Maricopa Community Colleges  REA179   19906-99999 
Official Course Description: MCCCD Approval: 12/12/89
REA179 19906-99999 LEC 3 Credit(s) 3 Period(s)
Real Estate Principles I
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. Prerequisites: None.
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MCCCD Official Course Competencies:
 
REA179   19906-99999 Real Estate Principles I
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)
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MCCCD Official Course Outline:
 
REA179   19906-99999 Real Estate Principles I
    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
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