Nebraska Real Estate Contract by xye71730


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									                                     METROPOLITAN COMMUNITY COLLEGE
                                          COURSE OUTLINE FORM


COURSE PREFIX AND NO.                REES 1100           LEC 4.5        LAB 0     CREDIT HOURS          4.5

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.




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.


       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.

TITLE:      REAL ESTATE LAW                                    PREFIX/NO.: RES 1100


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.


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
       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
        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

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

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.

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

Internet access to appropriate sites

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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