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A REAL ESTATE CAREER

CAREER OPPORTUNITIES . & . LICENSE REQUIREMENTS. Roger Torneden, Ph.D.; CFP® . Director: Business, Management . & Legal Programs. ULCA Extension. Roger Torneden, Ph. D.. Ph. D., New York University, Stern School of Business.

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A REAL ESTATE CAREER






Presentation on theme: "A REAL ESTATE CAREER"— Presentation transcript:

Slide1

A REAL ESTATE CAREER

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 ResearchB.S. Industrial Administration, University of KansasAuthor; Speaker; Published writer of essays on economics & financeCertified Financial PlannerInstructorSlide4

Michael Fiorina

Total Commercial Real Estate, Founder, CEO

State Bar of CaliforniaUnited States District Court, Central District of CaliforniaD. C. Court of AppealsExpert Witness: premises liability; standard of care; duty owed; breach of duty; licensee dutiesState Court Receiver & RefereeLicensed California Real Estate BrokerUCLA Extension, Instructor Slide5

What type of real estate?

When you think of the real estate business, what type of real estate comes to mind?Slide6

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, Commercial - OfficeHigh rise; garden style; “creative”; IndustrialWarehouse, manufacturing, distribution, “pick-pack & ship”Storage Facilities (household goods, art, wine, vehicles)Slide7

Hospital; urgent care

Assisted living & convalescent facilities

AgricultureAgriculture (vineyards, orchards, timber land, live stock, other crops)Mineral 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

MedicalSlide8

Government agencies; regional authorities (RWQCB, AQMD, CCC, CEC, MTA)

Public/Private

partnerships (Grand Park; LA River Project)United States Green Building Council USGCB) and design, construction & management“LEED” – Leadership in Energy & Environmental DesignFinance: Debt & EquityMortgage lenders/brokers; Loan servicingGSE’s: Fannie, Freddie, FHA, Ginnie Mae; VA, Cal VetBanks, Savings & Loans, credit unions, wealth management; Family OfficePrivate equity funds Debt markets: RMBS/CMBS

Corporate

debt (bonds)

Pension funds; life companies

Urban Planning & Land UseSlide9

Insurance & Risk Management

Construction (hazard, defect, wrap,

completion)Liability, Errors & Omissions, fidelity bond, Workers’ Compensation, performance & completion bonds, OSHA & EDD ComplianceLand Use, Entitlement & DevelopmentZoning & Government RegulationSite AcquisitionDemographic Research & AnalysisLand SurveyTitle InsuranceEnvironmental Study, Review, & “Impact Reports”Financial Modeling & ProjectionsDesign: Architecture, Exterior, Interior

Engineering: Geologic, Civil, Structural, Mechanical

Construction & Project ManagementSlide10

Appraisal

Uniform Standards of Professional Appraisal Practices (“USPAP”)

Commercial Real Estate BrokerageSales; 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)Slide11

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.”Slide12

BRE Home Page: Essential Information

Verify a Real Estate License

2017 Real Estate Law Book Consumer AlertsCurrent NewsFAQsDepartment of Consumer AffairsMultiple Jurisdiction License LookupFormsFile a ComplaintReal Estate Business ResourcesComplete List of PublicationsInvitation for Public Comment/Hearing NoticesCalBRE has 5 offices and is HQ’d in Sacramento.Public Information Line: 877-373-4LIC (4542) Slide13

Salesperson Licensing Requirements

Salesperson license applicants must:

Be 18 years oldBe honestBe breathing“Successfully complete” 3 BRE approved coursesPass the salesperson examApply for the license and pay the application feeSlide14

Broker Licensing Requirements

Broker license applicants must:

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 feeSlide15

15

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.comSlide16

16

The Marguleas

TeamSlide17

17

Developers & New Construction

Market TrendsSlide18

18

Pacific Palisades’ Annualized DataSlide19

Virtual tour

combines still photos, aerial shots and video

Staging19

MarketingSlide20

20

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 QuestionsSlide21

21

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 AgentSlide22

Hello UCLA!Slide23

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.Slide24

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.Slide25

OUR OFFICESSlide26

AU CALENDARSlide27

Thank you

UCLA

!Slide28

Andrew ManningSlide29

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 SFRSlide30

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 promissory noteequity interest in the acquired propertyLakers or Clippers ticketsStock options

wine

“in-kind” remuneration

any of the aboveSlide31

5.

Upon resale, which

home improvement projects are most likely to return to the seller at least the original capital investment? kitchen or bathroom remodeladding 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%

Approximately 4.5 %

Less than 4 %

3.75 % Slide32

7. The terms “agent” and “Realtor” are synonymous.

true

false 8. The Federal Reserve (the “Fed”), chaired by Janet Yellen, determines home mortgage interest rates.true false9. Under California law, a neutral 3rd party called an escrow company, is required in the sale of a single family residence (SFR) to a homebuyer.true false Slide33

10. 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 it as a singer 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 PropertySlide34

THANK YOU 

WE LOOK FORWARD TO

SEEING YOU TEACHING YOU &TO YOULEARNING IN OUR CLASSES !UCLA EXTENSION