Official Course Description: MCCCD Approval: 07/22/08
REA295 19942-20086	LEC	3 Credit(s)	3 Period(s)
Real Estate Brokerage
Concepts and factors necessary to operating a successful and productive real estate operation. Prerequisites: (REA179 and REA180), or a current real estate sales license, or permission of Instructor.

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MCCCD Official Course Competencies:
REA295   19942-20086	Real Estate Brokerage

1.	Describe the role of the broker in real estate property sales, and indicate the fields of specialization available in the business. (I)
2.	Describe the characteristics of a successful real estate broker, including technical, marketing, and product knowledge. (II)
3.	Describe the legal basis for real estate brokerage authorized by the "law of agency", including the fiduciary responsibilities of the broker and required disclosures. (III)
4.	Describe the types of listing agreements and the conditions for earning a commission. (III)
5.	Describe the initial phases of setting up a real estate brokerage operation, including deciding size of operation, form of ownership, and mode of operation. (IV)
6.	Identify and describe the various aspects of organizing and opening a real estate brokerage office, including developing a budget and record-keeping system. (V)
7.	Describe the role and responsibilities of the real estate sales manager, including strategies for success. (VI)
8.	Describe effective methods of recruiting and selecting sales agents. (VII)
9.	Identify and describe forms of compensation for sales agents. (VII)
10.	Describe the benefits and ingredients of a good training program for sales agents. (VIII)
11.	Identify and describe sources of listings and procedures for their control. (IX)
12.	Describe methods of developing a competitive list price based on a market analysis. (IX)
13.	Describe the goals and methods of institutional advertising and of product advertising. (X)
14.	Describe effective techniques for presenting a property and closing a client. (XI)
15.	Describe types and elements of an offer, and how it should be presented and negotiated. (XI)
16.	Describe methods of financing and the broker's role in this process. (XII)
17.	Describe the responsibilities of the broker, buyer, seller, attorney, insurance company, and escrow company in closing a contract. (XIII)
18.	Describe the impact of governmental activities on real estate brokerage, property financing and ownership, and property rights. (XIV)
19.	Describe the major advantages and disadvantages involved in real estate investing. (XV)

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MCCCD Official Course Outline:
REA295   19942-20086	Real Estate Brokerage

I. Real estate brokerage in perspective A. Economic justification for real estate brokerage B. Brokerage specialties C. Geographic mobility within the field D. Potential earnings E. Response to change F. Developments in the field G. Marketing versus professional concept II. Requirements for success A. The need for education B. Knowledge gained through training and experience C. Broker licensing requirements D. Financing capabilities E. Psychological traits and social skills F. The importance of health G. Necessary management skills III. The agency relationship and the law A. The law of agency B. The agency relationship C. Responsibilities of each party in the agency relationship D. Types of listing agreements E. Agency impact on broker commissions IV. Establishing an operating strategy A. Setting goals B. Establishing a business plan C. Choosing a specialty D. Selecting the right size of operation E. Selecting the right name F. Acquiring sales agents G. The broker's role H. Forms of ownership I. Choosing a mode of operation J. Choosing vertical or horizontal growth, or both K. Procedural Guidelines V. Organizing and opening the office A. Small versus large B. The nonowner-manager C. The real estate sales process D. Location E. Physical layout F. Equipment G. Selection of equipment and space planning H. The budget I. Miscellaneous considerations VI. No-nonsense sales management A. The real estate sales manager B. Techniques for motivating sales agents C. Holding meetings D. Evaluating performance E. Personnel problems VII. Recruiting and selecting sales agents A. Some early decisions to make B. Putting together a winning team C. Independent contractors or employees? D. Forms of sales agent compensation E. Recruiting F. The selection process VII. Training sales agents A. Benefits and objectives of a training program B. Ingredients of a good training program C. Encouraging use of time-management plan D. Utilizing a market survey questionaire E. Developing a training manual for each sales agent IX. Accumulations and control of listings A. Importance of a strong listing-aquisition program B. Developing an affirmative listing attitude C. Sources of listings D. The interview process E. Preparing the CMA F. Presenting the CMA G. Multiple listing services and how they work H. Listing communication and control X. Advertising and promotion A. Types of advertising B. Institutional advertising C. Product advertising D. MLS: an advertising tool E. The control system F. Maintaining contact G. Public relations XI. Turning prospects into buyers A. Finding prospects B. Maintaining control C. The qualifying process D. Presenting the property E. The close F. The offer G. Presenting the offer H. Negotiating I. The fully executed agreement J. Client feedback XII. Financing strategies A. Real estate and the money market B. The importance of financing C. The broker's role in financing D. Financing tools: promissory notes and security devices E. Security instruments F. Alternative mortgage instruments G. Private sources of financing H. The government's involvement in residential financing XIII. A blueprint for closing A. Legal requirements for a valid contract B. Responsibilities for title closing C. Satisfying contingencies in the contract D. Searching and certifying the title E. Settlement (or closing) XIV. The public sector's impact on real estate A. The concept of social property B. Government activities affecting real estate brokerage C. Government activities affecting property financing D. Government activities affecting property ownership E. Involvement as industry's answer to property-rights erosion XV. Beyound residential brokerage A. The major advantages of investing in real estate B. Possible disadvantages of real estate investing C. The exciting world of investment brokerage D. Areas of investment expertise E. States of real estate investing F. Investment market analysis G. Alternative marketing methods H. Responsibilities of the broker to the community

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