Course Discipline and



GAVILAN COLLEGE

CURRICULUM DEVELOPMENT

|form C |

|Modify or Inactivate an Existing Course |

|Date: 9/22/15 |Prepared & Submitted by: Ellen Venable |

|Department: Business |Course ID: RE 163 |Course Title: Real Estate Finance |

Obtain signatures from your Department Chair and Area Dean prior to submitting to the curriculum committee.

____________ ___________________________ _______________________________

Date Print Name Department Chair

____________ ___________________________ _______________________________

Date Print Name Area Dean

CURRICULUM & INSTRUCTIONAL ADMINISTRATION:

The course(s) has/have been approved by the curriculum committee and instructional administration, and satisfy all applicable requirements of the California Code of Regulations, Title 5.

____________ ___________________________ _______________________________

Date Print Name Signature, Curriculum Chair

____________ ___________________________ _______________________________

Date Print Name Signature, VP of Instruction

DISTRICT:

On ____________ (date), the governing board of the Gavilan College District approved the course proposal(s) attached to this request.

____________ ___________________________ _______________________________

Date Print Name President

|1. |What is the effective term? |

| |Fall Spring Summer Year: 2015-16 |

|2. | Inactivate Course(s): Inactivating a course will remove it from the course catalog. Courses may be re-activated by updating the course |

| |and bringing it back to the Curriculum Committee for approval. Transferable courses will need to be re-articulated, should you decide to |

| |reactivate the course. |

| | |

| |Reason for inactivation:       |

|3. | Modification of the following: |

| | |

| |Reason for modification: Reactivating course in anticipation of real estate program courses being offered starting in the spring of 2015. |

| |Course outline updated including textbook. |

| Number | Hours | Prerequisite/Advisory | Discipline |

| Title | Units | Description | Content |

| Grading | GE Applicability | Repeatability | Transferability |

| General Update | Reinstate Course | Cross list course with       | Un-cross list |

| Update Textbook | Cultural Diversity | Other (please describe.)       |

|COURSE OUTLINE | |

Course ID: RE 163 Units: 3 Lecture hours per week: 3 Lab hours per week: 0

(Discipline and Number)

|COURSE TITLE: |Real Estate Finance |

(Maximum of 60 spaces)

|Abbreviated Title: |REAL ESTATE FINANCE |

(Maximum of 30 spaces)

Change:

|From: |      |      |      |      |      |      |

| |Discipline & Number|Course Title |Units |Lecture |Lab |Number of |

| | | | |Hours per |Hours per |weeks |

| | | | |week |week | |

|To: |      |      |      |      |      |      |

| |Discipline & Number |Course Title |Units |Lecture |Lab |Number of |

| | | | |Hours per |Hours per |weeks |

| | | | |week |week | |

COURSE DESCRIPTION:

No Change Change

This course covers the regulations and procedures for financing real estate: types of lenders, primary and secondary investors, and methods and guidelines for qualifying for real property loans. This course meets a requirement for the California Broker's License. This course has the option of a letter grade or pass/no pass. ADVISORY: Real Estate 160.

Has the course content been compared to the equivalent C-ID descriptor? Yes No n/a

If yes, enter C-ID code:      

See Articulation Officer for assistance with C-ID descriptors.

Is this course cross-listed? Yes No

If yes, which department is responsible for scheduling, updating, and assessing the course?

     

Reason for cross-listing:

     

Is cross-listing being removed? Yes No n/a

If yes, how is the cross-listed course going to be handled?

Inactivate cross-listed course.

Inactivate cross-listed course and add a new course with a distinctly different course number, course title and course description.

COURSE REQUISITES:

List all prerequisites separated by AND/OR, as needed. Also fill out and submit the Prerequisite/Advisory form.

No Change Change

Replaces existing Advisory/Prerequisite

In addition to existing Advisory/Prerequisite

Prerequisite:      

Co-requisite:      

Advisory:      

GRADING:

No Change Change

Standard Letter Grade Option of a standard letter grade or pass/no pass

Pass/no pass only Non Credit

REPEATABLE FOR CREDIT:

(Note: Course Outline must include additional skills that will be acquired by repeating this course.)

No Change Change

Credit Course Yes No If yes, how many times? 1 2 3

Non Credit Course Yes No If yes, how many times? 1 2 3

Unlimited (DRC or Noncredit only)

Reason for Repeating:

Intercollegiate Athletics

Active Participatory course in Physical Education, Visual Arts or Performing Arts related in content to one or more other courses.

Occupational Work Experience/General Work Experience

Special class for students with disabilities

Non Credit

DISTANCE EDUCATION:

No Change

Hybrid (If checked, fill out Form D.)

Online (If checked, fill out Form D.)

No

STAND ALONE COURSE:

No Change Change

Yes - Course is NOT included in a degree or certificate program

No - Course IS included in a degree or certificate program

METHODS OF INSTRUCTION:

No Change Change

lecture, discussion, audio-visual, guest presentation

RECOMMENDED / REQUIRED TEXTBOOKS: (Must Complete)

Textbook must be no more than 5 years old.

The following information must be provided: Author, Title, Publisher, Year of Publication, Reading level and Reading level verification.

Required: Recommended: n/a

Author: Sherry Shindler Price and Leigh Conway. Title: Real Estate Finance (Fifth Edition). Place of Publication: Laguna Hills, CA: Publisher: Ashley Crown Systems, Inc., Year of Publication: 2014. Or other appropriate college level text.

ISBN:       (if available)

Reading level of text, Grade: 13th Verified by: Publisher

Other textbooks or materials to be purchased by the student:      

CULTURAL DIVERSITY:

Does this course meet the cultural diversity requirement? Yes No No Change n/a

If 'Yes', please indicate which criteria apply. At least two criteria must be selected and evidenced in the course content section and at least one Student Learning Outcome must apply to cultural diversity.

This course promotes understanding of:

Cultures and subcultures

Cultural awareness

Cultural inclusiveness

Mutual respect among diverse peoples

Familiarity with cultural developments and their complexities

Student Learning Outcome Number(s)      

PROGRAM LEARNING OUTCOMES:

Is this course part of a program (degree or certificate)? If yes, copy and paste the appropriate Program Learning Outcomes and number them. Enter the PLOs by number in the Student Learning Outcomes below.

     

STUDENT LEARNING OUTCOMES: (Must Complete)

1. Complete this section in a manner that demonstrates student’s use of critical thinking and reasoning skills. These include the ability to formulate and analyze problems and to employ rational processes to achieve increased understanding. Reference Bloom's Taxonomy of action verbs.

2. List the Type of Measures that will be used to measure the student learning outcomes, such as written exam, oral exam, oral report, role playing, project, performance, demonstration, etc.

3. Identify which Program Learning Outcomes (PLO) are aligned with this course. List them by number in order of emphasis.

4. Identify which Institutional Learning Outcomes (ILO) are aligned with this course. List them, by number in order of emphasis. For example: "2, 1" would indicate Cognition and Communication.

(1) Communication, (2) Cognition, (3) Information Competency, (4) Social Interaction, (5) Aesthetic Responsiveness, (6) Personal Development & Responsibility, (7) Content Specific.

5. For GE courses, enter the GE Learning Outcomes for this course. For example "A1, A2". GE Learning Outcomes are listed below.

6. Indicate when the course was last assessed.

Indicate by number which Program Learning Outcomes, Institutional Learning Outcomes and GE Learning Outcomes are supported by each of the Student Learning Outcomes.

Have you consulted the Rubric in developing the SLOs? Yes No

|1. |Describe how real estate is financed in California from a lending, regulatory, and borrowers perspective. |

|Measure: written exam, |PLO:       |ILO: 7,2,1 |GE-LO:       |Year assessed or anticipated year of assessment: |

|discussion | | | |2016-17 |

|2. |Explain the real estate lending process from underwriting and qualifying through funding and loan retirement. |

|Measure: written exam, |PLO:       |ILO: 7,2,1,4 |GE-LO:       |Year assessed or anticipated year of assessment: |

|homework, discussion | | | |2016-17 |

|3. |Identify the key players in California real estate finance. |

|Measure: written exam, |PLO:       |ILO: 7,2,1,4 |GE-LO:       |Year assessed or anticipated year of assessment: |

|homework, discussion | | | |2016-17 |

|4. |      |

|Measure:       |PLO:       |ILO:       |GE-LO:       |Year assessed or anticipated year of assessment: |

| | | | |      |

|5. |      |

|Measure:       |PLO:       |ILO:       |GE-LO:       |Year assessed or anticipated year of assessment: |

| | | | |      |

|6. |      |

|Measure:       |PLO:       |ILO:       |GE-LO:       |Year assessed or anticipated year of assessment: |

| | | | |      |

|7. |      |

|Measure:       |PLO:       |ILO:       |GE-LO:       |Year assessed or anticipated year of assessment: |

| | | | |      |

|8. |      |

|Measure:       |PLO:       |ILO:       |GE-LO:       |Year assessed or anticipated year of assessment: |

| | | | |      |

|9. |      |

|Measure:       |PLO:       |ILO:       |GE-LO:       |Year assessed or anticipated year of assessment: |

| | | | |      |

|10. |      |

|Measure:       |PLO:       |ILO:       |GE-LO:       |Year assessed or anticipated year of assessment: |

| | | | |      |

GENERAL EDUCATION LEARNING OUTCOMES:

AREA A Communications in the English Language

After completing courses in Area A, students will be able to do the following:

1. Receive, analyze, and effectively respond to verbal communication.

2. Formulate, organize and logically present verbal information.

3. Write clear and effective prose using forms, methods, modes and conventions of English grammar that best achieve the writing’s purpose.

4. Advocate effectively for a position using persuasive strategies, argumentative support, and logical reasoning.

5. Employ the methods of research to find information, analyze its content, and appropriately incorporate it into written work.

6. Read college course texts and summarize the information presented.

7. Analyze the ideas presented in college course materials and be able to discuss them or present them in writing.

8. Communicate conclusions based on sound inferences drawn from unambiguous statements of knowledge and belief.

9. Explain and apply elementary inductive and deductive processes, describe formal and informal fallacies of language and thought, and compare effectively matters of fact and issues of judgment and opinion.

AREA B Physical Universe and its Life Forms

After completing courses in Area B, students will be able to do the following:

1. Explain concepts and theories related to physical and biological phenomena.

2. Identify structures of selected living organisms and relate structure to biological function.

3. Recognize and utilize appropriate mathematical techniques to solve both abstract and practical problems.

4. Utilize safe and effectives laboratory techniques to investigate scientific problems.

5. Discuss the use and limitations of the scientific process in the solution of problems.

6. Make critical judgments about the validity of scientific evidence and the applicability of scientific theories.

7. Utilize appropriate technology for scientific and mathematical investigations and recognize the advantages and disadvantages of that technology.

8. Work collaboratively with others on labs, projects, and presentations.

9. Describe the influence of scientific knowledge on the development of world’s civilizations as recorded in the past as well as in present times.

AREA C Arts, Foreign Language, Literature and Philosophy

After completing courses in Area C, students will be able to do the following:

1. Demonstrate knowledge of the language and content of one or more artistic forms: visual arts, music, theater, film/television, writing, digital arts.

2. Analyze an artistic work on both its emotional and intellectual levels.

3. Demonstrate awareness of the thinking, practices and unique perspectives offered by a culture or cultures other than one’s own.

4. Recognize the universality of the human experience in its various manifestations across cultures.

5. Express objective and subjective responses to experiences and describe the integrity of emotional and intellectual response.

6. Analyze and explain the interrelationship between self, the creative arts, and the humanities, and be exposed to both non-Western and Western cultures.

7. Contextually describe the contributions and perspectives of women and of ethnic and other minorities.

AREA D Social, Political, and Economic Institutions

After completing courses in Area D, students will be able to do the following:

1. Identify and analyze key concepts and theories about human and/or societal development.

2. Critique generalizations and popular opinion about human behavior and society, distinguishing opinion and values from scientific observation and study.

3. Demonstrate an understanding of the use of research and scientific methodologies in the study of human behavior and societal change.

4. Analyze different cultures and their influence on human development or society, including how issues relate to race, class and gender.

5. Describe and analyze cultural and social organizations, including similarities and differences between various societies.

AREA E Lifelong Understanding and Self-Development

After completing courses in Area E, students will be able to do the following:

1. Demonstrate an awareness of the importance of personal development.

2. Examine the integration of one’s self as a psychological, social, and physiological being.

3. Analyze human behavior, perception, and physiology and their interrelationships including sexuality, nutrition, health, stress, the social and physical environment, and the implications of death and dying.

AREA F Cultural Diversity

After completing courses in Area F, students will be able to do the following:

1. Connect knowledge of self and society to larger cultural contexts.

2. Articulate the differences and similarities between and within cultures.

|CONTENT, STUDENT PERFORMANCE OBJECTIVES AND OUT-OF-CLASS ASSIGNMENTS: |

|No Change Change |

|Copy and paste the existing content from the official course outline of record. Edit the content as needed. |

| |

|3 Hours |

|Content: Introduction. Money and Markets: The Real Estate Industry, Financial Markets, Money, Capital, Money Supply, Controlling the Money Supply. |

|Student Performance Objectives: Identify characteristics of real estate cycles. Recognize terms used to describe money and markets. Identify types of |

|markets. Recall characteristics of the money supply. Recognize funtions of the Federal Reserve System. Specify functions of the Department of the |

|Treasury. |

|Out-of-Class Assignments: Read related chapter in the textbook and complete review questions quiz. |

| |

|3 Hours |

|Content: The Mortgage Markets: Overview of the Mortgage Markets, Primary Mortgage Market, Secondary Mortgage Market, Mortgage-Backed Securities, |

|Participants in the Secondary Mortgage Market. |

|Student Performance Objectives: Specify the purpose of the mortgage markets. Identify the participants in the mortgage markets. Recognize the types of |

|mortgage-backed securities. Recall the functions of Fannie Mae. Recall the functions of Freddie Mac. Recall the functions of Ginnie Mae. |

|Out-of-Class Assignments: Read related chapter in the textbook and answer review questions. |

| |

|3 Hours |

|Content: Sources of Finance: Definition of a Lender, Types of Lenders, Third Party Originators, How Loans are Originated. |

|Student Performance Objectives: Identify lenders and loan originators. Name various types of lenders. Distinguish between fiduciary and non-fiduciary |

|lenders. Recognize types of third party originators. Recall how loans are originated. Identify the pros and cons of wholesale lending. |

|Out-of-Class Assignments: Read related chapter in the textbook and answer the review questions quiz. Homework: Visit two different types of lenders and |

|research their lending process. Come prepared to discuss your findings with the class. |

| |

|3 Hours |

|Content: Loans - Fixed-Rate, ARM, and GPM: Purpose of the Loan, Amortization Type. |

|Student Performance Objectives: Specify the purpose of a real estate loan. Select the definition of amortization from four given choices. Recognize loan|

|amortization types. Identify the features of fixed-rate loans. Identify the features of adjustable-rate loans. Identify the features of graduated |

|payment loans. |

|Out-of-Class Assignments: Read related chapter in the textbook and answer the review questions quiz. |

| |

|4 Hours |

|Content: Loans - Conventional: Conventional Loans, Conforming Loans, Non-Conforming Loans. |

|Student Performance Objectives: Identify characteristics of conventional loans. Select conventional loan terms. Recognize characteristics of private |

|mortgage insurance. Name conforming loan guidelines. Identify characteristics of non-conforming loans. Recall elements of predatory lending. |

|Out-of-Class Assignments: Read related chapter in the textbook and answer the review questions. Homework: Research the various Fannie Mae and Freddie |

|Mac Loan Products and come prepared to discuss your findings with the class. |

| |

|3 Hours |

|Content: Loans - Government-Backed: Federal Housing Administration, Department of Veterans Affairs. |

|Student Performance Objectives: Specify the FHA's role in real estate financing. Identify FHA financing guidelines. Recognize FHA loan programs. Specify|

|the VA's role in real estate fnancing. Identify VA financing guidelines. Recognize VA loan programs. |

|Out-of-Class Assignments: Read related chapter in the textbook and answer the review questions quiz. Complete a sample of the paperwork required by the |

|Department of Veterans Affairs in order to obtain a loan. Study for Midterm. |

| |

|3 Hours |

|Content: Alternative Financing: Seller Financing, Secondary Financing, Other Financing. |

|Student Performance Objectives: Identify the different types of alternative financing. Recognize the advantages of seller financing. Specify the types |

|of seller financing available to borrowers. Identify various types of secondary financing. Distinguish the types of financing based on property type. |

|Recognize the type of financing based on the purpose of the loan. |

|Out-of-Class Assignments: Read related chapter in the textbook and answer the study questions quiz. Complete a sample Seller Financing Addendum and |

|Disclosure form. Study for Midterm. |

| |

|6 Hours |

|Content: Midterm. The Loan Package: Steps in the Loan Process, Completing the Application, Rate Commitment, Preparing the Loan Package. |

|Student Performance Objectives: Recognize steps involved in obtaining a real estate loan. List items included in a loan package. Identify information |

|included in sections of the Uniform Residential Loan Application. Specify when the borrower may lock in an interest rate. Designate loan packaging |

|procedures. Distinguish between primary and alternative types of documentation. |

|Out-of-Class Assignments: Read related chapter in the textbook and complete review questions quiz. Complete a sample Uniform Residential Loan |

|Application form, a sample Request for Verification of Deposit form, a sample Request for Verification of Employment form, and a sample Request for Copy|

|of Tax Return form. |

| |

|3 Hours |

|Content: Underwriting: What Lenders Look For, Underwriting. |

|Student Performance Objectives: Recall the underwriting process. Recognize the three Cs of credit. Recognize underwriting guidelines. Distinguish among |

|the types of credit history. Specify features of credit reporting. Name methods of credit scoring. |

|Out-of-Class Assignments: Read related chapter in the textbook and complete review questions. Complete a sample Uniform Residential Appraisal Report |

|form. |

| |

|3 Hours |

|Content: Promissory Notes: Promissory Notes, Negotiability of a Promissory Note, Types of Promissory Notes. |

|Student Performance Objectives: Indicate features of promissory notes. Recognize loan instrument clauses. Recall elements of negotiable instruments. |

|Recognize elements of the Uniform Commercial Code. Specify defenses of the maker in a court action. Name types of promissory notes. |

|Out-of-Class Assignments: Read related chapter in the textbook and answer the review questions. Complete a sample Multistate Fixed Rate Note form, a |

|sample Multistate Balloon Note (Fixed Rate) form, a sample Multistate Adjustable Rate Note (6-Month LIBOR Index - Rate Caps) form, and a sample |

|Multistate Convertible/Adjustable Rate Note (1-Year Treasury Index - Rate Caps - Fixed Rate Conversion Option) form. |

| |

|3 Hours |

|Content: Security Instruments: Uniform Security Instruments, Mortgages and Deeds of Trust. |

|Student Performance Objectives: Recall the purpose of a security instrument. Recognize uniform covenants in security instruments. Distinguish between |

|lien theory and title theory. Identify the elements of a mortgage. Identify the elements of a deed of trust. Indicate statutory redemption. |

|Out-of-Class Assignments: Read related chapter in the textbook and answer the review questions quiz. Complete a sample Mortgage form and a sample Deed |

|of Trust form. |

| |

|4 Hours |

|Content: Settlement and Closing: Settlement, Marketabillity of Title, Property Tax Issues, Closing Costs, Completing Closing Statements, Closing the |

|Loan, Federal and State Disclosures. |

|Student Performance Objectives: Recall the process of closing (settlement). Designate the role of the participants in the closing. Identify |

|marketability of title. Identify property tax issues. Categorize the various closing costs. Recognize elements of the loan closing process. |

|Out-of-Class Assignments: Read related chapter in the textbook and complete the review questions quiz. Homework: Review the list of Documents Needed for|

|the Closing Meeting and come prepared to discuss them in class. Homework: Using the sample provided, figure out the prorated costs for the buyer and |

|seller using both the 365-day method and the 30-day month method. |

| |

|3 Hours |

|Content: Loan Servicing: Transfer of Real Estate Loan Servicing, Responsibilities of a Loan Administrator. |

|Student Performance Objectives: Identify characteristics of loan servicing. Specify how a change in servicer affects loan terms. Recognize procedures |

|for loan servicing transfers. Recall the responsibilities of real estate loan administrators. Identify the purpose of an escrow (impound) account. |

|Select the elements in a payoff demand statement. |

|Out-of-Class Assignments: Read related chapter in the textbook and answer the review questions. Study for final. |

| |

|3 Hours |

|Content: Default and Foreclosure: Default, Foreclosure, Sue on Promissory Note. |

|Student Performance Objectives: Select the definition of default from given choices. Identify borrower options during a loan default. Identify lender |

|options during a loan default. Choose the different types of foreclosure from a list. Indicate the order in which lenders are paid off in foreclosure. |

|Indicate how a lender sues on the promissory note. |

|Out-of-Class Assignments: Read related chapter in the textbook and answer the review questions. Complete a sample Notice of Default and Election to Sell|

|Under Deed of Trust form, a sample HUD Mortgagee Notice of Foreclosure Sale form, and a VA Notice of Default and Intention to Foreclose form. Study for |

|final. |

| |

|5 Hours |

|Content: Fair Lending Laws: Regulation and Reform, Lending Practice Laws, Fair Housing, Credit Protection, Compensation for Loan Originators, |

|Settlement. Review for Final Exam. |

|Student Performance Objectives: Name regulations and laws regarding financial reform, including the Dodd-Frank Act and amendments to HUD Regulation X |

|and FRB Regulation Z. Name federal fair housing laws and recall protected classes. Name federal credit protection laws, including Title X of the |

|Dodd-Frank Act that established the Consumer Financial Protection Bureau. Specify elements in the TILA disclosure statement. Recall that Regulation B |

|was issued to implement the ECOA. Name the main features of RESPA. |

|Out-of-Class Assignments: Read related chapter in the textbook and complete the review questions quiz. Study for final. |

| |

|2Hours |

|FINAL EXAM. |

|The content should include: |

|Hours it will take to cover each topic - Hours are based on an 18 week term, even though the instruction is compressed into a 16 week calendar. For |

|example, a 3 unit course should have 54 hours (3 hours per week times 18 weeks = 54 Total Contact Hours). 2 hours should be set aside for the final. |

|Topic |

|Student Performance Objectives |

|Out of Class Assignments - Out of Class Assignments: essays, library research, problems, projects required outside of class on a 2 to 1 basis for |

|Lecture units granted. Include specific examples of reading and writing assignments. |

|No Change Change |

|METHODS OF EVALUATION: |

|Category 1 - The types of writing assignments required: |

|Percent range of total grade: 20 % to 30 % |

| Written Homework |

| Reading Reports |

| Lab Reports |

| Essay Exams |

| Term or Other Papers |

| Other:       |

|If this is a degree applicable course, but substantial writing assignments are not appropriate, indicate reason: |

| Course is primarily computational |

| Course primarily involves skill demonstration or problem solving |

|Category 2 - The problem-solving assignments required: |

|Percent range of total grade: 10 % to 30 % |

| Homework Problems |

| Field Work |

| Lab Reports |

| Quizzes |

| Exams |

| Other:       |

|Category 3 – The types of skill demonstrations required: |

|Percent range of total grade:       % to       % |

| Class Performance/s |

| Field Work |

| Performance Exams |

|Category 4 - The types of objective examinations used in the course: |

|Percent range of total grade: 50 % to 80 % |

| Multiple Choice |

| True/False |

| Matching Item |

| Completion |

| Other:       |

|Category 5 - Any other methods of evaluation: |

|Percent range of total grade:       % to       % |

|      |

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