BUS 250 - Principles of Real Estate

1. Explain the broad social and economic impact of real estate.
   1. List the major factors involved in determining the need for housing units.
   2. Express the major reasons for declining home ownership in recent years.
2. Summarize a variety of career opportunities and the broad scope of the real estate business.
3. Explain the importance of economic base analysis, business cycles, and the real estate cycle on real estate business.
   1. Explain how the business cycle affects real estate activities.
   2. Describe the real estate cycle.
   3. Summarize the major factors that affect the real estate market.
4. Summarize the various property rights and ramifications of real estate ownership.
   1. Differentiate real property, personal property, and fixtures.
   2. Explain the various titles that can be used to own real property.
   3. Assess the four types of estates a person can hold in land.
   4. Compare the three types of concurrent ownership in real property.
   5. Describe the following four types of ownership interests in property.
5. Interpret the general principles of contracts and how they apply to real estate transactions.
   1. Describe the six basic elements of the real estate contract.
   2. Discuss the differences in a marketable title and an insurable title.
   3. Describe the content and function of a deed.
   4. Summarize the content of the purchase agreement.
6. Compare types of leases available in renting real property
   1. Describe the four kinds of tenancies of leasehold estates.
   2. Describe the common lease covenants found in a residential lease agreement.
   3. Discuss the common ways of terminating leases.
7. Explain the various types of liens and their purposes.
8. Compare traditional and alternative means of financing a real estate purchase.
   1. List the advantage and disadvantage of the most common financing instruments.
   2. Identify the likely users of each of the common finance instruments.
9. Summarize the basic tools of real estate investment analysis.
   1. Discuss reasons why people invest in real estate.
   2. Assess the risks of real estate investment.
10. Analyze the basic concepts of residential appraising.
    1. Identify elements that influence the value of property.
    2. Discuss the three common approaches to single-family residential real property.
11. Point out benefits of renting real property vs. owning real property.
    1. Discuss five factors that are important considerations in the selection of a home.
    2. Describe the types of choices a home buyer has when purchasing a home.
12. Contrast the role of brokers and agents in real property transactions.
    1. Describe agency.
    2. List the kinds of agents
    3. Describe the duties of an agent to a principal.
    4. Describe the four types of employment contracts between principal and agent.