CAREER OPPORTUNITIES amp LICENSE REQUIREMENTS Roger Torneden PhD CFP Director Business Management amp Legal Programs ULCA Extension Roger Torneden Ph D Ph D New York University Stern School of Business ID: 639215
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CAREERS IN REAL ESTATE
CAREER OPPORTUNITIES
&
LICENSE REQUIREMENTSSlide2
Roger Torneden, Ph.D.; CFP®
Director: Business, Management
& Legal ProgramsULCA ExtensionSlide3
Roger Torneden, Ph. D.Ph. D., New York University, Stern School of Business
M.S., University of Kansas, Operations Research
B.S. Industrial Administration, University of KansasAuthor; Speaker; Published writer of essays on economics & financeCertified Financial PlannerInstructorSlide4
Michael Fiorina, I’m in real estate
Total Commercial Real Estate, Founder, CEO
State Bar of CaliforniaUnited States District Court, Central District of CaliforniaD. C. Court of AppealsExpert Witness: premises standard of care, duty and breach; licensee dutiesState Court ReceiverState Court RefereeLicensed California Real Estate BrokerUCLA Extension, Instructor Slide5
Types of Real Estate Careers & Product
Housing & Dwelling Units
Residential (single family residences (“SFR”), 1-4 dwelling units, condominiums, townhomes, vacation ownership, sea-borne residences)Multi-family - 5 units or more (market rate; student housing; seniors; subsidized; tax credit)Commercial - RetailRegional Malls, Power Centers, Neighborhood Centers, Strip Centers, Triple Net, Public/Private Concessions, street frontCommercial - OfficeCreative, high-rise, tech, garden style; sharedIndustrialWarehouse, manufacturing, distribution, “pick-pack & ship”Storage Facilities (household goods, art, wine, vehicles)Slide6
Hospital; urgent care
Assisted living & convalescent facilities
AgricultureAgriculture (crops, vineyards, orchards, timber land, live stock) Crops; orchards; vineyards; livestockMineral rights, Rights of Way; Water Rights (sale / trade)Conservation EasementsEntertainment Venues; theme parks; sports facilities; golf; resortPower generating facilities; oil, gas, solar, wind, nuclear, geothermal; hydropowerReligious, education & government installations
MedicalSlide7
Government agencies; regional authorities (RWQCB, AQMD, CCC, CEC, MTA)
Economic, demographic & population trends
Public/Private partnerships (Grand Park; LA River Project)United States Green Building Council USGCB)Green Building design, construction & management“LEED” – Leadership in Energy & Environmental DesignLenders: Debt, Equity & FinancingMortgage lenders/brokers; Loan servicingGSE’s: Fannie, Freddie, FHA, Ginnie Mae; VA, Cal VetBanks, Savings & Loans, credit unions, wealth managementPrivate equity funds (IB’s, advisors; financial analysts)Debt markets: RMBS/CMBS
Corporate debt (bonds)
Pension funds; life companies
Urban Planning & Land UseSlide8
Insurance & Risk Management
Construction (hazard, defect, wrap, completion and personal guarantees)
Liability, Errors & Omissions, fidelity bond, Workers’ Compensation, performance & completion bond, OSHA AD EDD ComplianceLand Use, Entitlement & DevelopmentZoning & Government RegulationSite AcquisitionDemographic Research & AnalysisLand SurveyTitle InsuranceEnvironmental Study, Review, & “Impact Reports”Financial Modeling & ProjectionsDesign: Architecture, Exterior, InteriorEngineering: Geologic, Civil, Structural, MechanicalConstruction & Project ManagementSlide9
Appraisal Uniform Standards of Professional Appraisal Practices (“USPAP”)
Commercial Real Estate Brokerage
Sales; acquisitions; like-kind exchanges; leasingBusiness opportunities (“Bulk Sales”)Listing services (Reis, Loopnet, CoStar, AIR, Xceligent)Residential Real Estate Brokerage Single Family ResidencesPlanned Unit Developments (“PUD’s”) e.g., condominiumsTime Shares/Fractional OwnershipListing Services (NAR, MLS, Zillow, Redfin, Trulia)Slide10
California Bureau of Real Estate (“BRE”)
“The mission of the California Bureau of Real Estate is to safeguard and promote the public interests in REAL ESTATE MATTERS through licensure, regulation, education and enforcement.”Slide11
BRE Home Page: Essential InformationVerify a Real Estate License
2014 Real Estate Law
Consumer AlertsCurrent NewsFAQsDepartment of Consumer AffairsMultiple Jurisdiction License LookupFormsFile a ComplaintReal Estate Business ResourcesComplete List of PublicationsInvitation for Public Comment/Hearing Notices Connect With Us: Call BRE Public Information Line1-877-373-4LIC (4542) Slide12
Real Estate Licensing
Salesperson License
Be 18 years oldBe honestBe breathingSuccessfully complete 3 approved coursesPass the salesperson examApply for the license and pay the application feeSlide13
Real Estate Licensing
Broker License
Be 18 years oldBe honestSuccessfully complete 8 approved courses2 Years of full time experience (or equivalent or Bachelors in real estate –or minor)Pass the Broker examApply for the license and pay the application feeSlide14
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Founded Amalfi Estates, a luxury residential real estate firm based in Pacific Palisades 22 years ago# 1 agent in the Palisades, 13th in LA, 60th in the nation Sold $135 Million in 2015$1 Billion in properties sold and helped over 600 familiesPublished 300 articles
10% of each commission goes to charity of our clients choice
How I started? solo agent vs team concept
Anthony Marguleas
310-293-9280 cell
anthony@amalfiestates.comSlide15
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The Marguleas
TeamSlide16
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Developers & New Construction
Market TrendsSlide17
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Pacific Palisades’ Annualized DataSlide18
Virtual tour combines still photos, aerial shots and video
Staging
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MarketingSlide19
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How many hours does a typical agent work?
What is the average income for a real estate agent in LA?How long does it take to sell your 1st home?How many homes does an average agent sell?How much would an agent make selling a $1M home?
Real Estate QuestionsSlide20
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Find a niche, specialty market: EBA (Exclusive Buyer’s Agent, Luxury home specialist, condos, 1st time buyers, or farm a specific geographical area
Over deliver and under commitBe an expert in your market, go to as many open houses as possible. Study why some homes sold for what they did.Hours for licensee, Dr 9K, dentist 7.5K, lawyer 6K, dental assist 1.5K, taxi driver 104, Realtor was 45 and now 135.Study the real estate contractsListen to your clients and what they really wantAlways ask “what is in the client’s best interest”?Be an assistant to a top agent in your town
Tips to be a Successful AgentSlide21
Hello UCLA!Slide22
ABOUT MICHAEL
MICHAEL
WILLIAMSONExecutive Vice President and Partner
Inspired
by
Aaroe’s
vision for a fully supportive agent environment, noted real estate leader Michael Williamson became a partner in the new John
Aaroe
Group in early 2009. On the firm's launch, he opened and managed its first branch in Sherman Oaks. Michael began selling real estate three decades ago, rising to Top Producer status at Jon Douglas Company. He later transitioned to branch management, skillfully guiding and supporting agents there and at Coldwell Banker. In 1999, Michael moved to Prudential California Realty to open the Laurel Canyon branch of the firm’s new John
Aaroe
Division. He later introduced the brand to the Coachella Valley, serving as Regional Manager and heading the Palm Springs office.Slide23
ABOUT JOHN AAROE GROUP
OUR COMPANY
John Aaroe Group is a Los Angeles owned and operated real estate brokerage with strategic locations in Beverly Hills, Brentwood, Sunset Strip, Baldwin Hills/View Park, Sherman Oaks, Studio City, Toluca Lake, Downtown LA, and Pasadena. Because neighborhood knowledge is a key factor in achieving the most successful results for you, we’ve established these core offices to customize our services to the unique neighborhood personalities that make up the greater Los Angeles area.OUR PEOPLE FIRST PHILOSOPHY
While technology, marketing, research and statistics play important roles in any successful real estate transaction, the most critical element of all is people. When you bring the right buyers, sellers or investors together, the result is a solid deal with a rewarding outcome. Our agents are experts at creating this synergy — and it’s the aspect they love most about what they do.
OUR MISSION
John
Aaroe
Group intends to be the preeminent real estate firm in selected affluent markets throughout Southern California. We will reach our goal while reflecting the core philosophies of our founder: every agent is experienced and committed to upholding our high standards of integrity and personal service … every client is carefully counseled, skillfully represented and treated with respect … and our expert management team is dedicated solely to helping our associates and clients achieve their goals.Slide24
OUR OFFICESSlide25
AU CALENDARSlide26
Thank you
UCLA
!Slide27
QUIZ
1. The California Bureau of Real Estate (“BRE”) issues how many different types of real estate licenses?
onetwothreefour2. California real estate law requires all Sellers of single family residences (“SFR”) to pay a real estate commission equal to __% of the gross sale price.2%5%6%There is no California law that requires any payment of any real estate brokerage commissions to any real estate licensee, upon sale of any SFRSlide28
3. To obtain a California Salesperson or Broker license, the applicant must be present in the U.S. legally.
true
false4. Which of the following is a legally valid form of commission payment to a real estate licensee?money a promissory notean equity interest in the acquired propertyLakers (or better yet, Clippers) ticketsa cork screwwine“in-kind” remuneration
any of the aboveSlide29
5. Which home renovations and/or remodeling projects most often return at least the original capital investment upon resale of the home?
kitchen or bathroom remodel
adding one bedroominstalling a swimming pool/spa featureinstalling a new energy efficient/fire resistant roofadding a 2-car garageinstalling an outdoor cooking/dining area 6. Since WW II, the average rate on a 30 year, fixed rate, conforming mortgage is:Between 6% and 7% 4.5 % 4 %
3.75 %
7. To obtain a real estate salesperson license in California, an applicant is required to successfully complete more credit hours than which of the following?
doctor, electrician, psychologist, or chiropractor
veterinarian, architect, lawyer, or commercial airline pilot
cosmetologist, police officer, chef, or CPA
personal trainer, plumber, or dental assistant
Taxi driver, or dog walker
none of the aboveSlide30
Freda, a 39 year old single woman, owns, as her sole and separate property, a 10 acre, 180° view bluff-top, single family residence appraised at $20 million, on the edge of
Toyopa
Drive in Pacific Palisades overlooking the Pacific Ocean. The property is free and clear of all liens and loans. Freda fell in love with her new bf, 23 year old Jay-Sea-Vu, who has just arrived from Texas and moved in with her as he tries to make a singing career in Hollywood. He convinced Freda to marry him. After marrying Jay-Sea-Vu, and immersed in wedded bliss, Freda’s Toyopa Drive mansion:automatically becomes Community Property, ½ owned by her husband, Jay-Sea-Vucan never become Community Propertymay gradually become Community Property during the duration of the marriageremains her sole and Separate Property until she decides to allow it to become Community PropertySlide31
THANK YOU
WE LOOK FORWARD TO
SEEING YOU &TEACHING YOUIN OUR CLASSES !UCLA EXTENSION