REAL102 Real Estate Practice

Department of Business Studies: Real Estate

I. Course Number and Title
REAL102 Real Estate Practice
II. Number of Credits
2 credits
III. Minimum Number of Instructional Minutes Per Semester
1500 minutes
IV. Prerequisites
REAL101
Corequisites
None
V. Other Pertinent Information
A student passing this course will earn two (2) credit hours toward the salesperson''s license required four (4) credit hours. This course is a prerequisite for the other real estate courses offered at the college. Real Estate Fundamentals and Real Estate Practices are the two courses required to qualify for the Pennsylvania Real Estate Salesperson Examination.
VI. Catalog Course Description
The course is designed to acquaint the student with the basic techniques, procedures, regulations, and ethics involved in a real estate transaction along with a working knowledge of the necessary forms and documents. 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 an introduction to all facets of the real estate business including a survey of fields of specialization. Emphasis is on the role of a real estate agent in the field of residential brokerage. This course is designed to acquaint the student with the basic techniques, procedures, regulations and ethics involved in a real estate transaction along with a working knowledge of the forms and documents used including the related mathematics.
    2. To provide the student with the basic techniques, procedures, regulations, and ethics involved in a real estate transaction along with a working knowledge of necessary forms and documents.
    3. To provide the student with an introduction to all facets of the real estate business including a survey of fields of specialization.
    4. To provide the student with a basic foundation of real estate practices in Pennsylvania.
    5. The student will have a basic understanding of Real Estate Practice in the State of Pennsylvania.
  2. Planned Sequence of Topics and/or Learning Activities:

    1. Real Estate Brokerage
      1. Real Estate Markets, Real Estate Organizations, Agency
      2. Relationships, Compensation, The Brokerage Business
    2. Federal Fair Housing
      1. Ethics and Standards of Professional Practice
      2. Math -- Commission Problems
    3. Listing Real Estate
      1. Listing Agreements, Rights and Responsibilities of Agent and Principle under various types of Listing Contracts
      2. Securing and Servicing Listings
      3. Advertising the Property
      4. Math -- Sellers Cost Sheet, Net to Owner Problems
    4. Selling Real Property
      1. Offer to Purchase Contract, Agents Authority and Responsibility in the Preparation of Legal Documents
      2. Qualifying the Buyer, Showing the Property, Completing the Sale
      3. Math -- Sellers Cost Sheet, Net to Owner Problems
    5. Financing the Single Family Residence
      1. Types of Loans -- Conventional, FHA, VA, Variable Rate, etc.
      2. Application, Appraisal, Underwriting, Commitment, Equal Credit Opportunity Act
      3. Math -- Loan/Value Ratio, Term Loans, Amortizing Loans
    6. Settlement of Real Estate Transactions
      1. Responsibilities and Role of Parties Present at Closing
      2. Real Estate Agents Preparation for Closing
      3. Real Estate Settlement Procedure Act
      4. Procedures at Closing, The Closing Statement
      5. Math -- Proration Problems
    7. A survey of Specialized Fields of Real Estate Practice
      1. Brokerage -- Residential, Commercial, Industrial
      2. Property Management
      3. Real Estate Investing
      4. Appraising -- Value, Appraisal Process, Approaches to Value, Appraising Partial Interest Title Insurers
    8. Math -- Appreciation/Depreciation Problems, Capitalization Problems
  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 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: samples of completed settlement charges using RESPA forms, and detailed instructions to tax pro rations. 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. Settlement Charge Estimates and RESPA forms 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 - 9/99