Examines practical applications of real estate principles. Includes a study of titles, estates, land descriptions, contracts, legal instruments and concepts, real estate mathematics, financing, agency, appraisal, fair housing, and management of real estate. Lecture 4 hours per week.

Considers administrative principles and practices of real estate brokerage, financial control, and marketing of real property. Lecture 3 hours per week.

Explores fundamentals of real estate valuation. Introduces the Uniform Standards of Professional Appraisal Practice and the Uniform Residential Appraisal Report formulations, working problems and reviewing actual appraisals. Includes the opportunities available in the appraisal field. Lecture 4 hours per week.

Presents principles and practices of financing real estate. Analyzes various types of note contracts and mortgage and deed of trust instruments. Covers underwriting of conventional and government insured and guaranteed loans. Lecture 3 hours per week.

Promotes an understanding and working knowledge of procedures and techniques used to estimate market value of vacant residential land and improved single family residential properties. Emphasizes the proper application of valuation methods and techniques to residential properties and extraction of data from the market for use in sales comparison, cost, and income capitalization approaches to value. Lecture 2 hours per week.

Details practical applications of sales comparison, cost, and income capitalization approaches and helps develop valuation skills. Reinforces principles of real estate appraisal and explores methods for extracting market data to estimate value and test conclusions. Prerequisite: REA 216. Lecture 3 hours per week.

REA 220 Income Property Valuation (3 cr.)

Familiarizes the student with the techniques that are utilized to perform the appraisal of more complex income-producing properties. Focuses on income and expense forecasting, appropriate techniques for determining capitalization rates, and discounted cash flow method. Includes valuation of complex commercial properties such as apartment complexes, office buildings, shopping centers, industrial properties, hotels, and mixed-use complexes. Prerequisite: REA 216 or equivalent. Lecture 3 hours per week.

Introduces the field of property management. Focuses on the principles of tenant selection and retention, financial management, and building maintenance. Lecture 3 hours per week.

Examines the provisions and standard rules that govern professional appraisal practices. Covers the "Binding Requirements" and the "Specific Appraisal Guidelines" as required by the Uniform Standards of Professional Appraisal Practice. Lecture 1 hour per week.

Focuses on real estate law, including rights pertaining to property ownership and management, agency, contracts, transfers of real property ownership, fair housing, and tax implications. Lecture 3 hours per week.

REA 246 Real Estate Economics (3 cr.)

Examines the nature and classification of land economics, the development of property, construction and subdivision, economic values and real estate evaluation, real estate cycles and business fluctuations, residential market trends, rural property, and special purpose property trends. Lecture 3 hours per week.

Focuses on estate investments with emphasis on property selection and analysis, ownership interests, financing, and tax aspects. Lecture 3 hours per week.

Presents land value and usage, planning, zoning regulations, building and site requirements, sanitation and utilities, highest and best use concept, population analysis, influence of market forces, and public policies. Lecture 3 hours per week.

See General Usage Courses.

REA 290 Coordinated Internship in Real Estate Appraisal

See General Usage Courses.