REAL101 Real Estate Fundamentals
Department of Business Studies: Real Estate
Course Number and TitleREAL101 Real Estate Fundamentals
Number of Credits2 credits
Minimum Number of Instructional Minutes Per Semester1500 minutes
Other Pertinent InformationNone
Catalog Course DescriptionReal 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.
Required Course Content and Direction
- 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.
- 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.
- 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.
- To provide the student with a basic foundation of real estate fundamentals in the State of Pennsylvania.
- To provide students with the basic knowledge needed to take Real Estate Practices.
Planned Sequence of Topics and/or Learning Activities:
- Basic Concepts in the Field of Real Estate
- Land, Property, Rights to Realty, Limitation on Rights
- Limitation on Rights in Realty - Introductory
- Public --Taxation, Eminent Domain, Police Power, Escheat
- Private Voluntary -- Deed Restrictions, Easements, Leases, Mortgages
- Private Involuntary -- Liens, Encumbrances and Prescriptive Easements
- Math tax problems
- Real Property Description
- Methods of Describing Real Estate -- Metes and bounds, lot and block Governmental Rectangular Survey System
- Types of Descriptions -- Survey, Elevations, Condominium Interests
- Math area problems
- Real Property Development
- Land Planning, Process of Subdividing, Zoning Dead, Restrictions, Interstate Land Sales
- Residential Construction -- Foundations, Exterior Structural
- Architectural Styles
- License Law
- Real Estate licensing Act, Rules and Regulations of the Commission, Pennsylvania Human Relations Act
- Interests and Holdings in Real Estate
- Systems of Holding Land -- Feudal, Allodial
- Estates -- Freedhold, Leasehold
- Leases, Lessor/Lessee Rights and Responsibilities
- Tenancy -- in Severalty, by the Entireties, in Common, Joint
- Multiple Ownership by Occupants -- Co-ops, Condos
- Multiple Ownership by Investors -- Trusts, Partnerships, Corporations, Syndicationís
- Math -- Percentage Leases
- Classification as to formality - Formal, Informal as to form -- Unilateral, Bilateral as to expression -- Express, Implied as to validity -- Valid, Void, Voidable, Enforceable
- Statute of Frauds, Parole Evidence
- Operation of Contracts -- Obligations, Assignments
- Discharge of Contracts -- Agreement, Performance, Breach, Operation of Law
- Type of Real Estate Contracts -- Listing Contracts, Sales Agreements, Leases, Mortgage Options, Escrow Agreements
- Principles of Real Estate Financing
- Money, Money Markets, Sources and Supply of Money Agencies and Regulations affecting the Cost and Supply of Money
- Mortgage Markets -- Primary, Secondary Sources of Real Estate Financing
- Financing Instruments -- Mortgage, Note, Deed of Trust
- Truth in Lending, Discount Points, Types of Mortgages, Foreclosure
- Deeds and Title
- Essential Elements and Construction of a Valid Deed, Covenants of Warranty, Types of Deeds
- Kinds of Title -- as to acquisition, as to legality, as to equity
- Evidence of Title, Title Insurance
Acquisition of Title
- Public Grant
- 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
- History and Purpose of Recording, Requirements for Recording
- Effects of not recording, Validity of Unrecorded Deeds
- Priority of Liens, Defects in Recording
Assessment Methods for Core Learning Goals:
Reference, Resource, or Learning Materials to be used by Students:See course outline for required textbook.
Teaching Methods EmployedThe 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