Real Estate Property Management - RE 110

Course Description

This course provides the fundamental concepts and terminology to enable students to pass the Michigan licensing examination and become successful real estate practitioners. Students learn the financial, economic and political aspects of real estate practice in Michigan. Topics include contracts, agency, title transfer, leasing, land use and taxation, Michigan law, fair housing and civil rights, the Americans with Disabilities Act and finance.

Prerequisites

(A requirement that must be completed before taking this course.)

Course Competencies

Upon successful completion of the course, the student should be able to:

• Interpret Michigan real estate laws and rules.
• Distinguish differences between personal and real property.
• Distinguish between discriminatory and non-discriminatory practices, including the Michigan Fair Housing and Civil Rights Act and the Americans with Disabilities Act.
• Characterize conveyance of title by various types of deeds for real property in Michigan.
• Apply basic contract law to questions arising in the Michigan real estate profession.
• Relate the requirements for the real estate licensee imposed by the laws of agency, including the Michigan Uniform State Antitrust Act and the Michigan’s Seller Disclosure Act.
• Contrast how the three approaches to value are employed in the appraisal process.
• Convey the responsibilities of the brokerage firm and the seller in various types of real estate listings.
• Differentiate the types of mortgages and their uses relevant to financing and closing the purchase of real property in Michigan.
• Outline the procedures related to closing real estate transactions.
• Compare laws related to leasehold estates including the Michigan Truth in Renting Act, the Michigan Landlord-Tenant Relationship Act and the Michigan Security Deposits Act.
• Summarize federal and state public and private land use controls and requirements.
• Explain special tax benefits provided to owners and sellers of a principal residence, business and investment property.
• Calculate various mathematical problems related to real estate transactions.

Course Schedule

Currently no sections of this class are being offered.