- Course Number:
- RE 110
- Course Title:
- Real Estate Practices
- Credit Hours:
- Lecture Hours:
- Lecture/Lab Hours:
- Lab Hours:
- Special Fee:
Course DescriptionIntroduces the real estate business in general, real estate licensing laws, listing agreements, sales agreements, and fair housing. Satisfies Oregon Real Estate Broker pre-licensing requirements. Audit available.
Addendum to Course Description
This course serves two primary audiences. The largest audience includes students seeking to satisfy State of Oregon Real Estate Agency salesperson requirements for licensing and the smaller audience includes students wishing to generally expand their knowledge about real estate. To satisfy the licensing education requirements students must pass (75% score or better) a comprehensive multiple choice final examination
Intended Outcomes for the course
- Understand the theoretical basis and practical applications of the "agency relationship." This includes the ability to recognize when an agency relationship exists and appreciate the duties and obligations of both the principal and agent.
- Have the ability to review a fact situation and identify if a real estate license is required, and if one is required be able to identify which is the appropriate license.
- Recognize factual patterns which subject an Oregon real estate licensee to discipline by the Oregon Real Estate Agency.
- Be able to apply the Oregon real estate statutes (ORS 696) and regulations (OAR 863) to everyday real estate brokerage situations; including the handling of documents and funds.
- Identify the requirements and legal importance of listing agreements, sales agreements, agency disclosure forms, property disclosure forms and closing statements.
- Understands the basic role of the Oregon Real Property Manager and the laws affecting property management activity, including, but not limited to the Oregon Landlord and Tenant Act.
- Be aware of the primary Federal and State of Oregon laws affecting discrimination in housing; including the Civil Rights Act of 1866, the Fair Housing Act of 1968 (as amended) and the Oregon Anti-discrimination law; and, be able to apply the laws to common real estate sale fact patterns.
- Be able to execute basic real estate math problems relating to area, percentages, commissions, interest, and proration.
Outcome Assessment Strategies
Students will be assessed by any combination of the following:
- Active participation in class
- Contextual written tasks (in or outside of class) to assess reading
- Oral responses to in class hypotheticals
- Request for real life applications of course material
- In class, interactive student role-plays
- Quizzes and practice exams following State of Oregon Real Estate Agency question format
- Final comprehensive examination patterned after Oregon Real Estate Agency license exam
Course Content (Themes, Concepts, Issues and Skills)
Include all or most of the following:
- Agency law
- Oregon Agency Disclosure Law
- Oregon Property Disclosure Law
- Oregon statutes and regulations related to licensing of real estate brokers, sales agents, and property managers
- Federal and State of Oregon anti-discrimination laws
- Listing agreements, purchase and sale agreements, options, first right of refusal and other basic real estate documents
- Closing procedures
- Real estate math related to commissions and closing