MCCCD Program Description

Real Estate Principles I

Course: REA179

First Term: 1990 Fall

Lecture 3 Credit(s) 3 Period(s) 3 Load
Subject Type: Occupational
Load Formula: S

Description: Basics of real estate principles including introduction to the profession and license law, definition of real property, legal descriptions, rights and interests in property, ownership, contracts, real estate economics, financing and foreclosure, land use, and valuation

MCCCD Official Course Competencies
1. Explain the major activities and occupation in real estate. (I) 2. Define the term real estate. (II) 3. Define the physical and economic characteristics of land. (III) 4. Locate a parcel of real estate by its legal description. (IV) 5. Describe factors controlling the uses of land. (V) 6. Describe in declining order the bundle of rights in real estate. (VI) 7. Describe the common forms of ownership in Arizona. (VII) 8. Describe the three methods of valuing real estate. (VIII) 9. Describe the major financing techniques used in real estate. (IX) 10. List the major sources of real estate. (IX) 11. Compare the three loan security instruments and their procedures in the event of default. (IX) 12. Describe the title transfer process. (X) 13. List the characteristics of title insurance. (X) 14. List the elements of valid contract. (XI) 15. Identify the major sections of a listing agreement. (XI) 16. Identify the major sections of a sales contract. (XI)
MCCCD Official Course Competencies must be coordinated with the content outline so that each major point in the outline serves one or more competencies. MCCCD faculty retains authority in determining the pedagogical approach, methodology, content sequencing, and assessment metrics for student work. Please see individual course syllabi for additional information, including specific course requirements.

MCCCD Official Course Outline
I. Introduction to the Profession A. Facets of the Industry B. Careers in Real Estate C. Licensing D. Professional Organizations II. Definition of Real Estate A. Real Estate Versus Personal Estate B. Land and Its Elements C. Physical and Economic Characteristics III. Legal Descriptions A. Government Rectangular Survey B. Metes and Bounds C. Lot, Block, and Tract IV. Real Estate Economics A. Economic Influences B. Real Estate Cycles V. Land Use A. Planning and Zoning B. Building Codes VI. Rights and Interests A. Governmental B. Individual VII. Ownership A. Severalty B. Joint Ownership C. Forms of Co-Ownership VIII. Valuation of Real Estate A. Factors Affecting Value B. Methods of Determining Value C. Mathematics of Appraisal IX. Financing Real Estate A. Methods of Financing B. Repayment of Terms C. Sources of Financing D. Loan Security Instruments E. Default Procedures X. Escrow and Title Insurance Principles A. Definitions B. Deeds C. Basic Escrow Process D. Title Insurance Terms E. Title Insurance Forms and Coverages XI. Contracts A. Elements of a Valid Contract B. Remedies for Breach of Contract C. Major Provisions 1. Listing Agreements 2. Sales Contracts

MCCCD Governing Board Approval Date: 12/12/1989

All information published is subject to change without notice. Every effort has been made to ensure the accuracy of information presented, but based on the dynamic nature of the curricular process, course and program information is subject to change in order to reflect the most current information available.