SYLLABUS Class Time and Location:
RE 312 – Real Estate Law Tuesday and Thursday 11:00 – 12:15 PM Room 1185, Grainger Hall
Spring 2007
Instructor:
Peter Ritz – Room 5271, Grainger Hall Off Campus Phone - 257-8280 -- Campus Phone – 265-3532 E-mail: pritz@bus.wisc.edu Tuesday: 12:30 PM to 1:30 PM or by appointment Karp and Klayman, Real Estate Law , 5th or 6th Ed. (“Karp”) and Resource Materials (“RM”) available at Grainger’s Copy Center Course Web Page available through your MyUW page WATCH FOR ANNOUNCEMENTS
Office Hours: Course Materials:
Requirements:
Homework assignments (3 or more) Mid-Term and Final Exams
10 Points Each 70 Points Total
NOTE: Final Exam is at 10:05 AM on May 16, 2007 (Wednesday) Course Outline and Reading List A. Introduction to the System that Defines Real Estate 1. The Legal System a. Court Made Law: Dispute Resolution b. Positive Law: Legislation c. Private Law: Contracts K Ch. 1; RM 1001-1003, 3003
2. Governments and the Legal System a. Federalism: The Relationship of the States to Each Other and to the National Government i) Limitations on Jurisdiction; Shared Jurisdiction ii) Supremacy and Pre-emption RM 1020 to end of Part 1000 b. Local Governments i) Default and Incorporated Municipalities ii) Home Rule and Relationship to State Authority iii) Local Government Finance (budgeting, property taxes and special assessments) B. Basics of Real Estate Law 1. Foundation Concepts a. Real Property as distinguished from Personal Property b. Fundamental Rights and Obligations - Trespass and Nuisance Side Light - Common Law and Equity K Ch. 2, Ch. 3 (Common-Law Limitations at pages 55-56); RM 1007-1019, 6013 (lines 11-16) and 6014 (lines 124-133), 6022 (lines 117-120)
c. The Physical Extent of Real Estate K Ch. 3; RM 1004-1006, 1016-1018 i) Air Rights ii) Subsurface Rights (including natural resources – minerals, oil, gas and water)
2. Divisions Over Time K Ch. 4 and Chs. 7 and 8; RM Part 5000 (all) a. Freehold Estates – Uncertain Duration b. Non-Freehold Estates – Certain Duration (Leases) 3. Simultaneous Ownerships K Ch 5; RM 7001-7012 a. Single Persons b. Married Persons (in common law jurisdictions, plus an introduction to community property) c. Business Entities 4. Involuntary Transfers K Ch. 18; RM 1002-1003; RM 7001-7012, again a. Life Events i) Death ii) Marriage (reprise) – including full discussion of community property iii) Divorce b. Eminent Domain c. Adverse Possession MIDTERM EXAM – in class (watch for date announcement) 5. Land Divisions and Legal Descriptions a. Metes and Bounds b. Government Survey c. Minor and Major Subdivisions d. Cooperatives and Condominiums K Ch. 17 and Ch. 25 (Subdivision Law, pages 555-557<6th Ed 572-573>); RM 1003; 2001-2014 K Ch. 6; RM 2015 to end of Part 2000
6. Ownership (and Claims Against Ownership), Voluntary Transfers and Foreclosures K 15; RM 4012-4014 a. Liens – Tax Liens (Revisited), Judgment, Mechanics and Other Liens K Ch. 16 and Ch. 21 (read to “Types of Mortgages” – page 466<6th Ed 478> and read “Sale of Mortgaged Property” at page 477<6th Ed 491> to end of Chapter); RM 6033-6051 b. Voluntary Lifetime Transfers - Deeds and Mortgages K Ch. 9; RM 3001-3002, 3004 c. Non-possessory Rights – Easements and Profits K Ch. 19; RM 4001-4011, 7013-7016 d. Recording Systems and Priorities (Foreclosure and Bankruptcy) C. The Steps of a Real Estate Transaction K Chs. 10 (Contract Law), 12 (Brokerage) and 13 (Fraud and Misrepresentation); RM 6001-6012 and K Ch. 23 (Fair Housing); RM 7017 to end of Part 7000 (Discrimination) 1. Brokerage a. Principal/Agent Relationships b. Listing Contracts and the Brokerage Industry; Forms Development and Use
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2. General Transactional Issues a. Fraud and Misrepresentation b. Discrimination in Real Estate Transactions 3. Purchase Contracts and Options K Ch. 11; RM 6013-6032 a. Terms b. Representations c. Conditions/Contingencies i) Secured Financing – Mortgages and Land Installment Contracts K Ch. 21 (Mortgage parts skipped before), Ch. 22 (Installment Contracts); RM 6037-6051 ii) Environmental Matters K Ch. 26 (Environmental Law) K Ch. 24 and Ch. 25 (Land Use); RM Part 3000 (all) K Chs. 14, 19 (review) and 20; RM 4001-4013
iii) Private and Public Land Use Controls
4. Assuring Title and Closing the Transaction a. Abstracts and Title Insurance b. Escrows – multiple uses c. Closing a Transaction
Final Exam is at 10:05 AM on May 16, 2007
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