Real Estate (REAL)

Abstract

REAL 1002. Fundamentals of Real Estate Law. (3 Credits) This course introduces the legal concepts, laws, regulations, and risks involved in the acquisition, development, financing, leasing, and sale of real property. It discusses forms of ownership and co-ownership, the real estate transaction process from contract to closing, private property rights, and governmental restrictions on private property. The effect of mortgages, liens, and other encumbrances on the quality of title are also weighed. Students are introduced to estates and interests, deeds, easements, covenants, transferable development rights, eminent domain, zoning ordinances, environmental laws, and the legal aspects of a variety of commonly used real estate contracts including listing agreements, letters of intent, options, purchase and sale agreements, mortgages, insurance, construction contracts, and leases. Negotiation strategies, ethical issues, and fiduciary duties are addressed throughout the course. Prerequisites: ECON 1100 and ECON 1200 and ECON 2140.