Syllabus - San Francisco State University Finance 365 —...

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Unformatted text preview: San Francisco State University Finance 365 — Real Estate Principles HSS 154 Tuesday 7:00 pm. - 9:45 pm. Syllabus Instructor: David Hysinger Email: hysinger@sfsu.edu Office Hours: Tues. 6:00 pm. - 7:00 pm, by appointment, Bus. 312 Course Description Economic, financial, and legal principles of real estate; real property contracts and interest; analysis of housing markets; evaluation of governmental policies and social changes; considerations in owning, leasing, managing various types of realty. This course covers the basic principles of California real estate. It provides the background and terminology necessary for advanced study in specialized courses in real estate finance. The course is required for those preparing for the California real estate salesperson license examination. It applies toward California’s elective educational requirements for the broker's examination, DRE (Department of Real Estate) basic education, and OREA (Office of Real Estate Appraisers), basic and continuing education for persons employed in the real estate industry. Prerequisite Finance 350 Course Objectives Upon completion of this course, the student will be able to: 1. Define, and give examples for, real estate terms. 2. Define real property, and distinguish it from personal property. 3. Identify methods of giving technical physical descriptions of real property. 4. List and compare the different types of estates in land and ways of holding title to real property. 5. Describe ways that real property is transferred and the procedures for that transfer. 6. Define and give examples of types of encumbrances. 7. Compare various types of public restrictions on land, including land use controls, eminent domain, and taxation. 8. Discuss the basic elements of contract law. 9 Identify, describe, and distinguish the procedures for foreclosure and eviction. 10. Describe and differentiate various types of real estate contracts. 11. List the requirements for a valid lease and indicate how a lease is terminated or transferred. 12. Discuss and give examples of agency law, including how agency is created, the duties and l legal effects of agency, how agency is terminated, disclosure issues, and dual agency. 13. Discuss the main principles and organizations related to real estate financing, including finance markets and documents. 14. List the steps required in applying for a residential loan. 15. Describe the three methods of appraisal and the properties and situations for which they are most appropriate. 16. List the steps involved with closing real estate transactions, including escrow. 17. Discuss income tax aspects related to closing a real estate transaction. 18. Describe basic taxation concepts related to real estate. 19. Indicate the significant characteristics of fair housing regulations. 20. Describe types of real estate construction and types of real estate investments. 21. List the actions for which a real estate license is required. 22. Perform basic real estate math calculations. (Note: This course will not require use of specialized computer software for real estate transactions and analysis, but knowledge of such programs will be helpful to class discussion and analysis.) Textbooks Required: Principles of California Real Estate, 14th Edition. Published by Rockwell Publishing © 2006.ISBN 1-887051-28-7, or most recent edition, available at SFSU Bookstore. Optional References: The Plain Language Dictionary of Real Estate. Bella Vista Publishing Company, Inc. © 2004. ISBN: 0-9718225-0-6 Available in the bookstore. Real Estate Law; California Department of Real Estate (latest edition). NOTE: This book is FREE online in Adobe Acrobat format. Get it at http://www.dre.ca.gov/pub_relaw.html Reference Book: A Real Estate Guide; California Department of Real Estate; 0-916478-02-5 (or latest edition) NOTE: This book is FREE online in Adobe Acrobat format. Get it at http://www.dre.ca.gov/pub_referencebk.html General Reading Habits You Need For This Course: As a business student, you should be reading from at least five newspapers a day. Be conversant with political, economic, and demographic trends and facts which affect the business, economic, and political environment. Develop good reading habits early in your career. Collect shortcuts and bookmarks to primary source economic data, government and policy-maker websites, and analysis to use later. Save these over the years. Examples of standard-bearing publications include the Wall Street Journal, the New York Times, the Los Angeles Times, the Washington Post and the San Francisco Chronicle (for local stories). More specialized publications like The Hill (for coverage of Congress), the American Prospect, the New Republic the Financial Times, Foreign Affairs, US. News and World Report, Time, Newsweek, Business Week and the Weekly Standard will often cover stories from a more specialized viewpoint. Avoid the temptation to read only from publications you enjoy and agree with, or from only one segment of the political spectrum. Get in the habit of surveying a variety of sources regularly. Look for articles on real estate, economics, and pending legislation affecting real estate and/or lending. I will bring up current events in class. I will send links regularly to stories of interest. Graded work: Exams There is a mid-term exam, final exam, and a short paper on a topic of your choosing related to real estate. The exams are multiple choice, and based squarely on the textbook material. The exams are designed to force you to learn real estate theory and practice. This is the foundation, the “ditch digging” of the course. Each is a two-hour exam. The dates of each exam are on the course schedule. The dates on the schedule are firm but necessarily tentative as they depend on future events, and will be confirmed in class as we progress through the material. It is your responsibility to know the date of the exam by both reading the schedule and attending class to hear announcements and be aware of where we are in the material. Paper The paper is a 1,000-2,000-word business memorandum/essay on a topic of your own choosing. You will take course material and apply original primary source material to current events or real-world problems in real estate. For example, the continuing recession in the real estate markets will be covered. We will discuss its expected duration, and effects on the real estate markets as well as real estate sales volume. Your paper will take the form of a business memorandum analyzing, or assessing a real estate problem in light of developments in the marketplace or legal environment. For example, the state or federal government may tighten or otherwise reform lending regulations or available financing vehicles and policies. Your paper would identify the change and recommend action to be taken, for example, new questions to be asked or documentation to be obtained from prospective borrowers. The best papers are ones that apply textbook course material to real estate problems or issues in real life, at work, in your family, friends or other concrete situations. You will use primary source material and resources to solve a problem related to real estate. For example, during the sub-prime mortgage crisis, one of the issues discussed by policy makers was how homeowners can or should be assisted. The FDIC published a home loan workout model. A good paper topic would be to evaluate the FDIC workout model, or one aspect of it. It would conclude with a recommendation to a lender on how or whether to adopt it, or modify it for local use. The idea is to bring your knowledge to bear on a current event in the “real world,” and to apply principles learned in the course to facts in the current economic, political or legal environment. Another excellent approach to the paper is to take a real estate or land use problem and propose a solution to it. Show how your solution addresses the concerns of people or other stakeholders involved. Finally, make an argument as to why your solution should be accepted and implemented, even if there are objections to it. To do a good job on the paper, you must be reading as described in the “General Reading Habits You Need For This Course” section throughout the semester in order to get ideas for your paper topic. I will also suggest paper topics during lectures as we cover those subjects. Your paper may be submitted in person on the last class day of the final exam, or by email to hysinger@sfsu.edu Grade Computation Your grade will be based on your mid-term and final exam scores, and your paper. Your grade will be computed according to the percentage correct/possible of all questions. The mid- term exam is 30% percent of your grade, the final is 30%, and the paper is 40%. However, despite the percentages, you must complete all three to receive a grade/credit. You can’t just blow off the paper and accept a “D” (60%). Final grades will be A, B, C, D, F or I. No “+”s or “~ “3 will be given. At the suggestion of students in past course evaluations, I now give extra credit assignments. These are short (l-page) papers on cases we discuss in class. I’ll describe these assignments in class, and we will do in-class exercises as a group to demonstrate how to write these papers. They are scored by adding up to 10 points to mid-term and final exam scores. What will we do in class? We will apply and discuss the concepts in the text book, using examples which have actually occurred, either in my own practice, or in the reported decisions of California and federal courts in the area of real estate. The method of instruction will be the “case-study” method. I 4 will use only a portion of lecture time to summarize the reading material in the textbook. The rest of the time will be used to discuss the application of those principles to a specific case or current event. Of course, if you have questions about the reading material, feel free to raise them during class. In lectures and class discussion, I assume you have completed the reading for that week. I may also skip ahead or review reading material as the need arises. The general rule on reading assignments: the more and the earlier you read, the better; and you may need to read some things more than once to understand and correctly apply them. I will also hand out supplemental reading material from time to time. Announcements I make announcements by email or in class, so check your SFSU email daily and come to class every week. Regardless of the manner of announcement, you are responsible to know it. I don’t grade on attendance, but if I make an announcement in class, and you’re not there, it could affect your grade substantially. Announcements may include links and attachments of reading materials. There may be very important announcements made in class or by email, such as exam dates, course scheduling, etc. It is your responsibility to attend class and check your SFSU email address. That’s the one on the roster I have access to. If you have your mail forwarded from your SFSU address, make sure it actually works, and can accept PDF attachments. I will generally email cases or other material on Friday for discussion on the next Tuesday’s class. Important Dates You Must Know: Add, Drop, Withdrawal Deadlines and Procedures First Week through Fourth Week of Instruction Fifth Week through Thirteenth Week of Instruction Withdrawal from a course may be permissible for serious and compelling reasons. Poor performance is not an acceptable reason. If granted, student’s permanent record will show a ‘W’ grade. However, such grades will not be used to compute a student’s GPA. Approval of instructor and Student Services Center is required. Fourteenth Week through End of Semester Withdrawals are not permitted, except in cases of verified accident or serious illness, where circumstances are beyond the control of the student and where the assignment of an incomplete grade is not practical. Normally, only withdrawals from the University are approved, since qualifying circumstances are not course-specific. In any event, signatures are required from 5 the instructor, the appropriate department chair, and the Associate Dean. Students with disabilities who need reasonable accommodations are encouraged to contact the instructor. The Disability Programs and Resource Center is available to facilitate the reasonable accommodations process. Final Exam will be given on Tuesday of the week of finals. ...
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This note was uploaded on 01/26/2012 for the course FIN 365 taught by Professor Staff during the Spring '11 term at S.F. State.

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Syllabus - San Francisco State University Finance 365 —...

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