LXR315 - Real Estate II

Outline info
Semester
School
Last revision date 2017-11-21 11:57:41.629
Last review date 2017-11-21 11:57:56.275


Subject Title
Real Estate II

Subject Description
In this subject students are taken through the steps of a standard residential real estate transaction from receipt of the agreement of purchase and sale through closing and post-closing. Students learn the additional procedures involved in the purchase of a new home, the purchase of a condominium, and the purchase of a cottage property. Students also learn about the procedures involved in the sale of a property under power of sale and are introduced to landlord and tenant law.

Credit Status
This is a credit subject applicable towards the Seneca Law Clerk Diploma Program offered through the School of Legal and Public Administration and the Faculty of Continuing Education and Training.

Learning Outcomes
Upon successful completion of this subject the student will be able to:

1. Demonstrate an understanding of and the ability to complete the steps of a standard residential real estate transaction.

2. Open and organize a residential real estate file, and conduct appropriate letter and other searches.

3. Review a search of title and prepare requisitions on title.

4. Prepare relevant legal documentation, in paper and electronic format, using real estate software.

5. Demonstrate an understanding of the use of title insurance.

6. Close and report the transaction in both paper and electronic format.

7. Demonstrate an understanding of issues related to the purchase of a new home and a condominium.

8. Produce documents necessary for power of sale proceedings.

9. Demonstrate an understanding of basic residential landlord and tenant remedies.

10. Produce written material that is coherent, logical and substantially free of grammatical and spelling errors.

Cheating and Plagiarism
Each student should be aware of the College's policy regarding Cheating and Plagiarism. Seneca's Academic Policy will be strictly enforced.

To support academic honesty at Seneca College, all work submitted by students may be reviewed for authenticity and originality, utilizing software tools and third party services. Please visit the Academic Honesty site on http://library.senecacollege.ca for further information regarding cheating and plagiarism policies and procedures.

Discrimination/Harassment
All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecacollege.ca.

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Disabilities Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.

Prerequisite(s)
All Module Two Courses

It is your responsibility to ensure that program requirements and course prerequisites as outlined are met. Prerequisites are included for your academic protection. Course content and your instructor's teaching assumes that students are academically prepared and instruction will proceed accordingly. Students lacking prerequisites not only jeopardize their own ability to succeed but present unnecessary interruption. If you lack appropriate prerequisites (or advanced standing for the prerequisite course) you may be asked to withdraw or transfer to a more appropriate course with the risk of academic/financial penalty.

Topic Outline
1. Overview of the standard real estate transaction. 

2. The law of agency and the role of the real estate agent. 

3. The role of the law clerk in a real estate purchase or sale. 

4. Opening and organizing a real estate file. 

5. Receiving and reviewing the agreement of purchase and sale. 

6. Preliminary steps. 

7. Reviewing the title search and requisitions on title. 

8. Document preparation and review. 

9. Preparation for closing. 

10. Closing the transaction. 

11. Post-closing procedure. 

12. Power of sale proceedings and other mortgage remedies.

13. Residential landlord and tenant remedies.

Mode of Instruction
Students learn through classroom lectures, discussion and group problem solving. Any matters covered in class and/or in the assigned readings will constitute part of the subject content and be eligible for inclusion on all assessments. It is ESSENTIAL that students read assigned material before class and make careful notes on the reading material as well as in-class lectures and discussion. It is extremely important for students to be prepared for class and to be actively involved in discussions as this greatly aids the learning process.  


It is your responsibility to save documents, articles and notes that the instructor has provided on Blackboard or in class. Students will not be able to access Blackboard as of the last day of the student's class.

Prescribed Texts
Kurtz, J., Emmans, J. and Blatt, A., Residential Real Estate Transactions. Toronto:  Emond Montgomery, 2016. ISBN# 9781552396704

Supplementary materials will be made available in the classroom.

Note:  Photocopied texts are not permitted.

Reference Material
Winterstein, M. Louise. Procedures for the Canadian Legal Office, Latest Edition. Nelson Education Ltd.

Required Supplies
Notebook or three-ring binder, 2 legal-size file folders (different colours), paper, pens, USB for using Teraview, highlighter and above materials

Promotion Policy

Grading Policy
A+ 90%  to  100%
A 80%  to  89%
B+ 75%  to  79%
B 70%  to  74%
C+ 65%  to  69%
C 60%  to  64%
D+ 55%  to  59%
D 50%  to  54%
F 0%    to  49% (Not a Pass)
OR
EXC Excellent
SAT Satisfactory
UNSAT Unsatisfactory

For further information, see a copy of the Academic Policy, available online (http://www.senecacollege.ca/academic-policy) or at Seneca's Registrar's Offices.



Modes of Evaluation
Grading is based on the following marking scheme:

Assignment 1 15%
Assignment 2 15%
Term Test 30%
Final Exam 40%

Some aids may be allowed during testing and will be identified by the instructor.
 
Students must attain a grade of at least 50% to pass the course.


Please Note
  • Assignments, tests and the final examination are evaluated on subject knowledge as well as correct language usage, organization, and mastery of the subject. 
  • In recognition of the significance of proper language skills in the work of a Law Clerk, marks are deducted, in accordance with departmental policy, for language errors on all tests, assignments and exams. (i.e. spelling, grammar, word usage, sentence, and paragraph structure, etc.) 

Assignments
  • The student must retain a copy of all assignments.
  • If assignments are handed in late without sufficient medical or other reason, which must be documented and approved, two marks per day will be deducted for each day the assignment is late up to a maximum of 10 marks in total. 
  • Assignments will not be accepted after the return of graded assignments to the class and/or the provision to the class of the answers to the assignment.
  • Written assignments must be word processed. At the professor’s discretion, assignments that are not word processed, may be subject to mark deduction or not accepted. 
  • For particulars, please obtain standards, dates, etc. from your instructor.

Absenteeism and Tests
  • Students should be aware that absenteeism will impact on their ability to achieve satisfactory grades.
  • If you miss a test, you must provide the reason in writing to the instructor prior to the next scheduled class. If your reason is accepted, you will be permitted to write a make-up test. Otherwise, you will be given a zero for the test. You must submit an original doctor’s certificate identifying the date, length of time of expected absence and the specific reason for your absence, or other appropriate documentation.

Field Placement Requirements

Students who do not successfully complete all professional courses may not be eligible for placement. 

Academic Honesty

Students at Seneca College are expected to be honest and forthright in their academic endeavours. When students cheat on an examination, steal the words or ideas of another, or falsify their research results, it corrupts the learning process. A Seneca College degree, diploma or certificate signifies to society mastery of a set of defined learning outcomes in a designated field of study. If academic credit is obtained dishonestly, the value of every graduate's diploma in the field of study is diminished, as is the reputation of the college as a whole.

Penalties for Academic Dishonesty

The penalty for a first offence is a grade of '0' on the assignment or examination. The penalty for the second offence is expulsion for a time period determined by the Academic Honesty Committee, normally for a minimum of three terms. For further information refer to the policies section of the Seneca College student handbook, or to the following website: http://library.senecacollege.ca/Academic_Honesty/


Please Note: In the Law Clerk Diploma Program, in accordance with graduation requirements, students are required to complete Twenty (20) days of field placement.  Students must  achieve an average net keyboarding speed of at least 50 nwpm on three five-minute timed writings, with five errors or less. 


Approved by: Sandra Noble