EL CAMINO COLLEGE COURSE OUTLINE: RE 13

I. COURSE DESCRIPTION:

Course Title and Number: Real Estate 13 (RE13)
Descriptive Title: Real Estate Practice
Discipline: Real Estate
Hours Lecture: 3
Course Units: 3
Grading Method: Letter
Associate Degree Credit
Transfer CSU - Effective Date: prior to 7/92.
Recommended Preparation: Real Estate Principles (RE11) OR concurrent enrollment OR California DRE license.

Catalog Description:
This course presents the forms and techniques necessary to close a residential real estate sales transaction. Emphasis is placed on the advertising, listing, financing, appraisal, escrow and limited taxation aspects of real estate.

NOTE: The California Department of Real Estate (DRE) has approved this course for the salesperson conditional license requirement for one of the two courses to be completed within 18 months of licensure, in addition to the required Real Estate Principles course. The California DRE requires broker license applicants to successfully complete this statutorily required course. The California DRE has approved this course for 45 hours of continuing education (C/E) credit for broker and salesperson license renewal.

II. COURSE OBJECTIVES AND METHODS OF EVALUATION

A. Course Objectives:
1. The student will demonstrate knowledge of how to use real estate industry forms, including but not limited to the following examples:
a. Completion of the listing agreement; negotiating for the seller's signatures using closing techniques; overcoming objectives and laying out a plan to sell the property.
b. Preparing a comprehensive marketing plan for listing, preparing classified advertising, a display ad, and a flyer for the property.
c. Completion of the sales agreement; negotiating for the buyer's signatures, using closing techniques; overcoming buyer's objectives; and listing the closing process.
2. The student will create a closed escrow file that demonstrates the escrow process. The student will:
a. Place completed forms in an escrow folder in a specific order, chronologically, as for a closed escrow file.
b. Correlate common disclosure forms.
3. The student will demonstrate the ability to compute real estate mathematics. The student will:
a. Indicate the amount of commission referral fee and franchise fee to each individual.
b. Calculate the seller's net sheet and buyer's closing cost sheet.

B. Methods of Evaluation:
1. Substantial writing assignments, including: written homework and other papers. The course primarily involves skill demonstration or problem solving.
2. Computational and non-computational problem-solving demonstrations, including: exam, quizzes, homework problems and project for closed file.
3. Skill demonstrations, including: industry forms completed.
4. Objective examinations, including multiple choice and true/false and fill-in-the blanks.

III. OUTLINE OF SUBJECT MATTER

The brokerage real estate office: income, expense, commissions.
The real estate Code of Ethics and professional organizations.
Prospecting.
Listing agreements.
Advertising, newspaper, flyers.
Servicing the listing. Open houses.
Showing and selling property. Qualifying prospects.
Obtaining and presenting the offer.
Escrow procedures.
Real estate finance.
Real estate appraisal.
Insurance: Title, fire, earthquake.
Prorations and impounds.
Escrow closing statements.
Taxation and exchange.
Income property analysis.

IV. READING AND WRITING ASSIGNMENTS

Three hours of work per week, including class time, are required for each unit of credit.

A. A representative example of an assignment.
The student will calculate the seller's proposed new proceeds at the close of escrow, after deducting from the sales price the seller's existing loans, commission, fees and charges for title, termite, escrow, points, home warranty and prorations.

B. Two hours of work outside of class are required for each hour of lecture or equivalent.
Each student will be required to perform the following outside of regular class time:
1. Study.
2. Answer questions.
3. Required reading.
4. Project to complete typical, industry real estate forms, such as employment agreement, listing and sales contract and advertising.

V. COLLEGE LEVEL CRITICAL THINKING ASSIGNMENTS

1. The student will create a file as if on a closed escrow that shows the chronological order of typical industry forms, as a class project.
2. The student will negotiate in a role-play situation during class, with other students. The students will assume the role of the seller's agent, or the buyer's agent to negotiate presentation of a buyer's offer to purchase contract; and, obtain a counter offer and clarify the terms of the offer.

VI. PLANNED INSTRUCTIONAL ACTIVITIES

This course is taught using lecture, videotape presentation on Fair Housing and Anti Trust laws, demonstration with explanation of negotiating contracts, group dynamics of interaction on role-playing of closing techniques, and weekly reading from textbook and review of fill-in-the-blanks in student study guide.

VII. APPROPRIATE TEXT AND MATERIALS

Required:
California Real Estate Practice - Student Study Guide, newest edition, William Mansfield, California Community Colleges, Real Estate Education Center, Pirate's Bookstore.
California Real Estate Practice,William Mansfield, Prentice Hall Publishing, New Jersey.

Other Required Materials:
Real Estate Project, Grogan, newest edition, El Camino Bookstore.
Realty Blue Book, newest edition, Dearborn Publishing Company, Chicago.
Computer search for homes (such as Internet, homeseekers or similar).

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