10194182Real Estate Law
Course Information
Description
Designed to acquaint students with the field of real estate and Wisconsin real estate law. This course meets the educational requirements for the Wisconsin Real Estate Salesperson’s examination. Technical reading skills with sufficient test scores for placement into Written Communications is required. This course is particularly oriented toward Wisconsin laws.
Total Credits
4
Course Competencies
  1. Determine ownership and transfers of property
    Assessment Strategies
    by submitting homework assignments
    by posting to the discussion board
    by participating in classroom discussions
    by taking a quiz
    Criteria
    you define an encumbrance (easements, liens, enroachments, property taxes, special assessments)
    you differentiate between real and personal property
    you explain the types of ownership under Wisconsin law (i.e., joint tenancy, tenancy in common, marital property)

  2. Explore transfer of property
    Assessment Strategies
    by submitting homework assignments
    by posting to the discussion board
    by participating in classroom discussions
    by taking a quiz
    Criteria
    you explain title insurance (preliminary report, gap insurance)
    you differentiate between warranty, quit claim, and personal representatives' deeds
    you define a deed
    you differentiate between legal and equitable title
    you define chattel mortgage and bills of sale
    you explore conveyances of real estate property, recording and titles

  3. Examine land use controls and regulation
    Assessment Strategies
    by submitting homework assignment
    by posting to the discussion board
    by participating in classroom discussions
    by taking a quiz
    Criteria
    you differentiate between private land controls (e.g. restrictions, deed conditions, covenants)
    you differentiate between public land controls (permitted use, conditional use, non-conforming use, variance, setbacks)

  4. Complete a real estate valuation and market analysis
    Assessment Strategies
    by submitting homework assignment
    by posting to the discussion board
    by participating in classroom discussions
    by taking a quiz
    Criteria
    you define comparative market analysis
    you define market value/assessed value/appraised value
    you explore the principle of value

  5. Apply the mathematics of real estate
    Assessment Strategies
    by submitting homework assignment
    by posting to the discussion board
    by participating in classroom discussions
    by taking a quiz
    Criteria
    you demonstrate the use of basic mathematical skills involved in real estate calculations
    you demonstrate prorations
    you calculate property tax payments (mill rate times assessed value)
    you identify loan to value rations
    you calculate the real estate transfer fee

  6. Differentiate between laws of agency and antitrust law
    Assessment Strategies
    by submitting homework assignment
    by posting to the discussion board
    by participating in classroom discussions
    by taking a quiz
    Criteria
    you differentiate between the types of agencies and agents
    you identify duties to customers and clients
    you identify the termintaion of an agency
    you identify the creation of an agency
    you differentiate between agency, contracts (WB-!, WB-4, WB-36, real estate agency contracts)
    you investigate price fixing
    you investigate group boycotts

  7. Investigate financing of real estate transactions
    Assessment Strategies
    by submitting homework assignment
    by posting to the discussion board
    by participating in classroom discussions
    by taking a quiz
    Criteria
    you differentiate between the types of loans (fixed, adjustable rate mortgage, balloon mortgages)
    you define loan to value ratio, points, loan origination fees, private mortgage insurance
    you explore RESPA and illegal kickbacks
    you explore government programs (e.g., FHA, VA)
    you determine lending requirements
    you explore sources for financing (seller/owner, land/installment contracts, primary market)
    you explore Regulation Z
    you explore secondary mortgage fraud

  8. Determine types of disclosures
    Assessment Strategies
    by submitting homework assignment
    by posting to the discussion board
    by participating in classroom discussions
    by taking a quiz
    Criteria
    you identify environmental disclosures
    you evaluate disclosures by owners of residential real estate
    you identify the condominium disclosure requirements
    you identify the Federal lead-based paint disclosure law
    you evaluate other disclosure obligations

  9. Analyze real estate contracts and approved forms
    Assessment Strategies
    by submitting homework assignment
    by posting to the discussion board
    by participating in classroom discussions
    by taking a quiz
    Criteria
    you identify approved forms and legal advice
    you investigate broker obligations to furnish copies and maintain records
    you analyze Offers to Purchase (WB-11, WB-13, WB-14, WB-40, WB-41, WB-44, WB-46)
    you complete the following: WB-1 residential listing agreement, WB-4 condominium listing agreement, WB-11 residential offer to purchase, WB-14 condominium offer to purchase, WB-36 Buyer's Agency Agreement, WB-40, WB-41, WB-44, WB-45, WB-46 and appropriate addendums to various agreements

  10. Examine business ethics
    Assessment Strategies
    by submitting homework assignment
    by posting to the discussion board
    by participating in classroom discussions
    by taking a quiz
    Criteria
    you investigate fair housing laws (federal, state)
    you explore local equal housing opportunities
    you investigate providing auxiliary services for the disabled (Americans with Disabilities Act)
    you investigate trust accounts and trust account rules
    you investigate licensure and supervision of employees
    you determine legal effects as they pertain to approved forms
    you investigate rental residential practices