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contracts syllabus

contracts syllabus

Course Syllabus

Law of Contracts RELE 1311

Houston Community College System

 

 

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: Texas Real Estate Contracts, Jim Wiedemer

 

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 Texas real estate contract forms.

 

 

 

 

 

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 Reading Assignment:

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 GOVERNMENT

www.hud.gov                                                     US Department of Housing and Urban                                                                                                  Development

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 TEXAS

www.trec.state.tx.us                                             The Texas Real Estate Commission

http://recenter.tamu.edu                                        Real Estate Center at A & M

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                                            Texas Appraiser Licensing & Certification                                                                                             Board

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/                                               Fort Bend Chamber of Commerce

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