Real Estate Fundamentals (90 Hours)

Transcription

1 Real Estate Fundamentals (90 Hurs) COURSE SYLLABUS Ry L. Pnthier, Ph.D., Ed.D., CDEI, DREI Executive Directr 8/14

2 Instructr Backgrund: Ry L. Pnthier, Ph.D., Ed.D., CDEI, DREI Dr. Pnthier is a licensed Luisiana real estate brker, certified real estate and appraisal instructr, and Directr f Executive Training Centers, LLC, an educatinal services cmpany which ffers in-class training in real estate, mrtgage finance and appraisal, as well as nline training thrugh PrEducate, the cmpany s web-based educatin divisin which ffers real estate and mrtgage finance related curses thrughut the United States. Dr. Pnthier hlds a B.S. degree frm Sutheastern Luisiana Cllege. His graduate training was taken at Tulane University (M.S. and Ph.D.) and the University f New Orleans (M.Ed. and Ed.D.). He hlds the Certified Distance Educatin Instructr (CDEI) certificatin awarded by the Internatinal Distance Educatin Certificatin Center (IDECC), as well as the Distinguished Real Estate Instructr (DREI) designatin awarded by the Real Estate Educatrs Assciatin in recgnitin f exceptinal effectiveness in the classrm. Dr. Pnthier has served n the faculty f three Universities, currently teaches classes fr The Real Estate Law Sciety f Lyla University Law Schl and has chaired cllege divisins f Cmputer Science, as well as Educatin. Since 1988 he has taught real estate related subjects t mre than 63,000 students. He is a member f five academic hnr scieties, as well as MENSA, and authr f mre than tw dzen internatinally published scientific papers. He was Directr f The Center fr Cmputer Educatin, Inc., which trained teachers in cmputer science, and was president f Wrldwide Infrmatin Netwrk, Inc., a prvider f Internet and televisin marketing in real estate. He has wned tw mrtgage cmpanies, as well as a business brkerage cmpany and a residential and cmmercial real estate cmpany. Since early 2009, Dr. Pnthier has served n a wrk grup fr the Natinwide Mrtgage Licensing System & Registry (NMLS&R) t help develp the functinal specificatins fr mrtgage pre-licensing and cntinuing educatin prgrams taught in the U.S. He is a member f the Real Estate Educatr s Assciatin, The Suth Central Educatrs Grup, and the Luisiana Mrtgage Bankers Assciatin, fr which he is Chair f the educatin cmmittee. Dr. Pnthier s achievements have been dcumented in Wh s Wh (Oxfrd Editin), American Men and Wmen f Science, and the Internatinal Wh s Wh in Educatin. Curse Descriptin: A real estate sales license in Luisiana requires the cmpletin f a 90 hur pre-licensing curse. This curse is primarily designed t assist in passing the real estate licensure examinatin, as well as t assist with the practice f real estate. This can be achieved by implementing the fllwing bjectives: Cmprehensin f the laws that relate t Luisiana real estate licensing; Cmpetence f practical applicatins that will assist in daily peratins in the real estate industry; Understanding f all aspects f real estate fundamentals which will prvide an verview f the real estate industry, as well as cmplimentary industries t maximize the level f knwledge, which will in return increase cmpetency; Knwledge f the quantitative cncepts assciated with the real estate industry and surrunding industries; Ability t perfrm as a real estate prfessinal nce the licensing examinatin has been successfully passed by cnveying legal and ethical cnsideratins that will maximize knwledge f key cmpnents f the real estate industry. Upn cmpletin f this curse, yu may sit fr the licensing exam. Required Curse Material: This curse is entirely self-cntained and des nt require additinal study materials. REQUIRED HARDWARE and SOFTWARE (Internet-Based Curses): All curse cntent is available nline. T access, a student will need access t the Internet via a dial-up service, cable mdem, ISDN, DSL, r T-1 cnnectin. The nly sftware needed is access t the Internet brwser Internet Explrer 6.0 r higher. Fr mst curses, students shuld utilize a cnnectin that is faster than dial-up t fully appreciate the visual aesthetics f the material. Any additinal sftware, such as Adbe Reader, needed t access PDF files, is available in the curse fr immediate and free dwnlad. 2

3 Cmpletin Expectatins: Prerequisites: There are n educatinal prerequisites fr this curse; hwever, students are expected t have high schl level reading and mathematics ability. Upn registering: Students must cmplete the curse lessns/mdules and the final exam befre the curse expiratin date. Curse cmpletin will include cmpletin f all grup discussins and case studies. Each lessn will have a quiz at the end that must be passed in rder t cntinue t the next lessn. The quiz will cnsist f multiple-chice frmat questins requiring a minimum passing scre f 70% Quiz questins will be displayed ne at a time. Upn submissin f the student s respnse (answer) t each presented quiz questin, the system will display the crrect/incrrect answer. The final exam questins are als presented in multiple-chice frmat requiring a passing scre f 70% r higher. If a passing scre is nt achieved n any quiz r the final exam, the exam will reset and student will be presented with a different set f randmly selected questins. Student will be allwed t retake until a passing scre has been achieved, r until the curse expires, whichever ccurs first. The username and passwrd will be deactivated after the curse expiratin date has passed. Schl Plicies: Registratin: The student is respnsible fr verificatin f qualificatins fr licensing, befre registering fr a curse f study. Registrants with any frm f criminal histry, including misdemeanr r felny cnvictins, r wh are currently n parle, must cntact the relevant licensing agency befre registering fr any pre-licensing r pre-certificatin curse. An accunt is essential t participate in the nline prgram. Any attempt t take the curse under an assumed identity, r t accept assistance frm thers in cmpleting any prtin f the curse, may result in rejectin f a license applicatin, revcatin f an existing license, fines, r ther penalty prvided by law gverning the relevant state regulatry agency t whm the student submitted dcumentatin. Curse Participatin: Students are asked t please be certain that their address bk is updated t include acceptance f s frm StudentServices@PrEducate.cm and Instructr@PrEducate.cm Instructrs may nt, in any venue, answer questins f a persnal, prfessinal, business, r legal nature, and students shuld nt interpret any infrmatin received frm instructrs, r curse cntent, as being legal r prfessinal advice. The instructinal staff will respnd t questins by as quickly as pssible. In general, questins received by nn n any business day are respnded t by 5 pm the fllwing business day. Students wh abuse the e- mail pprtunity may be drpped frm the curse, slely at the discretin f the schl, withut penalty t the schl beynd refund f tuitin. 3

4 Schl Cntact Infrmatin: By Phne: Fr questins regarding administrative issues, the administrative ffices may be cntacted by phne at (504) r (800) , weekdays between 8 a.m. and 5 p.m. central time. By Ask technical r curse cntent questins 24 hurs a day by ing the schl ffice at the addresses listed belw. A respnse will typically be received by clse f business n the next business day. Help@PrEducate.cm fr technical assistance. StudentServices@PrEducate.cm fr questins r cmments abut registratin, administrative issues, r purchases frm the nline stre. Instructr@PrEducate.cm fr questins regarding curse cntent. In Persn: We are in the ffice t assist yu with administrative questins Mnday - Friday 8:00 a.m. t 5:00 p.m. central time. We are lcated at 4200 S. I-10 Service Rd. W., Suite 134, Metairie, Luisiana (By Scuts f America Building). Additinal Infrmatin Regarding the Online Curse: During the alltted class time, students will have access t the curse 24 hurs a day and may lgin and wrk n the assignments at their cnvenience. Instructrs are cnstantly mnitring the student s prgress thrughut the curse. During the curse, if the students have questins abut the curse cntent, they may click n the instructr buttn and send a questin t the instructr. s received by 3 PM n any business day will be respnded t n the next business day. Students are asked t please be very specific abut the lcatin f the cntent they are questining (lessn #, tpic, etc.) Instructrs are permitted t respnd nly t questins specifically related t the curse cntent. Questins regarding persnal situatins, unrelated t the specific curse material r f a legal nature, may nt be respnded t. The curse als makes a detailed glssary available t the students. Students may click n the glssary t study the definitin f terms with which they are nt familiar. The Resurces sectin f the curse makes frms and dcuments available t assist students in their studies. Upn cmpletin f the curse material, each student will be required t respnd t a curse evaluatin in additin t a multiple chice final examinatin. LEARNING OBJECTIVES and LESSONS: The Real Estate Business Identify the varius careers available in real estate. Name several f the majr real estate prfessinal rganizatins. Explain the difference between a brker and a real estate salespersn. Explain hw the real estate industry is regulated. Real Estate Prfessins Real Estate Brkerage Prfessinal Organizatins Regulatin and Licensing Rights in Real Estate Identify the rights that cnvey with wnership f real prperty. Describe the difference between real and persnal prperty. Distinguish between land, real estate, and real prperty. Explain the difference between littral and riparian rights. 4

5 Real Estate as Prperty Real Versus Persnal Prperty Regulatin f Real Prperty Interests Interests and Estates Explain the difference between pssessin and nn-pssessin rights in real estate. Distinguish between freehld and leasehld estates. Explain the difference between an abslute and defeasible fee estate. Explain hw a life estate differs frm a fee simple estate. Interests Freehld Estates Leasehld Estates Ownership Explain hw sle wnership and c-wnership can differ. Distinguish in detail the differences between cperatives, cndminiums, and timeshares. Explain the cncept f an estate in trust. Identify the varius frms f c-wnership and explain the basic features f each. Sle Ownership C-Ownership Estates in Trust Cndminiums Cperatives Time-Shares Encumbrances and Liens Explain hw an encumbrance differs frm an easement. Define the term license. Shw hw deed restrictins differ frm hmewner subdivisn cvenants. List several reasns why a freclsure can take place. Encumbrances Easements Encrachments Licenses Deed Restrictins Liens Freclsure Transferring and Recrding Explain hw a title differs frm a deed. Explain what is meant by recrding. List several ways invluntary title transfer can ccur. Explain the difference between legal and equitable title. Title t Real Estate Deeds f Cnveyance Wills Invluntary Title Transfer Title Recrds Real Estate Leases Explain hw grss, net, and percentage leases differ. State several ways in which a cmmercial lease differs frm a residential lease. Give three circumstances in which a grund lease may be used. Explain what is meant by a leasing f rights. The Lease Cntract Types f Lease Default and Terminatin Unifrm Residential Landlrd and Tenant Act 5

6 Land Use Planning and Cntrl Define the term Master Plan. State the varius areas f cncern in establishing envirnmental cntrls. Explain what is meant by plice pwer. List several gals f land use cntrls. Real Estate Planning Public Land Use Cntrl Private Land Use Cntrl Envirnmental Cntrls Legal Descriptins Identify and explain three methds f legal descriptins. Explain hw elevatin is expressed. Define baselines and meridians. Explain hw a twnship and a sectin differ. Methds f Legal Descriptin Metes and Bunds The Rectangular Survey System Recrded Plat Methd Describing Elevatin Real Estate Cntract Law Cntract Validity and Enfrceability Cntract Creatin Classificatins f Cntracts Cntract Terminatin Agency Learning Objectives Explain the difference between an agent s duties t a client vs. duties t a custmer. Explain ways in which invluntary terminatin f an agency relatinship can ccur. List 5 duties f an agent t a client. Explain the difference amng single agency, dual agency, and nn-agency. The Agency Relatinship Fiduciary Duties Frms f Real Estate Agency Agency Disclsure Rules Listing Agreements Learning Objectives Explain hw an exclusive right t sell differs frm an exclusive agency agreement. Explain hw an agent is paid in a net listing. Specify the advantages and disadvantages f being a transactin brker. Define the cncept f prcuring cause. Review f Legal Fundatins Types f Listing Agreement Fulfillment and Terminatin Agreement Clauses The Brkerage Business Learning Objectives List the varius types f brkerage rganizatin. List 5 cre activities f a brkerage business. Explain the meaning f trade rganizatin. State the advantages f a multiple listing service. Functin and Organizatin The Brker-Salespersn Relatinship Operating a Real Estate Brkerage 6

7 Business Brkerage Syndicatins and Securities Brkerage Cntracts fr the Sale f Real Estate Define earnest mney. Explain the purpse f escrw. List at least 5 cmmn cntract cntingencies. Define liquidated damages Legal characteristics Cntract creatin Earnest mney escrw Cntract cntingencies Default Real Estate Market Ecnmics Explain the cncepts f supply and demand and their impact n the real estate market. Define market equilibrium. In terms f real estate supply and demand, give 3 factrs that affect each. List several gvernmental influences that exert influence ver lcal real estate markets. The Market System Real Estate Market Dynamics Appraising and Estimating Market Value Define real estate value. Identify at least 7 types f real estate value. Explain hw a brker s pinin f value differs frm an appraisal. Identify the steps in the preparatin f an appraisal. Real Estate Value Appraising Market Value The Sales Cmparisn Apprach The Cst Apprach The Incme Capitalizatin Apprach Regulatin f Appraisal Practice Finance Define the term hypthecatin. Explain the purpse f a prmissry nte and a mrtgage. Explain the difference between mrtgagr and mrtgagee. List several f the features f the Equal Credit Opprtunity Act (ECOA). Anatmy f Mrtgage Lending Initiating a Mrtgage Lan Qualifying fr a Mrtgage Lan Clsing a Lan Laws Affecting Mrtgage Lending The Mrtgage Market Types f Real Estate Lans Real Estate Investment Learning Objectives Explain the relatinship between risk and return. Define the term leverage. Explain debt, mney, and equity investments. Explain hw syndicates, partnerships, and real estate investment trusts differ. Investment Fundamentals Real Estate as an Investment Real Estate Investment Entities Taxatin f Real Estate Investments Investment Analysis f a Residence Investment Analysis f an Incme Prperty 7

8 Real Estate Taxatin Explain the difference between ad valrem taxes and special assessments. Identify at least 3 taxing entities authrized t tax real estate. Explain hw equalizatin factrs are applied t real estate taxes. Explain the cncept f a hmestead exemptin. Taxing Entities Ad Valrem Taxatin Special Assessments Tax Lien Enfrcement Ethics: Laws and Practices Define real estate ethics. Define steering, blckbusting and redlining. Identify the prtected classes specified by the Fair Husing Act. Give several exemptins t the Fair Husing Act. Aims Fair Husing Laws Prfessinal Practices Clsings Identify the basic steps invlved in a real estate clsing. Explain the basic regulatins impsed by the Real Estate Settlement Prcedures Act (RESPA). Explain the rle f the real estate brker in the clsing prcess. Explain the difference between a debit and a credit n a clsing statement. The Clsing Event Real Estate Settlement Prcedures Act Financial Settlement f the Transactin Cmputing Prratins Taxes Due at Clsing Cmpleting the Clsing Statement: A Case Settlement Reprting Requirements Real Estate Licensing and Regulatin State the varius activities that require the practitiner t hld a real estate license. Identify the varius ways in which a brker s license may be held. Explain the purpse f a regulatry agency such as a real estate cmmissin. Explain the difference in educatin requirements fr a brker s and salespersn s license. Obtaining a Real Estate License License Regulatin Real Estate Mathematics Calculate the cmmissin n a sale and shw the distributin f the funds t thse invlved in the transactin. Calculate the area f a parcel f prperty based n its identificatin using the rectangular survey system. Accurately calculate the square ftage f a flr plan. Calculate the mnthly payments n a typical mrtgage lan. Basic Frmulas and Functins Real Estate Applicatins Reviews and Key Terms State Law and Regulatins Explain the licensing applicatin prcess and the requirements fr licensing Identify the prcedures fr examinatin authrizatin, license renewal, transferring a license, and items which must be returned t the brker n terminatin f spnsrship. State the basic rules gverning advertising f real estate. 8

9 Explain the prcedures fr the return f escrw depsits; the presentatin f ffers and cunterffers; t be fllwed when a cmplaint is filed against a licensee; and when the agency infrmatin must be prvided t ptential clients. Explain the relatinship f a licensee with custmers and clients. Luisiana License Law Luisiana Law f Agency Luisiana Rules and Regulatins Luisiana Civil Law Final Exams Curse Evaluatin Curse Final Examinatin Students will be administered a timed final examinatin cnsisting f multiple chice questins. The final exam fr this curse cnsists f tw (2) parts: Natinal= 100 multiple chice questins (time limit = 150 minutes) State = 60 multiple chice questins (time limit = 90 minutes) The cuntdwn timer will be lcated in upper left-hand crner f the screen. In rder t pass, yu must scre at least a 70% n bth parts f the final exam. While yu are taking this exam, yu must answer at least ne questin each 5 minutes r the system will time yu ut and yu will have t begin the exam again. Students wh fail the examinatin may retake thrughut the duratin f their curse. End-f-Curse Evaluatin NMLS requires that each student cmplete an end-f-curse survey which indicates the student s evaluatin f bth the curse and instructinal services. This survey will take nly a few mments t cmplete, but is required befre a certificate f cmpletin can be issued. 9