FLORIDA STATE COLLEGE AT JACKSONVILLE NON-COLLEGE CREDIT COURSE OUTLINE

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1 Form 2B, Page 1 FLORIDA STATE COLLEGE AT JACKSONVILLE NON-COLLEGE CREDIT COURSE OUTLINE COURSE NUMBER: REE 0047 COURSE TITLE: PREREQUISITE(S): COREQUISITE(S): Real Estate Sales Agent None None TOTAL CONTACT HOURS: 63 (For Office Use Only: Vocational Credits 2.0 ) FACULTY WORKLOAD POINTS: 2.10 STANDARDIZED CLASS SIZE ALLOCATION: 30 COURSE DESCRIPTION: This course provides students with the fundamentals of real estate and license law under Florida statutes. It includes a study of the business and legal aspects of real estate ownership, contracts, deeds, titles, mortgage instruments, property law, and Florida Real Estate Commission governing policies and regulations relative to salespersons. Successful completion of this course and the end-of-course ination meets the Florida Real Estate Commission requirements for pre-licensing and is the first of two occupational completion points in the Real Estate Marketing program. SUGGESTED TEXT(S): Florida Real Estate Principles, Practices and Law, George Gaines, Jr. and David S. Coleman, current edition. Florida Real Estate Commission Handbook IMPLEMENTATION DATE: Fall Term, 2000 (20011) REVIEW OR MODIFICATION DATE: Summer Term (20023) Fall Term, 2008 (20091) Outline Review 2007

2 Form 2B, Page 2 COURSE TOPICS CONTACT HOURS PER TOPIC I. The Real Estate Business 4 An Introduction to the Real Estate Business Real Estate Brokerage Development and Construction The Role of Government Professional Organizations II. License Law and Qualifications for Licensure 4 Historical Perspective of Florida Real Estate License Law General Licensing Provisions Salesperson Qualifications for Licensure Broker Requirements Registration and Licensure Post-Licensing Education Continuing Education Real Estate Services Individuals Who Are Exempt From Licensure III. License Law and Administration 3 Florida Real Estate Commission Division of Real Estate Real Estate Education and Research Foundation IV. Agency and Ethics 3 Law of Agency Agency and Non-agency in Florida Misrepresentation and Fraud Professional Ethics V. Real Estate Brokerage Operations 4 Brokerage Offices Advertising Escrow or Trust Accounts Rental Lists and Rental Companies Broker's Role as an Expert Broker's Commission Change of Employer Membership in Organizations Types of Business Entities That May Register Trade Names Business Arrangements and Entities That May Not Register as Brokers VI. Complaints, Violations and Penalties 3 Procedures for Investigations and Hearings Complaint Process--8 steps

3 Form 2B, Page 3 COURSE TOPICS CONTACT HOURS PER TOPIC Violations and Penalties Types of Penalties FREC Disciplinary Guidelines Denial and Recovery of Compensation Real Estate Recovery Fund Unfamiliar Legal Terms VII. Property Rights: Estates, Tenancies and Multiple Ownership Interests 2 The Nature of Property General Property Rights Estates and Tenancies Special Ownership Interests Cooperatives, Condominiums and Time-Sharing VII. Title, Deeds and Ownership Restrictions 3 Title to Real Property Acquiring Legal Title Deeds Ownership Limitations and Restrictions VIII. Legal Descriptions 2 Purposes of Legal Descriptions Types of Legal Descriptions IX. Real Estate Contracts 3 Preparation of Contracts Essentials of a Contract Contract Categories Contract Negotiation Termination of Contracts Contracts Important to Real Estate X. Real Estate Finance 3 Legal Theories of Mortgages Mortgage Instruments Mortgage Clauses Types of Mortgages Methods of Purchasing Mortgaged Property Other Types of Financing Qualifying the Buyer XI. The Mortgage Market 3 The Mortgage market and Money Supply Federal Regulatory Bodies

4 Form 2B, Page 4 COURSE TOPICS CONTACT HOURS PER TOPIC Primary Mortgage Market Secondary Mortgage Market Lender Charges XII. Computations and Title Closing 3 Computations Closing Statements Closing Statement Items XIII. Estimating Real Property Value 3 Market Value Approaches to Estimating Real Property Value Data Sources Comparative Market Analysis: Case Situation XIV. Real Estate Investment Analysis Need for Real Estate Investment Analysis Real Estate as an Investment Analyzing Investment Properties Assessment of Risks Role of Financing Financial and Investment Guidelines and Ratios XV. Business Opportunity Brokerage; Securities Licensing 3 Business Brokerage Expertise Required in Business Brokerage Steps in the Sale of a Business Securities Licensing XVI. Taxes Affecting Real Estate 3 City and County Property Taxes State Taxes Related to Real Property Transfers Federal Income Taxes XVII. The Real Estate Market 2.5 Three Key Questions Characteristics of the Real Estate Market Demand and Supply Factors XVIII. Planning and Zoning 2.5 History of Planning and Zoning Local Planning Agency The Planning Process Zoning Laws and Building Codes Appeals and Exceptions

5 Form 2B, Page 5 COURSE TOPICS CONTACT HOURS PER TOPIC XIX. Federal and State Housing Laws 3 Federal Fair Housing Laws Federal Laws Regarding Land and the Environment Federal Laws Regarding Mortgage Lending State Housing and Land Sales Laws State Laws Requiring Real Estate Disclosures XX. Cases Studies in Real Estate 3 Cases in Law and Ethics XXI. Final Examination 3 hours 3 Total hours including ination 63

6 Form 4B, Page 6 PROGRAM TITLE: COURSE TITLE: Real Estate Sales Agent Real Estate Sales Agent CIP NUMBER: LIST PERFORMANCE STANDARD ADDRESSED: NUMBER(S): TITLES(S): 01.0 DEMONSTRATE AN UNDERSTANDING OF AN OVERVIEW OF THE LICENSE LAW, THE REQUIREMENTS FOR LICENSURE, THE FLORIDA REAL ESTATE COMMISSION, AND THE REAL ESTATE BUSINESS--The student will be able to: Give background information and explain the rationale for the real estate license law in Florida Name at least five types of real estate businesses and explain the economic functions they perform Give five ples of how local, state, and federal governments affect real estate List the functions of the Real Estate Commission Explain how members of the Commission are appointed and list their required qualifications DEMONSTRATE AN UNDERSTANDING OF PROPERTY RIGHTS: ESTATES AND LIMITATIONS OF OWNERSHIP, CONDOMINIUMS, COOPERATIVES, AND TIME-SHARING--The student will be able to: Explain the difference between real property and personal property and list several ples of each Apply the tests for fixtures to determine whether a particular item is real or personal property List three general property rights and give a concise explanation of each List at least five ples of limitations on property rights List and illustrate the three physical components of real property List the principal types of estates and explain their characteristics Describe and distinguish between condominiums and cooperatives Describe the two types of time-sharing arrangements List at least three types of disclosure required by the Florida Real Estate Time-Sharing Act DEMONSTRATE AN UNDERSTANDING OF ACQUISITION, CONVEYANCING, AND PROTECTION--The student will be able to: List and explain the general methods of acquiring and conveying title List the five warranties contained in a general warranty deed List the essentials of a valid deed Cite three ples of restrictive covenants which may be found in a typical deed Calculate the value of documentary stamps required on deeds in Florida Explain the nature of the habendum and reddendum clauses.

7 Form 4B, Page 7 LIST PERFORMANCE STANDARD ADDRESSED: (CONTINUED) NUMBER(S): TITLES(S): 04.0 DEMONSTRATE AN UNDERSTANDING OF PROPERTY TAXES, SPECIAL ASSESSMENTS, AND OTHER LIENS AND ENCUMBRANCES--The student will be able to: Calculate the property tax rate for a community, given expected expenditures, non-tax revenue, and the value of taxable property List at least six local community services that property taxes help fund Compute the property tax on a given property using the current tax rates and specified exemptions List the steps in the tax appeal procedure List three uses of special assessments Identify three types of liens other than property taxes DEMONSTRATE AN UNDERSTANDING OF METHODS OF DESCRIBING PROPERTY--The student will be able to: List and provide explanations of the methods for describing property Write a property description using metes and bounds Write a property description using a recorded plat Write a property description using the U.S. rectangular survey system Calculate the number of acres in subareas of the rectangular survey system down to 10 acres in size DEMONSTRATE AN UNDERSTANDING OF CONTRACTS--The student will be able to: List the essentials of a valid contract and give a brief explanation of each Complete a valid listing agreement Complete a valid form contract given the conditions of a sale Explain the ways in which default of a contract by buyer and seller may occur and the remedies available to each Differentiate between an open listing, an exclusive listing, and an exclusive-right-to-sell listing DEMONSTRATE AN UNDERSTANDING OF REAL ESTATE FINANCE--The student will be able to: Explain the two legal views of a mortgage Identify and explain the difference between a note and a mortgage Explain the following types of loans: FHA, VA, conventional, amortized, adjustable, construction, purchase money mortgage, package mortgage, and home equity mortgage Describe the general criteria used by a lender in deciding whether or not to make a loan DEMONSTRATE AN UNDERSTANDING OF THE QUALIFICATIONS OF BUYERS: FHA, VA, AND CONVENTIONAL MORTGAGE MARKETS--The student will be able to: Identify the two ratios that must be met for FHA loans Identify a ratio that must be met for VA loans Identify two ratios considered for most conventional loans Describe the types of information normally required on a loan application form.

8 Form 4B, Page 8 LIST PERFORMANCE STANDARD ADDRESSED: (CONTINUED) NUMBER(S): TITLES(S): Explain the nature of mortgage markets List at least five sources of funds for real estate financing Differentiate among savings and loan associations, commercial banks, life insurance companies, and mortgage bankers Explain the process of discounting loans and calculate the approximate change in yield caused by a given discount Explain the difference between the primary and secondary mortgage market and list the principal institutions in each DEMONSTRATE AN UNDERSTANDING OF THE CLOSING OF TRANSACTIONS: ACCOUNTS, SETTLEMENTS, AND CLOSING STATEMENTS--The student will be able to: Identify and describe the steps that must be accomplished for closing a transaction List the expenses typically paid by buyers and those typically paid by sellers Identify items that are typically prorated Prorate individual items, given the period for prorationing, the effective date, and the amount of the item to be prorated Identify and calculate the various stamp taxes that must be paid in a typical transaction DEMONSTRATE AN UNDERSTANDING OF THE PREPARATION OF LISTING AGREEMENTS, PURCHASE AND SALE CONTRACTS, AND ESTIMATED CLOSING EXPENSE STATEMENTS--The student will be able to: Complete a listing agreement based upon case data and forms Complete a purchase and sale contract based upon case data and forms Complete sellers and buyers estimated closing expense statements based upon case data and forms DEMONSTRATE AN UNDERSTANDING OF REAL ESTATE MARKETS, PLANNING, AND ZONING--The student will be able to: Explain the basic concept of a market List and briefly explain the basic characteristics of the real estate market List three factors of demand and define each with respect to real estate Explain how real estate market indicators can assist in interpreting knowledge and conditions of market Explain in simple terms the concept of highest and best use of land List and explain the background studies that go into making up the comprehensive plan List and discuss the general zoning classifications List and explain three types of adjustments allowed in most zoning codes DEMONSTRATE AN UNDERSTANDING OF THE REAL ESTATE APPRAISAL--The student will be able to: Offer a simple definition of market value List the steps in the three approaches to appraising property.

9 Form 4B, Page 9 LIST PERFORMANCE STANDARD ADDRESSED: (CONTINUED) NUMBER(S): TITLES(S): Explain the importance of a data bank and list at least five types of data that should be stored in a bank List the various organizations and professional designations in the appraisal field Solve simple appraisal problems using all three approaches Students will be able to explain the requirements for various levels of state certification for appraisers/appraisals DEMONSTRATE AN UNDERSTANDING OF THE PREPARATION OF A COMPARATIVE MARKET ANALYSIS, BUSINESS ENTERPRISE, OPPORTUNITY BROKERAGE, AND AUCTIONS--The student will be able to: Complete a comparative market analysis based on case data Cite three differences between real estate brokerage, business enterprise, and opportunity brokerage Cite three differences between business enterprises and business opportunities Cite at least five reasons for appraising businesses List the major steps in the sale of a business enterprise or opportunity DEMONSTRATE AN UNDERSTANDING OF REAL ESTATE INVESTMENT ANALYSIS, NON-FREEHOLD ESTATES, LEASES, AND LANDLORD-TENANT RELATIONSHIPS--The student will be able to: Identify four personal objectives that can be important in investment decisions Identify at least three important investment considerations for four different property types Explain the concepts of leverage and tax shelter, and how they affect investor return Calculate net operating income, cash throw-off, and after-tax cash flow Identify at least four important ratios for investment analysis and explain how they are calculated List the six basic requirements of a valid lease List and explain the four types of leasehold estates Complete the standard approved FAR-BAR residential lease form List the minimum termination notice periods required for residential leases Explain landlords obligations regarding security deposits and advance rents DEMONSTRATE AN UNDERSTANDING OF REAL ESTATE LICENSE LAW, THE ADMINISTRATION OF THE LAW, AND SECURITIES LICENSING REQUIREMENTS FOR SELLING DIRECT PARTICIPATION PROGRAMS IN REAL ESTATE--The student will be able to: Describe and explain the functional duties of the Florida Real Estate Commission Describe the organization of the Department of Business and Professional Regulation and the Florida Real Estate Commission within DBPR Describe the membership and internal organization of the Commission Define a security for regulatory purposes Explain the principal state and federal requirements for those who wish to sell securities.

10 Form 4B, Page 10 LIST PERFORMANCE STANDARD ADDRESSED: (CONTINUED) NUMBER(S): TITLES(S): 16.0 DEMONSTRATE AN UNDERSTANDING OF LICENSING AND RENEWAL REQUIREMENTS AND PREREQUISITES, PROPERTY DEFICIENCIES, AND HAZARDS--The student will be able to: List four prerequisites (qualifications) to become licensed List the steps in the licensing process for sales associates and brokers List seven types of licenses List minimum educational requirements for sales associates and brokers List steps for renewal of a license Locate topics on licensing in Chapter 475, F.S. and in Rules of the FREC (21V) List one or more common deficiencies in residential roofs, walls, water supply, electrical systems, septic tanks, and insulation List seven potential environmental hazards present in Florida DEMONSTRATE AN UNDERSTANDING OF AGENCY RELATIONSHIPS, OBLIGATIONS, AND AGREEMENTS--The student will be able to: List at least five duties and obligations of sales associates and brokers to principals Identify the performance required by a broker in order to earn a commission List at least four limitations upon sales associates Distinguish between a general agent and a special agent List three ways in which a broker may lose the right to collect a commission Identify at least three types of employment contracts DEMONSTRATE AN UNDERSTANDING OF BROKERAGE OPERATIONS: LICENSING OF JOINT BUSINESS RELATIONSHIPS, OFFICES, ESCROW, ADVERTISING, FAIR HOUSING AND OTHER LAWS AFFECTING REAL ESTATE--The student will be able to: List the principal requirements for licensing of partnerships, corporations, and branch offices Explain the importance of record keeping; what records are to be kept and the penalties for noncompliance Cite the principal requirements relating to advance fees Explain the trust or escrow account and the duties of the sales associates and broker with respect to it Cite at least three major requirements concerning advertising List at least four requirements pertaining to signs List the prohibited basis of discrimination DEMONSTRATE AN UNDERSTANDING OF VIOLATIONS OF LICENSE LAW, PENALTIES AND PROCEDURES, AND ETHICS--The student will be able to: Recount four steps in revocation or suspension of a real estate license List at least six types of conduct that may result in a suspension or revocation Explain the nature of fraud and give five ples of fraudulent behavior in real estate List types of penalties that may be imposed by the Commission and the courts.

11 Form 4B, Page 11 LIST PERFORMANCE STANDARD ADDRESSED: (CONTINUED) NUMBER(S): TITLES(S): Cite three ples of unethical conduct DEMONSTRATE AN UNDERSTANDING OF CASE STUDIES OF SELECTED TOPICS IN AGENCY AND BROKERAGE OPERATIONS--The student will be able to: Indicate the basic law or rule that is broken in case situations provided by the Commission.

12 Florida State College At Jacksonville Course Learning Outcomes & Assessment NOTE: Use either the Tab key or mouse click to move from field to field. The box will expand to accommodate your entry. Section 1 COURSE PREFIX AND NUMBER: REE 0047 COURSE TITLE: Real Estate Sales Agent SEMESTER CREDIT HOURS (CC): CONTACT HOURS (NCC): 63 Section 2 TYPE OF COURSE: (Click on the box to check all that apply) AA Elective AS Required Professional Course College Prep AS Professional Elective AAS Required Professional Course Technical Certificate Other PSAV Apprenticeship General Education: (For General Education courses, you must also complete Section 3 and Section 7) Section 3 (If applicable) INDICATE BELOW THE DISCIPLINE AREA FOR GENERAL EDUCATION COURSES: Communications Social & Behavioral Sciences Mathematics Natural Sciences Humanities Section 4 INTELLECTUAL COMPETENCIES: Quantitative X Reading Speaking X Critical Analysis X Scientific Method of Inquiry Skills Writing X Listening Information Literacy X Ethical Judgment Working Collaboratively Section 5 STATE GENERAL EDUCATION LEARNING OUTCOME AREA Communication Critical Thinking Scientific and Quantitative Reasoning Information x Global Sociocultural Responsibility Literacy Section 6 LEARNING OUTCOMES Demonstrate an understanding of the license law and qualifications for licensure Demonstrate an understanding of license law administration Demonstrate an understanding of brokerage operations, relationships and ethics Demonstrate an understanding of complaints, violations and penalties Demonstrate an understanding of federal and state housing laws Type of Outcome: Gen. Ed,, Course METHOD OF ASSESSMENT

13 Section 6 (Continued) LEARNING OUTCOMES Demonstrate knowledge in property rights Demonstrate knowledge in titles, deeds, and ownership restrictions Demonstrate an understanding of basic Real Estate contracts and finance Demonstrate an understanding of estimation real property value Demonstrate an understanding of the license law and qualifications for licensure Demonstrate an understanding of license law administration Type of Outcome: Gen. Ed,, Course METHOD OF ASSESSMENT Section 7 Name of Person Completing This Form: Bill Barfield Date: 10/3/11