EL CAMINO COLLEGE COURSE OUTLINE: RE 30

I. COURSE DESCRIPTION:

Course Title and Number: Real Estate 30 (RE30)
Descriptive Title: Real Estate Residential Computer Applications
Discipline: Real Estate
Hours Lecture: 1.5/week
Hours Laboratory: 1.5/week
Course Units: 2 units
Grading Method: Letter
Associate Degree Credit
Transfer to CSU - Effecitive Date 4/25/95.
Recommended Preparation: Real Estate Principles (RE11) OR California real estaet license and concurrent enrollment in Real Estate Practice (RE13), Real Estate Finance, (RE14A), or Principles of Escrow (RE26).

Catalog Description:
This course uses the computer as a tool in the processes found in a typical residential real estate transaction. For real estate practice, the purchase/sales forms, cost/net sheets, listing and purchase agreement and counter offer are covered. For real estate finance, amortization, loan alternatives and buyer qualification are covered. For escrow, the HUD/RESPA statement and closing costs are covered.

II. COURSE OBJECTIVES AND METHODS OF EVALUATION

A. Course Objectives:
1. Create industry forms, such as a listing or purchase agreement contract.
2. Formulate a method to determine a seller's net proceeds and buyer's costs.
3. Identify charges and fees used on a HUD/RESPA finance sheet.
4. Utilize comparable market data of similar properties to determine a property value.
5. Manipulate data analysis to determine tax benefits of home ownership.
6. Develop strategies for explaining various parts of closing and settlement statements.

B. Methods of Evaluation:
1. Substantial writing assignemtns, including: written homework, reading reports, and laboratory reports.
2. Computational or non-computational problem-solving demonstrations, including: laboratory reports and homework problems.
3. Skill demonstration, including class project.
4. Objective examinations, including: multiple choice and short essay.

III. OUTLINE OF SUBJECT MATTER

Introduction to microcomputer functions.
Basic financial statement (template 301).
Buyer qualification (template 302)
Cash needed to close escrow and prorations. Market price. Rent versus buy analysis (template 303)
Cash required at closing (template 402)
Explain different title insurance rates.
Effective cost of borrowing.
Borrower loans using Adjustable (ARM), fixed, Growing Equity Mortgage (GEM) and Wraparound financing options.
Calculating debt service (template 601)
Computer generated forms for purchase agreement and contracts.

IV. READING AND WRITING ASSIGNMENTS

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

A. Each student will read weekly chapter assignments to complete computer-generated data based on problem-solving of appraisal assignments.

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. Problem-solving activity or exercise.
5. Written work.

V. COLLEGE LEVEL CRITICAL THINKING ASSIGNMENTS

1.The student will determine the down payment, costs and fees, and ongoing monthly payment for various loans, such as a fixed rate, adjustable rate, growing equity and wraparound mortgage. Each student must determine the best loan for the buyer and identify the reasons to support such decisions among the choices available.
2. Each student will design, create and implement solutions to determine closing costs showing prorations for the buyer and the seller and explain each item, showing formulas, with regard to debits and credits for a typical residential sales transaction.

VI. PLANNED INSTRUCTIONAL ACTIVITIES

1. The method of instruction is primarily lecture and case study using computer projects and discussion of sales transaction techniques.
2. Each student will participate in in-class discussion and problem-solving group exercises in addition to the individual class project.

VII. APPROPRAITE TEXT AND MATERIALS

Required Text:
Real Estate Project, Grogan, newest edition, El Camino College bookstore.

Other Required Materials:
eal Estate Practice, Real Estate Finance, and Escrow textbooks.

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