Title: Real Estate (12154)

Demonstrating Personal Qualities and Abilities
  Demonstrate creativity and innovation.
  Demonstrate critical thinking and problem solving.
  Demonstrate initiative and self-direction.
  Demonstrate integrity.
  Demonstrate work ethic.
  WorkplaceReadinessSkillsPoster2019.pdf
Demonstrating Interpersonal Skills
  Demonstrate conflict-resolution skills.
  Demonstrate listening and speaking skills.
  Demonstrate respect for diversity.
  Demonstrate customer service skills.
  Collaborate with team members.
Demonstrating Professional Competencies
  Demonstrate big-picture thinking.
  Demonstrate career- and life-management skills.
  Demonstrate continuous learning and adaptability.
  Manage time and resources.
  Demonstrate information-literacy skills.
  Demonstrate an understanding of information security.
  Maintain working knowledge of current information-technology (IT) systems.
  Demonstrate proficiency with technologies, tools, and machines common to a specific occupation.
  Apply mathematical skills to job-specific tasks.
  Demonstrate professionalism.
  Demonstrate reading and writing skills.
  Demonstrate workplace safety.
Examining All Aspects of an Industry
  Examine aspects of planning within an industry/organization.
  Examine aspects of management within an industry/organization.
  Examine aspects of financial responsibility within an industry/organization.
  Examine technical and production skills required of workers within an industry/organization.
  Examine principles of technology that underlie an industry/organization.
  Examine labor issues related to an industry/organization.
  Examine community issues related to an industry/organization.
  Examine health, safety, and environmental issues related to an industry/organization.
Addressing Elements of Student Life
  Identify the purposes and goals of the student organization.
  Explain the benefits and responsibilities of membership in the student organization as a student and in professional/civic organizations as an adult.
  Demonstrate leadership skills through participation in student organization activities, such as meetings, programs, and projects.
  Identify Internet safety issues and procedures for complying with acceptable use standards.
Exploring Work-Based Learning
  Identify the types of work-based learning (WBL) opportunities.
  (Optional) Reflect on lessons learned during the WBL experience.
  Explore career opportunities related to the WBL experience.
  (Optional) Participate in a WBL experience, when appropriate.
Describing the Economy and Impact of Real Estate
  Describe the role of real estate in American society.
  Analyze the economic relationships between the community and the real estate market.
Analyzing the Real Estate Market
  Distinguish among land, real estate, and real property.
  Describe the difference between personal property and real property, including the differences between fixtures and trade fixtures.
  Explain why the value of real property is dynamic.
  Explain the real estate market as it is affected by supply and demand.
Exploring Property Rights
  Explain the bundle of rights.
  Investigate the concept of land rights (i.e., subsurface, surface, air rights, and air lots).
  Explain the various forms of water rights.
  Describe the four powers of government that may limit or change ownership of real estate (i.e., eminent domain, police power, taxation, and escheat).
  Distinguish among types of easements.
  Describe the use of private restrictive covenants affecting real property.
  Describe the methods by which land use is controlled.
Understanding Contracts
  Describe the creation of an express contract (both written and oral) and of an implied contract.
  Distinguish between a bilateral contract and a unilateral contract.
  Define the legal effects of contracts (e.g., void, voidable, and unenforceable).
  Identify the essential elements of a valid contract.
  Explain the term statute of limitations.
  Describe contracts used in the real estate business.
Examining Types of Mortgages and Deeds of Trust
  Distinguish among the forms of property ownership.
  Describe the methods by which a title can be transferred.
  Describe the purposes of a land survey.
  Explain the three basic types of land descriptions.
  Describe land units and measurements.
  Name the essential elements of a valid deed.
  Explain the terms delivery and acceptance.
  Describe types of deeds.
  Describe the provisions of a promissory note.
  Describe the requirements of an earnest money deposit (EMD).
  Specify the difference between "buying subject to" and "assuming" a mortgage or deed of trust.
  Explain elements of foreclosure proceedings.
  Describe the various types of mortgages and government influence on lending.
  Describe the secondary mortgage market.
  Explain the term lien, including at least three types of liens.
  Explain the purpose of prioritizing liens.
  Explain the two types of tax liens.
Describing Leases and Real Property Management
  Illustrate at least four types of leasehold estates.
  Describe the primary types of leases.
  Name the provisions of a typical property management agreement.
  Describe the duties of a property manager.
Examining Home Ownership
  Explore the characteristics of different types of property.
  Identify the benefits of home ownership.
  Define the types of homeowner’s insurance.
Explaining Real Estate Investment
  Define investment property.
  Explain the advantages and disadvantages of real estate investment.
  Research the process of buying an investment property.
Understanding Taxes in Real Estate
  Define terms related to real estate taxes.
  Analyze changes that influence real estate taxes.
Exploring Real Estate Financing
  Explain the effect the Federal Reserve has on interest rates and how that affects real estate.
  Differentiate between primary and secondary markets.
  Explain interest and the various methods by which interest is computed.
  Explain discount points.
  Explain loan origination fees and pre-payment penalties.
  Describe various loan programs for mortgages.
  Give examples of sources of real estate financing.
  Explain different types of mortgage loans.
Describing Brokerage and Agency Contract Responsibilities
  Define the common law terms of agency.
  Explain the differences in agent responsibilities toward a customer vs. a client.
  Define fiduciary relationship and the duties included therein.
  Explain how brokerage fees are determined and calculated.
  Identify information needed on various brokerage representation agreements.
  Determine the seller’s net proceeds.
  Determine the buyer’s cost of purchase.
Describing Real Estate Marketing
  Describe different types of real estate agencies.
  Outline the basic principles of the Multiple Listing Service (MLS).
  Demonstrate personal marketing skills.
  Demonstrate property marketing.
Understanding Search, Examination, and Registration of Title
  Describe a title search.
  Outline recording statutes.
  Differentiate between actual notice and constructive notice.
  Describe the difference between standard (lender’s) and extended coverage (owner’s) title insurance.
Closing the Transaction
  Interpret closing disclosures.
  Calculate proration items.
  Define the term escrow.
  Explain agency compensation.
Appraising Residential and Income-Producing Property
  Identify the basic principles of value in the real estate market and factors that cause variation in value.
  Analyze the steps taken to create a comparative market analysis (CMA) to determine property value and market price.
  Identify the three types of depreciation.
  Differentiate among cost approach to value, income approach to value, and direct sales approach to value.
  Outline the appraisal process.
Understanding the Planning Process for Residential Communities
  Define the roles of the subdivider and land developer.
  Outline the planning process for developing a residential community.
Exploring Federal Legislation and Regulatory Statutes
  Describe the financing legislation that affects mortgage lending.
  State the United States Internal Revenue Service (IRS) real estate reporting requirements.
  Describe blockbusting, steering, and redlining.
  Explain the purpose and implications of fair housing laws for brokers and salespeople.
Exploring State Legislation and Regulatory Statutes
  Identify persons who are required to have real estate licenses.
  List the Virginia requirements for licensure qualification.
  Identify areas of law that are important to real estate.
  Describe the Real Estate Transaction Recovery Fund.
  Explain the procedures in collecting from the Real Estate Transaction Recovery Fund.
  Identify the penalties imposed upon a real estate salesperson through the Real Estate Transaction Recovery Fund.
  Explain the Virginia Residential Landlord and Tenant Act.
  Compare Virginia fair housing laws to federal fair housing laws.
Explaining Virginia Real Estate Board (VREB) Regulations
  Explain the purpose of the Virginia Real Estate Board (VREB).
  Identify the make-up of the VREB.
Understanding Entrepreneurship in Real Estate
  Describe the structure of a real estate business.
  Identify ways in which business organizations can hold ownership.
  Identify specialized resources required to establish a real estate business.
  (Optional) Develop a business plan for a real estate business.
Investigating Careers in Real Estate Marketing
  Differentiate between a licensed and an unlicensed assistant.
  Outline the steps required to become a real estate salesperson.
  Explore career pathways related to the real estate industry.
  Research postsecondary educational opportunities related to the real estate industry.
  Identify potential employment barriers in the real estate industry and ways to overcome those barriers.
ADDITIONAL COURSE INFORMATION (for instructors only; do not publish for students)
  Student Competency Records
  8191 Standards Correlations.pdf
  8191 Teacher Resources.pdf
  8191 Credentials-Sequences-Clusters.pdf
  8191 Acknowledgments and Copyright.pdf