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. Number of Instructional Minutes
1500
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. Course 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; and
    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
    10. Governmental Rectangular Survey System
    11. Types of Descriptions -- Survey, Elevations, Condominium Interests
    12. Math Area Problems
    13. Real Property Development
    14. Land Planning, Process of Subdividing, Zoning Dead, Restrictions, Interstate Land Sales
    15. Residential Construction -- Foundations, Exterior Structural
    16. Architectural Styles
    17. License Law
    18. Real Estate licensing Act, Rules and Regulations of the Commission, Pennsylvania Human Relations Act
    19. Interests and Holdings in Real Estate
    20. Systems of Holding Land -- Feudal, Allodial
    21. Estates -- Freedhold, Leasehold
    22. Leases, Lessor/Lessee Rights and Responsibilities
    23. Tenancy -- in Severalty, by the Entireties, in Common, Joint
    24. Multiple Ownership by Occupants -- Co-ops, Condos
    25. Multiple Ownership by Investors -- Trusts, Partnerships, Corporations, Syndication's
    26. Math -- Percentage Leases
    27. Contracts
    28. Classification as to Formality - Formal, Informal as to Form -- Unilateral, Bilateral as to Expression -- Express, Implied as to Validity -- Valid, Void, Voidable, Enforceable
    29. Statute of Frauds, Parole Evidence
    30. Operation of Contracts -- Obligations, Assignments
    31. Discharge of Contracts -- Agreement, Performance, Breach, Operation of Law
    32. Type of Real Estate Contracts -- Listing Contracts, Sales Agreements, Leases, Mortgage Options, Escrow Agreements
    33. Principles of Real Estate Financing
    34. Money, Money Markets, Sources and Supply of Money Agencies and Regulations Affecting the Cost and Supply of Money
    35. Mortgage Markets -- Primary, Secondary Sources of Real Estate Financing
    36. Financing Instruments -- Mortgage, Note, Deed of Trust
    37. Truth in Lending, Discount Points, Types of Mortgages, Foreclosure
    38. Deeds and Title
    39. 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
    40. Evidence of Title, Title Insurance
    41. Conveyancing
    42. Alienation of Title -- Voluntary, Involuntary, Sign, Seal, and Delivery
    43. Acquisition of Title
    44. Descent
    45. Public Grant
    46. 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
    47. Recording
    48. History and Purpose of Recording, Requirements for Recording
    49. Effects of not Recording, Validity of Unrecorded Deeds
    50. Priority of Liens, Defects in Recording
  3. Assessment Methods for Course Learning Goals

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

    See course syllabus for required textbook.

Review/Approval Date - 6/99; New Core 8/2015