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BUSR
Real Estate
Courses:
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BUSR 50
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BUSR 51
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BUSR 52
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BUSR 52D
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BUSR 53
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BUSR 55
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BUSR 57
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BUSR 59
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BUSR 60
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BUSR 62
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BUSR 76
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BUSR 77
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BUSR 81
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BUSR 82
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BUSR 83
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BUSR 84
The Real Estate Program at Mt. SAC offers the following 16 Real Estate courses:
- BUSR 50 - Real Estate Principles
- BUSR 51 - Legal Aspects of Real
Estate
- BUSR 52 - Real Estate Practice
- BUSR 52D - Real Estate Practice
Work Experience
- BUSR 53 - Real Estate Finance
- BUSR 55 - Real Estate
Economics
- BUSR 57 - Income Tax Aspects of
Real Estate
Investments
- BUSR 59 - Real Estate Property
Management
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- BUSR 60 - Real Estate Investment Planning
- BUSR 62 - Mortgage Loan Brokering and
Lending
- BUSR 76 - Escrow Procedures I
- BUSR 77 - Escrow Procedures II
- BUSR 81 - Appraisal: Principles and
Procedures
- BUSR 82 - Uniform Standards of
Professional
Appraisal Practice
- BUSR 83 - Residential Appraisal
- BUSR 84 - Residential Appraisal:
Case Studies
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Click on any of the tabbed links above to view detailed information about a course.
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This course provides an introduction to Real estate law, public control, property valuation, finance and
real estate practice. Meets some of the California Real Estate Salesperson and Broker License
requirements and meets 30 hours toward Basic Appraisal Procedures 2008 Appraiser Qualifications Board (AWB)
requirements for certified-residential/certified-general appraiser license.
Also provides 30 hours toward Office of Real Estate Appraisers (OREA) requirements for state licensing.
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(54 hours lecture; Degree applicable, CSU)
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Course Measurable Objectives:
- Define and/or use in the appropriate context 150 real estate related terms or concepts from the specific areas of real property and laws relating to ownership; tax implications of real estate ownership; valuation/appraisal of real property; financing real estate; transfer of property; real estate practice, and broker's responsibility for agency management .
- Analyze five potential risks and/or liabilities that exist in selected real estate documents.
- Evaluate the available options for financing acquisition of two specific properties under different assumptions about the type of financing for which the buyer might be eligible.
- Compare the three methods of appraising real property and describe the various situations in which each of the three methods should be the dominant method of determining the value of the property.
- Describe the various methods by which an agency relationship can be created and then describe the obligations that are created by the agency relationship for each person to the other persons involved.
- Identify a 10-point checklist of rights and obligations for landlords and tenants which should be included in a residential rental agreement.
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Course Level Student Learning Outcomes:
Students completing BUSR 50 - Real Estate Principles will:
- understand the difference between real and personal property.
- have knowledge equivalent to the knowledge needed to pass the Department of Real Estate salesperson license exam.
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This course investigates real estate contracts, leases, deeds, foreclosures, homesteads,
agency, and disclosures. Can be used to meet the additional educational
requirements for the salesperson or broker license.
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(54 hours lecture; Degree applicable)
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Prerequisite:
BUSR 50 - Real Estate Principles
or employment in the real estate field
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Course Measurable Objectives:
- Develop the essential elements of real estate contracts.
- Classify the types of estates in California.
- Differentiate between types of property.
- Assess the effect of property taxes on real estate.
- Examine different leasehold estates.
- Describe the laws of agency and the broker's role in real estate transactions.
- Debate the elements of disclosure requirement laws.
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Course Level Student Learning Outcomes:
Students completing BUSR 51 - Legal Aspects of Real Estate will:
- know the elements of contract formation.
- be able to differeniate between single and dual agency.
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This course covers office procedures and practices in listings, advertising, prospecting,
financing, exchanges, property management, salesmanship, land utilization and public
relations. A course in real estate practice must be completed within 18 months
of licensure.
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(54 hours lecture; Degree applicable)
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Corequisite:
BUSR 50 - Real Estate Principles
or employment in the real estate field (May have been taken previously)
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Course Measurable Objectives:
- Prepare a seller’s packet containing appropriate completed documents.
- Prepare a buyer’s packet containing appropriate completed documents.
- Describe and discuss various types of listing agreements.
- Compare obligations and possible consequences of dual agency versus single agency.
- Describe the basic requirements for a real estate exchange.
- Describe role of escrow and title companies in real estate transactions.
- List and describe the most common disclosures required to complete the purchase/sale of residential real estate.
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Course Level Student Learning Outcomes:
Students completing BUSR 52 - Real Estate Practice will be able to:
- set realistic, measurable goals for themselves in business.
- complete the California Real Property Purchase Agreement.
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This course provides a minimum of 240 hours of on-site real estate office and/or field work
experience under the supervision of a licensed California real estate professional and a
college instructor/coordinator. This course is designed to satisfy Department
of Real Estate licensing requirements serving as an equivalent to BUSR 52.
Students who repeat this course will improve their skills through further instruction and
practice.
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(225 hours lab; Degree applicable)
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(May be taken two times for credit)
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Corequisite:
BUSR 50 - Real Estate Principles
and not possessing a permanent California real estate license
at time of enrollment. Student must be enrolled in seven units minimum
including work experience units.
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Course Measurable Objectives:
- Prepare a seller’s packet containing appropriate completed documents.
- Prepare a buyer’s packet containing appropriate completed documents.
- Describe and discuss various types of listing agreements.
- Compare obligations and possible consequences of dual agency versus single agency.
- Describe the basic requirements for a real estate exchange.
- Describe role of escrow and title companies in real estate transactions.
- List and describe the most common disclosures required to complete the purchase/sale of residential real estate.
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Course Level Student Learning Outcomes:
- Students completing BUSR 52D - Real Estate Practice Work Experience will be able to successfully complete an Exclusive Right to Sell Listing Agreement.
- Students completing BUSR 52D - Real Estate Practice Work Experience will be able to draft an offer to purchase Real Estate.
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This course covers real estate financing sources, loans underwriting, applications, and
appraisals. Can be used to meet the additional education requirement of the
salesperson or broker license.
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Prerequisite:
BUSR 50 - Real Estate Principles
or employment in the real estate field
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Course Measurable Objectives:
- Describe the sequence of events and the time line that make up the foreclosure process.
- Analyze in oral or written reports the advantages and disadvantages of variable rate loans (ARM & AML) from the standpoint of both the consumer and the financing institution.
- Solve mathematical problems in real estate finance.
- Assess given loan applications and credit reports and draw appropriate conclusions about the applicant's qualifications for a loan.
- Compare and contrast financial advantages and disadvantages of ownership of a given residential investment property, including income tax implications.
- Describe the legal process for foreclosure.
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Course Level Student Learning Outcomes:
Students completing BUSR 53 - Real Estate Finance will be able to:
- identify the role of the Secondary Mortgage Market.
- understand the elements of an adjustable rate loan.
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This course presents an analysis of international, national and local factors which
determine the value of real estate. Required by the DRE for the real estate
broker license and may be used as the elective course for the salesperson license.
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(54 hours lecture; Degree applicable)
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Prerequisite:
BUSR 50 - Real Estate Principles
or employment in the real estate field
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Course Measurable Objectives:
- Apply basic economic concepts to analyze real estate markets.
- Appraise the likely effects of monetary and fiscal policies on residential and non-residential real estate markets.
- Describe and explain the reasons for historical patterns of community and regional growth.
- Describe the current tax laws that apply to real estate.
- Analyze the economic impact of a change in laws governing property and income taxes on the real estate market.
- Compare and contrast the market for residential with the market for non-residential properties.
- Employ basic economic theory to forecast future changes in the real estate market.
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Course Level Student Learning Outcomes:
Students completing BUSR 55 - Real Estate Economics will be able to:
- identify factors affecting Demand in Real Estate.
- identify the forces affecting supply in Real Estate.
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This course covers the current income tax principles governing the acquisition, ownership,
operation and disposition of real property investments with special emphasis on tax
planning and integration of tax concepts with procedural aspects.
May be used as an elective course to satisfy one of the California Department of Real
Estate's requirements for the salesperson or broker license.
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(54 hours lecture; Degree applicable)
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Course Measurable Objectives:
- Critique various aspects of income tax shelter features for a specific real estate investment case study
- Demonstrate knowledge of current provisions of federal income tax law as it relates to real estate investments.
- Evaluate transactions involving real estate income tax shelters utilizing appropriate vocabulary.
- Utilize appropriate vocabulary specific to real estate transactions.
- Compare tax consequences for direct sales, exchanges, and installment transactions.
- Use common investment analysis forms to prepare an investment case study.
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Course Level Student Learning Outcomes:
Students completing BUSR 55 - Real Estate Economics will be able to:
- identify factors affecting Demand in Real Estate.
- identify the forces affecting supply in Real Estate.
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This course covers property management for owners and managers of residential and
commercial income properties. Meets California real estate license requirements
for salesperson and broker.
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(54 hours lecture; Degree applicable)
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Prerequisite:
BUSR 50 - Real Estate Principles
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Course Measurable Objectives:
- Define commonly used terms or concepts that are applicable to property management.
- Identify effective interpersonal relations skills for prospective tenants, tenants, employees and the owner.
- Identify the procedures for evictions and unlawful detainer actions.
- Describe how professional management can meet owner needs and goals.
- Describe how the benefits of ownership and owner goals relate to a management plan.
- Describe and evaluate the various clauses in a lease.
- Evaluate the qualifications of an applicant for either a residential or commercial property and prepare a lease.
- Describe the actions that should be taken by the manager and owner to minimize legal liabilities associated with property ownership.
- Describe and apply the current fair housing laws.
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Course Level Student Learning Outcomes:
Students completing BUSR 59 - Real Estate Property Management will:
- understand the legal relationship between a landlord and a tenant.
- know what a trust fund is and the importance of maintaining records on trust fund receipts.
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This course provides a comprehensive analysis of various investment strategies,
techniques, systems, and theories involving all forms of real estate with particular
emphasis on research methods needed for successful investing.
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(54 hours lecture; Degree applicable)
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Prerequisite:
BUSR 50 - Real Estate Principles
or employment in the real estate field
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Course Measurable Objectives:
- Define 50 terms that are in common use by professionals in real estate investment.
- Compare the advantages and disadvantages of real property investments with other types of investments.
- Describe and analyze the advantages of each of the types of ownership interest (individual, group, and trust) in real property.
- Evaluate the income tax consequences of the purchase or sale of real property.
- Evaluate the benefits of and the requirements for a 1031 exchange of real properties.
- Demonstrate use of the Internet to locate current tax information relating to real property investments and demographic information about potential investment locations.
- Prepare a written feasibility study in which the potential profits and tax consequences of the specific investment are evaluated.
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Course Level Student Learning Outcomes:
Students completing BUSR 60 - Real Estate Investment Planning will be able to:
- distinguish between the aspects of real estate and other types of investments.
- identify the advantages and disadvantages of different real estate investments.
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This course offers an overview of the technical knowledge of the State and Federal
laws that govern the practice of mortgage loan brokerage and lending in the State of
California as well as mortgage lending history and process.
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(Fall Semester)
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(54 hours lecture; Degree applicable)
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Prerequisite:
BUSR 50 - Real Estate Principles
or employment in the real estate field
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Course Measurable Objectives:
- Understand the basis of modern residential financing and its role in the economy.
- Explain the fundamentals of mortgage lending.
- The various steps in loan processing: organization, processing, underwriting, closing, loan administration and marketing.
- Know the qualification process of Federal Housing Administration (FHA), Veteran's Administration (VA), and conventional ratio formulas.
- Predict the direction of mortgage interest rates.
- Differentiate the secondary and primary mortgage markets.
- Know the various mortgage loan activities that require a real estate license as well as the exemptions.
- Know the importance of agency relationships, ethics, fair housing and trust funds for the licensee.
- Explain the disclosures that the lending community must make to all borrower applicants.
- Know state and federal laws that govern the practice of mortgage loan brokering and lending in the State of California.
- Know common ethical violations by licensees as reported by the Department of Real Estate.
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Course Level Student Learning Outcomes:
Students completing BUSR 62 - Mortgage Loan Brokering and Lending will be able to:
- distinguish between the various steps in loan processing.
- identify the fundamentals of mortgage lending.
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This course presents a case study method of escrow procedures including processing
of sale escrows with and without new trust deed financing; learning and using the
vocabulary of escrow; drawing of documents; and other processing details pertinent
to handling escrows from inception to closing.
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(54 hours lecture; Degree applicable)
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Course Measurable Objectives:
- Define the most common words and phrases in general usage in escrow.
- Produce escrow documents with and without new trust deed financing.
- Develop the documents of a sale escrow.
- Determine the appropriate proration solutions to problems commonly faced in escrow.
- Construct simple escrow documents observing acceptable college-level rules of English grammar, spelling and punctuation.
- Create escrow closing statements.
- Analyze escrow instructions to buyer and seller by comparing them with the original contract.
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Course Level Student Learning Outcomes:
Students completing BUSR 76 - Escrow Procedures 1 will be able to:
- define key words and phrases used in the escrow profession.
- calculate an escrow proration.
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This course presents advanced escrow procedures covering the more unusual and difficult
types of escrows and evaluating the possible solutions.
Emphasis on practical processing of real estate sale and loan transactions with some
personal property sales. Designed to assist those either directly or
indirectly connected with the escrow industry.
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(54 hours lecture; Degree applicable)
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Prerequisite:
BUSR 76 - Escrow Procedures 1
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Course Measurable Objectives:
- Create sale and loan escrow documents for complex transactions.
- Develop escrow instructions for complex transactions.
- Set up and balance closing statements on sale and loan transactions.
- Recognize and employ standard escrow clauses in regular usage in the industry as the clauses relate to solving basic problems of escrow.
- Demonstrate knowledge of the escrow officer's obligations to all parties involved in both simple and complex escrow transactions.
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Course Level Student Learning Outcomes:
Students completing BUSR 77 - Escrow Procedures 2 will be able to:
- create escrow instructions for a real estate transaction.
- draft a closing statement for a real estate transaction.
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This course presents the principles and procedures of appraising real property with
emphasis on residential properties. Required by Office of Real Estate Appraisers
(OREA) for all appraisal licenses and by the Department of Real Estate (DRE) for real
estate broker license. Provides 60 hours toward OREA requirements for state
licensing. Includes all topics listed in Appraisal Qualifications Board (AQB)
Basic Appraisal Principles and Basic Appraisal Procedures modules.
May be used as the elective course for the salesperson license.
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(63 hours lecture; Degree applicable)
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Course Measurable Objectives:
- Describe the appraisal process.
- Evaluate governmental, economic, social, and environmental influences on real estate values.
- Compare concepts of value -- market and other value types.
- Analyze data used in appraisal process.
- Evaluate land/site considerations for highest and best use.
- Assess legal considerations associated with various forms of ownership.
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Course Level Student Learning Outcomes:
Students completing BUSR 81 - Appraisal: Principles and Procedures will be able to:
- define highest and best use.
- identify the three methods of apprising real property.
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This course emphasizes appraisal standards and professional ethics.
This course meets the national 15-hour Uniform Standards of Professional Appraisal
Practice (USPAP) requirement for initial licensing by the Office of Real Estate
Appraisers (OREA).
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(18 hours lecture; Degree applicable)
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Course Measurable Objectives:
- Analyze case studies and evaluate degree of adherence to ethical appraisal standards.
- Develop and report a credible opinion as to the quality of another appraiser's work and clearly disclose the scope of the work.
- Identify and apply minimum set of standards that apply in an appraisal, appraisal review, or appraisal consulting assignment.
- Identify all assumptions, extraordinary assumptions, hypothetical conditions, and limiting conditions used in an appraisal.
- Prepare an appraisal report that meets two essential requirements: (a) identification and description of real property being appraised and (b) identification of real property interest being appraised.
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Course Level Student Learning Outcomes:
Students completing BUSR 82 - Uniform Standards of Professional Appraisal Practice (USPAP) will be able to:
- identify and apply minimum set of standards that apply in an appraisal at the end of the course.
- to develop and report a credible opinion as to the quality for another appraiser's work.
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This course covers all topics listed in Appraisal Qualifications Board (AQB)Modules:
Residential Market Analysis and Highest and Best Use, Residential Appraiser Site
Valuation and Cost Approach, and Residential Sales Comparison and Income Approaches.
Required by Office of Real Estate Appraisers (OREA) for all appraisal licenses and
provides 60 hours toward OREA requirements for appraisal licensing.
May be used as the elective course for the salesperson license or the required appraisal
course for broker license.
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(63 hours lecture; Degree applicable)
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Course Measurable Objectives:
- Evaluate the highest and best use for various sites.
- Apply the three approaches to value (cost, sales, and income) to final opinions of value.
- Discuss the concept of reversion and the use of a reversion table to calculate reversion values.
- Assess the applicability of gross rent multipliers in the appraisal of various residential properties.
- Explain the use of capitalization rates in the income approach to estimating the market value of real properties.
- Describe the methods of estimating accrued depreciation.
- Discuss the role of reconciliation in determining the final value opinion.
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Course Level Student Learning Outcomes:
Students completing BUSR 83 - Residential Appraisal will be able to:
- assess a residence's value using a gross rent multiplier.
- assess a residence's value using a capitalization rate.
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This course emphasizes residential appraisal case studies, report writing, statistics,
modeling, and finance. Required by Office of Real Estate Appraisers (OREA) for
all appraisal licenses. Provides 45 hours toward OREA requirements for state
licensing. Includes all topics listed in Appraisal Qualifications Board (AQB)
Modules: Residential Report Writing and Case Studies; Statistics, Modeling, and Finance;
and Advanced Residential Applications and Case Studies.
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(45 hours lecture; Degree applicable)
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Course Measurable Objectives:
- Define statistical concepts used in appraisals.
- Describe common writing problems found in appraisals.
- Assess USPAP compliance in appraisals.
- List and describe the data sources commonly used in appraisals.
- Evaluate the impact of financing on final value opinions.
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Course Level Student Learning Outcomes:
Students completing BUSR 84 - Residential Appraisal: Case Studies will be able to:
- define statistical concepts used in appraisals.
- describe common writing problems found in appraisals.
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