Form 2B, Page 1
FLORIDA STATE COLLEGE AT JACKSONVILLE
NON-COLLEGE CREDIT COURSE OUTLINE
COURSE NUMBER: REE 0047
COURSE TITLE: Real Estate Sales Agent
PREREQUISITE(S): None
COREQUISITE(S): None
TOTAL CONTACT HOURS: 63
(For Office Use Only:
Vocational Credits ___2.0____)
FACULTY WORKLOAD POINTS: 2.10
STANDARDIZED CLASS SIZE
ALLOCATION: 30
COURSE DESCRIPTION:
This course provides students with the fundamentals of real estate and license law under Florida statutes. It includes a study of the business and legal aspects of real estate ownership, contracts, deeds, titles, mortgage instruments, property law, and Florida Real Estate Commission governing policies and regulations relative to salespersons. Successful completion of this course and the end-of-course examination meets the Florida Real Estate Commission requirements for pre-licensing and is the first of two occupational completion points in the Real Estate Marketing program.
SUGGESTED TEXT(S): Florida Real Estate Principles, Practices and Law, George
Gaines, Jr. and David S. Coleman, current edition.
Florida Real Estate Commission Handbook
IMPLEMENTATION DATE: Fall Term, 2000 (20011)
REVIEW OR MODIFICATION DATE: Summer Term (20023)
Fall Term, 2008 (20091) – Outline Review 2007
Form 2B, Page 2
CONTACT HOURS
COURSE TOPICS PER TOPIC
I. The Real Estate Business 4
An Introduction to the Real Estate Business
Real Estate Brokerage
Development and Construction
The Role of Government
Professional Organizations
II. License Law and Qualifications for Licensure 4
Historical Perspective of Florida Real Estate License Law
General Licensing Provisions
Salesperson Qualifications for Licensure
Broker Requirements
Registration and Licensure
Post-Licensing Education
Continuing Education
Real Estate Services
Individuals Who Are Exempt From Licensure
III. License Law and Administration 3
Florida Real Estate Commission
Division of Real Estate
Real Estate Education and Research Foundation
IV. Agency and Ethics 3
Law of Agency
Agency and Non-agency in Florida
Misrepresentation and Fraud
Professional Ethics
V. Real Estate Brokerage Operations 4
Brokerage Offices
Advertising
Escrow or Trust Accounts
Rental Lists and Rental Companies
Broker's Role as an Expert
Broker's Commission
Change of Employer
Membership in Organizations
Types of Business Entities That May Register
Trade Names
Business Arrangements and Entities That May Not Register as Brokers
VI. Complaints, Violations and Penalties 3
Procedures for Investigations and Hearings
Complaint Process--8 steps
Form 2B, Page 3
CONTACT HOURS
COURSE TOPICS PER TOPIC
Violations and Penalties
Types of Penalties
FREC Disciplinary Guidelines
Denial and Recovery of Compensation
Real Estate Recovery Fund
Unfamiliar Legal Terms
VII. Property Rights: Estates, Tenancies and Multiple
Ownership Interests 2
The Nature of Property
General Property Rights
Estates and Tenancies
Special Ownership Interests
Cooperatives, Condominiums and Time-Sharing
VII. Title, Deeds and Ownership Restrictions 3
Title to Real Property
Acquiring Legal Title
Deeds
Ownership Limitations and Restrictions
VIII. Legal Descriptions 2
Purposes of Legal Descriptions
Types of Legal Descriptions
IX. Real Estate Contracts 3
Preparation of Contracts
Essentials of a Contract
Contract Categories
Contract Negotiation
Termination of Contracts
Contracts Important to Real Estate
X. Real Estate Finance 3
Legal Theories of Mortgages
Mortgage Instruments
Mortgage Clauses
Types of Mortgages
Methods of Purchasing Mortgaged Property
Other Types of Financing
Qualifying the Buyer
XI. The Mortgage Market 3
The Mortgage market and Money Supply
Federal Regulatory Bodies
Form 2B, Page 4
CONTACT HOURS
COURSE TOPICS PER TOPIC
Primary Mortgage Market
Secondary Mortgage Market
Lender Charges
XII. Computations and Title Closing 3
Computations
Closing Statements
Closing Statement Items
XIII. Estimating Real Property Value 3
Market Value
Approaches to Estimating Real Property Value
Data Sources
Comparative Market Analysis: Case Situation
XIV. Real Estate Investment Analysis
Need for Real Estate Investment Analysis
Real Estate as an Investment
Analyzing Investment Properties
Assessment of Risks
Role of Financing
Financial and Investment Guidelines and Ratios
XV. Business Opportunity Brokerage; Securities Licensing 3
Business Brokerage
Expertise Required in Business Brokerage
Steps in the Sale of a Business
Securities Licensing
XVI. Taxes Affecting Real Estate 3
City and County Property Taxes
State Taxes Related to Real Property Transfers
Federal Income Taxes
XVII. The Real Estate Market 2.5
Three Key Questions
Characteristics of the Real Estate Market
Demand and Supply Factors
XVIII. Planning and Zoning 2.5
History of Planning and Zoning
Local Planning Agency
The Planning Process
Zoning Laws and Building Codes
Appeals and Exceptions
Form 2B, Page 5
CONTACT HOURS
COURSE TOPICS PER TOPIC
XIX. Federal and State Housing Laws 3
Federal Fair Housing Laws
Federal Laws Regarding Land and the Environment
Federal Laws Regarding Mortgage Lending
State Housing and Land Sales Laws
State Laws Requiring Real Estate Disclosures
XX. Cases Studies in Real Estate 3
Cases in Law and Ethics
XXI. Final Examination 3 hours 3
Total hours including examination 63
Form 4B, Page 6
PROGRAM TITLE: Real Estate Sales Agent
COURSE TITLE: Real Estate Sales Agent
CIP NUMBER: 0252150107
LIST PERFORMANCE STANDARD ADDRESSED:
NUMBER(S): TITLES(S):
01.0 DEMONSTRATE AN UNDERSTANDING OF AN OVERVIEW OF THE LICENSE LAW, THE REQUIREMENTS FOR LICENSURE, THE FLORIDA REAL ESTATE COMMISSION, AND THE REAL ESTATE BUSINESS--The student will be able to:
01.01 Give background information and explain the rationale for the real estate license law in Florida.
01.02 Name at least five types of real estate businesses and explain the economic functions they perform.
01.03 Give five examples of how local, state, and federal governments affect real estate.
01.04 List the functions of the Real Estate Commission.
01.05 Explain how members of the Commission are appointed and list their required qualifications.
02.0 DEMONSTRATE AN UNDERSTANDING OF PROPERTY RIGHTS: ESTATES AND LIMITATIONS OF OWNERSHIP, CONDOMINIUMS, COOPERATIVES, AND TIME-SHARING--The student will be able to:
02.01 Explain the difference between real property and personal property and list several examples of each.
02.02 Apply the tests for fixtures to determine whether a particular item is real or personal property.
02.03 List three general property rights and give a concise explanation of each.
02.04 List at least five examples of limitations on property rights.
02.05 List and illustrate the three physical components of real property.
02.06 List the principal types of estates and explain their characteristics.
02.07 Describe and distinguish between condominiums and cooperatives.
02.08 Describe the two types of time-sharing arrangements.
02.09 List at least three types of disclosure required by the Florida Real Estate Time-Sharing Act.
03.0 DEMONSTRATE AN UNDERSTANDING OF ACQUISITION, CONVEYANCING, AND PROTECTION--The student will be able to:
03.01 List and explain the general methods of acquiring and conveying title.
03.02 List the five warranties contained in a general warranty deed.
03.03 List the essentials of a valid deed.
03.04 Cite three examples of restrictive covenants which may be found in a typical deed.
03.05 Calculate the value of documentary stamps required on deeds in Florida.
03.06 Explain the nature of the habendum and reddendum clauses.
Form 4B, Page 7
LIST PERFORMANCE STANDARD ADDRESSED: (CONTINUED)
NUMBER(S): TITLES(S):
04.0 DEMONSTRATE AN UNDERSTANDING OF PROPERTY TAXES, SPECIAL ASSESSMENTS, AND OTHER LIENS AND ENCUMBRANCES--The student will be able to:
04.01 Calculate the property tax rate for a community, given expected expenditures, non-tax revenue, and the value of taxable property.
04.02 List at least six local community services that property taxes help fund.
04.03 Compute the property tax on a given property using the current tax rates and specified exemptions.
04.04 List the steps in the tax appeal procedure.
04.05 List three uses of special assessments.
04.06 Identify three types of liens other than property taxes.
05.0 DEMONSTRATE AN UNDERSTANDING OF METHODS OF DESCRIBING PROPERTY--The student will be able to:
05.01 List and provide explanations of the methods for describing property.
05.02 Write a property description using metes and bounds.
05.03 Write a property description using a recorded plat.
05.04 Write a property description using the U.S. rectangular survey system.
05.05 Calculate the number of acres in subareas of the rectangular survey system down to 10 acres in size.
06.0 DEMONSTRATE AN UNDERSTANDING OF CONTRACTS--The student will be able to:
06.01 List the essentials of a valid contract and give a brief explanation of each.
06.02 Complete a valid listing agreement.
06.03 Complete a valid form contract given the conditions of a sale.
06.04 Explain the ways in which default of a contract by buyer and seller may occur and the remedies available to each.
06.05 Differentiate between an open listing, an exclusive listing, and an exclusive-right-to-sell listing.
07.0 DEMONSTRATE AN UNDERSTANDING OF REAL ESTATE FINANCE--The student will be able to:
07.01 Explain the two legal views of a mortgage.
07.02 Identify and explain the difference between a note and a mortgage.
07.03 Explain the following types of loans: FHA, VA, conventional, amortized, adjustable, construction, purchase money mortgage, package mortgage, and home equity mortgage.
07.04 Describe the general criteria used by a lender in deciding whether or not to make a loan.
08.0 DEMONSTRATE AN UNDERSTANDING OF THE QUALIFICATIONS OF BUYERS: FHA, VA, AND CONVENTIONAL MORTGAGE MARKETS--The student will be able to:
08.01 Identify the two ratios that must be met for FHA loans.
08.02 Identify a ratio that must be met for VA loans.
08.03 Identify two ratios considered for most conventional loans.
08.04 Describe the types of information normally required on a loan application form.
Form 4B, Page 8
LIST PERFORMANCE STANDARD ADDRESSED: (CONTINUED)
NUMBER(S): TITLES(S):
08.05 Explain the nature of mortgage markets.
08.06 List at least five sources of funds for real estate financing.
08.07 Differentiate among savings and loan associations, commercial banks, life insurance companies, and mortgage bankers.
08.08 Explain the process of discounting loans and calculate the approximate change in yield caused by a given discount.
08.09 Explain the difference between the primary and secondary mortgage market and list the principal institutions in each.
09.0 DEMONSTRATE AN UNDERSTANDING OF THE CLOSING OF TRANSACTIONS: ACCOUNTS, SETTLEMENTS, AND CLOSING STATEMENTS--The student will be able to:
09.01 Identify and describe the steps that must be accomplished for closing a transaction.
09.02 List the expenses typically paid by buyers and those typically paid by sellers.
09.03 Identify items that are typically prorated.
09.04 Prorate individual items, given the period for prorationing, the effective date, and the amount of the item to be prorated.
09.05 Identify and calculate the various stamp taxes that must be paid in a typical transaction.
10.0 DEMONSTRATE AN UNDERSTANDING OF THE PREPARATION OF LISTING AGREEMENTS, PURCHASE AND SALE CONTRACTS, AND ESTIMATED CLOSING EXPENSE STATEMENTS--The student will be able to:
10.01 Complete a listing agreement based upon case data and forms.
10.02 Complete a purchase and sale contract based upon case data and forms.
10.03 Complete sellers’ and buyers’ estimated closing expense statements based upon case data and forms.
11.0 DEMONSTRATE AN UNDERSTANDING OF REAL ESTATE MARKETS, PLANNING, AND ZONING--The student will be able to:
11.01 Explain the basic concept of a market.
11.02 List and briefly explain the basic characteristics of the real estate market.
11.03 List three factors of demand and define each with respect to real estate.
11.04 Explain how real estate market indicators can assist in interpreting knowledge and conditions of market.
11.05 Explain in simple terms the concept of highest and best use of land.
11.06 List and explain the background studies that go into making up the comprehensive plan.
11.07 List and discuss the general zoning classifications.
11.08 List and explain three types of adjustments allowed in most zoning codes.
12.0 DEMONSTRATE AN UNDERSTANDING OF THE REAL ESTATE APPRAISAL--The student will be able to:
12.01 Offer a simple definition of market value.
12.02 List the steps in the three approaches to appraising property.
Form 4B, Page 9
LIST PERFORMANCE STANDARD ADDRESSED: (CONTINUED)
NUMBER(S): TITLES(S):
12.03 Explain the importance of a data bank and list at least five types of data that should be stored in a bank.
12.04 List the various organizations and professional designations in the appraisal field.
12.05 Solve simple appraisal problems using all three approaches.
12.06 Students will be able to explain the requirements for various levels of state certification for appraisers/appraisals.
13.0 DEMONSTRATE AN UNDERSTANDING OF THE PREPARATION OF A COMPARATIVE MARKET ANALYSIS, BUSINESS ENTERPRISE, OPPORTUNITY BROKERAGE, AND AUCTIONS--The student will be able to:
13.01 Complete a comparative market analysis based on case data.
13.02 Cite three differences between real estate brokerage, business enterprise, and opportunity brokerage.
13.03 Cite three differences between business enterprises and business opportunities.
13.04 Cite at least five reasons for appraising businesses.
13.05 List the major steps in the sale of a business enterprise or opportunity.
14.0 DEMONSTRATE AN UNDERSTANDING OF REAL ESTATE INVESTMENT ANALYSIS, NON-FREEHOLD ESTATES, LEASES, AND LANDLORD-TENANT RELATIONSHIPS--The student will be able to:
14.01 Identify four personal objectives that can be important in investment decisions.
14.02 Identify at least three important investment considerations for four different property types.
14.03 Explain the concepts of leverage and tax shelter, and how they affect investor return.
14.04 Calculate net operating income, cash throw-off, and after-tax cash flow.
14.05 Identify at least four important ratios for investment analysis and explain how they are calculated.
14.06 List the six basic requirements of a valid lease.
14.07 List and explain the four types of leasehold estates.
14.08 Complete the standard “approved” FAR-BAR residential lease form.
14.09 List the minimum termination notice periods required for residential leases.
14.10 Explain landlords’ obligations regarding security deposits and advance rents.
15.0 DEMONSTRATE AN UNDERSTANDING OF REAL ESTATE LICENSE LAW, THE ADMINISTRATION OF THE LAW, AND SECURITIES LICENSING REQUIREMENTS FOR SELLING DIRECT PARTICIPATION PROGRAMS IN REAL ESTATE--The student will be able to:
15.01 Describe and explain the functional duties of the Florida Real Estate Commission.
15.02 Describe the organization of the Department of Business and Professional Regulation and the Florida Real Estate Commission within DBPR.
15.03 Describe the membership and internal organization of the Commission.
15.04 Define a security for regulatory purposes.
15.05 Explain the principal state and federal requirements for those who wish to sell securities.