The Community College of Baltimore County Continuing Education and Economic Development
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Real Estate - CE

REA 004 – Real Estate Investing

Learn how to use real estate investing to build personal wealth. In this information-packed course, you will learn techniques for locating bargain properties and motivated sellers, acquiring property with creative financing, locating sources of cash, fixing up properties, handling tenants, and selling properties.

Course Objectives:
1. cite twelve sources for bargain properties,
2. detail twelve creative financing techniques,
3. define basic real estate terms,
4. describe several indications of a motivated seller,
5. describe the importance of financing techniques to the success of the investor, and
6. analyze a property to determine its profit potential.

REA 008 – Real Estate: 7 Hour National USPAP Update

Meet the educational requirements for real estate appraisal license renewal as required by the Maryland Real Estate Appraisers Commission. Approved by The Appraisal Foundation. Topics include an update of USPAP policies, legal issues, ethics and valuation techniques.

Course Objectives:
1. discuss current and updated real estate valuation techniques,
2. cite current relevant federal laws affecting appraisers, and
3. apply principles from the USPAP.

REA 009 – Real Estate: Intermediate Appraising

Prepare to meet the educational requirements for Real Estate Appraisal License Residential Certification required by the Maryland Real Estate Appraiser's Commission. Topics include influences on real estate values, legal considerations in appraisals, property descriptions, cost approach of appraisals, income approach of appraisals, valuation of partial interests and narrative report writing.

Course Objectives:
1. enumerate the factors that influence real estate values, including high-end residential markets;
2. analyze real estate markets in any price range;
3. apply two evaluation approaches; and
4. calculate the value of partial interests.

REA 010 – LAND/OWNERSHIP/TITLE PROCESS

Course Objectives:
1. discuss the general history of land ownership,
2. discuss land titles and related concepts,
3. read and interpret documents involving land ownership,
4. organize and define the process of a title search, and
5. demonstrate the ability to complete a title search of public records.

REA 011 – PROJ/MGT/REAL/EST/PROFESSIONAL

Course Objectives:
1. describe the process of the project management model;
2. discuss the constraints of time, money, and quality on project management;
3. illustrate how a project management model can be applied to real estate acquisition and relocation processes;
4. apply risk analysis techniques to a real estate model;
5. compare various approaches to project evaluation; and
6. create a project management plan.

REA 019 – Real Estate: Appraisal Principles & Procedures

Prepare to meet the education requirements of the Maryland Real Estate Appraisers Commission for the Licensed Real Estate Appraiser classification. Topics include real property concepts, legal considerations, factors affecting property values and more. Calculator is required; attendance is mandatory. A final examination will be given.

Course Objectives:
1. define real property, real estate, and personal property;
2. identify forms of ownership of real estate and restrictions on the use of real estate;
3. identify influences on the value of real estate and types of value;
4. identify the characteristics of real estate markets; and
5. explain the basic approaches to value (sales comparison, cost, and income capitalization).

REA 020 – Real Estate: Appraisal Practices & Analysis Part I

Explore residential markets and analysis, highest and best use, site valuation and the cost approach. Calculator is required; attendance is mandatory. A final examination will be given. Prerequisite: Real Estate: Appraisal Principles & Procedures (REA 019).

Course Objectives:
1. identify characteristics to be considered in residential neighborhood analysis;
2. identify and apply the test of highest and best use analysis;
3. apply site valuation techniques;
4. estimate replacement/reproduction cost new; and
5. estimate accrued depreciation.

REA 021 – Real Estate: Appraisal Practices & Analysis Part II

Focus on the sales comparison and income capitalization approaches as they apply to residential properties and residential appraisal report writing. A Hewlett-Packard 12C financial calculator is required; attendance is mandatory. A final examination will be given. Prerequisite: Real Estate: Appraisal Principles & Procedures (REA 019); and Real Estate: Appraisal Practices & Analysis Part I (REA 020).

Course Objectives:
1. demonstrate an understanding of the sales comparison approach;
2. demonstrate an understanding of the income capitalization approach;
3. demonstrate an understanding of the need for and the application of cash equivalency adjustments;
4. perform basic financial calculations on a financial calculator;
5. demonstrate an understanding of appraisal techniques for the valuation of partial interests; and
6. demonstrate an understanding of the criteria that must be considered when reconciling value estimates.

REA 023 – Real Estate Ethics

Meet the educational requirements for real estate license renewal, as required by the Maryland Real Estate Commission. Topics include NAR Code of Ethics, the role of the Real Estate Commission and predatory lending and flipping practices.

Course Objectives:
1. demonstrate an understanding of The National Association of Realtors Code of Ethics;
2. demonstrate an understanding of the Maryland code of ethics;
3. identify the various types of ¿flipping¿; and
4. recognize when the practice of flipping becomes illegal.

REA 173 – Real Estate: Appraisal Standards and Ethics

Review laws, licensing and certification requirements with primary emphasis on the Uniform Standards of Professional Practice (USPAP). Attendance is mandatory. Prerequisite: Real Estate: Appraisal Principles & Procedures (REA 019).

Course Objectives:
1. describe the background of ethics and standards, regulations, and legislation;
2. define appraisal terms including appraisal, appraisal practice, cash flow analysis, client, consulting, feasibility analysis, investment analysis, market analysis, and others;
3. discuss Title XI: Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA);
4. discuss the Appraiser Qualification Board, and the Appraisal Foundation;
5. discuss the appraiser qualification criteria for residential and general real property classifications;
6. list and describe the examination content for residential and general real property appraiser classifications;
7. discuss the Maryland Real Estate Appraisers Act and the regulations of the Maryland Real Estate Appraisers Commission; and
8. discuss the Uniform Standards of Professional Appraisal Practice.

REA 278 – Real Estate: Appraisal Standards and Ethics

Review laws, licensing and certification requirements with primary emphasis on the Uniform Standards of Professional Practice (USPAP). Attendance is mandatory. Prerequisite: Real Estate: Appraisal Principles & Procedures (REA 019).

Course Objectives:
1. explain the new real estate contract to a client;
2. discuss lead paint hazards, and
3. discuss required disclosures.

REA 280 – Legal Update

Develop an understanding of the legislative changes that affect the real estate industry and its agents and brokers.

Course Objectives:
1. explain the changes to the annotated code that effect realtors;
2. discuss the results of the previous state general assembly session regarding real estate practices, and
3. discuss issues and trends in the current legislative session.

REA 282 – Property Disclosure

Explore the requirements of the seller property disclosure law by discussing what the material facts are and which ones the agents must disclose.

Course Objectives:
1. distinguish what are material facts about the property that must be disclosed;
2. define 'disclosure' vs. 'disclaimer', and
3. Use the disclosure form to best advantage.

REA 284 – Antitrust and Fair Housing Laws

Review antitrust and fair housing laws from the federal and state levels and see their effect on the agent and broker. Topics include common fair housing violations in sales and advertising and the cost of non-compliance.

Course Objectives:
1. discuss federal and local fair housing laws as they apply to real estate agents and brokers;
2. enumerate the types of common violations;
3. cite fair housing issues regarding advertising, and
4. cite the penalties for non-compliance.

REA 285 – Buyer Broker

Develop an understanding of the seller/buyer disclosure form and its importance along with the appropriate use of the disclosure law and pros and cons of dual agency.

Course Objectives:
1. cite the appropriate disclosure law;
2. discuss the pros and cons of dual agency, and
3. use the disclosure form in an appropriate manner.

REA 294 – Real Estate Principles and Practices for Salespersons

Obtain the knowledge necessary to sell real estate in Maryland. Satisfies Maryland's 60-hour educational requirement to obtain a real estate license. Attendance is mandatory. Must pass the final exam in order to sit for the state exam.

Course Objectives:
1. pass the Maryland real estate licensing exam;
2. use real estate terminology properly;
3. discuss the general concepts of land use;
4. discuss different types of land ownership;
5. read a plat;
6. recognize the essential elements of a valid deed;
7. discuss the importance of fiduciary duty;
8. cite relevant Maryland real estate laws;
9. compare three approaches to value, and
10. list types of financing.

REA 301 – Interpreting Plats, Plots, and Plans

Become familiar with different types of maps indicating land parcels in the public and residential real estate sectors. Discuss tax and subdivision maps, zoning issues, Maryland Department of Transportation (MDOT) plans and individual plot maps.

Course Objectives:
1. identify and use legends and scales on all types of maps,
2. develop the ability to read and interpret tax/subdivision maps,
3. develop the ability to interpret a right-of-way utility map, and
4. demonstrate how to measure and use individual plot information.

REA 302 – Introduction to Easement Appraisal

Explore the appraisal methods used with real estate easements. Learn the types of damages and costs to cure, as well as other special considerations in easement appraisal. Topics include before and after valuations, residual and reversions interests, tangible versus intangible, market value method, types of damages, nominal values and the nuisance value of easements.

Course Objectives:
1. recognize the difference in before and after takings;
2. apply the market value method to an easement appraisal;
3. describe the difference between severance, construction and consequential damages; and
4. demonstrate an understanding of the uses of encumbered land after construction.

REA 303 – Real Estate 2: Financing Your Property

This course is designed to enable the student, who is a professional investor, to learn techniques to analyze and evaluate potential financing for real estate investments. Topics to be covered include methods to create income through real estate investing, types of loan products, using credit - maintaining credit score, loan applications and underwriting processes, determining property value, and measuring investment returns.

Course Objectives:
1. describe several methods of creating income through real estate investing,
2. list different types of loan products,
3. discuss strategies to maintain and improve credit scores,
4. define different stages of the underwriting process,
5. determine the value of a property through different approaches, and
6. evaluate real estate investment results.

REA 305 – Residential Cost Approach

This course is designed to enable novice and experienced real estate appraisers to learn a cost approach to the appraisal of residential properties. Topics to be covered include theory of cost approach, applications of cost approach, land valuation support, replacement cost estimates, and depreciation.

Course Objectives:
1. explain the economic theory behind the cost approach to residential appraisal,
2. describe practical applications of the cost approach to residential appraisal,
3. explain when a cost approach is necessary,
4. discuss the impact of land valuation support in the cost approach,
5. discuss the use of replacement cost estimates in the cost approach, and
6. describe approaches and methods for calculating depreciation.

REA 306 – Real Estate Communication and Negotiation

This course is designed to enable real estate, appraisal, and survey practitioners to learn communication and negotiation skills. The course will explore various communication principles and techniques, written and verbal skills, as well as negotiation and public speaking skills. Topics to be covered include verbal communications, written communications, negotiation skills, and public speaking.

Course Objectives:
1. identify barriers to understanding in communication,
2. describe clear and effective writing techniques,
3. demonstrate effective listening and feedback skills,
4. discuss problem solving techniques in negotiations, and
5. explain the components of successful public speaking.

REA 472 – Home Buyers - First Time Home Buyers

Explore steps helpful in preparation of buying a home, including choosing a realtor, appraisal process, home inspection, obtaining a mortgage, title company selection, how to qualify for a mortgage and closing costs.

Course Objectives:
1. Explain the steps necessary to purchase a home.
2. Choose a realtor.
3. Explain the appraisal and home inspection process.
4. Obtain a mortgage and choose a title company.
5. Explain what closing costs are.

REA 477 – Real Estate: Eminent Domain Appraising

Cover the history of eminent domain, the theory of just compensation, compensable and non-compensable damages, special and general benefits and the state and federal rules. Examine the application of valuation techniques for both whole and partial takings. (15 hours CE)

Course Objectives:
1. demonstrate an understanding of eminent domain and condemnation,
2. develop the ability to identify just compensation and market value,
3. define the types of damages,
4. explain the difference between special and general benefits, and
5. apply techniques of valuing both whole and partial takings.

REA 485 – Advanced Residential Applications

Ease the challenge of complex residential appraisal assignments. Learn to recognize and address location considerations, functional obsolescence and quantification issues for the more difficult appraisal. Case studies will be used extensively. You'll cover valuing unique and high-end residential dwellings, valuing partial interests and addressing changes in market conditions.

Course Objectives:
1. identify the factors comprising a unique property appraisal,
2. collect and analyze data for unique property,
3. analyze changing market conditions and relate them to appropriate adjustments, and
4. combine multiple approaches to value to reach final determination.

REA 486 – Statistics, Modeling and Finance

Learn about the theory and practice of statistics in real estate appraisal, when statistics need to be used and relevant statistical methods. Topics include real estate finance and valuation modeling and their use in appraisals, terminology, practical applications of statistical analysis, financing terms and real world examples of how financing affects the value of real property.

Course Objectives:
1. discuss how statistical analysis is important to quality appraisal work,
2. use the measurement of central tendency,
3. apply regression analysis to appraisals,
4. demonstrate an understanding of government influences on real estate financing, and
5. analyze financing terms and their effect on appraisals.

REA 487 – Mastering Unique and Complex Property Appraisal

Learn appraisal techniques for valuing mixed-use, unusual, income-producing and one-of-a-kind property types. Case studies will be used extensively. Discover what creates a complex and unique property, adaptation of valuation methods for complex appraisals and appraising historic residences.

Course Objectives:
1. use accepted valuation techniques in non-traditional manner(s),
2. recognize non-structural and uncommon features on a site and the impact on valuation,
3. calculate valuation of special property restrictions such as easements, and
4. demonstrate an understanding of how to apply adjustments to comparables used for the complex appraisal.

REA 488 – The Appraiser as Expert Witness

Learn about the situations which may require an appraiser to appear as an expert witness. Non-appraisers who need to testify in court will also benefit. Topics include preparation for trial, consideration of the appraisal, the appraisal report and actual testimony and expert witness testimony in relation to USPAP. (7 hours CE)

Course Objectives:
1. recognize the importance of the expert witness,
2. define the appraisal problem and the scope of work,
3. prepare for pretrial conference(s) and court testimony,
4. develop a litigation appraisal report, and
5. apply the standards of USPAP.

REA 490 – Business Relocation Under Federal Law

Obtain the knowledge necessary to acquire and relocate businesses, farms and non-profit organizations for public use in accordance with the Uniform Act. Topics include a summary of the types of moving and re-establishment expenses and the methods used to calculate these costs for reimbursement. (15 hours CE).

Course Objectives:
1. demonstrate an understanding of the business relocation process;
2. prepare a relocation plan and survey;
3. apply the federal regulations to a business relocation scenario;
4. understand eligibility criteria; and
5. calculate reestablishment expenses, relocation expenses and reimbursements.

REA 491 – Real Estate: Introduction to Principles of Appraising Part I

Develop an understanding of real estate appraisal methods. Topics include types of value, legal considerations in appraising and the economic principles forming the basis of appraising.

Course Objectives:
1. discuss types of value,
2. enumerate the influences on value, and
3. demonstrate an understanding of the underlying economic principles of appraising.

REA 492 – Introduction to Real Estate Easements

Explore the various types of easements, why they are necessary and what effect they have on the land upon which they are placed. Learn to read and interpret various easement documents and understand the legal aspects. Case studies will be used extensively. Intended for real estate, appraisal and survey practitioners. (7 hours CE).

Course Objectives:
1. recognize the parties to an easement transaction,
2. demonstrate an understanding of residual and reversionary rights,
3. describe the elements of a permanent easement in perpetuity, and
4. recognize the various types of temporary easements.

REA 493 – Land Ownership and the Title Process

Become familiar with the methods of land ownership and the process for verification of ownership. Learn how to locate, read and interpret various types of ownership documents, and the step-by-step process of a title search. Topics include an overview of the history of ownership, types of estates and tenancy and how title is owned and transferred. (7 hours CE)

Course Objectives:
1. discuss the general history of land ownership,
2. demonstrate an understanding of the various types of estates and tenancy,
3. interpret and read documents involving land ownership,
4. organize and define the process of a title search, and
5. demonstrate the ability to complete a title search of public records.

REA 494 – Understanding the Appraisal Review Process

Develop an understanding of the practice of appraisal review. Topics include situations under which appraisals are reviewed, the function/role of the review appraiser and the process of the appraisal review. Appraisal review in relation to USPAP will also be discussed. Intended for beginning or experienced appraisers. (7 hours CE).

Course Objectives:
1. discuss when and why appraisals are reviewed,
2. manage ¿desk reviews¿,
3. collect supporting data for appraisal review,
4. perform field reviews, and
5. identify USPAP guidelines for appraisal review.

REA 496 – Land Surveyors Boundary Law

This is course is designed to enable the student to learn about land surveying boundary laws. The goal of the course is to demonstrate how the laws are the foundation to surveyor's work beyond the methods of calculations used in surveying and creating boundaries. The course includes an overview of the various ways of creating private easements, and the elements of public easements. Topics to be covered include riparian rights, abandonment and reversion of roadbeds, statue of repose, and the hierarchy of title documents.

Course Objectives:
1. discuss the types of private easements,
2. identify the descriptive elements of a land boundary,
3. define adverse possession,
4. demonstrate an understanding of the hierarchy of title documents in researching land ownership, and
5. recognize riparian rights as applied to shoreline properties.

REA 497 – Valuation of Partial Interests

Explore the valuation considerations necessary in the appraisal of partial interests that include both physical segments and partial ownership interests. USPAP requirements relative to the appraisal of partial interests will be discussed including: real property, air, and subsurface rights; types of partial ownership; leases; transfer development rights and life estates. (7 hours CE).

Course Objectives:
1. differentiate real estate from real property rights,
2. demonstrate an understanding of the types of partial ownership,
3. describe air rights and subsurface rights, and
4. apply the rules of USPAP to partial interest valuation.

REA 498 – Reviewing Residential Appraisals

Acquaint either the beginning or experienced appraiser to the review of residential appraisals. Learn the function/role of the review appraiser, as well as the relevant USPAP requirements. Fannie Mae forms 2000 and 2000A will be examined (7 hours CE).

Course Objectives:
1. report the differences between desk reviews and field reviews,
2. identify when desk reviews vs. field reviews are used,
3. critique with accuracy the Fannie Mae forms, and
4. demonstrate an understanding of the rules of USPAP as they apply to reviewing appraisals.

REA 499 – Support & Analysis of the Sales Comparison Approach

Learn how to provide adequate support for your opinions of value when using the Sales comparison Approach of appraisal. Determine how to gather qualitative/quantitative support and provide necessary narrative support. An overview of the economic theories and the practical application of the Sales comparison approach will be covered (7 hours CE).

Course Objectives:
1. demonstrate an understanding of the economic theory that supports the sales comparison approach,
2. define bracketing as a method of qualitative support,
3. utilize ranking analysis in determining value, and
4. apply relative comparison analysis to the valuation.

REA 500 – Unique Acquisitions and Disposal of Excess Land

This course is designed to enable the student to learn about special acquisitions and disposals for federal aid projects. The course will explore unique cases of acquisition such as railroads, national parks property and federal aid transfers. Also covered will be the process and requirements for disposal of excess land. Topics to be covered include project development stages, protective buying, hardship acquisitions, ariel easements, less than fair market determinations, and baseline reviews.

Course Objectives:
1. describe the stages of a public acquisition,
2. define protective buying and hardship acquisition,
3. identify the components of a fee simple property,
4. demonstrate an understanding of the submission requirements for disposals, and
5. perform a baseline review with best practices.

REA 501 – Economics as the Foundation of Appraising

Become reacquainted with the economic foundations of appraising. Topics will include basic economic schools of thought, economic principles, the agents of production, theories of value and the application of all of these in practical appraising. An overview of value in relationship to price and cost will also be covered. Designed for the beginning or experienced appraiser (7 hours CE).

Course Objectives:
1. contrast and compare the various economic theories,
2. identify methods for measuring productivity,
3. define the agents of production, and
4. recognize the factors that create value in a property.

REA 502 – The Appraisal of Land

Learn about the valuation of land and what makes it different from the valuation of improved properties. Topics include land characteristics, basic considerations of value when appraising land, and the various methodologies available to the appraiser to value land. (7 hours CE).

Course Objectives:
1. identify the characteristics of land,
2. describe the considerations of value of land,
3. define ground rent capitalization, and
4. develop an understanding of both allocation and extraction as methods of valuation.

REA 503 – The Valuation of Easements

Learn about the wide variety of types and easements and the methods by which they are appraised. Topics will include the legal aspects of easements, terms for easements , and value considerations. USPAP requirements in relation to easement appraisal will also be covered. (7 hours CE).

Course Objectives:
1. develop an understanding of how easements are established and extinguished;
2. describe the types of duration for an easement;
3. define conservation, preservation and historic easements; and
4. apply the "before and after" valuation technique to an easement appraisal.

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