CALIFORNIA STATE POLYTECHNIC UNIVERSITY



CALIFORNIA STATE POLYTECHNIC UNIVERSITY, POMONA

ACADEMIC SENATE

GENERAL EDUCATION COMMITTEE

REPORT TO

THE ACADEMIC SENATE

GE-001-056

FRL 110, REAL ESTATE PRINCIPLES

GENERAL EDUCATION AREA D2 COURSE

General Education Committee Date: 11/30/05

Executive Committee

Received and Forwarded Date: 2-8-06

Academic Senate Date: 2-15-06

First Reading

4-12-06

Second Reading

Background

The College of Business Administration is proposing FRL 106 Real Estate Principles as a General Education course for area D2, History, Economics, and Political Science.

Resources

G. Lentz, J. Lunsford, J. Kashefinejad

Discussion

This course was referred to the General Education Committee on September 14, 2005.

Initially there was some concern that this might be primarily a real estate course of limited appeal to those not majoring in that field. However, on closer analysis it seems to be a solid GE course, integrating economic, sociological, and historical factors; it is a popular course and not required for any Business Administration majors. The ECO was revised to strengthen the student development of written and oral communication skills, and the list of references and resources was considerably expanded. GE assessment is included in section IX of the ECO.

There was one (negative) comment on the Undergraduate Studies website concerning FRL 106 articulation with community college courses. In response to this the FRL Department is requesting a re-numbering of this course to FRL 110, and is rescinding its current articulation agreements with the community colleges.

Recommendation

The GE Committee has found this course to be in compliance with the guidelines for area D2. There were two comments on the Undergraduate Studies website. The course was approved by the GE Committee on November 30, 2005 and is now forwarded to the Academic Senate for consideration.

CALIFORNIA STATE POLYTECHNIC

UNIVERSITY OF POMONA

EXPANDED COURSE OUTLINE

Course Number:__FRL 106 ________

Course Title: ___ Real Estate Principles __________

Prepared By:_____ J. Lunsford, Modified by George Lentz ________

Date Prepared: ____ July 5, 2002, Modified November 14, 2005_______

SECTION A

I. Catalog Description:

An introduction to the principles of real estate. Topics include the role of real estate in the economy; land use decisions and urban form; rights and interests in real estate; limitations on property rights; forms of property ownership; instruments and procedures of real property transfer; land use planning and controls; and institutional practices and arrangements within specific areas of real estate activity. 4 lecture-discussion. Prerequisites: None.

II. Required Background or Experience:

A. Prerequisites:

None.

B. Prerequisites Justification:

This course is an Area D2 general education course. There are no prerequisites for this course.

C. General Education Contribution:

The contribution of this course to general education is to enhance student understanding of the following: the importance of real estate to the U.S. and California economy, the influence of real estate decisions on urban form and life styles, the role of legal continuity and evolution and of legislative enactments in shaping modern real estate practices, the interplay between societal interests and pursuit of profit and private benefits in real estate decision making and practices, the roles of financial institutions, macroeconomic factors, and social forces (including changes in the growth and composition of households, technological innovations, life-style preferences, the needs and desires of multicultural populations, etc.) in shaping contemporary real estate practices and activity. The course combines real estate specific information with information related to finance, economics, political science, and sociology.

III. Expected Outcomes:

Students must demonstrate ability to:

A. Describe the distinguishing characteristics of real estate

B. Identify and interpret the basic types of rights, or interests, in real estate, and describe the basic types of legal descriptions of real property

C. Identify and describe the types of limitations placed on property rights, both governmental and nongovernmental

D. Identify and interpret the main types of property ownership

E. Describe the processes involved in transferring (purchasing and selling) ownership of real property.

F. Identify and evaluate issues arising in real estate transactions, and be able to choose the applicable terms, conceptual definitions, and basic rules that apply to a given fact situation involving different aspects of real estate transactions.

G. Identify and evaluate issues of social justice in real property transactions, and describe key types of legislation design to promote such

H. Identify and assess the risks of various real estate transactions.

I. Describe the economic and social factors influencing urban development, growth, and decline of cities, and how these in turn affect real estate activity

J. Identify and describe the role of the various financial arrangements, instruments, and rules and regulations involved in real estate transactions.

K. Describe the impact of land use planning and regulations on real estate development

L. Describe the methods and procedures of estimating the value of real estate and of assessing the return and risk of real property investments.

IV. Text and References:

(Textbook Decision: By Instructor)

A. Possible textbook alternatives:

1. Corgel, John B., David C. Ling, and Halbert C. Smith, Real Estate Perspectives: An Introduction to Real Estate, 4th (or later) Edition. McGraw-Hill Irwin, 2001.

2. Floyd, Charles F. and Marcus T. Allen, Real Estate Principles, 8th (or later) Edition, Real Estate Education Co., a Division of Dearborn Publishing, Chicago, Il, 2005

3. Jacobus, Charles J., Real Estate Principles, 10th (or later) Edition, South-Western Publishing, a Division of Thomson Learning, Mason, Ohio, 2005

4. Ling, David C. and Archer, Wayne R., Real Estate Principles: A Value Approach. McGraw-Hill Irwin, 2005

5. Miller, Norman G., and David M. Geltner, Real Estate Principles for the New Economy, South-Western Publishing, a Division of Thomson Learning, Mason, Ohio, 2005

Supplementary Materials with a California Focus:

1. Huber, Walt, California Real Estate Principles, 9th (or later) Edition, Educational Textbook Company, Inc., Covina, CA, 2003

2. McKenzie, Dennis J., Lowell Anderson, Frank Battino, and Cecilia Hopkins, California Real Estate Principles, 7th (or later) Edition, South-Western Publishing, a Division of Thomson Learning, Mason, Ohio, 2004

3. Pivar, William H. and Dennis J. McKenzie, California Real Estate License Preparation, 12th (or later) Edition, South-Western Publishing, a Division of Thomson Learning, Mason, Ohio, 2004

4. Stapleton, Charles O., III, and Martha R. Williams, California Real Estate Principles, 6th (or later) Edition, Real Estate Education Co., a Division of Dearborn Publishing, Chicago, Il, 2004

V. Special or Unique Student Materials:

None.

|___Zip Disk |___Calculator |___Camera |___Laptop |

|___Floppy Disk |___Graph Paper |___Video Camera |___Computer |

|___CD-Rom |___Writing Pad |___Videotape | ___Other |

| | | | |

VI. Special or Unique University Facilities:

|___Computer Lab |___Computer Connection |___“Smart” Classroom (one workstation) |

|___File Server |___White Board/Markers |_X_Overhead Screen |

|_X__Computer Projector |___VCR |___Microphone |

|_X__Laser Pointer |___Printer |___Moveable Classroom Furniture |

|_X_Internet Connection |___Laptop Ports |___Other ____________ |

| | | |

VII. Expanded Description of the Course and Instructional Methods:

A. Expanded Description of the Course:

This course provides an introduction to a wide range of real estate concepts, practices, regulations, and institutions, and it is designed for all students in the university. The course provides students with an understanding of real estate markets; practices and institutional arrangements within the main areas of the real estate business; real property rights; basic legal terms and issues in real estate transactions; the effect of various types of consumer protection, anti-discrimination, and environmental laws and regulations on real estate practices and activity. Topics include the role of real estate in the economy; the basic determinants of urban form and development; the influence of real estate decisions on urban form and life styles; types of rights and interests in real estate, limitations on property rights; forms of property ownership; instruments and procedures of real property transfer; laws and conventions regulating the transfer of real property; land use planning, controls, and regulation; and an overview of business practices and institutional arrangements within specific areas of real estate activity including real estate brokerage, finance, management, development, and real property valuation. The course also meets one of the California Department of Real Estate course requirements for students desiring to take the real estate salesperson exam.

B. Instructional Methods:

Describe which type(s) of instructional method(s) will be used in class: lecture, lecture-discussion, lecture/problem solving, seminar, activity, laboratory, etc. Check all that apply.

|___Lecture |___Cases |___Individualized Instruction |

|_X__Lecture/Discussion |___Open Lab |___Cooperative Learning |

|___Seminar |___Videotapes |___Distance Learning |

|___Other | | |

VIII. Methods of Evaluating Outcomes:

In-class essay and objective examinations, and possible quizzes. At the instructor’s discretion there will be either 2 or 3 midterm examinations. Frequent quizzes during the course may replace one of the midterm examinations. Weights of these evaluation tools will be at the discretion of the instructor.

Evaluation Tools:

|Individual Paper: ___% |Tests & Exams _at least 50% |Individual Project ___% |

|Group Paper: ___% |Quizzes _Up to 40__% |Team Project ___% |

|Individual Presentation___% |Peer Evaluation ___% |Outside/Expert Evaluations ___% |

|Group Presentation ___% |Participation 10 to 15% |Other: ________ ___% |

IX. Outcomes Assessment

A. Evaluation of Outcomes

This course will assess whether or not the course objectives have been met by the use of examinations (including a final) and/or quizzes. A minimum of two mid-term exams plus a final exam is recommended, although an appropriate number of quizzes may be substituted for one of the midterms. At the instructor’s discretion the course also may include other assessment tools, such as a paper or presentation. Weights of these evaluation tools will be at the discretion of the instructor, although guidelines are provided above. A portion of the exams must include a writing component designed to assess the student’s ability to articulate and logically develop one or more ideas. The mid-term examinations will not be cumulative although the final may be (at the instructor’s discretion). The exams will test the knowledge of the student in the materials assigned during the time period covered by the examination. In addition to being able to provide correct answers, the assessment techniques employed will test the student’s ability to successfully accomplish the following critical thinking tasks: determine and describe the real estate issues involved in any particular case or question; apply the relevant rules or real estate principles, describe the relative risks involved in the case or question; identify the various alternative courses of action available to the parties, and describe the course of action (including the pros and cons of such) the student determines to be preferable and the reasons for such preference.

The purpose of this assessment process is to fairly determine whether or not the objectives of the course have been satisfied by the class members – namely the students and the faculty member(s) who is (are) teaching the course.

B. Assessment of Learning Outcomes

Learning outcomes in the context of general education will be assessed using the following techniques:

1. Analysis of student assessment activities, primarily examination and quizzes

2. Student survey conducted at the end of the course. This survey will include questions regarding the following:

i. The extent to which the course adequately covered the topics and learning objectives specified in the syllabus

ii. The extent to which the course provided knowledge about current real estate practices and institutions and of how these have evolved over time

iii. Ways in which the course enabled students to draw upon principles from the social sciences and apply them to specific real estate issues

iv. The extent to which the instructors promoted critical thinking, problem solving, and logical reasoning

v. The extent to which real estate decisions and activities (buying, selling, leasing, financing, managing, and developing real properties) have been interwoven with economic, political, and social issues so as to increase student awareness of the interplay between societal interests and private business interests.

The course coordinators and faculty will review the data obtained from these assessments and use them to revise the course content as appropriate.

Student Survey: A student survey will be conducted at the end of each class to assess whether or not the expected outcomes have been met by the specific course as it was taught.

SECTION B

|Week # |Theme/Topic |

|1 |Introduction to Real Estate and of Its Importance to Society |

| |Description of course requirements |

| |A brief overview of career opportunities in Real Estate |

| |The importance of real estate activity to the economy, and the influence of economic factors on real estate |

| |activity |

| |The importance of real estate decisions to the shape and form of the urban landscape, and to citizen |

| |opportunities and quality of life |

| |The characteristics of real estate as an economic good |

| |Distinction between real estate and real property |

| |Legal descriptions of real estate |

|2 |Property Rights and Forms of Ownership |

| |Definition of property rights |

| |Distinction between estates and interests less than estates |

| |Types of estates and interests less than estates |

| |Types of freehold and leasehold estates |

| |Present vs. future estates |

| |Easements and liens |

| |Limitations on property rights |

| |Governmental limitations |

| |Encumbrances |

| |Types of property ownership |

| |Real estate leases |

| |Condos, cooperatives, PUDs, and timeshares |

|3 |Transferring Ownership: Deeds, Title Insurance, Recordation, & Contracts |

| |Definition of a deed, and requirements for deeds |

| |The main types of deeds |

| |Forms of title assurance |

| |Characteristics of title insurance |

| |Recordation of deeds and other real estate documents |

| | |

| |Closing, Escrow and Prorations |

| |Types of closing |

| |Closing requirements |

| |Real Estate Settlement and Procedures Act (RESPA) |

| |HUD-1 Settlement Statement |

| |Escrow closing procedures |

| |Proration |

| |Go over a sample closing problem |

|4 |Mid-term Exam #1 |

| | |

| |Real Estate Sales Transactions |

| |Contracts in real estate transactions |

| |Principal-agent relationships in real estate |

| |Real estate agency |

| |Real Estate Brokerage Operations |

|5 |Regulation of Real Estate Practice and Transactions |

| |Licensing requirements for real estate agents and other real estate practitioners |

| |Fair Housing, Americans with Disabilities Act, and other anti-discriminatory legislation affecting real |

| |estate |

| |Real estate consumer legislation, such as disclosure laws |

| |Differences between residential and commercial properties with respect to consumer protections |

| | |

| |Real Estate Finance |

| |Introduction to real estate finance |

| |Promissory note and mortgage |

| |Differences between mortgages and deeds of trust |

| |Mortgage default and foreclosure procedures |

| |Mortgage underwriting: Qualifying for mortgage financing |

| |Sources of real estate financing |

|6 |Real Estate Finance (continued) |

| |Types of mortgage loans |

| |Government-backed vs. conventional |

| |Fixed-rate, ARMs, interest-only, PLAMS, and other types of loan plans |

| |Determining mortgage payments and loan balances |

| |Fixed-rate loans |

| |Adjustable rate loans |

| |Interest-only loans |

| |Regulation of lending practices and borrower protections |

| |Truth-in-Lending Act (1968) and Regulation Z |

| |Equal Credit Opportunity Act (1974) |

| |Home Mortgage Disclosure Act (1975) |

| |Community Reinvestment Act (1977) |

| |Fair Credit Reporting Act (1992) |

| |Home Ownership and Equity Protection Act (1994) |

| |Home Owners’ Protection Act (1998) |

| |Secondary mortgage market |

| |Functions of the secondary market |

| |Influence on loan standardization |

| |Major players in the residential mortgage secondary market |

| |Differences between the residential and commercial secondary market |

| |Negotiable instruments |

| | |

| |Real Estate Appraisal and Value Analysis |

| |Reasons for and uses of appraisals |

| |Value concepts |

| |Market value vs. investment value |

| |The appraisal process |

|7 |Real Estate Appraisal and Value Analysis (continued) |

| |Methods of appraisal |

| |Uniform Standards of Professional Appraisal Practice |

| |Regulation and licensing of the appraisal profession |

| | |

| |Mid Term Exam #2 |

|8 |Real Estate Markets and Market Analysis |

| |Characteristics of real estate markets |

| |Classification of property types |

| |Factors affecting demand and supply |

| |Analyzing real estate demand and supply |

| | |

| |Urban and regional economics as a background to real estate market analysis |

| |Determinants of urban form and land use |

| |The bid-rent curve |

| |Urban growth patterns |

| |Neighborhood change |

| |The importance of public infrastructure in urban development |

|9 |Land Use Planning and Land Use Controls |

| |Reasons for land use planning |

| |The activity of land use planning |

| |The structure of land use planning in California |

| |The general plan |

| |Land use controls as tools to control development and implement land use plans |

| |Types of land use controls |

| |Zoning and building codes |

| |Exercise of police powers vs. taking |

| |Federal and state legislation impacting planning and land use |

| |The National Environmental Policy Act (NEPA) of 1969 |

| |California Environmental Quality Act (CEQA) of 1970 |

| |Other environmental and land use legislation |

|10 |Real Estate Development and Management |

| |The real estate development process |

| |The role of the developer |

| |The interplay between developers, land use planners and regulators, and the political process |

| | |

| |Property Management |

| |The functions of a property manager |

| |The management agreement |

| |Asset managers vs. property managers |

| | |

| |(Note: Exams are scheduled at the discretion of the instructor and could be given at different times during |

| |the course, but in this outline the time has been reserved to assure that the time required for exams is |

| |accounted for.) |

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