Real Estate

Upon completion of this course, the student will be able to:

• SLO #1: Apply the principles and concepts of real property law that are commonly encountered in the practice of real estate, and recognize situations in which legal counsel should be sought.
• Describe the sources of law and the judicial systems at local, state, and federal levels within the United States.
• Explain the nature and elements of property and property rights.
• Describe the fundamentals of contract law and commonly used contracts and disclosures in the practice of real estate.
• Define the law of agency and explain the rights and responsibilities of the participants in an agency relationship.
• Explain the role of California Department of Real Estate in protecting the public interest in real estate matters.
• Describe federal and California fair housing and fair lending laws.
• Explain land-use controls as enacted and enforced by public agencies and private parties.
• Describe the rights and responsibilities of the participants in a landlord-tenant relationship as governed by law and by contract.
• Explain the use of real estate security devices in the lending process and the rights and obligations of the parties involved.
• Explain the escrow process and the rights and responsibilities of the parties involved.
• Analyze case studies and scenarios using legal principles and concepts to identify and explain legal issues.

Upon completion of this course, the student will be able to:

• SLO #1: Demonstrate knowledge of the fundamental concepts and practices of the business of real estate sales with an emphasis on residential properties.
• Define real estate brokerage and compare/contrast the roles and responsibilities of real estate salesperson and real estate broker.
• Define and use terminology commonly used in the real estate industry.
• Describe the law of agency and fair housing laws, and discuss the application of ethics in the real estate industry.
• Identify and understand the impacts of implicit bias, explicit bias, and systemic bias on consumers, and describe actionable steps to recognize and address implicit biases.
• Describe prospecting methods to obtain clients and sales techniques used in selling a property.
• Explain the sales transaction process including the necessary contracts, disclosures, and other documents.
• Explain the necessary qualifications for California's Real Estate Salesperson and Real Estate Broker licensing examinations.

Upon completion of this course, the student will be able to:

• SLO #1: Articulate the principles and practices of real estate financing.
• Explain the concept of money, the monetary and fiscal policies of the United States, and the mortgage market.
• List and describe the contracts and security devices of real estate finance and the rights and responsibilities of the parties involved.
• Identify and describe the sources of funds for real estate borrowers.
• Explain the process of financing a single-family home.
• Describe the types of loans available for financing a 1-to-4 family residence.
• Explain the processes for qualifying a property and qualifying a borrower for a real estate loan.
• Describe federal and California fair lending and consumer protection laws.
• List and describe the regulatory agencies that oversee real estate lending practices.
• Discuss the issues associated with real estate lending including, but not limited to, foreclosure, forbearance, short sales, and usury.
• Describe the different types of loans available for new constructions, investment properties, and atypical financing.

Upon completion of this course, the student will be able to:

• SLO 1: DEMONSTRATE SKILL AND COMPREHENSION IN RESPECTIVE SUBJECT AREAS AS INDICATED BY COURSE OUTCOMES PERTAINING TO THE ADVANCED APPRAISAL PROCESS.
• Understand the various methods of adjusting comparable sales to indicate the value of the appraised property, including the reason for and the ability to adjust for nonstandard financing, where appropriate.
• Identify the primary motivation for purchasing real property, recognize the relationship between the various rates of return, see the interrelationships among present and future worth functions; develop and property use capitalization rates; and computer an overall capitalization rate and properly apply it to net operating income.
• Describe several methods for capitalizing income; determine which of the residual techniques of capitalization is most applicable in determining and estimate of value under circumstances; understand the comparative strengths and weaknesses of each of the residual techniques.
• SLO 2: DEMONSTRATE THE ABILITY TO THINK CRITICALLY AND ANALYZE PROBLEMS.
• Distinguish among leased fee, leasehold estate, and fee simple interest and understand how to value a leased fee interest, a leasehold estate, and a sandwich lease.
• Determine appropriate time to use the depreciated cost approach; distinguish between economic life and physical life; and compute cost and depreciation using different methods.
• SLO 3: EXPRESS IDEAS AND FACTS CLEARLY AND COMPLETELY.
• Identify why typical management is assumed in conducting market value appraisals; distinguish between potential gross income and effective gross income; understand the need to undertake a comprehensive lease analysis, recognize different conditions that can distort rental income and expenses; reconstruct an owner's operating expense statement; discern the difference between capital and operating expenditures; and understand the proper ways of setting up allowances for replacements.

Upon completion of this course, the student will be able to:

• SLO 1: DEMONSTRATE SKILL AND COMPREHENSION IN RESPECTIVE SUBJECT AREAS AS INDICATED BY COURSE OUTCOMES PERTAINING TO REAL ESTATE ECONOMICS.
• Describe the economic principles that govern real estate markets and buyer/seller behavioral patterns.
• SLO 2: DEMONSTRATE THE ABILITY TO THINK CRITICALLY AND ANALYZE PROBLEMS.
• Describe the economic impacts of income and property taxation on market value.
• Logically interpret national, regional, and community trends in terms of their effects on real estate.
• Analyze and apply sound economic principles to income processing through the use of break-even analysis, cash equivalents, capitalization theory, and internal fair rates of return.

Upon completion of this course, the student will be able to:

• SLO 1: DEMONSTRATE THE ABILITY TO THINK CRITICALLY AND ANALYZE PROBLEMS.
• Acquire and demonstrate basic understanding of the fundamental principles and procedures involved in ordinary escrow transactions.
• Demonstrate knowledge of the content, purpose and use of the basic forms/formats generally used in the processing of an escrow.
• Analyze the various types of title insurance policies.
• SLO 2: EXPRESS IDEAS AND FACTS CLEARLY AND COMPLETELY.
• Explain the procedures used in opening, processing, and closing an escrow.
• Define, understand and use the technical terminology used in the escrow industry.

Upon completion of this course, the student will be able to:

• SLO 1: DEMONSTRATE THE ABILITY TO THINK CRITICALLY AND ANALYZE PROBLEMS.
• Identify the problems of unusual escrows.
• Analyze escrow situations and offer solutions to the situations and/or problems.
• Demonstrate application of escrow procedures in the real estate field.
• Prepare escrows.
• SLO 2: DEMONSTRATE SKILL AND COMPREHENSION IN RESPECTIVE SUBJECT AREAS AS INDICATED BY COURSE OUTCOMES.
• Understand escrow procedures for complex real estate transactions.

Upon completion of this course, the student will be able to:

• SLO #1: Describe the principles and practices of real property management.
• Describe the roles and functions of property managers, including their relationships with owners, tenants, and other market participants.
• Explain the importance of creating the financial and operational strategy in a property management plan and why a property owner's investment objectives should be identified and incorporated into the plan.
• List and define the classifications of real estate and the categories of property types within each classification.
• Describe the specific practices and issues in the management of various property types.
• Describe the legal aspects of real property management, including contract, statutory, and regulatory laws.
• Discuss the importance of upholding and promoting the ethical standards of the property management profession.
• Explain the principles of risk management as it applies to property management.

Upon completion of this course, the student will be able to:

• SLO #1: Actively engage in intellectual inquiry beyond that required in order to pass a course of study (College Wide Learning Outcome – Area 4).
• Discuss and outline a proposal of study (that can be accomplished within one semester term) with a supervising instructor qualified within the discipline.
• Design an independent study (to be completed individually or by collaboration of a small group) to foster special knowledge, skills, and experience that are not available in any one regularly scheduled course.
• Use information resources to gather discipline-specific information.
• SLO #2: Utilize modes of analysis and critical thinking to apply theoretical perspectives and/or concepts in the major discipline of study to significant problems and/or educational activities (College Wide Learning Outcome – Area 3).
• Analyze and apply the knowledge, skills and experience that are involved in the independent study to theoretical perspectives and/or concepts in the major discipline of study.
• Explain the importance of the major discipline of study in the broader picture of society.
• SLO #3: Communicate a complex understanding of content matter of the major discipline of study (College Wide Outcome – Area 3).
• Demonstrate competence in the skills essential to mastery of the major discipline of study that are necessary to accomplish the independent study.
• SLO #4: Identify personal goals and pursue these goals effectively (College Wide Outcome – Area 4).
• Utilize skills from the “academic tool kit” including time management, study skills, etc., to accomplish the independent study within one semester term.

Upon completion of this course, the student will be able to:

• SLO #1: Apply principles and information from prior classroom study to the daily activities of a real estate salesperson through supervised on-the-job experience.
• Describe the duties and expectations of a real estate salesperson.
• Explain the process of buying and selling a parcel of real estate.
• Discuss different methods used in the real estate industry for building a clientele.
• Describe the role of financing in the real estate purchasing process.
• Know and explain the different types of disclosures and inspections a buyer and/or lender may require during the purchase and financing of a property.
• Describe the roles and responsibilities of other entities and professionals in the real estate industry.
• Identify and understand the impacts of implicit bias, explicit bias, and systemic bias on consumers, and describe actionable steps to recognize and address implicit biases.

Upon completion of this course, the student will be able to:

• SLO 1: DEMONSTRATE THE ABILITY TO UNDERSTAND IMPORTANT REAL ESTATE PRINCIPLES, CONCEPTS, AND TERMINOLOGY AND HOW THEY IMPACT THE BUSINESS OF REAL ESTATE.
• Understand the various methods of acquiring and transferring real property.
• Understand and describe the methods available for holding title to real estate, the requirements of a valid deed, and how legal encumbrances (liens, easements, and encroachments) affect the use and value of real property.
• Describe the necessary background and qualifications for the California Real Estate Salesperson's and Broker's License and understand the requirements of the state licensing examination.
• Understand the concept of agency, including how agency relationships are formed, duties of agent and principal, and the liability of the parties. Describe the fiduciary responsibilities arising from an agency relationship. Discuss the concept of ethics and its role in the real estate transaction process.
• Understand the essential elements of a valid real estate contract and describe the common forms used in a real estate transaction, including the listing agreement, purchase contract, and required disclosures.
• Identify and describe the various approaches to real estate appraisal and which valuation approach is best for a particular situation.
• Understand the landlord and tenant relationship and the duties owed to each other.
• Evaluate the consequences of failing to comply with state and federal laws pertaining to fair housing, environmental impact, and subdivisions.
• SLO 2: DEMONSTRATE THE ABILITY TO THINK CRITICALLY AND ANALYZE PROBLEMS SO AS TO BE ABLE TO APPLY REAL ESTATE PRINCIPLES AND CONCEPTS TO RESOLVE REAL AND HYPOTHETICAL REAL ESTATE ISSUES.
• Analyze real estate statutory and case law to understand important legal principles and apply the legal rules to fact patterns to reach defensible legal conclusions.
• Demonstrate the ability to utilize the internet and other media and web based content to conduct research and complete the real estate transaction process.

Upon completion of this course, the student will be able to:

• SLO 1: DEMONSTRATE SKILL AND COMPREHENSION IN RESPECTIVE SUBJECT AREAS AS INDICATED BY COURSE OUTCOMES PERTAINING TO REAL ESTATE APPRAISAL.
• Explain the various purposes and uses of appraisals.
• Explain the concepts and characteristics of real property.
• Describe the methods of legal descriptions and demonstrate the use of appropriate methods in identifying real property.
• Distinguish between the different forms of property ownership, leases, contracts, and use restrictions on real estate.
• Explain the four influences on real estate values (physical, government, economic, and social) and the four essential elements of value (utility, scarcity, demand, and transferability).
• Describe economic principles as they relate to real property and real property valuation.
• Describe real estate market fundamentals and characteristics, and apply an appropriate description to current market activity.
• Explain why concepts of value differ and why a definition of value is imperative in an appraisal report.
• Describe the steps of the appraisal process.
• Describe the Uniform Standards of Appraisal Practice (USPAP), explain why it exists, and apply its standards and rules in all assignments.
• Explain the concept of highest and best use and apply the concept to vacant and improved properties.
• Explain and develop the sales comparison approach, cost approach, and/or income approach methods to real property valuations as appropriate.
• Apply proper valuation procedures and techniques in developing a credible appraisal report.

Upon completion of this course, the student will be able to:

• SLO #1: Actively engage in intellectual inquiry beyond that required in order to pass a course of study (College Wide Learning Outcome – Area 4).
• Discuss and outline a proposal of study (that can be accomplished within one semester term) with a supervising instructor qualified within the discipline.
• Design an independent study (to be completed individually or by collaboration of a small group) to foster special knowledge, skills, and experience that are not available in any one regularly scheduled course.
• Use information resources to gather discipline-specific information.
• SLO #2: Utilize modes of analysis and critical thinking to apply theoretical perspectives and/or concepts in the major discipline of study to significant problems and/or educational activities (College Wide Learning Outcome – Area 3).
• Analyze and apply the knowledge, skills and experience that are involved in the independent study to theoretical perspectives and/or concepts in the major discipline of study.
• Explain the importance of the major discipline of study in the broader picture of society.
• SLO #3: Communicate a complex understanding of content matter of the major discipline of study (College Wide Outcome – Area 3).
• Demonstrate competence in the skills essential to mastery of the major discipline of study that are necessary to accomplish the independent study.
• SLO #4: Identify personal goals and pursue these goals effectively (College Wide Outcome – Area 4).
• Utilize skills from the “academic tool kit” including time management, study skills, etc., to accomplish the independent study within one semester term.