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Degree Applicable Glendale Community College

Revised October, 2006

COURSE OUTLINE

Real Estate Course 5

Real Estate Economics

(48 Hours — 3 Units)

I. Catalog Statement

Real Estate Course 5 meets the requirements for the appraisal subject matter electives of the 2008 Appraisal Qualifications Board of the Appraisal Foundation and follows their outline. It also fulfills the statutory pre-licensing requirements of the California Department of Real Estate for salespersons and brokers. This course is an economic history of contemporary real estate and chronicles the events and economic trends influencing real estate values (appraisal). It offers an analysis of the interrelationship between the cost and value of real estate on a local and national level.

Units - 3.0

Lecture hours - 3.0

Prerequisite: None.

II. Course Entry Expectations

Skills Level Ranges: Reading 5; Writing 4; Listening/Speaking 4; Math 2.

III. Course Exit Standards

Upon successful completion of the required course work, the student will be able to:

1. define the dynamics of urban real estate;

2. identify the factors affecting real estate development, financing, and valuation;

3. compare the relationship between local real estate and the national economy;

4. explain the general principles of supply and demand;

5. describe the difference between residential and commercial property.

IV. Course Content

A. Introduction 5 hours

1. The real estate industry

2. Land and our economy

B. Dynamics of Urban Real Estate 10 hours

1. The origin and growth of cities

2. Urban structural relationship and change

3. Planning, zoning, governmental control over land development

4. Urban real estate problems

 

 

 

C. Real Estate Market 11 hours

1. Functions and operation of urban real estate markets

2. The residential market

3. The non-residential market

4. Real estate market analysis

D. Real Estate Development, Financing and Valuation 11 hours

1. Real estate development, subdividing, and valuation

2. Valuation and appraisal

3. Real estate finance

E. Real Estate Markets and the National Economy 11 hours

1. Business fluctuations and the national economy

2. Review of government policies affecting real estate markets

(WITHOUT FINAL) TOTAL HOURS 48
  1. Methods of Presentation

The following instructional methodologies may be used in the course:
    1. lectures;

      2. 2. working examples;

      3. guest speakers;

      3. online.

      VI. Assignments and Methods of Evaluation
    2. Quizzes.
    3. Midterm examination.
    4. Reports/projects.
    5. Final examination.

VII. Textbooks

Huber W., Messick, L. IFAC and Pivar, W. Real Estate Economics, 4th Edition.

Covina: Educational Textbook Company, Inc. 2006. (626) 339-7733

10th Grade Reading Level, ISBN: 978-0-0916772-43-7