contracts syllabus
Course Syllabus
Law of Contracts RELE 1311
Professor: Pat Streeter
Phone: (713) 688-1505 (24 hours/7 days with voice mail)
Email: teacherstreeter@prodigy.net
Office Hours: By appointment
Out of respect for the educational environment, and courtesy toward your instructor and classmates, please turn off and put away any electronic devices such as pagers, cell phones, email, etc. If you are expecting an emergency call, you must clear it with the instructor in advance.
This course provides three semester hours of college credit and forty-five hours of classroom credit. It is a core real estate course and is required by The Texas Real Estate Commission to make application for a salesperson’s license.
HCCS Real Estate Department Website: http://swc2.edu.rele
Text:
Audience:
Individuals who need hours as a part of the requirements to acquire a Real Estate License, or hours toward a degree or certificate of achievement, or to better understand the role of the earnest money contract in a real estate transaction.
Course Description:
A review of real estate contracts required by Section 6A (3) of the Real Estate License Act with emphasis on general contract law requirements. Also covers the purpose, history, and working process of the Broker-Lawyer Committee. Includes preparation of real estate contract forms with emphasis on the most commonly used forms. The first six classroom hours consist of a review of the subject required by Section 6A (3) of the Real Estate License Act with emphasis on general contract law requirements. The Texas Real Estate Commission requires this course for new salesperson applicants.
Learning Outcomes (wecm): Demonstrate a working knowledge of current
Course Objectives:
By completing this course, you should be able to:
1. State what constitutes competent parties
2. Explain the elements of a valid contract
3. Explain Statute of Frauds, breach of contract, and unauthorized practice of law.
4. Describe the purpose of the Broker-Lawyer Committee
5. Complete the real estate sales contract, required addenda, and closing cost estimate for a conventional, FHA, and VA transaction.
6. Present and discuss the SCANS skills “Exhibit Reasoning Skills” and “Negotiate Conflict Resolution.”
7. The student may obtain information about career opportunities in the real estate profession from guest speakers, videos, Internet assignments, and the websites attached to this syllabus. These sources would offer the student additional sources of real estate information to enhance the classroom learning experience.
Grading Scale:
A = 90 - 100% B = 80 - 89% C = 70 - 79% D = 60 - 69% Below 60% = F
Your course grade will be based equally on a mid-term exam and a comprehensive final exam.
Attendance and Absences:
The College System policy on absences is stated in the Student Handbook and the Faculty Handbook. Instructors may drop students with excessive absences. Since the Texas Real Estate Commission requires full attendance in approved courses, any absences must be made up with the approval and concurrence of the instructor. All make-up work will be written work assigned by the instructor, and must be turned in by the last day of class, unless specifically arranged in advance with this instructor.
Tardiness:
The Faculty Handbook states that the College System does not have a policy on students arriving late to class but that instructors may impose any sanction that they feel appropriate. Since the real estate commission requires full attendance in approved courses, any tardiness will be considered as similar to absences and will require make up as determined by the instructor.
Policy on Academic Dishonesty:
The following is an excerpt from the Student Conduct section of the College System catalog:
“Scholastic dishonesty includes, but is not limited to, cheating on a test, plagiarism, and collusion.” Students guilty of academic dishonesty can be given a grade of “F” or “0” for the particular test or assignment involved.
Students with Special Needs:
Any student with a documented disability (e.g. physical, learning, psychiatric, visual, hearing, etc.) who needs to arrange reasonable accommodations must contact the Disability Services Office at their respective college at the beginning of each semester. The faculty is authorized to provide only the accommodations requested by the Disability Support Services Office.
Student Conduct:
Adult behavior is expected. Disruptive behavior or activities, which interfere with the teaching and learning, will not be tolerated, and may result in an administrative withdrawal without refund.
Withdrawal:
Per the HCCS Student Handbook--if withdrawal is necessary, it is the student’s responsibility to officially withdraw from a course.
Exploration of Career Opportunities and Supplemental Instruction
The attached pages of real estate-related websites, and various guest speakers who are industry professionals, will provide supplemental instruction to assist students in their exploration of career opportunities.
Contracts Course Schedule and Reading Assignments
You will gain the most benefit by reading the assigned pages before class. Please note that the material has been organized in a different order from that of the text.
Standing
Read Contract on p. 340-347 every week.
WEEK #1: Contract Law Overview
Why have a contract? p. viii
TREC Promulgated Forms List p. vii (website: trec.state.tx.us)
Website Assignment: Print the list (not all the forms, just the list) of “TREC Contract Forms, Addenda, Notices,” and print form #20-6.
Contract Law Overview p. 1-23
WEEK #2: The Property
TREC Form: “Seller’s Disclosure of Property Condition,” p. 275,276
TAR Form: “Seller’s Disclosure Notice”, p. 272-274
Sellers Disclosure Notice: Timing, Exemptions, p.94-98
Disclosure and DTPA, stigma, p. 25-32
6– 6:30 Website Assignment: Problems & Stigma
Fixtures/Items named in contract, p. 42-50
Property Condition/lead/as is/repairs, p. 98-110, 278
Chapter 23: Option, p.170-176
Amendment or Termination, p. 316-323
WEEK #3: Other Issues
Chapter 1: Parties, p. 33-41
Chapter 5: Earnest Money, p. 61, 62
Chapter 6: Title/Survey, p. 63-67, rate card p. 330
Restrictions/HOA p. 86-92
Chapter 11: Special Provisions, p. 120-127
Chapter 15: Default, p. 146-149
Chapter 16: Mediation, p. 150-154
Broker Information, p. 182 (lecture: a short review of Agency)
Other Addenda and forms, no reading assignment—go over in class
Review for Midterm Exam
WEEK #4 Midterm Exam followed by reading assignment—see below
Begin Small Groups Work: (Important: read assigned material before class)
#1: Conventional Loan Contract, p. 201-212 337-339
(with Sale of Other Property and Third Party Financing Addenda, 2 brokers)
WEEK #5 #2: FHA Loans p. 216-230, 351-354
(with Third Party Financing, Lead Based Paint Addenda, Intermediary)
#3: VA Loan p. 231-232, and p. 356-358
(with Third Party Financing Addendum, 2 brokers)
#4: Condominiums and Condo Resale Certif. p.183-189, 400-402
(cash, FSBO)
#5: New Home—Incomplete Construction, p. 190-193, 362-365
(with buydown, 15 year financing, unlicensed builder salesperson)
#6: New Home—Completed Construction, p. 193 and 374
#7: Unimproved Property, p. 390
(with metes & bounds, a licensed buyer, Environmental and Seller Financing Addenda)
WEEK #6 #8: Conventional Loan, additional practice example
(start with no repairs, then use Amendment to ask for repairs)
Review for cumulative multiple choice final exam
Final Exam
3/04 Streeter
“Hints” for Contract Law Exams 3/04 Streeter
Midterm Exam: Know about the following subjects/terms:
option misrepresentation option money negligence/fraud
earnest money real property
“as is” personal property
deed restrictions fixtures/3 tests of
mutual mistake bill of sale
offer deed
counteroffer Paragraph 11 “Special Provisions”
contract Latin terms for:
mutual assent and husband
rejection and wife
acceptance a single man
duress, threat, undue influence a single woman
addendum Four Corners Doctrine
promulgated forms contract forms a licensee can use
trial use
TREC To whom is option money payable?
TAR To whom is earnest money payable?
Seller’s Disclosure Notice When are those 2 checks deposited?
testate/intestate competent parties
testator valid/voidable/void
executor/executrix breach of contract
administrator contingency clause
letters testamentary interlineation/deletion
intestate succession Broker/Lawyer Committee
laws of descent and distribution deaths that do/do not require disclosure
probate stigma
heirship affidavit “business and factual details”
separate property unauthorized practice of law
community property Paragraph 2, Property
common law marriage Paragraph 7, Property Condition
homestead laws owners title insurance
DTPA mortgagee title insurance
Statute of Frauds
default
liquidated damages
specific performance
Final Exam: Know all of the midterm hints, plus all Contracts, Forms, and Addenda we have studied. Final Exam is cumulative and multiple choice.
Specifics to study for final exam:
What are the section headings in Paragraph 2?
Know all items listed in Paragraph 2.
Know sections of Paragraph 3.
Know sections and content of Paragraph 4.
Know sections and content of Third Party Financing Addendum.
Paragraph 6—“a certain use or activity”
P 7 Property Condition
Lender Required Repairs
contents of “Amendment”
how to ask for seller to pay for repairs
P 8 Brokers
P 9C
definition of “Loan Fees” in P 12
P 19 Representations
P 22 Agreement of Parties
P 24 Consult an Attorney
Know which forms are promulgated forms.
Execution Date
WEB SITES OF REAL ESTATE INTEREST
US
www.hud.gov
www.va.gov Department of Veteran Affairs
www.ftc.gov Federal Trade Commission
www.hud.gov/fha/sfh/res/respa_hm.html Real Estate Settlement Procedures Act
www.fairhousing.com/ National Fair Housing Advocate
www.epa.gov Environmental Protection Agency (EPA)
www.scorecard.org/ Air Pollution Sites
www.whitehouse.gov The White House
STATE OF
www.trec.state.tx.us The Texas Real Estate Commission
http://recenter.tamu.edu
www.capitol.state.tx.us/statutes/statutes.htm Texas Laws
www.capitol.state.tx.us/statutes/pptoc.html Texas Property Code
www.texasonline.com Texas Government e-Services (records- birth-death)
www.talcb.state.tx.us
www.tsld.state.tx.us Texas Mortgage Broker Regulation
www.cpa.state.tx.us Window on State Government (school data)
LOCAL SITES
www.hcad.org Harris County Appraisal District
www.ftbendcc.org/
www.tax.co.harris.tx.us Harris County Tax Collector (autos, voter registration, etc)
MORTGAGE INFORMATION
www.homepath.com Fannie Mae’s Home Buying
www.rate.net An Index of Loan Rates
www.eloan.com Internet Mortgage Information
REALTOR SITES
www.realtor.com National Association of Realtors
www.tar.org Texas Association of Realtors
www.har.com Houston Association of Realtors
MAPS
http://terraserver.microsoft.com Satellite Maps
www.mapquest.com Maps and Trip Planner
www.excite.com/travel/maps Maps and Trip Planner
www.mapblast.com Maps and Trip Planner
NEWS
www.inman.com Inman News Service