RE  13, Section  3780
Room:  Musi 203
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California Real Estate Practice, by Huber/Lyons (Sixth edition)

Education Textbook Company, Inc.

California Real Estate Practice, Student Study Guide (latest edition)

California Community Colleges, Real Estate Education Center.

Course 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) requires this course 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.

Outline: 

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Projects:

Project I, Disclosures    Download Forms

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After working with buyers Bob and Betty Buyer for several months, you finally show them a home that they wish to purchase. It is a newly listed three bedroom, two bath home at 1234 State Street, Torrance, that is approximately 35 years old. Based on comparable sales, the asking price of $625,000 seems reasonable.

Sellers, Sam and Sherry Seller, need all cash for the property so they can pay off their existing $232,000 loan and purchase another property. There is a recent pest control report by Pests, Inc. that will be paid in escrow by the sellers. The cost of the inspection was $125.00 and the amount of work is $4,321.00.

The sellers countered the offer requesting ABC Escrow and American Title Company, that was accepted by the buyers. Close of escrow is scheduled in 45 days after all parties have signed the purchase agreement. The buyers plan to obtain a bank loan of 80% of the purchase price. Property taxes are based on 1.25% of the purchase price. The sellers property taxes amount to $2,500.00 per year. The total commission is 5%. The listing agent is Adam Agent, an associate with Ajax Realty. You work as an associate with Derf Realty.

Use your imagination if the facts are unavailable to complete the enclosed paperwork for both agents.

Project II, Prospecting

Select at least 3 different ways to prospect in your real estate business. Type a minimum of 2 pages, double-spaced, explaining how you would use the prospecting techniques.

Specific goals and how you will achieve them can also be included. You may also discuss why you do not like specific prospecting techniques.

Project III, Purchase Contract    

Complete the purchase contract as requested in Project I.

Project IV, Presenting the Offer

Present an offer to purchase a home on behalf of your clients. In your group, discuss different techniques and supporting material you can use to improve your chance of getting the offer accepted.

Present the offer and material to the listing agent.

Ethics:

Download study material

Download test

Download answers for fill-ins Chapt 1-8.

Download answers for fill-ins Chapt. 9-15.

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