METROPOLITAN COMMUNITY COLLEGE COURSE OUTLINE FORM COURSE TITLE REAL ESTATE LAW COURSE PREFIX AND NO. REES 1100 LEC 4.5 LAB 0 CREDIT HOURS 4.5 COURSE DESCRIPTION: This course familiarizes the student with the basic Nebraska Real Estate Act as it applies to ownership, conveyance and rights in real property. It also familiarizes the student with the role of agent in the relationship between the broker and the client. Prior completion of REES 1000 is beneficial but not required. COURSE PREREQUISITE(S): None RATIONALE: An awareness and understanding of the legal issues which arise from any type of real estate transaction is imperative for those students in the paralegal profession as well as real estate professionals. REQUIRED TEXTBOOK(S) and/or MATERIALS: Title: Real Estate Law Edition: 7th Edition Author: Aalberts Publisher: South Western Materials: Various Nebraska statutes Attached course outline written by: Bob Baker Date: 1997 Reviewed/Revised by: Dean Uhing Date ____07/08 Effective quarter of course outline: 08/FA Dean Date: Daryl Hansen Course Objectives, Topical Unit Outlines, and Unit Objectives must be attached to this form. COURSE OBJECTIVES/TOPICAL UNIT OUTLINE/UNIT OBJECTIVES TITLE: REAL ESTATE LAW PREFIX/NO.: RES 1100 COURSE OBJECTIVES: 1. Define, describe, and illustrate the terminology and characteristics inherent and unique to the field of real estate. 2. Discuss, demonstrate, and analyze the various interests, rights, and relationships that exit by virtue of constitutional law, statutes, and common law relative to real estate transactions. 3. Explain in general terms the mechanics involved in real estate transactions. TOPICAL UNIT OUTLINE/UNIT OBJECTIVES: Upon completion of this course, the student will be able to: UNIT I The Legal System A. Describe the legal system relative to its problem solving function. B. Name the sources of law and examine them in terms of resolving conflicts that arise between the sources. C. Describe the judicial system generally and explain the differences between a trial court and an appellate court. UNIT II Ownership Interests in Real Property A. Identify and define the various classifications of freehold estates, including a comparison between present estates and future estates. B. Explain the types of statutory estates and differentiate them from freehold estates. C. Differentiate between the types of concurrent ownerships: tenancy in common, joint tenancy, and tenancy by the entireties. D. Identify the various forms of business organizations and evaluate them in terms of their advantages and disadvantages concerning ownership of real estate. E. Differentiate between a fixture and real property, and explain the importance of the distinction. F. Identify the two types of easements and discuss the methods for creating and terminating them. G. Discuss the legal relationship that exists between the holder of an easement interest and the owner of the land burdened with the easement. Unit III Real Estate Sales Transaction. A. Explain the function of the real estate licensing acts. B. Explain what a listing agreement is and differentiate between the types of listing agreements. C. Describe an agency relationship and illustrate methods of creating and terminating the relationship. D. Define the rights and liabilities that exist between a principal, agent and third parties involved in the sale of real property. E. List the various laws, both federal and state, that affect real estate lending. F. Describe the purpose of a real estate settlement or closing. G. Explain an escrow closing and illustrate its importance to a real estate closing. H. Explain the requirements and purposes of the Real Estate Settlement Procedures Act. Unit IV Transfer of Real Property Interests A. Discuss the formation of a contract and explain the defenses that can be asserted to extinguish the existence of a contract, or otherwise rescind the contract. B. Explain the rules of construction for contracts. C. Interpose the requirements for a formation of a contract with specific requirements of an earnest money contract, option contract and installment land contract. D. Explain the statute of frauds and its effect on real estate transactions. E. Describe the various provisions of an earnest money contract. F. Describe the legal requirements of deeds in general and differentiate between the types of deeds. G. Explain wills and dedications. H. Describe what an involuntary conveyance is and explain the various circumstances under which this could occur. Unit V Creating a Security Interest in Real Estate A. Explain a mortgage procedure, and identify the instruments required to create a mortgage. B. Describe the provisions that are required to prepare a real estate lien note and mortgage. C. Differentiate between a foreclosure involving a mortgage and exercise of a power of sale involving a deed of trust. D. Explain the common types of provisions that are found in both the mortgage an deed of trust. E. List the other types of mortgages or mortgage agreements. F. Define a real estate lien and identify the sources from which it is derived. Unit VI Recording Real Estate Interests A. Discuss the practical application of the recording acts. B. Differentiate between the three types of recording acts. C. Describe the process of recording. D. List the methods of title assurance and examine the benefits and detriments of each. E. Discuss the duty of a title insurance company and explain what losses are covered under such policies. Unit VII Landlord and Tenant A. Identify the types of leasehold estates. B. List the requirements to create a real estate lease. C. Name the four types of leases. D. Discuss the uniform residential landlord and tenant act and how it affects residential leases. E. Compare and contrast the remedies for default involved in a residential lease and commercial lease. Unit VIII Condominiums and Cooperatives A. Explain and distinguish condominiums and cooperatives. B. Discuss and advantages and disadvantages of condominiums and cooperative ownership. Unit IX Regulations Affecting Ownership of Real Estate A. List the federal regulations which affect ownership of real estate. B. Describe the state and local land use regulations. C. Explain how the zoning process operates to control land use. D. Discuss the law of nuisance and how it affects the use of real property. E. Explain the use of deed restrictions. F. Discuss the process of assessing real estate taxes and other special assessments. G. Illustrate how federal income taxation is involved with the ownership of real estate. COURSE REQUIREMENTS/EVALUATION: Upon completion of this course, the student will be able to recognize and cognitively assess legal issues which arise in real estate transactions. REES 1100 OPTIONAL TECHNOLOGY APPLICATION Student: Internet access to appropriate sites Instructor: Overhead projector Power Point Presentation Test banks if available Internet access appropriate sites OUTCOME MEASURES FOR REES 1100, Real Estate Law COURSE OBJECTIVES ASSESSMENT MEASURES 1. Define, describe, and illustrate the terminology Class discussion, team report, oral report, and characteristics inherent and unique to the subjective/objective test, team testing. field or real estate. 2. Discuss, demonstrate, and analyze the various Class discussion, team report, oral report, interests, rights, and relationships that exist by subjective/objective test, team testing. virtue of constitutional law, statutes, and common law relative to real estate transactions. 3. Explain in general terms the mechanics Class discussion, team report, oral report, involved in real estate transactions. subjective/objective test, team testing.
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