EL CAMINO COLLEGE COURSE OUTLINE: RE 40 (formerly RE15A)

I. COURSE DESCRIPTION:

Course Title and Number: Real Estate 40 (RE40) (formerly RE15A)
Descriptive Title: Real Estate Appraisal
Discipline: Real Estate
Hours Lecture: 3
Course Units: 3
Grading Method: Letter
Associate Degree Credit
Transfer CSU - Effecitive Date: prior 7/92.
Recommended Preparation: Real Estate Principles (RE11) OR California DRE license and Business Mathematics (BUS 15).

Catalog Description:
This course presents the valuation preinciples of real estate appraisal, including:
architectural styles, types of construction, lot valuation, depreciation, the approaches to value, and appraisal standards and ethics.

NOTE: This course is required by the California Department of Real Estate (DRE) prior to taking the California real estate broker examination. This course is approved for one of the two courses required for DRE salesperson license in addition to Real Estate Principles (RE11). Completion of ths course is required by the California Office of Appraisal (OREA) prior to taking the California appraisal examination with a closed book final exam. This course is approved by OREA for 54 hours of continuing education (C/E) credit for appraisal license renewal with a closed book final exam.

II. COURSE OBJECTIVES AND METHODS OF EVALUATION

A. Course Objectives:
1. The student will complete fill-in-the-blanks and problems at the end of each chapter from the student study guide.
2. The student will be able to complete a residential appraisal form and a condominium appraisal form using a standard industry form.

B. Methods of Evaluation:
1. Substantial writing assignments, including: written homework and other papers. The course primarily computational in nature.
2. Computational and non-computational problem-solving demonstrations, including: exam, quizzes and homework problems.
3. Objective examinations, including multiple choice and true/false.

III. OUTLINE OF SUBJECT MATTER

Introduction to Real Estate Appraisal
What is real estate/real property?
The formal appraisal process
The neighborhood and community
Value influences and principles
Property inspection and analysis: Site
Property inspection and analysis: The improvements
Introduction to sales comparison approach
Sales comparison and adjustment techniques
Valuation of the site
Estimating construction costs
Measuring loss in value: Accrued depreciation
The income approach: Introduction
Income capitalization: Rates and techniques
Appraisal reconsiliation and reporting
Use of computers in appraisal
Review of residential appraisal project

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.
1. The student is to complete the problem or case presented at the end of each chapter including mathematical calculation problems.
2. Each student will complete a Uniform Residential Appraisal Report (URAR) condominium and a house appraisal form.

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. Skill practice.
4. Required reading.
5. Written work.

V. COLLEGE LEVEL CRITICAL THINKING ASSIGNMENTS.

1. The student will demonstrate the ability to complete a URAR condominium and home appraisal form.
2. The student will demonstrate the ability to calculate total square footage of an improvement with a stairwell and a lot to determine building square footage before and after setbacks to determine the price per front foot, per square foot and per improvement/unit.

VI. PLANNED INSTRUCTIONAL ACTIVITIES.

This course is taught using lecture, workbook completion and review, fill-in-the-blanks in student study guide, residential case-study project, and library and internet reserach.

VII. APPROPRIATE TEXT AND MATERIALS

Required:
California Real Estate Appraisal - Student Study Guide, newest edition, Ely, California Community Colleges, Real Estate Education Center, Pirate's Bookstore.
California Real Estate Appraisal,Betts and Ely, Prentice Hall Publishing, New Jersey.

Other Required Materials:
Real Estate Project, Grogan, newest edition, El Camino Bookstore.
Computer search for database comparables (such as Internet, homeseekers or similar).

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