General Catalog 2006-2007

Programs and Courses

Real Estate

• General Information
• Real Estate - Associate in Applied Science (AAS)
• Course Descriptions

General Information

For Information: Richard Shortridge
Phone: 623.845.3225

www.gc.maricopa.edu/business/index-rea.htm

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Real Estate - Associate in Applied Science (AAS) / 64 credits

Real Estate careers involve sales and service of real property. Included might be jobs in sales of residential and commercial property, brokers, titles, loans, appraisals, clerical and research as it relates to real estate. Appropriate licenses are required in any specialty fields. Favorable outlook in the field will stem primarily from increased demand for home purchase and rental units.

The GCC Real Estate program is approved by the Arizona Department of Real Estate for both Prelicensure and Continuing Education. Students who wish to take the state Real Estate License exam must take both REA179 and REA180.

For further details on Arizona Real Estate license requirements, see: http://www.re.state.az.us/e&l.html.

Program Description: This program is designed for students who plan to enter the real estate profession. The program includes an in-depth exposure to (but not limited to) real estate principles, practices, appraisals, and sales. Students planning to follow this curriculum should become familiar with the provisions of the real estate codes and with the license(s) required.

Availability: Primarily evening

Note: Due to limited availability of courses, students should consult with a department advisor in planning their academic schedule in order to complete degree requirements in an expedient manner by extending completion time lines. Knowledge of computers recommended.

Required Courses: 36 credits

Students must earn a grade of “C” or better for each course listed in the Required Courses category. (+) indicates course prerequisites.

ACC111 Accounting Principles I + GBS161 Mathematics of Business    GBS206 Business Law (UCC)    POS130 State and Local Government    REA179 Real Estate Principles I + REA180 Real Estate Principles II + REA281* Principles of Real Estate Law + REA282 Real Estate Finance + REA283* Property Management + REA284* Real Estate Appraisal + REA285* Real Estate Selling (3) or    MKT267 Principles of Salesmanship (3) *Evening only

3 credits 3 3 3 3 3 3 3 3 3 3

Restricted Electives: 3 credits

ECN111 Macroeconomic Principles + GBS233 Business Communication    MGT175 Business Organization and Management

3 credits 3 3

General Education Requirements: 25 credits

Core: (15 credits) First-Year Composition: + ENG101 First-Year Composition (3) and + ENG102 First-Year Composition (3) or + ENG111 Technical Writing (3) Critical Reading: + CRE101 Critical and Evaluative Reading I (3) Oral Communication:    COM100 Introduction to Human Communication Mathematics: + MAT122 Intermediate Algebra (3) or    Equivalent Distribution: (10 credits) Humanities and Fine Arts:    Any approved course, see here. Social and Behavioral Sciences:    PSY101 Introduction to Psychology (3) Natural Sciences:    Any approved course, see here.

6 credits 3 3 3 3 3 4

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Course Descriptions

Course Availability: (F) Fall, (S) Spring, (D) Day, (E) Evening, (Su1) Summer 1, (Su2) Summer 2, (O) Occasionally, (+) indicates course prerequisities

Real Estate (REA)

REA179
Real Estate Principles I / 3 credits 3 periods
Basics of real estate principles including introduction to the profession and license law, definition of real property, legal descriptions, rights and interests in property, ownership, contracts, real estate economics, financing and foreclosure, land use, and valuation. Prerequisites: None.

REA180
Real Estate Principles II / 3 credits 3 periods
Advanced work in real estate including escrow procedures and title insurance, liens and encumbrances, advanced contracts, water rights, toxic waste and environmental hazards, agency, ethics and professional relationships, real estate code and the Commissioner’s rules, investment, property management, and government restrictions. Prerequisites: REA179 or permission of instructor.

REA210
Real Property Assessment I / 3 credits 3 periods
Overview of the fundamentals of assessment and mass appraisal, relevant economic principles as applied to real estate, real estate law, descriptive statistics, valuation of land, and cost method of appraisal. Prerequisites: (REA179 and REA180) or REA201, or permission of department/division.

REA211
Real Property Assessment II / 3 credits 3 periods
Advanced work in real property assessment, including the appraisal process, property taxation, statutory duties, property classifications and descriptions and reassessment issues. Prerequisites: REA210.

REA212
Real Property Tax Law / 3 credits 3 periods
Exploration and application of real estate tax law, tax assessment methods, determination methods of property valuation and application of tax rates. Recommended for individuals currently involved in real estate, such as: salespersons, brokers, appraisers, assessors, tax agents, consultants, lawyers, paralegals, accountants, property managers and other related professionals. Prerequisites: None.

REA281
Principles of Real Estate Law / 3 credits 3 periods
Incidents of ownership and use of real estate, legal principles, procedures, and methods of acquisition and disposition of real estate. Prerequisites: REA179 or departmental approval.

REA282
Real Estate Finance / 3 credits 3 periods
Study of lending institutions, including banks, savings and loans, conventional loans, FHA, VA for residential, commercial, and industrial property. Prerequisites: REA179 or permission of instructor. (E)

REA283
Property Management / 3 credits 3 periods
Emphasizes realty laws, survey of rentals, housing needs, and rents in Phoenix metropolitan area. Prerequisites: REA179 or permission of instructor.

REA284
Real Estate Appraisal / 3 credits 3 periods
Includes valuation, market analysis, classification of date and cost factors by emphasizing single family residential properties and income-producing real estate. Prerequisites: REA179 or permission of instructor.

REA285
Real Estate Selling / 3 credits 3 periods
Covers obtaining listings, buyer behavior, markets, competition and psychology of sales techniques. Prerequisites: REA179 or permission of instructor.

REA288
Real Estate Investment Strategy / 3 credits 3 periods
Covers real estate investments, financing, leverage benefits, risks applicable to residential, commercial and industrial properties for direct and group ownership. Prerequisites: REA179 or permission of instructor.

REA290AA
Real Estate Seminar: Appraisals, Management, and Taxes / 1.5 credits 1.5 periods
Update in rules and regulations, law, appraisals, investment analysis, property management, trends and outlook, tax aspects, and basic math. Qualifies students for Arizona real estate license renewal. Prerequisites: Current Arizona real estate license.

REA290AB
Real Estate Seminar: Zoning, Financing, and Contracts / 1.5 credits 1.5 periods
Update in rules and regulations, law, zoning, mortgage and trust deed financing, Arizona Residential Landlord and Tenant Act, contracts and documents, contract writing, and realtor ethics. Qualifies students for Arizona real estate license renewal. Prerequisites: Current Arizona real estate license.

REA291
Legal Aspects of Real Estate Financing / 3 credits 3 periods
Methods and procedures of financing real estate acquisitions, rights of the respective parties; application and affixation of liens, encumbrances and restrictions on real estate. Prerequisites: REA281.

REA292
Legal Aspects of Landlord and Tenant / 3 credits 3 periods
Variations of leasing real estate; landlord-tenant relationship; rights of the respective parties; laws, procedures, problems, and mechanics surrounding the lease of real estate. Prerequisites: REA291.

REA295
Real Estate Brokerage / 3 credits 3 periods
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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