Adjunct Assistant Professor, Real Estate. Private Message me via ETUDES under the Discussion link (with a hour response time)

Transcription

1 COURSE SYLLABUS REAL ESTATE 1 REAL ESTATE PRINCIPLES West Los Angeles College Spring 2016 Section #8324 INSTRUCTOR: Mark I. Rose, B.A., J.D. Adjunct Assistant Professor, Real Estate Private Message me via ETUDES under the Discussion link (with a hour response time) THE PURPOSE OF EDUCATION IS TO REPLACE AN EMPTY MIND WITH AN OPEN ONE (Malcolm Forbes) An aphorism is a general truth expressed pithily and making a wise, often ironic, comment on human behavior. The following are some beginning-of-the-semester quotes and aphorisms your consideration, contemplation, and perhaps, retention: Life s hard. It s even harder when you re stupid. (John Wayne) Nothing is impossible, the word itself says I m possible! (Audrey Hepburn)

2 I ve learned that people will forget what you said, people will forge what you did, but people will never forget how you made them feel. (Maya Angelou) You don t get a second chance at a first impression (source unknown) We cannot do everything at once, but we can do something at once. (Calvin Coolidge) Anything I ve ever done that ultimately was worthwhile initially scared me to death. (Betty Bender, motivational speaker) Failure to prepare is preparing to fail. (John Wooden) Nothing will work unless you do. (John Wooden) Anyone who has never made a mistake has never tried anything new. (Albert Einstein) You are never too old to set another goal or to dream a new dream. (C.S. Lewis) There are people who eagerly and insistently desire something that, for fear of missing it, they omit doing nothing that will spoil their chances. (La Bruyere) The greatest mistake you can make in life is to be continually fearing that you will make one. (E. Hubbard) It is often the failure who is the pioneer in new lands, new undertakings, and new forms of expression. (Hoffer) The secret of success in life is known only to those who have not succeeded. (Collins)

3 It takes 20 years to build a reputation and 5 minutes to ruin it. If you think about that, you will do things differently. (Warren Buffett) Be more concerned with your character than your reputation, because your character is what you really are, while your reputation is merely what other think you are. (John Wooden) As we express our gratitude, we must never forget that the highest appreciation is not to utter words, but to live by them. (JFK) Continuous effort not strength or intelligence is the key to unlocking your potential. (Winston Churchill) In order to succeed, your desire for success should be greater than your fear of failure. (John Wooden) It ain t over til it s over. (Yogi Berra) It s too hard. Reply: It s not supposed to be easy; it s supposed to be hard; if it was easy, everybody would do it; it s the hard that makes it good. (Said by the baseball manager, answering the team s female catcher when she complained that playing baseball was too difficult. (From the film, A League of Their Own ) COURSE TEXT (And Collateral References) California Real Estate Principles, Ninth edition, Update, by Charles O. Stapleton and Martha R. Williams, published by Dearborn; ISBN: / X, PPN: There is a voluminous resource material (optional) which may be utilized. Consider resort to California Bureau of Real Estate publications which include the Reference Book ($20), Real Estate Law (book & CD set $25), & Disclosures in Real Property Transactions ($10) ; and the multitude of free brochures issued by the agency. (see The quarterly Real Estate Bulletin is also available.

4 Furthermore, it is recommended that students review the Business/Real Estate section of the Los Angeles Times newspaper (especially the Sunday edition) and/or similar real estate noteworthy publications. Additionally, I urge you to make extensive use of the text glossary (and, if necessary, a comprehensive legal dictionary (e.g. Black's) COURSE DESCRIPTION: This beginning / introductory course in real estate fundamentals is required for the real estate salesperson s license, and is highly recommended as a foundation course in real estate. The course (covering the subjects indicated as chapter titles in our textbook) is designed to introduce students to the rules, regulations and requirements for licensing by the Bureau of Real Estate of the State of California. Real Estate economics, terminology and definitions, real estate law, ownership rights, contracts, agency responsibilities, real estate investments and career opportunities, finance, escrow and insurance are covered. (The course fulfills one of the educational requirements for both the Real Estate Broker s and Salesperson s examinations). The Internet is an important and indispensable tool for the real estate professional or student. It has applications toward all aspects of real estate, including the law, and its usefulness increases significantly day-by-day. Search engines, as you should know, enable the computer user to find information by typing a word or combination of words. They search what now exceeds 23 billion pages. The growth of the databases has resulted in searches covering just a fraction of the available data. OFFICE HOURS/INSTRUCTOR CONFERENCES: Instructor is to be available for student conferences on campus (if necessary), by appointment or via the Private Message board within the Discussion area of the online portion of the class. Instructor shall also be available for telephone conferences or Private Message communication on a frequent basis (within hour response time). EXAMINATIONS: There will be 8 weekly exams and assignments and a comprehensive Final. THE CUMULATIVE FINAL EXAMINATION IS TO BE ADMINISTERED DURING THE 8TH WEEK OF CLASS.

5 MAKEUP EXAMINATIONS ARE DISFAVORED. BE ADVISED THAT THEY WILL ONLY BE ADMINISTERED UPON A SHOWING OF EXTRAORDINARY GOOD CAUSE, i.e. IN THE EVENT OF SERIOUS ILLNESS OR PERSONAL/FAMILY EMERGENCY. CONCERNING THE FINAL EXAMINATION, IT IS A POLICY OF THE COLLEGE THAT A STUDENT MAY NOT TAKE THE FINAL AT ANY OTHER TIME THAN SCHEDULED WITHOUT THE EXPRESS AUTHORIZATION OF THE OFFICE OF ACADEMIC AFFAIRS. EXAMINATION FORMAT: The questions are objective-type, commonly/most often in the form of M/C (some T/F occasionally). Exams embrace the content of the Module lectures, (and text material), with great emphasis on the former. GRADING: Grading is on a total point system. While the following so-called standard percentages apply (90%=A 80%=B 70%=C, etc, however, the instructor in his discretion may apply a grade curve analysis in arriving at a student s final grade. (Instructor discourages a student from taking one for the team by deliberately lowering the curve). The factor will be on the basis of total points. Class participation (attendance, being prepared) will count 10% toward the course grade. As to the exams, be advised that the comprehensive FINAL EXAM score will be weighted four or five times the aggregate of the midterm scores. CLASS PARTICIPATION: Student discussion (a vital component of our educational process) is encouraged, as are questions and comments which are relevant and judicious. Students are always to be prepared. OUR CLASS SCHEDULE: Dates reflect Monday through Saturday. It is instructor s intention to cover one chapter of the text, each week in sequential order.

6 Week 1 - Chapter 1 - The Business of Real Estate April 11 Week 2 - Chapter 2 - The Nature of Real Estate Chapter 3 - Ownership of Real Property April 18 Week 3 Chapter 4 - Transferring Real Estate Chapter 5 - Encumbrances April 25 Week 4 - Chapter 6 - The Law of Agency Chapter 7 - Contracts May 2

7 Week 5 - Chapter 8 Financing Real Estate Chapter 9 - Government-Sponsored / Other Financing May 9 Week 6 - Chapter 10 - Escrow and Title Insurance Chapter 11 - Real Estate Taxation May 16 Week 7 - Chapter 12 - Landlord and Tenant Chapter 13 - Real Estate Appraising May 23 Week 8 - Chapter 14 - Residential Design / Construction Chapter 15 - Government Control of Land Use May 30 Week 17 FINAL DUE

8 May 30-June 4 DROPPING THE COURSE/ SIGNIFICANT DATES: According to College policy, you may be excluded for non-participation, failure to comply with the course rules), or for failing to follow or violating the Standards of Student Conduct (printed in the Schedule of Classes). IF YOU INTEND TO DROP THE COURSE, IT IS YOUR RESPONSIBILITY to do so through Admissions or the Student Information System. Your instructor is not responsible for removing you from the active roster. However, as a courtesy, please inform me if you have opted to withdraw from the course. BE AWARE OF THE FOLLOWING DATES/DEADLINES: Monday, April 18 Last day to drop w/full refund, no fee owed Monday, April 18 Deadline to drop without a "W" Friday, May 20 Deadline to drop a class and receive a "W" DISABLED STUDENT SERVICES: If you know or believe that you have a learning or physical disability, necessitating special educational accommodation, please contact the DSPS office in the Student Services Building to discuss your specific need(s); and notify me of your needs. STANDARDS OF STUDENT CONDUCT: Faculty, staff and administrators of the College are dedicated to maintaining an optimal learning environment, and will not tolerate any disruptive behavior in or outside of the class, nor any academic dishonesty. These standard apply to all students.

9 Disruptive, disrespectful, or obstructive behavior will be dealt with in accordance with the LACCD Standard of Student Conduct, contained in the Schedule of Classes. Students are presumed to be aware of those standards and are duty-bound to comply with them. Disciplinary action may be taken if a student violates any of those standards or interferes with the instruction. As to Academic Integrity, students are responsible for the honest completion and representation of their work, for the appropriate citation of sources, and for the respect of others' academic endeavors. Forms of CHEATING: Using any material or devices which provide undue advantage on any exam, assignment, activity or other method of assessment for the course. Regarding Exams, they are to be measured of what YOU, as an individual have learned; COLLABORATION: Working together on projects, papers, exams or other forms of assessment, which are to be completed individually; PLAGIARISM: Taking anyone else's work as one's own. Presenting another's word, ideas, forms of expression, materials or labor, without proper citation, referencing, and declaration that this material originated outside of the student's own work. STUDENTS' RESPONSIBILITIES: Students are at all times to be prepared, by having read the assigned portions of the text and/or other material; to timely complete and submit class assignments and projects; to actively participate in and contribute to class discussions; and to take (and pass) ALL examinations as scheduled. ===================================================================================== = STUDENT LEARNING OUTCOMES: INSTITUTIONAL 1. Communication (Oral and Written Skills): Use language (oral and written) and non-verbal modes of communication appropriate to the audience and purpose. 2. Cognition (Reading Comprehension, Computational Skills, and Critical Thinking): Use critical thinking and computational skills to analyze, synthesize, and evaluate ideas and information. 3. Information Competency (Information Competency and Technological Literacy): Utilize research skills necessary to achieve educational, professional, and personal objectives.

10 4. Social Responsibility (Responsible Citizenship and Valuing Diversity): Demonstrate sensitivity to and respect for others and participate actively in group and civic decision making. 5. Personal and Professional Development (Employability and Confidence Building): Demonstrate selfmanagement, maturity, and growth through practices that promote physical, mental and emotional well-being. 6. Ethics: Practice and demonstrate standard of personal and professional integrity, honesty and fairness; apply ethical principles in submission of all college work. (ADDED BY INSTRUCTOR) COURSE LEARNING OBJECTIVES: At the end of this course, you students should be able to: (1) Compare and contrast the advantages and disadvantages of owning real property; (2) Name and describe the five methods of legally holding title to real property in California; (3) Interpret the laws relative to acquiring and keeping a real estate license in California; ADDITIONALLY, your instructor personally believes you should be able to; (A) Define and explain fundamental real estate concepts and terminology; (B) Examine key forms and contracts involved in real estate transactions, and with specific reference to the real estate law disclosure requirements (C) Analyze and estimate taxation as it applies to the ownership and transfer of real estate / real property;

11 (D) Qualify for and pass the California Bureau of Real Estate sales agent (Broker/Salesperson) licensing exam; (E) Demonstrate skills necessary to work as a real estate professional in a real estate office, including the listing, selling and purchasing of properties, and sufficient expertise to explain a real estate closing statement to buyers and sellers. =============================================================== REAL ESTATE PROGRAM OUTCOMES: Students are to aspire to: 1. Utilize a network of real estate professionals to conduct and complete the sale, purchase and management of real estate processes and transactions. 2. Use current and emerging technologies and applications to conduct real estate transactions.. 3. Interpret property and real estate law to troubleshoot legal aspects in selling, purchasing and managing real estate.

12 4. Use of personal and business investment strategies and methods to advise clients and address customer needs. 5. Market; manage and direct the daily activities of a real estate agency.. 6. Model effective and appropriate interactions and relationships that create good will and repeat business. 7. Model, adopt, and comply with ethical and moral business practices that maintain and sustain trust and integrity in the workplace and with clients; pursuant to Bureau of Real Estate regulations and requirements.

13 8. Communicate oral and written thoughts in a c lea r and organized manner to effectively inform and convey ideas in the workplace and with clients. =============================================================== SOME ADDITIONAL THOUGHTS: "Failure is simply the opportunity to begin again, this time more intelligently." (Henry Ford) "If you can't say anything nice, give your mouth the day off." (Michael Josephson) "Don't wait, procrastinate now." (Your Instructor) "Common sense is not so common." (borrowed by your instructor, source unknown) "Greatness is the ability to mask the difficulty of a task--to make the difficulty appear easy." (source unknown) "The difficult is what takes a little time; the impossible is what takes a little longer." (*Fridtjof Nansen, , Norwegian explorer and statesman) "Courage: the most important of all the virtues because without courage, you can't produce any other virtue consistently." (Maya Angelou) "Procrastination is the art of keeping up with yesterday." (Don Marquis)

14 "Oh, you only fight the fights you can win? You fight the fights that need fighting." (Chief-of Staff, A.J. MacInerney, to the President, Andrew Shepherd, in the film, "The American President") "Some people brighten a room when they enter it; others when they leave." (Li Tao) "When you talk, you are only repeating what you already know. But if you listen, you may learn something new." (Dalai Lama) "When we are no longer able to change a situation, we are challenged to change ourselves." (Viktor E. Frankl) "Sometime you will never know the value of a moment until it becomes a memory." (Dr. Suess) "The purpose of life is to live it, to taste it, to experience to the utmost, to reach out eagerly and without fear for newer and richer experience." (Eleanor Roosevelt) "I like nonsense, it wakes up the brain cell. Fantasy is a necessary ingredient in living; it's a way of looking at life through the wrong end of a telescope. Which is what I do, and that enable you to laugh at life's realities." (Dr. Suess) And last but not least: "If you don't build your dream, someone else will hire you to help them build theirs." (Dhirubhai Ambani) =================================================================================== EXCERPT from the REFERENCE BOOK, Information Relating To Real Estate Practice, Licensing and Examinations," published and distributed by the State of California, Bureau of Real Estate "A Word of Caution:

15 Never before has the world of real estate presented so many complexities and challenges to the real estate licensees. Real Estate is an exciting business to be in, yet a highly demanding profession. Real Estate licensees should guard well the privilege of practicing real estate while stepping over the sometime subtle line into the practice of law. The real estate broker should be the first to recognize that although the field of real estate is highly technical and complicated by the overlapping of numerous areas of knowledge, the legal profession is even more technical, requiring years of preparation and constant study and research. The phrase "to practice law" and similar expressions are NOT confined to meaning appearances in court." They include legal advice and counsel and the preparation of legal instruments by which legal rights are secured. It has been held, for example, that the selection and preparation of a mortgage or deed of trust by a broker in an independent load transaction in which a fee was charged by the broker was the unlawful practice of law, even though only one transaction was involved. To the lay person, what appears on the surface to be a minor difficulty may in fact be a complex legal issue, requiring the attention of the competent attorney. Brokers should not attempt to provide advice to clients needing counsel to solve legal problems. Indeed, under the Business and Professions Code, the practice of law by persons who are not members of the State Bar is specifically prohibited. The foregoing is intended to remind and encourage real estate brokers to be alert for business activity that may require consultation with an attorney and avoid allowing the principal or client to place upon them that responsibility which belongs only to a lawyer. Agents endanger their licenses and reputations and do a distinct disservice to customers when they overstep in the attorney's domain."