Portland Community College | Portland, Oregon

Course Number:
RE 126
Course Title:
Real Estate Contracts
Credit Hours:
Lecture Hours:
Lecture/Lab Hours:
Lab Hours:
Special Fee:

Course Description

Topics include basic contract law, listing agreements, earnest money agreements, options, first rights of refusal, leases and escrow agreements. 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 broker 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

Intended Outcomes for the Course: 

The instructional goal for the Real Estate Contracts course of study is to provide the student an adequate foundation in the requirements for common real estate contracts, including:

1. Understand and be apply to apply basic contract law, including the

a. legal requirements or elements necessary to form a contract

b.  performance of valid and quasi-contracts

c.  breach of valid and quasi-contracts

2.Recognize and be able to use the following specific real estate contracts

a.listing agreements

b.earnest money/purchase and sale agreements

c. real estate option agreements

d. real estate first right of refusal agreements

e. real estate leases

f. escrow agreements

3. Be aware of the special requirements and limitations on contracts for the sale of subdivided land, condominiums, and planned unit developments in Oregon.

Outcome Assessment Strategies

Students will be assessed by any combination of the following:

1.      Active participation in class

2.      Contextual written tasks (in or outside of class) to assess reading

3.      Oral responses to in class hypotheticals

4.      Request for real life applications of course material

5.      In class, interactive student role-plays

6.      Quizzes and practice exams following State of Oregon Real Estate Agency question format

7.      Final comprehensive examination patterned after Oregon Real Estate Agency license exam

Course Content (Themes, Concepts, Issues and Skills)

Themes, Concepts and Issues

Include all or most of the following:

1.      The concept of a contract as compared to a non-contractual agreement

2.      Basic common law contract terminology such as:

  1. valid
  2. void
  3. voidable
  4. unenforceable
  5. unilateral
  6. bilateral
  7. consideration

3.      Requirements of a valid common law contract

4.      Performance issues related to a valid contract

5.      Listing agreement

6.      Earnest money / purchase and sale agreement

7.      option agreement

8.      first right of refusal

9.      land sale contract (installment sale contract)

10. lease (rental agreement)

11. escrow agreement

12. Condominium documentation

13. Planned unit development documentation

14. Subdivision contract requirements