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Principles of Real Estate

Course Details

Course Number
3413
Section Number
3413
Semester
Summer I 2016
Location
Dillard College of Business Administration
Classroom Number
175
Days & Times

Mon/Tues/Wed/Thurs, 8:00 a.m. – 10:00 a.m.

Professor
Dr. Robert C. Forrester (view Profile)

Textbooks

Real Estate Principles: A Value Approach
David C. Ling and Wayne R. Archer, 4th Edition (2010), McGraw-Hill Irwin Publishing.
ISBN:
Course Objectives

After completing this course, students should be able to:

 

1.  Explain the nature of real estate and real estate markets.

2.  Articulate the relationship between value and real estate decisions.

3.  Discuss the effects of time and risk on real estate value.

4.  Explain the basics of the laws and contracts of real estate finance.

5.  Understand market determinants of value.

6.  Discuss the basics of forecasting ownership benefits and value.

7.  Explain the process of valuation of real estate.

Grading Standards

Grading and Evaluation

 

This class utilizes the material found in the texts, required, and recommended supplements, as well as any additional information presented by the instructor.  The course will include 4 Course Exams, 4 Short Essay Homework Assignments, and 1 Real Estate Math Assignment.  All exams will be open book/open notes exams. You may not use any digital devices or digital copies of the book for the exams. CAUTION:  Do not take this for granted.  There will too many questions for you to find answers for in the text during the test time allowed (one hour only)! Therefore, prepare and study beforehand.

 

I do not give make-up exams. YOU WILL RECEIVE A ZERO FOR ANY MISSED EXAM.

 

Each of the first 3 Course Exams will include 50 true/false and multiple choice questions on subject content only.  The Real Estate Math Exam will focus on math used in real estate. The Real Estate Math Exam is comprehensive and will include 20 questions related to the math presented in the course. 

The lowest of the first 3 Course Exam scores AND the Real Estate Math Exam will be dropped. 

 

The Final Exam is comprehensive and will include 75 true/false and multiple choice questions on subject content and real estate math.   The Final Exam is mandatory.

 

There will be 4 Short Essay Homework Assignments weighted at 25 points each for a total of 100 points of your final course grade.  Written assignments will be not be accepted after the due date.  All Short Essay Homework Assignments are due at 11:00 PM on the due date.  They must be submitted as on D2L Dropbox only – no other submission format will be accepted (adobe, google doc, D2l email, regular email, etc.).  

 

Assignment 1 Due:                     Monday                      June 13                       11:00 PM

At the very core of real estate is the theory of the “bundle of rights.”  In 750 words or more, write a short essay describing what each of the “rights” are within the bundle, including what each right means to the holder of it. (Hint:  The “bundle” includes all tings the holder of the bundle is entitled to do with respect to being the holder of the bundle.).

Assignment 2 Due:                     Monday                      June 20                       11:00 PM

A real estate appraisal is a valuation of real property, and there are three different approaches used.  In 750 words or more, write a short essay describing each of the 3 real estate appraisal approaches, including definitions, processes, terminology, and methodology (Hint: The key word is “appraisal,” not “assessment.” )

Assignment 3 Due:                     Monday                      June 27                       11:00 PM

A number of federal regulatory agencies exercise authority and control over the residential mortgage lending process in the US. In 750 words or more, write a short essay naming and describing at least 3 of the federal mortgage industry regulatory bodies, including the laws that authorize and control their jurisdiction, and describe the primary purpose or role for each of them.  (Hint: These are the “agencies” that enforce the various federal laws which govern the mortgage lending process). 

Assignment 4 Due:                     Tuesday                      July 5                          11:00 PM

There are different types of agency in the practice of real estate.  In 750 words or more, write a short essay in which you list and define each of the types of agency.  Include information on how each type of agency is created, how each is terminated, and what the obligations of the agent in each case of agency are.  (Hint:  Remember that any type of “agency” is between two parties.).

 

 

 

Course Grading:

Exam I

100

 

Exam II

100

 

Exam III

100

 

Final Exam

100

 

Short Essay Homework Assignments                            100

Real Estate Math Exam                                                  100

Total                                                                   500 points

(lowest score of Exams 1-3 and RE Math Exams will be dropped)

 

90-100%

(Excellent)

A

80-90%

(Good)

B

70-80%

(Satisfactory)

C

60-70%

(Passing)

D

Below 60%     (Failing)                                                     F

 

 

Exam grades will be shown on D2L under Gradebook after each exam. All grades are firm and non-negotiable.  There is no rounding in grades, and there are no bonus points at the end of semester. To maintain the fairness to the entire class, the same grading criteria will be applied to every student, and no personal reason will be considered for grading purposes.

 

The exams must be taken as scheduled. There are no make-up exams in this course and students missing an exam without a valid excuse will receive an exam grade of zero for the specific exam. A valid excuse is defined as an authorized absence (see Midwestern State University Undergraduate Catalog (2014-2016) p. 70, for the definition) or an unforeseeable, proved, and documented event that requires the student’s presence in a place other than the classroom during the class period, and such event is deemed acceptable by the instructor. In the case of an excused absence, the document justifying the absence must be turned to the instructor within one week from the absence, and the weight assigned for the missed exam will be redistributed to the other exams. No student will be allowed to miss the final exam.

 

***Final Exam is mandatory. Due to grade reporting requests, students graduating with honors may be required to take the final exam early.  Please book your travel accordingly.  If you miss the final exam, please refer to above paragraph regarding to missing exam policies.

 

Final Exam 07/05/2016 0800
Submission Format Policy

All Short Essay Homework Assignments are due at 11:00 PM on the due date.  They must be submitted as on D2L Dropbox only – no other submission format will be accepted (adobe, google doc, D2l email, regular email, etc.).   


Note: You may not submit a paper for a grade in this class that already has been (or will be) submitted for a grade in another course, unless you obtain the explicit written permission of me and the other instructor involved in advance.
Late Paper Policy

Written assignments will be not be accepted after the due date.  All Short Essay Homework Assignments are due at 11:00 PM on the due date.  

Plagiarism Policy

Plagiarism is the use of someone else's thoughts, words, ideas, or lines of argument in your own work without appropriate documentation (a parenthetical citation at the end and a listing in "Works Cited")-whether you use that material in a quote, paraphrase, or summary. It is a theft of intellectual property and will not be tolerated, whether intentional or not.

Student Honor Creed

As an MSU Student, I pledge not to lie, cheat, steal, or help anyone else do so."

As students at MSU, we recognize that any great society must be composed of empowered, responsible citizens. We also recognize universities play an important role in helping mold these responsible citizens. We believe students themselves play an important part in developing responsible citizenship by maintaining a community where integrity and honorable character are the norm, not the exception.

Thus, We, the Students of Midwestern State University, resolve to uphold the honor of the University by affirming our commitment to complete academic honesty. We resolve not only to be honest but also to hold our peers accountable for complete honesty in all university matters.

We consider it dishonest to ask for, give, or receive help in examinations or quizzes, to use any unauthorized material in examinations, or to present, as one's own, work or ideas which are not entirely one's own. We recognize that any instructor has the right to expect that all student work is honest, original work. We accept and acknowledge that responsibility for lying, cheating, stealing, plagiarism, and other forms of academic dishonesty fundamentally rests within each individual student.

We expect of ourselves academic integrity, personal professionalism, and ethical character. We appreciate steps taken by University officials to protect the honor of the University against any who would disgrace the MSU student body by violating the spirit of this creed.

Written and adopted by the 2002-2003 MSU Student Senate.

Students with Disabilities

The Americans with Disabilities Act (ADA) is a federal anti-discrimination statute that provides comprehensive civil rights protection for persons with disabilities. Among other things, this legislation requires that all students with disabilities be guaranteed a learning environment that provides for reasonable accommodation of their disabilities. If you believe you have a disability requiring an accommodation, please contact the Disability Support Services in Room 168 of the Clark Student Center, (940) 397-4140.

Safe Zones Statement

The professor considers this classroom to be a place where you will be treated with respect as a human being - regardless of gender, race, ethnicity, national origin, religious affiliation, sexual orientation, political beliefs, age, or ability. Additionally, diversity of thought is appreciated and encouraged, provided you can agree to disagree. It is the professor's expectation that ALL students consider the classroom a safe environment.

Contacting your Instructor

All instructors in the Department have voicemail in their offices and MWSU e-mail addresses. Make sure you add your instructor's phone number and e-mail address to both email and cell phone lists of contacts.

Attendance Requirements

Attendance and Classroom Policy

 

Class attendance, Midwestern State University Undergraduate Catalog (2014-2016), p. 71

 

Students are expected to attend all meetings of the classes in which they are enrolled. Although in general students are graded on intellectual effort and performance rather than attendance, absences may lower the student’s grade where class attendance and class participation are deemed essential by the faculty member. In those classes where attendance is considered as part of the grade, the instructor should so inform students of the specifics in writing at the beginning of the semester in a syllabus or separate attendance policy statement. An instructor who has an attendance policy must keep records on a daily basis. The instructor must give the student a verbal or written warning prior to being dropped from the class. An instructor’s records will stand as evidence of absences. A student with excessive absences may be dropped from a course by the instructor. Any individual faculty member or college has the authority to establish an attendance policy, providing the policy is in accordance with the General University Policies.

For the record keeping purpose, each class period a roll sheet will be passed through the class and students need to make sure that they sign on the roll sheet. Signing any other student’s name on the roll sheet is considered as an act of disruptive conduct in this course.

 

Instructor Drop, Midwestern State University Undergraduate Catalog (2014-2016), p. 76

 

An instructor may drop a student any time during the semester for excessive absences, for consistently failing to meet class assignments, for an indifferent attitude, or for disruptive conduct. The instructor must give the student a verbal or written warning prior to dropping the student from the class. An instructor’s drop of a student takes precedence over the student-initiated course drop of a later date. The instructor will assign a grade of either WF or F through the first 8 weeks of a long semester, the first 6 weeks of a 10 week summer term, or the 11th class day of a 4 or 5 week summer term consisting of 20 days. After these periods the grade will be an F. The date the instructor drop form is received in the Office of the Registrar is the official drop date.

 

Students who fail to show up for class meetings more than three times without valid excuses will be dropped from this course with a failing grade. A valid excuse is defined as an authorized absence (see Midwestern State University Undergraduate Catalog (2014-2016) for the definition) or an unforeseeable, proved, and documented event that requires the student’s presence in a place other than the classroom during the class period, and such event is deemed acceptable by the instructor. In the case of an excused absence, the document justifying the absence must be turned to the instructor within one week from the absence.

 

Students who fail to meet class assignments, show indifferent attitudes, or reveal disruptive conducts will be given warnings each time such instance occurs. Students with more than two warnings will be dropped from this course with a failing grade.

 

It is the student’s responsibility to sign the attendance form for each class meeting. Failure to do so will be considered as being absent.

 

Prepare for each class.  Read the assigned material, answer end-of-chapter questions and problems, and come to class prepared to ask questions over issues you do not understand, answer questions from the professor, and participate in class discussions when appropriate.

 

No food or beverage other than bottled water with a lid is allowed in the classroom. This is a college policy. 

Other Policies

1)  The instructor cannot provide technical supports to a student’s hardware/software problems other than making sure that the provided course material is in working order. For problems related to D2L, please check http://distance.mwsu.edu/webct.asp or contact the University at distance.ed@mwsu.edu.

2)  Students have the responsibility to check regularly the course pages on D2L for new postings and course material. New material for the coverage of each exam will be posted over time.

4)  Redistribution of any course material provided by the instructor in any form outside this class constitutes copyright infringement and is prohibited.

Writing Proficiency Requirement

All students seeking a Bachelor's degree from Midwestern State University must satisfy a writing proficiency requirement once they've 1) passed the 6 hours of Communication Core and and 2) earned 60 hours. You may meet this requirement by passing either the Writing Proficiency Exam or English 2113. Please keep in mind that, once you've earned over 90 hours, you lose the opportunity to take the $25 exam and have no option but to enroll in the three-credit hour course. If you have any questions about the exam, visit the Writing Proficiency Office website at https://mwsu.edu/academics/wpr, or call 397-4131.

Campus Carry

Senate Bill 11 passed by the 84th Texas Legislature allows licensed handgun holders to carry concealed handguns on campus, effective August 1, 2016. Areas excluded from concealed carry are appropriately marked, in accordance with state law. For more information regarding campus carry, please refer to the University’s webpage at https://mwsu.edu/campus-carry/rules-policies.

If you have questions or concerns, please contact MSU Chief of Police Patrick Coggins at patrick.coggins@mwsu.edu.