REAL101 Real Estate Fundamentals

Department of Business Studies: Real Estate

I. Course Number and Title
REAL101 Real Estate Fundamentals
II. Number of Credits
2 credits
III. Minimum Number of Instructional Minutes Per Semester
1500 minutes
IV. Prerequisites
None
Corequisites
None
V. Other Pertinent Information
None
VI. Catalog Course Description
Real Estate Fundamentals is a basic course in the practice of real estate in Pennsylvania. Emphasis is on the fundamental principles and concepts of realty property rights and the practices, methods, and laws governing the conveyance of these rights. This course qualifies for the Pennsylvania Real Estate Salesperson examination.
VII. Required Course Content and Direction
  1. Learning Goals:

    1. To provide the student with a basic foundation for additional study and to support the practice of real estate Pennsylvania. The course is designed to acquaint the student with the language, principles and laws that govern the business of real estate. Emphasis is on the underlying concepts of Land, Property, Rights to Realty and the means, methods and laws that govern the conveyance of these rights.
    2. The purpose of the course is to acquaint the student with the fundamentals of the real estate profession. Students will become acquainted with the language, principles, and laws governing the real estate profession, including the following: real property, license law & rules & regulations, interests and holdings, contracts, finance, deeds and titles, conveyancing and recording.
    3. A student passing this course will earn two (2) credit hours toward the salesperson's license requirement. Current state requirements for the salesperson's license is four (4) credit hours, and for a broker''s license, sixteen (16) additional credit hours. This course is a prerequisite for the other real estate courses offered at the college. This course is a foundation upon which the student can continue their real estate education and coupled with practices and real estate training programs, the student can then be prepared to become a true real estate practitioner.
    4. To provide the student with a basic foundation of real estate fundamentals in the State of Pennsylvania.
    5. To provide students with the basic knowledge needed to take Real Estate Practices.
  2. Planned Sequence of Topics and/or Learning Activities:

    1. Basic Concepts in the Field of Real Estate
    2. Land, Property, Rights to Realty, Limitation on Rights
    3. Limitation on Rights in Realty - Introductory
    4. Public --Taxation, Eminent Domain, Police Power, Escheat
    5. Private Voluntary -- Deed Restrictions, Easements, Leases, Mortgages
    6. Private Involuntary -- Liens, Encumbrances and Prescriptive Easements
    7. Math tax problems
    8. Real Property Description
    9. Methods of Describing Real Estate -- Metes and bounds, lot and block Governmental Rectangular Survey System
    10. Types of Descriptions -- Survey, Elevations, Condominium Interests
    11. Math area problems
    12. Real Property Development
    13. Land Planning, Process of Subdividing, Zoning Dead, Restrictions, Interstate Land Sales
    14. Residential Construction -- Foundations, Exterior Structural
    15. Architectural Styles
    16. License Law
    17. Real Estate licensing Act, Rules and Regulations of the Commission, Pennsylvania Human Relations Act
    18. Interests and Holdings in Real Estate
    19. Systems of Holding Land -- Feudal, Allodial
    20. Estates -- Freedhold, Leasehold
    21. Leases, Lessor/Lessee Rights and Responsibilities
    22. Tenancy -- in Severalty, by the Entireties, in Common, Joint
    23. Multiple Ownership by Occupants -- Co-ops, Condos
    24. Multiple Ownership by Investors -- Trusts, Partnerships, Corporations, Syndicationís
    25. Math -- Percentage Leases
    26. Contracts
    27. Classification as to formality - Formal, Informal as to form -- Unilateral, Bilateral as to expression -- Express, Implied as to validity -- Valid, Void, Voidable, Enforceable
    28. Statute of Frauds, Parole Evidence
    29. Operation of Contracts -- Obligations, Assignments
    30. Discharge of Contracts -- Agreement, Performance, Breach, Operation of Law
    31. Type of Real Estate Contracts -- Listing Contracts, Sales Agreements, Leases, Mortgage Options, Escrow Agreements
    32. Principles of Real Estate Financing
    33. Money, Money Markets, Sources and Supply of Money Agencies and Regulations affecting the Cost and Supply of Money
    34. Mortgage Markets -- Primary, Secondary Sources of Real Estate Financing
    35. Financing Instruments -- Mortgage, Note, Deed of Trust
    36. Truth in Lending, Discount Points, Types of Mortgages, Foreclosure
    37. Deeds and Title
    38. Essential Elements and Construction of a Valid Deed, Covenants of Warranty, Types of Deeds
    39. Kinds of Title -- as to acquisition, as to legality, as to equity
    40. Evidence of Title, Title Insurance
    41. Conveyancing Acquisition of Title
    42. Descent
    43. Public Grant
    44. Private Grant -- Voluntary Alienation, Dedication, Devise from Nature -- Accretion, Reliction by Political Relations -- Eminent Domain, Escheat, Confiscation, Forfeiture by Public Policy -- Prescription of Law, Adverse Possession
    45. Recording
    46. History and Purpose of Recording, Requirements for Recording
    47. Effects of not recording, Validity of Unrecorded Deeds
    48. Priority of Liens, Defects in Recording
  3. Assessment Methods for Core Learning Goals:

  4. Reference, Resource, or Learning Materials to be used by Students:

    See course outline for required textbook.
VIII. Teaching Methods Employed
The course will consist of a series of lessons taken from the text and combination workbook. The instructor will, from time to time, insert outside materials as a supplement to this text to give added emphasis to some of the lessons. Example: the detailed copies of the Agreement of Sale. Must read all chapters in advance noted in outline. While emphasis will be on instructor's lectures, the student will be required to read these chapters to supplement not only the lectures, but the students own knowledge. Agreement of Sale problems must be completed and turned in by the students; these will be supplied by the instructor. At the end of each chapter, student should take the test so that student will then be able to grade themselves as to their ability to comprehend the chapter material.

Review/Approval Date - 6/99