker or Broker:

  • Take either the  “Working With Buyers – What Have We Agreed To? Core Course” or “Core Course for Brokers and Associate Brokers – I”

If you are a Designated Broker:

  • Take either  Working With Buyers – What Have We Agreed To? Core Course”  or “Core Course for Designated Brokers – I

After April 1, 2015 The “Working with Buyers” course will NOT satisfy the core course renewal requirement.

This really sounds harder than it is, but you do need to be certain you “get it right.”

 

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Sep 122014
 

elephant_on_hose_400_clr_11550Hopefully, most are at least aware of the elephant standing in the room even though he’s easy to ignore. We don’t like looking at him because he represents an area that can seem confusing and make him look even bigger than he actually is.

The Federal Emergency Management Agency continues to roll out revised flood risk maps that are dramatically impacting homeowners (existing and potential) and businesses. Another reason the elephant is easy to ignore is so far only seven county’s maps have been released: Cumberland, Hancock, Knox, York, Lincoln, Waldo and Sagadahoc.

The bad news is that flood risks are changing and flood insurance premiums are dramatically affected. The good news is that there are often options and alternatives, including  subsidized and grandfathered rates which can be transferred to new owners. However, rates will still increase gradually over a period of years.

If you’ve been ignoring the flood risk elephant, it’s time to stop. A good place to start getting some basic understanding is a recent article published by the Bangor Daily News. Licensees can and should understand the issue as it relates to businesses, primary and secondary homeowners–both sellers and buyers. This is not an issue that should be reserved until closing.

Ultimately and at a basic level it’s not much different from other risks homeowners must face. There are parallels to homeowners insurance and title insurance–for licensees with clients, it’s about helping those clients manage risk. Just like other risks, another good place to start is by becoming familiar with those companies who provide the insurance necessary.

Aristotle said, “Education is an ornament in prosperity and a refuge in adversity.” You can’t lose by getting smarter!

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