Maricopa Community Colleges  REA180   19906-99999 
Official Course Description: MCCCD Approval: 12/12/89
REA180 19906-99999 LEC 3 Credit(s) 3 Period(s)
Real Estate Principles II
Advanced work in real estate including escrow procedures and title insurance, liens and encumbrances, advanced contracts, water rights, toxic waste and environmental hazards, agency, ethics and professional relationships, real estate code and the Commissioner's rules, investment, property management, and government restrictions. Prerequisites: REA179 or permission of instructor.
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MCCCD Official Course Competencies:
 
REA180   19906-99999 Real Estate Principles II
1. Complete a listing agreement. (I)
2. Complete a sales contract for cash, new financing, cash to loan (assumption and "subject to"), and junior loan from a third party and seller financing. (I)
3. Describe the procedures for closing escrow. (II)
4. Calculate closing costs and prorations. (II)
5. Describe the recording process. (II)
6. Compare an abstract of title with a title report. (II)
7. List major specific liens. (III)
8. List major general liens. (III)
9. Describe the characteristics of various common types of leases. (IV)
10. Describe the main components of the Landlord/Tenant Act. (IV)
11. Describe the major provisions of a Management Agreement. (IV)
12. Calculate rates of return on investment by various prescribed methods.(V)
13. Describe various government restrictions and limitations affecting real estate activities. (VI)
14. Describe the effects of toxic waste and environmental hazards on real estate activities. (VII)
15. Describe various water rights and their transfer in Arizona. (VIII)
16. Describe principle-agent relationships. (IX)
17. List ethical standards of practice of the real estate industry. (X)
18. Describe the Arizona Real Estate Code and Rules and Regulations as found in Title 32, Chapter 20, Arizona Revised Statutes. (XI)
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MCCCD Official Course Outline:
 
REA180   19906-99999 Real Estate Principles II
    I. Advanced Contracts
        A. Listing Agreements
        B. Sales Contracts
      II. Escrow Procedures
          A. Abstracts and Title Reports
          B. Title Insurance
          C. Closing Procedures
          D. Prorations and Closing Costs
          E. Recording Process
        III. Liens and Encumbrances
            A. Specific Liens
            B. General Liens
          IV. Property Management
              A. Types of Leases
              B. Landlord/Tenant Act
              C. Management Contracts
              D. Recordkeeping Requirements
            V. Investment
                A. Methods of Investment
                B. Mathematics of Investment
              VI. Government Restrictions and Limitations
                  A. Discrimination
                  B. Lending
                  C. Zoning
                  D. Advertising
                  E. Anti-Trust
                  F. Subdivisions
                VII. Toxic Wastes and Environmental Hazards
                    A. Specific Problems
                    B. Warranties and Disclosures
                  VIII. Water Rights
                      A. Riparian, Accretion, and Erosion
                      B. Groundwater
                    IX. Agency
                        A. Principle-Agent Definition
                        B. Fiduciary Responsibility
                        C. Obligation to Parties
                      X. Ethics and Professional Relationships
                          A. Standards of Practice
                          B. Codes of Ethics
                          C. Professional Organization
                        XI. Real Estate Code and the Commissioner's Rules and Regulations
                            A. ARS 32-20
                            B. Commissioner's Rules and Regulations
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