Write a brief summary of the textbook Chapters 7 & 8, to include the following paragraphs with headings: an overview, 3 key concepts, and a summary. Each “key concept” must include the textbook page numbers. Each paragraph needs a minimum of 3 sentences.  Use the template format provided below.  Refer to the model assignment (sample) following the template.
TEMPLATE:
Overview
Key Concept from Chapter 7
Key Concept from Chapter 8
Key Concept from Chapter 7 or 8
Summary
SAMPLE:
Model assignment:
BELOW IS A SAMPLE REFLECTION SUMMARY. Â DO NOT COPY THE CONTENTS. Â IT IS A SAMPLE ONLY.
Course: BRE 100, Real Estate Principles
Student Name: Ima Success
TodayÂ’s Date: 02/20/2020
Textbook Author: Perez, J.
Chapter # 1
Overview
The topic of Chapter 1 is an introduction to real estate principles. Â This chapter covers four important concepts for the real estate student. Â First, the real estate licensing in California is discussed, along with the real estate market. Â Second, the historical influence of real property is examined. Â Third, the difference between real property and personal property is spelled out clearly. Â And last, the chapter concludes by analyzing various methods of land description. Â These concepts are important because they may be on the real estate exam for licensees.
Key Concept from Chapter 7
I learned that real estate can be a profitable professional (p. 4). Â One of the reasons it can be profitable is because the compensation to agents is based on the sales price of the house. Â In California, real estate values are typically high, which translates into a high commission. Â The commission is always paid to the broker, but the real estate salesperson receives a portion. Â Many real estate agents are using social media to promote their services.
Key Concept from Chapter 8
The second thing I learned is that property owners have a “bundle of rights” (p. 5).  It means they have control of certain things because they own the real estate.  Generally, people view it as a bundle of sticks, with each one of them being a “right” the owner has.  Their types of rights vary based on their level of ownership.  For example, homeowners have the right to possess (live in) their houses – unless they rent out the house to tenants.  In that case, the tenant now has the right to possess the house.
Key Concept from Chapter 7 or 8
The third concept I learned is the definition of real property (p. 6).  There are four things that define real property:  land, affixed to the land, appurtenant to the land, or immovable.  These items “tests” are what separates real property from personal property.  For example, a refrigerator can be moved out of the house, so it is considered personal property.  However, a fence is permanently dug into the ground so it becomes part of the real property, along with the land and the house.
Summary
This was an interesting chapter and I learned a lot about real estate. Â Real estate has a long and colorful history in California. Â There are several types of land description methods, which will probably be on the state real estate exam. Â I know I will have to study some of the concepts further, such as the MARIA acronym of determining personal versus real property. Â In addition to the knowledge of concepts, real estate involves math calculations.
Victor Valley College
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Education is the most
powerful weapon which
you can use to change
the world.
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Contract Law
“Educating Generations, Building Communities”
I.
Contract Classifications
II.
Contract Formation
III.
Performance and Breach of Contract
IV.
Discharge of A Contract
V.
Remedies for Breach of Contract
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Part I.
Contract Classifications
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“Educating Generations, Building Communities”
? A CONTRACT is an agreement between two or more parties to
do (or not do) a certain thing, which the court will enforce
? There are 4 fundamental ways of classifying all contracts:
1. express or implied
2. unilateral or bilateral
3. executory or executed, and
4. valid, voidable, void, or unenforceable
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Part II.
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Contract Formation
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“Educating Generations, Building Communities”
? There are 4 essential elements for a valid contract:
A. capacity to contract,
B. mutual consent,
C. consideration, and
D. a lawful purpose
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“Educating Generations, Building Communities”
1. Minors
a. Emancipation
b. Necessities
c. Art, Entertainment, Sports
d. Medical Services
2. Mental Incompetence
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a. Unsound mind
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“Educating Generations, Building Communities”
1. Offer
?
Offeror
?
Offeree
a. Intent to contract
?
Subjective
?
Objective
b. Definite Terms
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2. Termination of an Offer
a. Termination by Operation of Law
b. Termination by Act of the Parties
c. Revocation
d. Rejection
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3. Acceptance
a. Accepted by Offeree
b. Communicated to the Offeror
c. Manner of Acceptance
d. Acceptance Must Not Vary the OfferÂ’s Terms
? Each counter offer terminates the previous offer
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“Educating Generations, Building Communities”
4. Defenses to Mutual Assent
? Fraud and Misrepresentation
? Mutual Mistake of Fact
? Duress or Menace
? Undue Influence
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“Educating Generations, Building Communities”
? In general terms, both parties must agree to do or give up
something they are not obligated to do for consideration to exist
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?
Promisor
?
Promisee
?
Adequacy
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“Educating Generations, Building Communities”
? The purpose of the contract must be lawful
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“Educating Generations, Building Communities”
? A provision in the Civil Code requiring certain contracts to
be in WRITING and SIGNED
1. What Contracts Must Be in Writing?
2. What Kind of Writing Satisfies the Statute of Frauds?
?
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All Real Estate Contracts must be in writing
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“Educating Generations, Building Communities”
? Detrimental Reliance
1. A makes a promise to B.
2. A should realize that the promise is likely to induce B to take
some action.
3. B does, in fact, take action in reasonable reliance on AÂ’s
promise.
4. If A is not required to fulfill the promise, B will suffer harm
because of his or her reliance on it.
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Part III.
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Performance and
Breach of Contract
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“Educating Generations, Building Communities”
? Substantial Performance
? Material Breach
? “Time is of the Essence”
? Conditions
? Tendering Performance
?
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Anticipatory Repudiation
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? Anticipatory Repudiation
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Part IV.
Discharge of A Contract
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“Educating Generations, Building Communities”
? When both parties agree that their written contract contains an error or
omission, they can replace it with a new written contract
1. Assignment
2. Novation
3. Accord and Satisfaction
4. Release
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Part V.
Remedies for Breach of
Contract
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“Educating Generations, Building Communities”
A. Arbitration
B. Contract Lawsuit
1. Statute of Limitations
2. Interpretation of the Contract
?
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Parol Evidence Rule
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“Educating Generations, Building Communities”
3. Damages
4. Certainty Requirement
? Lost profits
5. Mitigation Requirement
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“Educating Generations, Building Communities”
6. Liquidated Damages
7. Equitable Remedies
? Injunction
? Rescission
? Specific Performance
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“Educating Generations, Building Communities”
C. Interference with Contractual Relations – sometimes one of
the parties to a contract is persuaded to breach it by a third
party, someone outside the contractual relationship
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“Educating Generations, Building Communities”
I.
Contract Classifications
II.
Contract Formation
III. Performance and Breach of Contract
IV. Discharge of A Contract
V. Remedies for Breach of Contract
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“Educating Generations, Building Communities”
? Read Next Chapter
? Write Reflection Summary
? Study for Quiz
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“Educating Generations, Building Communities”
? Schedule 1 hour of study every day
? Plan to be early!
? Always be ready
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Only what you put into it!
? Take Notes
? Stay Engaged
? Think of How to Apply
? Ask Questions
? Participate / Share
? Do Activities
? Be Grateful
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“Educating Generations, Building Communities”
? Educate yourself by attending class
? Assignments & Activities
? Read every day
? Never stop learning!
“The more you LEARN the more you EARN.”
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Student Learning Objectives met
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Victor Valley College
Victor Valley College
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The whole purpose of
education is to turn
mirrors into windows.
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Real Estate Contracts
“Educating Generations, Building Communities”
I.
Broker/Salesperson Employment Agreements
II.
Listing Agreement “Package” : Completed by
the Seller
III. The Purchase Agreement
IV. Counter Offers and the Purchase Agreement
Addendum
V.
Options
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Basics of the Cost Approach
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? The Real Estate
CommissionerÂ’s
Regulations require a
broker to have a written
employment
agreement with each
licensee who works for
him or her.
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Listing Agreement “Package” :
Completed by the Seller
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“Educating Generations, Building Communities”
? A listing agreement is the employment contract between a seller
and a broker
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“Educating Generations, Building Communities”
? The listing agreement states the sales price/terms that the seller
is willing to accept
? The seller can refuse any offer that does NOT meet these terms
without being liable for a commission
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“Educating Generations, Building Communities”
? An EXTENDER CLAUSE makes the seller liable for a commission during a
specific period after the listing expires if the property is sold to
someone the broker showed the property to during the listing term
? Most exclusive listing forms make the client liable for a commission if
he withdraws the property from sale or does anything to make it
unmarketable
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The Purchase Agreement
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“Educating Generations, Building Communities”
A. Elements of a Purchase Agreement:
1. an offer to purchase real property,
2. a completed contract when accepted and signed by the buyer and
seller,
3. a receipt for the good faith earnest money,
4. joint escrow instructions,
5. the sellerÂ’s agreement to pay listing brokerÂ’s compensation,
6. a mediation and arbitration agreement,
7. a confirmation of the agency relationships, and
8. an irrevocable assignment of compensation to brokers.
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“Educating Generations, Building Communities”
1. The Parties to a Purchasing Agreement
2. Conditions
a.
b.
c.
d.
Financing
Sale of BuyerÂ’s Home
Other Copntingencies
Release of Contract
3. Deposit
4. BrokerÂ’s Compensation
5. Mediation and Arbitration
6. BrokerÂ’s Compensation
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Counter Offers and
the Purchase Agreement
Addendum
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“Educating Generations, Building Communities”
? Often a seller is unwilling to accept the buyerÂ’s offer as written,
but would accept slightly different terms called a COUNTER
OFFER.
? To change or alter the terms of a purchase agreement form a
PURCHASE AGREEMENT ADDENDUM form may be used.
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Options
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“Educating Generations, Building Communities”
? An OPTION is a contract giving one party the right to do
something without obligating him or her to do it
A. Consideration for an Option
B. Relation Back
C. Assignment of an Option
D. Termination
E. Right of Preemption
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“Educating Generations, Building Communities”
I.
Broker/Salesperson Employment Agreements
II.
Listing Agreement “Package” : Completed by
the Seller
III. The Purchase Agreement
IV. Counter Offers and the Purchase Agreement
Addendum
V.
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Options
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“Educating Generations, Building Communities”
? Read Next Chapter
? Write Reflection Summary
? Study for Quiz
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“Educating Generations, Building Communities”
? Schedule 1 hour of study every day
? Plan to be early!
? Always be ready
BRE – 110 Real Estate Law
8/19/2021
27
Only what you put into it!
? Take Notes
? Stay Engaged
? Think of How to Apply
? Ask Questions
? Participate / Share
? Do Activities
? Be Grateful
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“Educating Generations, Building Communities”
? Educate yourself by attending class
? Assignments & Activities
? Read every day
? Never stop learning!
“The more you LEARN the more you EARN.”
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Student Learning Objectives met
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Victor Valley College
