Official Course Description: MCCCD Approval: 06/27/95
REA283 19956-99999	LEC	3 Credit(s)	3 Period(s)
Property Management
Emphasizes realty laws, survey of rentals, housing needs, and rents in Phoenix metropolitan area. Prerequisites: REA179 or permission of instructor.

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MCCCD Official Course Competencies:
REA283   19956-99999	Property Management

1.	Explain the exemptions from real estate license requirements for residential and nonresidential property management. (I)
2.	List and describe the requirements for a valid property management agreement. (II)
3.	Identify the requirements for property management trust accounts. (II)
4.	Define record keeping requirements for property managers. (II)
5.	Explain the fiduciary relationship of a property manager and the owner or his/her agent. (III)
6.	List and describe the objectives that a property manager should establish. (IV)
7.	Describe the obligations and rights of both the landlord and tenant under the Arizona residential landlord and tenant act. (V)
8.	Compare the landlord tenant act (Title 3) and the mobile home landlord tenant act (Title 11) with the residential landlord tenant act (Title 10). (V)
9.	List the eight protected categories of the fair housing act (1968) and fair housing acts amendments (1988). (VI)
10.	Compare the Arizona civil rights act of 1990 to the federal fair housing laws. (VI)
11.	Define exemptions in the fair housing act (1968) and fair housing amendments (1988) given to an owner, fraternal and social organizations, and housing for the elderly. (VII)
12.	Give examples of how the Americans with Disabilities Act applies to privately owned buildings that are for public use including restaurants, retail stores, and office buildings. (VIII)
13.	List and describe the four leasehold estates, and explain how they are terminated and inherited. (IX)
14.	Describe how market studies are used to find probable vacancy factors, market rents, and shifts in supply and demand projections. (X)
15.	List the essential elements of a valid lease or rental agreement. (XI)
16.	Give examples of assignments and subleases by a lessee. (XI)
17.	Describe the minimum requirements to claim a tenant has abandoned the premises. (XI)
18.	Define trade fixtures and rights of a tenant to remove. (XI)
19.	Explain the effect of a tenant's bankruptcy on the owner's rights. (XI)
20.	Explain the effects of a lender foreclosing a lien on the property where a tenant has an estate of years. (XII)
21.	Describe the rights of tenants when the owner converts an apartment building to a condominium property. (XIII)

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MCCCD Official Course Outline:
REA283   19956-99999	Property Management

I. Real Estate License Law A. Activities requiring a license B. Exemptions for residential rental properties C. Exemptions for nonresidential rental properties II. Property Management Employment Agreements A. Written B. Contractual requirements C. Cancellation provisions D. Automatic renewal provisions E. Frequency of reports F. Limitations on expenditures G. Trust accounts H. Record keeping III. Manager's Fiduciary Duties to Owners A. Care and diligence B. Obedience C. Accountability D. Loyalty E. Disclosure IV. Objective of Property Manager A. Maximize return to owner B. Obtain and retain tenants C. Repair and maintain property D. Remodel and renovate property V. Arizona Landlord Tenant Acts A. Title 33, Article 3 landlord and tenant act B. Title 33, Article 10 residential landlord and tenant act C. Title 33, Article 11 mobile home landlord and tenant act VI. Fair Housing Laws and Protected Categories A. Prejudices and discrimination B. History of discrimination regulations C. Fair housing act of 1968 D. Amendment to fair housing (act, 1988) E. Arizona civil rights act VII. Exemptions in the Fair Housing Law A. For an owner B. For fraternal and social organizations C. Housing for the elderly D. Accommodations for the handicapped VIII. Americans with Disabilities Act A. Employment of the handicapped B. Privately owned building for public uses IX. Leasehold Estates/Tenancies A. For years B. Year to year C. At will D. At sufferance X. Market Studies A. Vacancies B. Supply and demand projection C. Market rents XI. Leases and Rental Agreements A. Contractual requirements B. Parties having authority to manage C. Owners or their statutory agents D. Assignment vs. sublease E. Abandonment vs. surrender F. Trade fixture law G. Bankruptcy H. Foreclosure XII. Foreclosure Against Owner A. Priority of lease with lien B. Nondisturbance clause XIII. Regulation of Conversion to Condominium A. Notice to lessees B. First right to purchase

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