real estate contract forms

p. 1 of 6 Integrated Course Outline of Record Mt. San Jacinto College 1499 North State Street San Jacinto, Ca 92583 Form B Author: Vicki Swan, Cluster Coordinator Date: Dept: Real Estate Program: 1. Course Title: Real Estate Practice 2. Course Number: RE 141 3. Miscellaneous: 3a. Units/Hours Lecture Units/Hours 1 unit – 16-18 2 units – 32-36 3 units – 48-54 4 units – 64-72 5 units – 80-90 Lab Units/Hours 1 unit – 48-54 2 units – 96-108 3 units – 144-162 4 units – 192-216 5 units – 240-270 September 20, 2004 Real Estate Total Units Lecture Units Lab Units 3 Total Hours = = Non-Credit 3 Lecture Hours + + (click here for Transfer Form) 0 Lab Hours 48-54 3b. Credit Type Degree Credit Non-Degree Credit 48-54 0 X X Transfer Credit 3c. AA/AS Degree Pattern AS General Ed Breadth Area: Elective Area: Real Estate 3d. Maximum Enrollment: 3e. Credit/No Credit ONLY 3f. Credit/No Credit ALLOW 3g. Can be taken 40 No Yes Enter number Yes or No Yes or No 1 time(s) for credit (maximum 4): (If more than 1, justify with one of the following) It is a lab class that emphasizes the development of skills over time It is a lecture course in which the content varies from year to year 3h. TOP code (click here for TOP code website) 0511.00 4. Catalog Description: (75 words or less) This course provides an analysis of the real estate business as conducted in California, establishing the real estate office, listings, appraisal methods, prospecting, advertising, selling, closing (listing and sales), financing, escrow procedures, exchanges, taxes, and real estate (general taxation and income tax); business opportunities; property management and leases. A required course to maintain salesperson’s license or apply to take broker’s exam. To count words, select only the words within the catalog description, then go to Tools, and to Word Count. Careful! If you select the entire box that the words are within, it won’t give an accurate count. 2 p. 2 of 6 Integrated Course Outline of Record Form B 5. Short Description (Schedule): (25 words or less) The practical application of real estate knowledge by real estate salespersons and brokers in daily operations including listing, prospecting, advertising, financing, sales techniques, escrow, and ethics. To count words, select only the words within the catalog description, then go to Tools, and to Word Count. Careful! If you select the entire box that the words are within, it won’t give an accurate count. 6. Need/Justification: This is a required course in the MSJC Real Estate Certificate, a required course for the salesperson license, and a required course for applicants for the real estate broker’s examination. 7. Prerequisite(s), Corequisite(s), Recommended Preparation: Pre- and Corequisites go through a separate approval process. See Forms E and E1-E3 for details. Prerequisite: None Recommended Preparation: RE 140 or Real Estate License 8. Learning Objectives: (express in behavioral terms) Upon the completion of the course the student will be able to do the following: 1. Describe and illustrate real estate definitions and concepts as currently practiced. 2. Evaluate functions of real estate agency. 3. Distinguish and properly complete current real estate forms. 4. Apply modern listing and selling techniques. 5. Qualify the buyer, prepare contract forms, and follow acceptable escrow procedures. 6. Handle unconventional trades, including tax deferred exchanges, foreclosures, income properties and business opportunities. 7. Evaluate and define managerial problems and apply principles to new situations. 8. Assess real estate financing challenges and discuss possible solutions. 9. Explain taxation of real estate. 9. Course Content: (outline of main topics and subtopics) 1. How to get Started in Real Estate  The real estate professional  The real estate marketplace  Broker/salesperson relationships  Attitude, training, and preparation 2. Ethics and Fair Housing  Ethics and code of ethics 2 p. 3 of 6     Integrated Course Outline of Record Form B Fair housing and antidiscrimination legislation The California Business and Professions Code Commissioner’s Rules and Regulations Sexual harassment 3. Mandatory Disclosures  Understanding mandated disclosures  Fiduciary responsibility and disclosures  Agency disclosure  Transfer, agent’s inspection, and seller financing disclosures 4. Prospecting  What prospecting is and the proper attitude  Methods of prospecting  Expired listings and newspaper leads 5. Listing Presentation Package  Competitive market analysis  Estimated seller’s proceeds  The listing presentation manual 6. Listing Presentations  The listing agreement  Analysis of the Exclusive-Authorization-and-Right-to-Sell Listing form  Analysis of the Exclusive Authorization to Acquire Real Property (Buyer Listing)  The listing transaction 7. Servicing the Listing  Owner communications  Listing modification or extension  Your marketing plan  The offer 8. Advertising  Advertising objectives  The AIDA (attention, interest, desire, action) approach to advertising  Advertising guidelines and budget  Choosing advertising media  Advertising effectiveness  Legal implications of advertising 9. The Buyer and the Property Showing  The appointment  The meeting  The showing 2 p. 4 of 6 Integrated Course Outline of Record Form B 10. Obtaining the Purchase Offer  What is selling and obtaining the offer  Estimated buyer’s costs 11. From Offer to Closing  The offer to purchase  The counteroffer  The acceptance  Checklist for closing 12. Real Estate Financing  Sources of Funds  Primary and secondary financing  Conforming loans  Lenders  Types of loans  The financing process and regulations 13. Escrow and Title Insurance  Escrow requirements  Escrow and broker responsibility  Escrow procedures and instructions  Standard title insurance policy (CLTA)  Extended title insurance policy (ALTA)  Preliminary title report 14. Taxation  Real property taxes  Income taxes  FIRPTA (Foreign Investment in Real Property Tax Act)  Tax shelter 15. Property Management and Leasing  The property management field  Types of property managed  Management agreement  Accounting records  Leasehold estates  Residential leasing  Termination of a lease 2 p. 5 of 6 Integrated Course Outline of Record Form B 10. Methods of Instruction: (reflective of a variety of learning styles) Methods of instruction may include, but are not limited to the following: 1. Lecture will be employed to describe and illustrate real estate definitions and concepts as currently practiced. 2. Class discussion will be used to evaluate and define managerial problems and apply principles to new situations. 3. Group activities will be employed to qualify the buyer to purchase a house, prepare contract forms, and prepare acceptable escrow instructions. 4. Guest speakers will be used to demonstrate modern listing and selling techniques or other appropriate areas in sale of real estate. 11. Methods of Evaluation: A student's grade shall be determined by the instructor using multiple measures of performance related to the course objectives. Methods of evaluation may include but are not limited to the following: 1. Tests or quizzes will be given to evaluate student mastery of course information illustrating real estate definitions and concepts as currently practiced. 2. Homework assignments including questions such as the following sample will be used to evaluate student understanding: A buyer of an apartment building has $60,000 annual rent, total cash expenses of $52,000 and depreciation of $9,000. What are the investor’s benefits, if any? What are the tax ramifications? 3. Students may be evaluated on their preparation and participation in a “RolePlay” situation such as the following: One student plays the real estate agent the other plays the prospective buyer. Determine the needs and interests of the prospective buyer, their motivation, and their financial resources available to purchase a home. Explain the formula to determine price range of homes to show the client. 4. Students will be evaluated on format and content of preparation of a listing presentation manual (similar to the value of a term paper). This includes the preparation of the listing agreement for a single family dwelling, appropriate advertising, presenting the offer, and seller’s costs. 12. Examples of Assignments: Students will be expected to understand and critique college level texts or the equivalent. Reading and writing, as well as out of class assignments are required. These assignments may include but are not limited to the following: 1. Prepare a listing presentation manual. This includes the preparation of the listing agreement for a single family dwelling, appropriate advertising, presenting the offer, and seller’s costs. 2 p. 6 of 6 Integrated Course Outline of Record Form B 2. A buyer of an apartment building has $60,000 annual rent, total cash expenses of $52,000 and depreciation of $9,000. What are the investor’s benefits, if any? What are the tax ramifications? 3. Role-Play: One student plays the real estate agent the other plays the prospective buyer. Determine the needs and interests of the prospective buyer, their motivation, and their financial resources available to purchase a home. Explain the formula to determine price range of homes to show the client. 4. Bring to class one current events article dealing with some aspect of real estate practice for classroom discussion. 13. Textbook (s): The required college-level textbooks may include, but are not limited to the following: (1) Required: Lowell Anderson, Daniel Otto, William Pivar (Author) California Real Estate Practice, 5th ed. (Title) Dearborn (Publisher) 0793180171 ISBN 2004 (or most current) (Publication Date) (1) Supplemental: (Author) (Title) (Publisher) ISBN (Publication Date) Other Reference Materials/Supplies MSJC Board of Trustees Approval Date New Revised CSU Submit Date CSU Approve Date CSU GE Breadth Submit Area Date CSU GE Breadth Approve Area Date UC Submit Date UC Approve Date MSJC Board of Trustees Approval Date New Revised IGETC Submit Area Date IGETC Approve Area Date CAN Submit No. Date CAN Approve No. Date RE 141-rev OCT 04 2