STANDARD COMPETENCIES:

 

 I.      Explain what real property is, how it differs from personal property, and the distinction between real property and realty, personal property and personality.

 II.     Identify and explain the various types of concurrent tenancies: the tenancy in common, the joint tenancy, the tenancy the entirety.

 III.    Explain the purpose and extent of the governmental powers over real estate.

 IV.     Explain the difference between a lien and encumbrance and to be able to list several examples of each.

 V.      Discuss the main sources of real estate law.

 VI.     Demonstrate a knowledge of the real estate licensing requirements.

 VII.    List the five principle ways in which real property titles can be transferred.

 VIII.   Define a deed and explain the required to make it valid.

 IX.     Explain the nature of leasehold interest, and distinguish the four major types of leasehold tenancies.

 X       Explain the nature of land descriptions and identify the ways they can be used.

 XI.     Explain the elements of rectangular survey descriptions and identify how they are sued.

 XII.    Demonstrate a knowledge of the basics of residential housing construction.

 XIII.   Demonstrate an understanding of the appraisal process, distinguish between cost, price, and value.

 XIV.    Explain how utility, scarcity, effective demand, and transferability can create, sustain, increase and diminish a commodity¿s value.

 XV.     Explain the theory and practice of promissory notes, real estate mortgages, and trust deeds.

 XVI.    Explain the secondary mortgage market and identify the institutions and corporations that operate within the market.

 XVII.   Demonstrate a basic knowledge of real estate math, and apply the knowledge through situation problems in real estate.

 TOPICAL OUTLINE:

 

 I.      An Introduction to the Real Estate Business

 II.     Nature and Description of Land

 III.    Rights and Interest in Real Estate

 IV.     Acquisition and Transfer of Title

 V.      How Ownership is Held

 VI.     Title Records

 VII.    Contracts

 VIII.   Landlord and Tenant

 IX.     Real Estate Agency and Brokerage

 X       Real Estate Taxation

 XI.     Appraisal

 XII.    Real Estate Financing Instruments

 XIII.   Real Estate Financing Market

 XIV.    Control and Land Development

 XV.     Fair Housing Laws and Ethical Practices

 XVI.    Environmental Issues and the Real Estate Transaction

 XVII.   Closing the Real Estate Transaction

 XVIII.  Real Estate Mathematics