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CLARION UNIVERSITY OF PENNSYLVANIA

COLLEGE OF BUSINESS ADMINISTRATION

DEPARTMENT OF FINANCE

 

COURSE NAME:                                 RE 271:01 & 51:  Real Estate Practice, Fall 2006

 

NUMBER OF CREDITS:                     3

 

MEETING PLACE AND TIME:           Section 01:  MW 11:00 – 12:15, 111 Still

                                                            Section 51:  MW 11:00 – 12:15, 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 practice of real estate brokerage, real estate appraisal, real estate finance, and real estate investments.  Second in a two-sequence course (with RE 270) required to fulfill the educational requirement for licensure as a real estate salesperson in the state of Pennsylvania.

 

COURSE LEARNING OBJECTIVES:

Upon successful completion of this course, the student will be able to:

Learning Objective

Assessed by:

identify the basic components of market analysis

Homework and all exams

explain the components of the law of agency and how they relate to the practice of real estate brokerage

Homework and all exams

discuss the ethical practice of real estate brokerage and the elements of the fair housing laws

Homework and all exams

complete a simple comparable sales analysis of a property.

Homework, exams 2, 3, final, and appraisal project

complete a simple cost-depreciation analysis of a property.

Homework, exams 2, 3, final, and appraisal project

complete a simple gross rent multiplier analysis of a property.

Homework, exams 2, 3, final, and appraisal project

prepare an Excel amortization schedule

Excel Project

describe the residential lending process

Homework, exams 3, final, and appraisal project

compute simple residential loan underwriting for conventional, FHA, and  VA loans

Homework, exams 3, final, and appraisal project

compute time-value-of-money problems and correctly recognize the type of problem in a word problem.

Time-value-of-money project, exam 3, and final exam.

identify the major components of a property management survey and management plan

Homework and final exams

 

CORE COMPETENECIES ADDRESSED:

Core Competency

Assessed by:

Analytic skills

Time-value-of-money project and exams

Ethical understanding and reasoning ability

Chapter 16 and exams

Multicultural and diversity understanding

Chapter 14 and exams

Use of information technology

Chapter 14 and exams

Reflective thinking skills

All exams

 

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.

 

CLASS ACTIVITIES AND REQUIREMENTS:  Learning activities include class lectures, reading comprehension quizzes, time-value of money exercises, and an appraisal skills project, and an Excel amortization schedule 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://online.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://online.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 new iClarion portal also (http://portal.clarion.edu).
  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://portal.clarion.edu)
    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. 

 

COURSE OUTLINE AND SCHEDULE:

Mon.

Day

Topic

Pages

Jan

18

Introduction/ The Real Estate Business

219-236

 

23

The Real Estate Business (Continued)

 

 

25

The Real Estate Business (Continued)
TVM Assignment 1 Due

 

 

30

Real Estate Brokerage and Agency
TVM Assignment 2 Due

237-265

 Feb.

1

Real Estate Brokerage and Agency (Continued)
TVM Assignment 3 Due

 

 

6

Ethical Practices and Fair Housing
TVM Assignment 4 Due

266-292

 

8

Ethical Practices and Fair Housing (Continued)
TVM Assignment 5 Due

 

 

13

Agency Contracts
Homework 1 Due by 5:00 P.M.

294-310

 

15

EXAM 1

 

 

20

Sales Contracts
TVM Assignment 6 Due

311-225

 

22

Appraising Real Estate
TVM Assignment 7 Due

326-343

 

27

Appraising Real Estate (Continued)
TVM Assignment 8 Due

 

 Mar.

1

Appraising Real Estate (Continued)
TVM Assignment 9 Due

 

 

6

Appraising Real Estate (Continued)
TVM Assignment 10 Due

 

 

8

Appraising Real Estate (Continued)
Homework 2 Due by 5:00 P.M.

 

 

13, 15

No Class—Winter Holiday

 

 

20

Appraising Real Estate (Continued)

 

 

22

Appraising Real Estate (Continued)
Homework 3 Due by 5:00 P.M.

 

 

27

Appraising Real Estate (Continued)
Project 1 Submissions Due

 

 

29

EXAM 2

 

Apr.

3

Financing the Real Estate Transaction

344-357

 

5

Financing the Real Estate Transaction (Continued)

 

 

10

Financing the Real Estate Transaction (Continued)

 

 

12

Closing the Real Estate Transaction
Homework 4 Due by 5:00 P.M.

358-376

 

17

No Class—Spring Break

 

 

19

Closing the Real Estate Transaction (Continued)
Excel Project Due.

 

 

24

No Class—Thanksgiving Holiday

 

 

26

EXAM 3

 

May

   1

Property Management

377-386 

 

3

Property Management (continued)
Homework 5 Due by 5:00 P.M.

 

 

 

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.