California State Polytechnic University

CaliforniaStatePolytechnicUniversity, Pomona

Expanded Course Outline (ECO)

2005-06

Department Name: FRL_ Course Title: Real Estate Principles Prepared By: J. Lunsford, Modified by George Lentz CourseNumber:_FRL 110

Date Prepared: _ July 5, 2002, Modified November 14, 2005, February 15, 2006

Date Approved By Assurance of Learning and Curriculum Committee: ______

SECTION A

I.Catalog Description:

An introduction to the principles of real estate. Topics include the role of real estate in the economy; land use decisions and urban form; rights and interests in real estate; limitations on property rights; forms of property ownership; instruments and procedures of real property transfer; land use planning and controls; and institutional practices and arrangements within specific areas of real estate activity. 4 lecture-discussion. Prerequisites: None.

1. Required Background or Experience:

1. Prerequisites:

None.

1. Prerequisites Justification:

This course is an Area D2 general education course. There are no prerequisites for this course.

C.General Education Contribution:

The contribution of this course to general education is to enhance student understanding of the following: the importance of real estate to the U.S. and California economy, the influence of real estate decisions on urban form and life styles, the role of legal continuity and evolution and of legislative enactments in shaping modern real estate practices, the interplay between societal interests and pursuit of profit and private benefits in real estate decision making and practices, the roles of financial institutions, macroeconomic factors, and social forces (including changes in the growth and composition of households, technological innovations, life-style preferences, the needs and desires of multicultural populations, etc.) in shaping contemporary real estate practices and activity. The course combines real estate specific information with information related to finance, economics, political science, and sociology.

III.Expected Outcomes:

Students must demonstrate ability to:

1. Describe the distinguishing characteristics of real estate

1. Identify and interpret the basic types of rights, or interests, in real estate, and describe the basic types of legal descriptions of real property

1. Identify and describe the types of limitations placed on property rights, both governmental and nongovernmental

1. Identify and interpret the main types of property ownership

1. Describe the processes involved in transferring (purchasing and selling) ownership of real property.

1. Identify and evaluate issues arising in real estate transactions, and be able to choose the applicable terms, conceptual definitions, and basic rules that apply to a given fact situation involving different aspects of real estate transactions.

1. Identify and evaluate issues of social justice in real property transactions, and describe key types of legislation design to promote such

1. Identify and assess the risks of various real estate transactions.

1. Describe the economic and social factors influencing urban development, growth, and decline of cities, and how these in turn affect real estate activity

1. Identify and describe the role of the various financial arrangements, instruments, and rules and regulations involved in real estate transactions.

1. Describe the impact of land use planning and regulations on real estate development

1. Describe the methods and procedures of estimating the value of real estate and of assessing the return and risk of real property investments.

IV.Text and References:

(Textbook Decision: By Instructor)

1. Possible textbook alternatives:
2. Corgel, John B., David C. Ling, and Halbert C. Smith, Real Estate Perspectives: An Introduction to Real Estate, 4th (or later) Edition. McGraw-Hill Irwin, 2001.
3. Floyd, Charles F. and Marcus T. Allen, Real Estate Principles, 8th (or later) Edition, Real Estate Education Co., a Division of Dearborn Publishing, Chicago, Il, 2005
4. Jacobus, Charles J., Real Estate Principles, 10th (or later) Edition, South-Western Publishing, a Division of Thomson Learning, Mason, Ohio, 2005
5. Ling, David C. and Archer, Wayne R., Real Estate Principles: A Value Approach. McGraw-Hill Irwin, 2005
6. Miller, Norman G., and David M. Geltner, Real Estate Principles for the New Economy, South-Western Publishing, a Division of Thomson Learning, Mason, Ohio, 2005

Supplementary Materials with a California Focus:

1. Huber, Walt, California Real Estate Principles, 9th (or later) Edition, Educational Textbook Company, Inc., Covina, CA, 2003
2. McKenzie, Dennis J., Lowell Anderson, Frank Battino, and Cecilia Hopkins, California Real Estate Principles, 7th (or later) Edition, South-Western Publishing, a Division of Thomson Learning, Mason, Ohio, 2004
3. Pivar, William H. and Dennis J. McKenzie, California Real Estate License Preparation, 12th (or later) Edition, South-Western Publishing, a Division of Thomson Learning, Mason, Ohio, 2004
4. Stapleton, Charles O., III, and Martha R. Williams, California Real Estate Principles, 6th (or later) Edition, Real Estate Education Co., a Division of Dearborn Publishing, Chicago, Il, 2004

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V.Special or Unique Student Materials:

None.

1. Special or Unique University Facilities:

VII. Expanded Description of the Course and Instructional Methods:

A.Expanded Description of the Course:

This course provides an introduction to a wide range of real estate concepts, practices, regulations, and institutions, and it is designed for all students in the university. The course provides students with an understanding of real estate markets;practices and institutional arrangements within the main areas of the real estate business; real property rights; basic legal terms and issues in real estate transactions; the effect of various types of consumer protection, anti-discrimination, and environmental laws and regulations on real estate practices and activity. Topics include the role of real estate in the economy; the basic determinants of urban form and development; the influence of real estate decisions on urban form and life styles; types of rights and interests in real estate, limitations on property rights; forms of property ownership; instruments and procedures of real property transfer; laws and conventions regulating the transfer of real property; land use planning, controls, and regulation; and an overview of business practices and institutional arrangements within specific areas of real estate activity including real estate brokerage, finance, management, development, and real property valuation. The course also meets one of the California Department of Real Estate course requirements for students desiring to take the real estate salesperson exam.

B.Instructional Methods:

Describe which type(s) of instructional method(s) will be used in class: lecture, lecture-discussion, lecture/problem solving, seminar, activity, laboratory, etc. Check all that apply.

VIII.Methods of Evaluating Outcomes:

In-class essay and objective examinations, and possible quizzes. At the instructor’s discretion there will be either 2 or 3 midterm examinations. Frequent quizzes during the course may replace one of the midterm examinations. In addition to the exams and quizzes the instructor will assign at least one written assignment, which could be a problem situation or a case. Weights of the evaluation tools listed below are guidelines, although the written assignment should count at least 10% of the final grade.

Recommended Evaluation Tools:

IX. Outcomes Assessment

A. Evaluation of Outcomes

This course will assess whether or not the course objectives have been met by the use of examinations (including a final) and/or quizzes. A minimum of two mid-term exams plus a final exam is recommended, although an appropriate number of quizzes may be substituted for one of the midterms. At the instructor’s discretion the course also may include other assessment tools, such as a paper or presentation. Weights of these evaluation tools will be at the discretion of the instructor, although guidelines are provided above. A portion of the exams must include a writing component designed to assess the student’s ability to articulate and logically develop one or more ideas. The mid-term examinations will not be cumulative although the final may be (at the instructor’s discretion). The exams will test the knowledge of the student in the materials assigned during the time period covered by the examination. In addition to being able to provide correct answers, the assessment techniques employed will test the student’s ability to successfully accomplish the following critical thinking tasks: determine and describe the real estate issues involved in any particular case or question; apply the relevant rules or real estate principles, describe the relative risks involved in the case or question; identify the various alternative courses of action available to the parties, and describe the course of action (including the pros and cons of such) the student determines to be preferable and the reasons for such preference.

The purpose of this assessment process is to fairly determine whether or not the objectives of the course have been satisfied by the class members – namely the students and the faculty member(s) who is (are) teaching the course.

B. Assessment of Learning Outcomes

Learning outcomes in the context of general education will be assessed using the following techniques:

1. Analysis of student assessment activities, primarily examination and quizzes
2. Student survey conducted at the end of the course. This survey will include questions regarding the following:
3. The extent to which the course adequately covered the topics and learning objectives specified in the syllabus
4. The extent to which the course provided knowledge about current real estate practices and institutions and of how these have evolved over time
5. Ways in which the course enabled students to draw upon principles from the social sciences and apply them to specific real estate issues
6. The extent to which the instructors promoted critical thinking, problem solving, and logical reasoning
7. The extent to which real estate decisions and activities (buying, selling, leasing, financing, managing, and developing real properties)have been interwoven with economic, political, and social issues so as to increase student awareness of the interplay between societal interests and private business interests.

The course coordinators and faculty will review the data obtained from these assessments and use them to revise the course content as appropriate.

Student Survey: A student survey will be conducted at the end of each class to assess whether or not the expected outcomes have been met by the specific course as it was taught.

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SECTION B

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