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CLARION UNIVERSITY OF PENNSYLVANIA

COLLEGE OF BUSINESS ADMINISTRATION

DEPARTMENT OF FINANCE

 

COURSE NAME:                        RE 270:01 & 51:  Real Estate Fundamentals, Spring 2006

 

NUMBER OF CREDITS:               3 Credits

 

MEETING PLACE AND TIME:        Section 01:  MW 2:00 – 3:15, 111 Still

                                                 Section 51:  MW 2:00 – 3:15, 415 MONTV

 

PROFESSOR NAME:                    Dr. Jerry Belloit

OFFICE NUMBER:                       336 Still

TELEPHONE NUMBER:                 393-2626

E-MAIL ADDRESS:                       belloit@clarion.edu

WEBSITES:                                 blackboard.clarion.edu
                                                  link2learn.clarion.edu

 

OFFICE HOURS:         8:30-10:30 MW, 10:00-11:00 T and by appointment.  I am in the office much more frequently than these hours.  However, because I have offices on both campuses, I may be on the other campus on my MW hours.  If I am not in my office during the posted hours, the secretary will know where I am and can place a call to me if I am on the other campus.

                                                                        

COURSE DESCRIPTION: 

Introduces the broad area of real estate.  Lays foundation of important principles for in-depth study.  First in a two-sequence course (with RE 271) required to fulfill the educational requirement for licensure as a real estate salesperson in the state of Pennsylvania.

 

COURSE LEARNING OBJECTIVES:

 

Learning Objective

Assessed by:

  1. Student will be able to identify and distinguish among the various real property estates.

Exams 1, 2, 3, and final

  1. Student will be able to successfully answer questions regarding Pennsylvania license law.

Final Exam

  1. Student will be able to name the various forms of equity ownership and suggest the most appropriate form for a given situation.

Exams 2, 3, and final

  1. Student will be able to list the four types of leasehold estates and distinguish among the rights and obligations for each.

Exams  2, 3, and final

  1. Student will be able to successfully describe the requirements and advantages and disadvantages of the various forms of land use control.

Exams 1, 2, 3, and final

  1. Student will be able to identify the various forms of environmental issues and describe the risks of each.

Exams 1, 2, 3,  and final

  1. Student will be able to list the requirements of a valid contract and identify the issues underlying each as they pertain to contracting for the transfer title to real property.

Exams 2, 3 ,  and final

  1. Student will be able to name the various ways real property title can be transferred and the processes and instruments used.

Exams 2, 3,  and final; also the Student Title Chain Project

  1. Student will be able to calculate the size of a property by reading and/or researching the legal description in a deed.

Exams 1, 2, 3,  and final

  1. Student will be able to describe the lending process, identify the various clauses in a mortgage, and the explain the process of foreclosue.

Exams 3 and Final Exam

  1. Student will be able to compute time-value-of-money problems and correctly recognize the type of problem in a word problem.

Final Exam and Student Time-Value-of-Money Project.

 

CORE COMPETENECIES ADDRESSED:

Core Competency

Addressed/Assessed by:

Analytic skills

TVM Project, Exams 2, 3, and Final

Ethical understanding and reasoning ability

Chapter 2, Exams 1,2,3,and Final

Multicultural and diversity understanding

Chapter 2, Exams 1,2,3, and Final

Use of information technology

Title Project

Reflective thinking skills

Exams 1,2,3, and Final

 

REQUIRED TEXT AND MATERIALS:

Modern Real Estate Practice in Pennsylvania, MREPP Bellairs, et. Al (latest ed.)

 

A financial calculator is also required for this course. The Hewlett-Packard 10B is strongly recommended. (Students should avoid a TI BAII or Radio Shack equivalent.)  Students not choosing the HP10B will be responsible for knowing the operation of their calculator.

 

FLAGS:  This course may be used as a general education elective for non-business students only. 

 

CLASS ACTIVITIES AND REQUIREMENTS:  Learning activities include class lectures, reading comprehension quizzes, time-value of money exercises, and a title search project.  Please read the assigned chapter (except for day 1) before coming to class.  My lectures will assume you have read the material, and are familiar at least with terminology; this will eliminate obvious questions that are answered in the book, and allow us to learn the concepts.  Read the book first.    

 

All homework and exams will be submitted on the http://blackboard.clarion.edu site. 

     a.    You must login using your CNet username. (Use lower case letters for both the username and password.)   If you don't know it, click on the link to "Need Help Using Blackboard?" at the login page (http://blackboard.clarion.edu) for more information or check the People Finder link on the Clarion home page.   Everything to the left of the @ sign on your email address is your CNet username.

  1. You must use your 13 digit SSN/month/date of birth (no spaces or hyphens) as your initial password.  This is how you will login to your Webmail through the iClarion portal also (http://neptune.clarion.edu/cp/home/loginf).
  2. You should change your password to something you will remember; do NOT to use your SSN/month/date of birth. It was only created to initially set up your account. To change your password, enter the course in Blackboard and click on the "Student Tools" button and "Personal Information".
  3. The email address used in Blackboard is your Clarion email address.  If you wish to forward your email, you must set it up in Webmail. [[Forwarding Email from Webmail to Another Email Account:
    1. Go to the Webmail (iClarion) portal (http://neptune.clarion.edu/cp/home/loginf)
    2. Login with CNet username and password
    3. Click on the EMAIL icon
    4. Click the OPTIONS tab
    5. Click on AUTO FORWARD and enter address
    6. Click OK]]
  4. To get into your course(s) you should click on the link to course(s) you are participating in, not the link under the announcements heading. There was a change in Blackboard 5.5 that if you click on the link in "My Announcements" (or left side listing), you will only be in the announcements, not the course. This only occurs when you first log in. If you get lost, you can click on the "My Institution" tab to get back.

 

GRADE COMPONENTS AND CRITERIA: 

Midterm exams (15% each)

45%

90-100%= A

Final exam

30%

80-89% = B

Homework

5%

70-79% = C

Projects

15%

60-69% = D

Attendance, Participation, and Preparation

  5%

Below 60% = F

 

All exams will be cumulative. No make up-exams will be given. For all exams you will be permitted to use one 8.5 X 11 paper with any notations that you wish such as class notes, prayers, inspirational messages, etc. Any personal schedule conflicts with the exams must be identified and reported to me by January 26 to see if there might be a way to resolve the conflict.

 

GRADING RUBRIC:  The objective exams and homework assignments are graded by the percentage correct.  Attendance and participation grade is calculated as follows:  100% grade will be given to those who have no unexcused absences, are in class before the class begins, are fully prepared for every class, make at least one constructive contribution to the class discussion per week.  Participation credit can also be earned by making at least one constructive contribution to the class discussion board.  The participation grade will be reduced by 20% for each unexcused absence.  Title Search Project is graded as follows:  titles correctly searched back before 1860, 100%; from 1861-1899, 90%; from 1900-1949, 85%; 1950-1970, 70%; 1971-1997, 65%;  1998- current date, 60%; zero credit for all else.

 

COURSE OUTLINE AND SCHEDULE:

Month

Day

Topic

Pages

Jan.

18

Introduction/Real Property and the Law

3-14

 

23

Real Property and the Law (Continued)

 

 

25

Real Property and the Law (Continued)

 

 

30

Land Use Controls and Development
Homework 1 Due

15-27

 Feb.

1

Land Use Controls and Development (Continued)

 

 

6

Land Use Controls and Development (Continued)

 

 

8

Land Use Controls and Development (Continued)

 

 

13

Environmental Issues in Real Estate

28-41

 

15

Legal Descriptions

42-55

 

20

Legal Descriptions (Continued)

Homework 2 Due

 

 

22

EXAM 1

 

 

27

Interests in Real Estate

56-72

 Mar.

1

Interests in Real Estate (Continued)

 

 

6

Landlord and Tenant Interests

73-92

 

8

Landlord and Tenant Interests (Continued)

 

 

13, 15

No Class—Winter Holiday

 

 

20

Forms of Equity Ownership

93-110

 

22

Transfer of Title

111-128

 

27

Real Estate Taxes and Other Liens

129-141

 

29

Title Records
Homework 3 Due

142-150

Apr.

3

EXAM 2

 

 

5

Principals of Real Estate Contracts

151-161

 

10

Principles of Real Estate Financing
Title Project Due

162-187

 

12

Principles of Real Estate Financing (Continued)

 

 

17

No Class—Spring Break

 

 

19

Principles of Real Estate Financing (Continued)
Homework 4 Due

 

 

24

EXAM 3

 

 

26

Pennsylvania Real Estate License Law

188-215, Appendices A, C, and D

 May

1

Pennsylvania Real Estate License Law (Continued)
Homework 5 Due

 

 

3

Review

 

 

 

Final Exam Schedule is to be announced.

 

 

 

ATTENDANCE AND ABSENTEEISM:  Class attendance is mandatory and strongly recommended. Missing class unnecessarily will result in one or more letter reductions on your final grade. In addition, if you are taking this course for pre-licensing education, missing class may prevent you from getting credit.

 

CLASS PARTICIPATION:  Students are expected to prepare for the lectures and contribute to the discussion of relevant material via the discussion board.  In addition, students are required to check their college email account at least daily.  Official class notices are distributed through the college email account. 

 

MAKE-UP EXAM POLICY:  Normally no make up-exams will be given.  Any personal schedule conflicts with the exams must be identified and reported to me by January 27 to see if there might be a way to resolve the conflict.  In the event of schedule conflicts after January 27, you must notify the instructor as soon as possible.  The instructor will try to schedule the exam at an earlier date.  If no attempt is made to contact the instructor prior to a scheduled exam, the student ordinarily will receive no credit for the exam.  If a makeup is necessary due to extraordinary circumstances, the exam will be given on May 12th.

 

ACADEMIC DISHONESTY:  Academic dishonesty will not be tolerated in this class. Cheating on examinations, inappropriate collaboration on projects, and other forms of dishonesty will be dealt with in a serious and formal manner. The minimum penalty for academic dishonesty in this class will be course failure.

 

SPECIAL SERVICES:   If you require special accommodation for taking exams or completing the project, you must notify the instructor by Januaryr 26st.  A learning contract will be completed accordingly.  If you are a student with a documented disability and require accommodations in order to complete the requirements of this course, you need to inform the instructor as soon as possible but in no case any later than January 26st.  All students that require accommodations need to be registered with the Office of  Disability  Support Services (DSS) on campus, and they will assist you in  providing the  appropriate verification of the requested accommodations. The Office of DSS can be reached by calling (814) 393-2095 or email jmay@clarion.edu.

 

You are required to check your
college email account every day! 
All official correspondence for this class is sent by email. 

·        You must be sure to avoid exceeding your mail quota.  When you are over quota, your email will bounce.  See the help desk at the computer center if you need help purging your account of unneeded email.

·         If you feel you must use another email account, be sure that you forward your college email to that account.  Detailed instructions are included in the course syllabus.

·         If you send me an email, I have three requests:

1.         My social development has been arrested and I do not understand email text messaging.  I expect the emails to be in complete sentences with proper spelling and grammar.

2.         Please sign your emails!  This is especially true if you are sending me an email from a non-university account.  If I recieve an email from yahoo3885@yahoo.com, hotpink@jewishmail.com, beerbelly@aol.com, etc.  I have no idea who it is from.

3.         Finally, be sure to include what course you are taking from me.  For example, if you ask me to reset homework 1 and you do not tell me what course, I may have to hunt to figure out what class.  I have quite a few students in my three classes and it is time-consuming to hunt through each course.  Further, if you are taking more than one class from me, I might reset the wrong assignment.