Official Course Description: MCCCD Approval: 11/25/97 |
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REA280 19982-20042 |
LEC |
3 Credit(s) |
3 Period(s) |
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Real Estate Principles IV |
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Continuation of preparation for real estate brokerage in Arizona. Focus on responsibilities of a real estate brokerage. Contracts, appraisal, mortgage markets, residential loans, finance & foreclosure process, real estate investing, alternative financing, escrow. REA279 and REA280 combined meet ADRE requirements to take broker licensing exam. Prerequisites: REA179, REA180 and REA279, or permission of instructor. |
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MCCCD Official Course Competencies: |
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REA280 19982-20042 |
Real Estate Principles
IV |
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1. |
Discuss the essential elements of a valid real estate contract. (I) |
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Describe the methods of valuation, obsolescence and their application. (II) |
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Discuss the primary and secondary mortgage markets. (III) |
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Describe the residential loan underwriting process. (IV) |
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Discuss typical financing terms and the foreclosure process. (V) |
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Describe essentials of real estate investment and alternative financing. (VI) |
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Describe closings, and title and escrow procedures. (VII) |
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List the essential elements of escrow closing. (VIII) |
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9. |
Discuss ADRE Commissioner's Rules. (IX) |
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MCCCD Official Course Outline: |
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REA280 19982-20042 |
Real Estate Principles
IV |
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I. Contracts A. Elements of a Valid Contract B. Law of Contracts C. Options D. Contract for a Deed II. Appraisal A. Methods of Valuation B. Types of Obsolesence C. Interpretation of Valuation Techniques III. Primary and Secondary Mortgage Markets A. Conventional Financing B. Government Programs C. Collateral D. Secondary Market E. Mortgage Insurance IV. Residential Loan Underwriting A. Types of Loans B. Conventional/FHA/VA Requirements C. Lending Clauses D. Regulation Z V. Financing and Foreclosure Process A. Deed of Trust B. Mortgage C. Contract for Sale VI. Real Estate Investment and Alternative Financing A. Leverage B. Exchanges C. Capital Gains D. Limited Partnerships E. REIT F. Carry Back G. Wrap Around Mortgage VII. Closings, Title and Escrow Procedures A. Deeds B. Title Insurance C. Abstracts D. Recordation E. RESPA VIII. Closing Escrow A. Pro-Rating B. Debits and Credits C. Security Deposits D. Breakdown of Buyer/Seller Costs IX. Commissioner's Rules A. Real Estate Commissioner B. Advisory Board C. Recovery Fund D. Article XXVI E. Violations F. Penalties |