The “core of knowledge” embodies the information, concepts and methods that are understood to be beneficial in preparation for a career in those business activities that are related to providing and maintaining space for “corporate America,” as well as for the numerous “industry specific” and “public agency” career positions.

All graduates of the Real Estate and Land Use Affairs concentration become “familiar” with the topics, and related sub-topics that are enumerated below.  Among the topics, the depth of learning is expected to vary among students of differing interests, motivations, and academic skills.

For convenience, the topics are grouped into the often-overlapping categories of FUNDAMENTALS (page 1); FINANCIAL-ECONOMIC (page 6); MANAGERIAL LAW (page 9); INVESTMENT-VALUATION (page 12) PUBLIC SECTOR REGULATION (page 16); MANAGERIAL REAL ESTATE (page 18) and the RELUA CAPSTONE COURSE (page 20).


1.  “REAL ESTATE AND LAND USE AFFAIRS” DEFINED-OBE 19 & 149  (RELUA as an expanded course of study; as a broadly defined discipline suitable as a foundation for a wide variety of corporate, governmental and entrepreneurial positions; as a component of “corporate America”; as an important public sector concern and responsibility; as one of the last bastions for entrepreneurs; etc.)

2.  “REAL ESTATE AND LAND USE AFFAIRS” IMPORTANCE-OBE 19 & 149 (role of real property in wealth, GNP, employment; developed space as a resource every business and person uses; private ownership and the “American Dream” as fundamental to democracy, etc.)

(residential; office; retail shopping; industrial; recreational; governmental/public; agricultural etc.)

4.  REAL ESTATE “INDUSTRY” OVERVIEW-OBE 19 & 142  (private firms;
government role; buying and selling; developing and building; borrowing and lending;
investing in equities or in mortgages; service provider companies [e.g., title, appraisal,
property management, legal and consulting services] etc.)

5.  REAL ESTATE AS INTRINSIC TO CORPORATE AMERICA-OBE 19 &149  (space needs analysis and management, industry by industry; relationship to portfolio and liquidity decisions; lease or own; new corporate site location analysis and a) local government incentives, b) public role, c) environmental issues d) initiative process; etc)

6.  CHAOS IN “REAL ESTATE” EDUCATION-OBE 19 &149  (influence of licensing laws; shopping center licensing schools; community college curriculums and state licensing laws; real estate classes compared to RELUA programs in universities; etc.)

7.  REAL PROPERTY CHARACTERISTICS-OBE 19  (immobile; unique as to location; topography; relationship to infrastructure; as part of natural environment; economic “linkages”; subservience to government limitations on use; etc.)

8.  BUNDLE OF RIGHTS THEORY-OBE 19  (“property” as legal concept; separation of surface, subsurface, mineral, air and water ownership; separation of legal and equitable ownership; separation of possession from ownership; etc.)

9.  REAL PROPERTY DESCRIPTION-OBE 19  (necessity for; government survey; metes and bounds; subdivision plat; APN; role of civil engineers; impact of mistakes; etc.)

10.  REAL ESTATE MARKET CHARACTERISTICS-OBE 19 & 142  (local; unique commodity; influence of governmental regulation; private transactions; no central control; private research & database sources; need for networking & information sharing, etc.)

11.  REAL ESTATE MARKETS AND SUBMARKETS-OBE 19 & 142  (residential; commercial; industrial; agriculture; price or rent variations; localities; neighborhoods; structure sizes; etc.)

12.  MARKET ANALYSIS PROCEDURES-OBE 19 & 143  (supply and demand analysis; trade area; purchasing power; competition; demographic characteristics; etc.)

13.  PRIVATE LIMITATIONS ON LAND USE-OBE 19 & 141  (deed restrictions; easements; leases; CC&Rs; etc.)

14.  GOVERNMENT LIMITATIONS ON LAND USE-OBE 19 & 145  (police power to abate nuisance; zoning; taxation; exactions for entitlements; eminent domain; property taxation; escheat; subjacent and lateral support; etc.)

15.  PROPERTY TAX AND ASSESSMENT-OBE 19  (mechanics of taxation procedures; relationship of combined assessed values, budget and tax rate; function of tax rate; computation of tax; assessment procedures and appeals; etc.)

16.  PRIVATE CLAIMS AGAINST PROPERTY-OBE 19 & 141  (mortgages; court judgments; specific performance; lis pendens; mechanic’s liens; etc.)

17.  PROPERTY CLASSIFICATIONS-OBE 19  (real property; personal property; definition of fixtures; financing trade fixtures; crops; riparian rights; water and minerals as property; airspace; etc.)

18.  REGIONAL AGRICULTURE-OBE 149  (share crop leases; bank
funds management; tomato contracts & distribution markets; row crop distribution; property tax relief through Williamson Act; etc.)

19.  DIRECT CONCURRENT OWNERSHIP-OBE 19  (joint tenancy; tenancy in common; community property; condominium; timeshare; etc.)

20.  INDIRECT CONCURRENT OWNERSHIP-OBE 19 & 141  (general & limited partnership; Subchapter “E” & “S” corporations, real estate investment trusts [REITs]; limited liability companies [LLCs]; etc.)

21.  TRANSFERRING OWNERSHIP INTERESTS IN REAL PROPERTY-OBE 19 & 141  (conveyancing: by sale, by gift, by last will, by foreclosure; essentials in deeds; etc.)

22.  DEEDS-OBE 19  (acknowledgement; quitclaim deed; grant deed; trust deed;  deed of reconveyance; trustee’s deed; managerial review for errors; etc.)

23.  MISCELLANEOUS INSTRUMENTS IN TRANSACTIONS-OBE 19 & 141  (option; land contract; bill of sale; escrow instructions; lease/option; etc.)

24.  LEASEHOLD ESTATES IN GENERAL-OBE 19 & 141  (nature and characteristics as both contract and conveyance; tenancy for years; periodic tenancy from month to month; tenancy at will; mutual rights; etc.)

25.  TRANSFERRING POSSESSORY INTERESTS IN REAL PROPERTY-OBE 19 & 141  (residential and commercial leaseholds; nature of possessory interests; assignments and subleases; impact of sale of property during leasehold; land contracts; etc.)

26.  HOME OWNERSHIP COSTS-OBE 19  (interest; opportunity cost on equity; acquisition costs; maintenance and repairs; taxes and insurance; utilities; devaluation; psychic costs; etc.)

27.  RELATIONSHIP BETWEEN “BROKERS” AND THEIR “SALES AGENTS”-OBE 19  (legal relationship; agency law; commission splitting; broker review and liability; trust accounts; enforceability of oral agreements; etc.)

28.  ROLE OF BROKER VERSUS ROLE OF SALES ASSOCIATE-OBE 19  (general manager, coordinator; legal distinction; compensation arrangements in commercial and home sale transactions; etc.)

29.  RESIDENTIAL SALES AGENT LICENSING LAWS-OBE 19  (purpose; division of commissions; licensing requirements; rules and regulations;  enforcement by Dept. of Real Estate; etc.)

30.  COMMERCIAL SALES AGENT LICENSING LAWS-OBE 19 (purpose; division of commissions; licensing requirements, rules and regulations; enforcement by Dept. of Real Estate; etc.)

31.  HOME SALE “LISTING” AGREEMENTS-OBE 19  (listing as an employment contract; “exclusive” and “exclusive agency” types; listing techniques; promises by agent; due diligence by agent; practical remedies for disenchanted seller; etc.)

32.  COMMERCIAL SALE “LISTING” AGREEMENTS-OBE 19 & 141 (competition for listings; listing presentations; marketing plans; due diligence by agent; remedies for agent or disenchanted seller; etc.)

33.  COMMERCIAL LEASE “LISTING” AGREEMENTS-OBE 19  (listing presentations; leasing plans; cooperation with property manager; commission rates and payment; qualifying prospective tenants; etc.)

34.  BUYERS’ “LISTING” ARRANGEMENTS IN GENERAL - OBE 19 (general nature; advantages and disadvantages; impact of agency law; commission splitting; etc.)

35.  AGENT’S PERFORMANCE IN GENERAL-OBE 19 & 141  (due diligence, reality or illusion?; unequal remedies between agents and customers; lack of mutuality; etc.)

36.  HOME SALE PURCHASE AGREEMENTS-OBE 19 & 141  (purpose; help or hindrance?; enforceability and remedies; typical components; contingencies; liquidated damages; etc.)

37.  ROLE OF COMMERCIAL PROPERTY MANAGER-OBE 19  (improvement management; general agent; “on-site” manager distinguished; leasing; tenant balance profit with preservation of property; etc.)

38.  PROPERTY MANAGEMENT CONTRACTS IN GENERAL-OBE 19  (respective duties and authority of owner and manager; manager’s compensation arrangements; multi-family projects; office projects; industrial projects; term of employment; when accounting statements submitted; effect of toxic contaminants; etc.)

39.  PROPERTY MANAGER GENERAL FUNCTIONS-OBE 19  (establish rent and leasing practices; merchandise space; qualify and select tenants; collect rent; maintain property; keep books; etc.)

40.  LEASE TERMINOLOGY-OBE 19 & 142  (lease; lessor/lessee; rent; net/gross lease; lease term and extensions; covenants; sublease; security deposit; concession; extension; tenant improvement; etc.)

41.  TYPICAL LEASE CONTENTS-OBE 19 & 142 (rent; common area maintenance charges [CAMs]; term; repairs; rules and regulations; security deposit; specified use; services provided; rent nonpayment remedies; modifications; options to extend; etc.)

42.  TYPES OF LEASES-OBE 19  (flat; graduated; index; percentage; flat plus percentage; net; gross; etc.)

43.  LEASE TERMINATION-OBE 19  (expiration; options to renew; mutual agreement to rescind; breach; eminent domain; etc.)

44.  RENT COLLECTION-OBE 19  (efficacy of remedies-commercial and residential; unlawful detainer by landlord; rent setoff; defenses to eviction; etc.)

45.  OFFICIAL RECORDS AND TITLE SEARCH-OBE 19  (county recorder; recording process; grantor/grantee index; recordable documents; purpose of recordation; etc.)
46.  PRELIMINARY TITLE REPORTS-OBE 19 & 141   (documents indexed on prelim; constructive versus actual notice; preliminary title report and marketable title; liability of title company for errors; etc.)

47.  TITLE INSURANCE-OBE 19 & 141  (coverage and risk analysis; premium not a function of risk; specific exclusions from coverage, e.g., boundary disputes; implicit exclusions, e.g., unrecorded documents; duty to defend; etc.)

48.  LEGAL AND EQUITABLE TITLE-OBE 19 & 141  (trustees and legal title; beneficiaries and equitable title; possession versus occupancy versus ownership; equitable title under purchase and land contracts; etc.)

49.  CLOSING PROCEDURES IN SALE TRANSACTIONS-OBE 19  (necessary documents; closing costs; proration; closing statements; balancing economic values while not disclosing cash distributions; recordation at close; inconsistent instructions; interpleader; etc.)

50.  CLOSING PROCEDURES IN FINANCING TRANSACTIONS-OBE 142 (documentation in loan package; strict compliance with instructions; interest prorations and closing costs; etc.)

51.  RESIDENTIAL NEIGHBORHOOD ANALYSIS-OBE 19 & 143  (define neighborhood; dynamic nature; price range; specific social, economic, political, and physical boundaries; blight; etc.)

52.  COMMERCIAL SUB-MARKET ANALYSIS-OBE 19, 142 & 143  (rent and absorption rate boundaries; downtown v. suburban characteristics; impact of transportation systems; public sector land use manipulations; etc.)

53.  SITE PREPARATION-OBE 19,142 & 143  (street grading and surfacing; curbing; storm sewers; sidewalks; lot grading; electricity; gas; water; sewer; telephone; etc.)

54.  SUBDIVIDER’S RESTRICTIVE COVENANTS (CC&R’s)-OBE 19  (general usage; common and specific restrictions; effective period; extension; enforcement by homeowner’s assoc., [HOA]; impact on project value; etc.)

55.  GENERAL DISTRIBUTION OF SUBDIVIDER’S COSTS-OBE 19, 143  & 145  (land; exactions; title insurance; streets; storm drains; sewerage lines; utilities; financing; taxes; other overhead; etc.)

56.  PROPERTY INSURANCE-OBE 19 & 141 (risks covered and excluded; insurable interest; flood and earthquake riders; computation of recovery; etc.)

57.  FARM OR AGRICULTURAL LAND-OBE 19, 141, 142 & 145  (permanent or predeveloment; value influences; impact of Williamson Act on value; crop and acquisition financing, etc.)

58.  EMINENT DOMAIN PROCESS-OBE 19 & 145 (const’l power of gov’t to take; right of way agent negotiations; right to jury trial; valuation of take, severance damages and special benefits; etc.)


59.  MORTGAGE BASICS-OBE 19, 141 & 142 (mortgage; promissory note; trust deed;  usury law; assume versus subject to; discount points; loan to value ratio; term; etc.)

60.  MORTGAGE CLAUSES-OBE 19, 141 & 142 (acceleration; prepayment; equity participation; subordination; release; waste; late payment; interest escalation; etc.)

61.  TYPES OF MORTGAGES-OBE 19, 141 & 142  (classification by priority, i.e., first; second; by underwriting standards, i.e., conventional, FHA, or VA; by type, i.e., construction, blanket, purchase money; wrap-around; or open-end; or by terms of loan, i.e., fixed rate, variable rate, etc.)

62.  LENDER’S BROAD CONSIDERATIONS-OBE 142 & 143  (economic projections; money markets; government policies; real estate activity; etc.)

63.  LENDING DECISION RISKS-OBE 143  (individual loan evaluation; portfolio risk; liquidity; etc.)

64.  UNDERWRITING LOAN APPLICATIONS IN GENERAL -OBE 142  (applicant’s wealth, income, experience; economic forecasts; relationship of debt amortization with projected cash flows-vary principal, rate, term; etc.)

65.  MORTGAGE APPLICATION AND PROCESSING-HOME PURCHASE-OBE 142  (receive application; interview; preliminary analysis; credit check; appraisal; evaluation; closing; The Real Estate Settlement Procedures Act [RESPA] disclosures; Regulation X disclosures; etc.)

66.  MORTGAGE APPLICATION AND PROCESSING-COMMERCIAL-OBE 142  (loan officers and committees; project proforma evaluation; market analysis; specialized conditions, e.g., equity participation, laddered pay rates, mortgage release arrangements, compensating balances, trust accounts, etc.)

67.  MORTGAGE DEFAULT AND IMPLICATIONS-OBE 19, 141 & 142  (default; recordation of notice of default [NOD]; reinstatement period, who can do what?; publication of sale date; foreclosure sale by power of sale; etc.)

68.  PREDICTABILITY OF RECOVERY ON RECOURSE FINANCING-OBE 141 & 142  (comparison to non-recourse financing; time value of money; legal and court costs; procedures to recover, etc.)
69.  UNDERWRITING OF NON-RECOURSE V. RECOURSE FINANCING-OBE 141 & 142  (evaluation of non-recourse “equity” loan; relevance of loan to value [LTV] ratio; impact of threat to reach personal assets through deficiency judgment; etc.)

70.  LONG-TERM LEASE FINANCING-OBE 142  (advantages to lessor and lessee; attornment and respective rights; complex instruments; leasehold mortgages; subordinated fee mortgage; etc.)

71.  VARIOUS SALE-LEASEBACK TECHNIQUES-OBE 142 & 143  (transaction characteristics; advantages to parties; common buyers and sellers; sell-contract-back; etc.)

72.  MORTGAGE LOAN SERVICING-OBE 142  (loan collection and other purposes; delinquency causes and lender actions; handling taxes and insurance; effect of mortgage assignments; etc.)

73.  LENDER’S PROFIT PLANNING-OBE 142  (marketing and income analysis; cost analysis; impact of interest rate changes; cost control; etc.)

74.  LENDER’S PORTFOLIO MANAGEMENT-OBE142  (goals and policies measured by: asset type and quality; loan maturities; diversification, etc.; decision based factors: yield, risk, legal requirements, interest rate forecasting; etc.)

75.  MORTGAGE MARKET OVERVIEW-OBE 142  (part of money market; causes and effects of disintermediation; supply and demand of mortgage money; secondary mortgage market; etc.)

76. SAVINGS AND LOAN ASSOCIATIONS-OBE 142  (federal and state charters;
emphasis on single-family residences; Federal reserve requirements; lending policies; mortgage loan servicing corporations; etc.)

77.  LIFE INSURANCE COMPANIES-OBE 142  (state regulations; emphasis on income properties; larger loans; broad geographic area; equity participation; etc.)

78.  COMMERCIAL BANKS-OBE 142 (federal and state charters; lending powers; conservative lending policies; construction loans; originating and selling single-family loans; etc.)

79.   MUTUAL SAVINGS BANKS-OBE 142 (defined; advantages; mainly Northeastern states; state-chartered; mutual organizations; high percentage of
assets in mortgages; etc.)

80.  RENT V. BUY V. BUILD DECISION-HOME OWNERSHIP-OBE 19, 142 & 143  (personal goals; expected residency time; financial analysis; tax bracket; construction feasibility; status of market; financing availability; mobility needs; etc.)
81.  LENDER’S BROAD CONSIDERATIONS-OBE 142 & 143  (economic projections; money markets; government policies; real estate activity; etc.)

82.  LENDING DECISION RISKS-OBE 143  (individual loan and portfolio risk; liquidity; etc.)

83.  LENDING DECISION COSTS-OBE 142  (collecting delinquent payments; liquidating properties; selling mortgages if cash required; opportunity cost if interest rate rises; etc.)

84.  FINANCIAL TABLES-OBE 19, 142, & 143  (compound interest; present and future value; monthly payment to amortize; percentage of debt remaining; etc.)

85.  MORTGAGE APPLICATION AND PROCESSING-OBE 142  (receive application; interview; preliminary analysis; credit check; computerized underwriting appraisal; evaluation; closing; etc.)

86.  LOAN APPLICATION EVALUATION-OBE 142  (applicant’s wealth, income, favorable prospects; relationship of debt amortization with projected values; vary principal, rate, term; etc.)

87.  MORTGAGE BANKERS, PENSION FUNDS, AND R.E. INVESTMENT TRUSTS-OBE 142  (niches and functions in capital markets; lending policies; how to contact and data sources; etc.)

88.  OTHER MORTGAGE LENDERS-OBE 142  (individuals; corporations; syndicates; credit unions; labor unions; trusts; etc.)

89.  FHLBS AND FSLIC-OBE 142  (FHLBS: goals, functions, regional banks, requirements and standards, etc.; FSLIC: goals, insurance coverage and costs, regulation, etc.)

90.  FEDERAL RESERVE SYSTEM AND FEDERAL DEPOSIT INSURANCE CORP-OBE 142  (FRS: goals, functions, tremendous impact; regional banks; real estate-related regulations, etc.)

91.  FEDERAL DEPOSIT INSURANCE CORP. (FDIC)-OBE 142  (goals, insurance coverage and costs; premiums; etc.)

92.  FEDERAL HOUSING ADMINISTRATION AND VETERAN’S ADMINISTRATION-OBE 19 & 142  (goals, functions, current major programs and policies of both organizations, etc.)

93.  FNMA, GNMA, AND FHLMC-OBE 19 & 142  (goals, functions, organization, and primary activities of the three organizations, etc.)

94.  FINANCING THE COMMERCIAL ACQUISITION-OBE 19, 141 & 142  (soft v. hard money; seller’s financing with subordination & release clauses; institutional financing; underwriting criteria; etc.)

95.  FINANCING THE BUILD-TO-SUIT-OBE 142  (distinctions in underwriting; guarantees by owner; etc.)
96.  REAL ESTATE EXCHANGING-OBE 19 & 143  (avoid shrinkage of capital; like kind and tax compliance; dangers of environmental liability in three-way deals; concept of tax basis; etc.)

97.  SELLER’S FINANCING-OBE 19 & 142  (usury; subordination; blanket mortgages and release arrangements; taxation; remedies on default; dangers of preemption; protection of “larger” parcel; etc.)

98.  INFLUENCES ON SUPPLY OF AND DEMAND FOR SPACE-OBE 19, 142 & 149  (economy; economic base; capital markets; population; land, materials, and labor costs; projections; etc.)

99.  REAL ESTATE SPACE-MARKET INDICATORS-OBE 143, 145 & 149  (prices; rents; occupancy and absorption rates; recorded transactions; building permits; new starts; etc.)

100.  SACRAMENTO REGIONAL FORECASTS-OBE 142 & 149  (economic base analysis; flow of funds; transferable development rights; infrastructure financing; impact of flood plains; environmental factors; military and government employment; etc.)

101.  DATA SOURCES-OBE 19, 143, 145 & 149  (county recorder; planning commissions; mulitple-listing services; cost manuals; brokers; U.S. Department of Housing and Urban Development (HUD); trade associations; census data; periodicals and publicized news sources; etc.)


Abbreviations used in following titles: Managerial Law (ML); Precautionary Law (PL)

102.  (ML) MANAGERIAL LAW DEFINED-OBE 141 (the discipline dealing with the supervision of attorneys in their performance of legal services; goal to obtain best mix of quality and price pertaining to specified services; etc.)

103.  (PL) PRECAUTIONARY LAW DEFINED-OBE 141 (the discipline dealing with the avoidance of legal disputes through the exercise of risk recognition and prevention in business transactions; time-line analyses to predict risks; specialized clauses; forms, practices, checklists, exit strategies; etc.)

104.  (PL) OLD PREVENTIVE LAW DISTINGUISHED-OBE 141 (the traditional concept promoted by the legal profession that business managers ought to consult an attorney at virtually every stage of transactions, etc.).

105.  (PL) “DEFENSIVE ETHICS”-OBE 141  (as a relaxed set of guidelines for managerial actions that are justified by the assumption that moral values may not restrain the behavior of the other principal(s) in a business transaction; defensive negotiations and contract provisions; “playing black” to win in the chess game of real estate transactions; when to “walk away,” etc.)

106.  (ML) PROSPECTING LEGAL COUNSEL-OBE 141  (transaction & litigation attorneys distinguished; selection; conflict of interest letter; preconference preparation; employment negotiations; etc.)

107. (ML) MODERN PARTICIPATORY LEGAL RELATIONSHIP- OBE 141  (defined; modern attorney/client roles and responsibilities; liability exposure analysis;  ongoing review; etc.)

108.  (ML) MANAGEMENT OF LEGAL COUNSEL-OBE 141  (the proactive fee agreement; task oriented billing; caps; desirability of arbitration; monthly review and confirmation letters; planning for deceit instead of malpractice, etc.)

109.  (ML) CLIENT GOALS: THE QUALITY AND PRICE MIX-OBE 141  (identification and evaluation of legal services; impact of generic tasks on pricing services; negotiating controls; etc.)

110.  (ML) DISPUTE SETTLEMENT NEGOTIATION-OBE 141  (exposure analysis; financial, opportunity and psychic costs; who should negotiate?; roles of opposing counsel; time to settle; etc.)

111.  (ML) ALTERNATIVE DISPUTE RESOLUTION (ADR)-OBE 141  (in general, friend or foe?; implications of evidence rules; loss of jury role; absence of discovery; privacy; etc.)

112.  (ML) ARBITRATION & MEDIATION IN REAL ESTATE DISPUTES-OBE 141  (pros and cons; when to include ADR clause; role of “flexible facts” & “ginned files”; etc.)

113.  (ML) ARBITRATION CLAUSES IN CONTRACTS-OBE 141  (pros and cons; waive or limit discovery?; selection of arbitrator(s); impact on punitive damages; lack of appeal; need for jury; other tailored clauses, etc.)

114.  (ML) ATTORNEY’S ENVIRONMENT AS IMPACT ON LEGAL SERVICES-OBE 141  (alcohol dependency; hypertension; case or calendar overload; malpractice history; client’s right to know and evaluate; etc.)

115.  (ML) GENERIC NATURE OF LEGAL SERVICES-OBE 141  (impact on task oriented billing; competitive basis of fees; shopping prices; impact on price and quality mix; structure of fee statements, etc.)

116.  (ML) DISCHARGE OF LEGAL COUNSEL-OBE 141  (client rights; impact on pending litigation; avoidance of the “nut” characterization; disposition of work product; etc.)

117.  (ML) MALPRACTICE ACTIONS AGAINST ATTORNEYS-OBE 141  (attorney negligence; two lawsuits req’d; measure of damages; efficacy; compared to deceit or fraud; etc.)

118.  (ML) FRAUD OR DECEIT ACTIONS AGAINST ATTORNEYS-OBE 141 (elements of action for fraud; burden of proof; allowable damages; malpractice compared; etc.)

119.  (ML) EVALUATING COSTS AND RISKS OF LITIGATION PHASES-OBE 141  (formal demand letters; initiation of court jurisdiction;  “point of no return”; discovery; 11th hour; trial and appeal; evaluation of legal tasks each phase; etc.)

120.  (ML) MANAGING LITIGATION PHASES-OBE 141  (impact of fee agreement provisions, e.g., interim representation; task oriented billing; monthly or event confirmation; etc.)

121.  (ML) MANAGING THE COSTS OF LITIGATION-OBE 141 (financial cost analysis at outset; budget and contingencies; “caps” in fee agreement; shared risk provisions; etc.)

122.  (ML) RISK ANALYSIS OF LITIGATION OUTCOMES-OBE 141  (evaluation of attorney “guesstimates”; impact of “surprises” at llth hour; undisclosed intention of attorneys to settle; appeal as a safeguard; opportunity and psychic costs; etc.)

123.  (PL) MINIMIZATION BY MANAGERS OF DISPUTE RISK-OBE 141  (applications of “preventive law” by structuring transactions; protective clauses; risk shifting; roles of uniformity, e.g., trade practices, checklists; liquidated damages; evaluation of differing perspectives; etc.)

124.  (PL) PLANNING EXIT STRATEGIES-OBE 141  (applications of “preventive law” by negotiating an exit; business entity selection; buy/sell clauses; asset protection; creditors remedies; restructuring; bankruptcy; safe-haven deposits; international aspects etc.)

125.  (PL) SELECTION OF REAL ESTATE BUSINESS ENTITIES-OBE 141  (IRS Code section “E” and “S” corporations; limited liability companies [Lochs]; general & limited partnerships; real estate investment trusts [REITs]; revocable trusts; tenancy in common organization; etc.)

126.  (PL) NEGOTIATION OF CONTRACTS IN GENERAL-OBE 19 &141  (classification; formation; manipulation of potential remedies; assignment problem; using contingencies; concept of due diligence; risk limitation by liquidated damages clauses; etc.)

127.  (PL) AVOIDING TORT RISKS IN BUSINESS TRANSACTIONS OBE 141 (business related torts defined; risk minimization by management decision; application of “new preventive law,” etc.)

128.  (PL) IDENTIFYING STRICT LIABILITY RISK IN REAL ESTATE DEALS-OBE 141 (inherently dangerous projects; toxic contamination; applicability of liability insurance; corporation as shield; etc.)

129.  (PL) MODEL: AVOIDANCE OF RECURRING PROBLEMS-LISTING AGREEMENTS-OBE 19 & 141 (home sale and commercial distinguished; enforceability requirements; open; exclusive; exclusive-agency; multiple; competing self-interests; typical terms; sellers’ negotiations of terms; etc.)

130.  (PL) MODEL: AVOIDANCE OF RECURRING PROBLEMS:  FINDER’S FEES-OBE 19 & 141  (defined; enforceability; benefits & pitfalls; applicability in commercial sales & financing transactions, etc.)
131.  (PL) MODEL: AVOIDANCE OF RECURRING PROBLEMS:  PURCHASE AGREEMENTS IN COMMERCIAL DEALS-141  (unique characteristics; “high risk” to seller clauses; due diligence abuses; “free look” and disguised options; etc.)

132.  (PL) MODEL: NEGOTIATING SITE ACQUISITION-OBE 19 & 141 (locators; location analysts; letter of intent compared to preliminary purchase agreement; sellers and buyers perspectives; contracting; etc.)

133.  (PL) MODEL: SELLER’S PREPARATIONS FOR SALE-OBE 141 (use of preliminary title report; determination of highest & best use; establishment of price and terms for market; preparations to list; etc.)

134.  (PL) MODEL: COMMERCIAL BUYER’S PREPARATIONS-OBE  141 (letters of intent; feasibility analysis during “free look”; options compared; “upfront” or “seed” money requirements; use of “disguised option” or expansive contingencies; financing opportunities; etc.)

135.  (PL) MODEL: DUE DILIGENCE PROBLEMS IN ACQUISITION OBE 19 & 141  (home-purchase and commercial distinguished; examples of common contingencies; e.g., financing; condition of property; toxic contamination, etc; waiver and fulfillment of contingencies; due diligence; etc.)

136.  (PL) MODEL: HANDLING ENTITLEMENT CONTINGENCIES OBE 19, 141 & 145 (entitlement requests before acquisition; owner participation; impact of denial; holding costs pending outcome etc.)


137.  VALUE-OBE 143  (contrasted to cost and price; many types of value, e.g.,  “full cash value,” market value, assessed value, subjective value; etc.)

138.  FORCES AFFECTING PROPERTY VALUE-OBE 143  (social; economic; political; physical; legal [e.g., CC&Rs, zoning, environmental laws]; neighborhood characteristics; financing availability; etc.)

139.  APPRAISER-OBE 143  (definition of appraiser; qualifications for and certification of; appraisal societies and significance; code of professional ethics; use of services in industry; “fee” appraisers; etc.)

140.  APPRAISAL BUSINESS-OBE 19 & 143  (function; occasions warranting an appraisal; compensation; court testimony; effect of errors in appraisals; valuation distinguished from highest and best use; fee and in-house careers; computer use in appraisal [electronic photography; data collection; presentation and transmittal]; career future; etc.)

141.  VALUATION PRINCIPLES-OBE 143  (home and commercial distinguished;  amenities compared to income; supply and demand; highest and best use; anticipation;  substitution; increasing and decreasing returns; conformity; etc.)

142.  APPRAISAL PROCESS-OBE 143  (home and commercial distinguished; define problem; preliminary survey; data collection and analysis; apply appropriate approaches to value; correlate value; write report; etc.)

143.  SITE ANALYSIS-OBE 19 & 143  (home and commercial distinguished; frontage; depth; width; area; shape; plottage; corner influence; contour; soil, landscaping; utilities; taxes; etc.)

144.  APPRAISAL APPROACHES APPLICABILITY-OBE 143  (the advantages and disadvantages of cost, income and market approaches;  etc.)

145.  COST APPROACH IN APPRAISAL-OBE 143  (land plus improvement cost minus accrued depreciation; industry “cost” standards; etc.)

146.  COST DERIVATION IN COST APPROACH-OBE 143  (quantity survey; unit in place; square foot; cubic foot; etc.)

147.  SQ. FT. MEASUREMENT TECHNIQUES-OBE 143  (single family v. commercial; rentable s.f. versus gross s.f; allocations of common area costs; etc.)

148.  DEPRECIATION ESTIMATION IN COST APPROACH-OBE 143  (observed condition; “straight line” physical life estimate; “straight line” economic life estimate; etc.)

149.  MARKET/SALES COMPARISON APPROACH-OBE 143  (comparison of subject property with several comparables per time, location, and physical characteristics; etc.)

150.  GROSS RENT MULITPLIERS-OBE 143  (calculation; precautions; aspects of unreliability; rule of thumb; etc.)

151.  INCOME CAPITALIZATION APPROACH-OBE143  (interpretation of the components of net operating income; the capitalization calculation; selection of appropriate capitalization rate; data sources; etc.)

152.  MORTGAGE AND EQUITY CAPITALIZATION-OBE 143  (allocation of income between capital and equity; capitalization technique; advantages and  disadvantages; etc.)

153.  INCOME ESTIMATION IN INCOME APPROACH-OBE 143  (analysis of comparable property rents; lease analysis; determination of income quantity, quality, and durability; etc.)

154.  EXPENSE ESTIMATION IN INCOME APPROACH-OBE 143  (economic or actual operating expenses; reserves for replacements; effect of net or gross leases; common area tenant contributions; etc.)

155.  OLDER CAPITALIZATION RATE METHODS-OBE 143  (summation; band of investment; quality attribute comparison; direct comparison; etc.)

156.  RESIDUAL TECHNIQUES-OBE 143  (land residual and building residual allocations of income; calculations; significance on valuation or pricing; etc.)
157.  NEWER CAPITALIZATION CONCEPTS-OBE 143  (discounted cash flow analysis (DCF); computation and interpretation of internal rate of return; etc.)

158.  CORRELATION OF APPROACHES-OBE 143  (evaluation of data quality; type of subject property; traditional practices; etc.)

159.  PREPARATION OF APPRAISAL REPORTS-OBE 143  (letter, form, and narrative reports; purposes and typical contents of each; etc.)

160.  APPRAISAL; FUTURE TRENDS-OBE 143  (distinction between commercial and residential appraisal; impact of electronic information systems; impact on underwriting; “driveby” residential appraisals; etc.)

161.  FEASIBILITY ANALYSIS-OBE 143  (the concept of feasibility; use of market analysis to project income and expenses: to establish financial requirements, to predict availability of entitlements, to predict cash flows for investment return analysis; etc.)

162.  LOCATION THEORY-OBE 143  (theory defined; to maximize profit or utility; target markets; availability of raw materials, labor pool, transportation systems and costs; etc.)

163.  INVESTOR GOALS-OBE 19 & 143  (regular income; inflationary hedge; capital gains; tax shelter; prestige; exchanging up; estate planning; etc.)

164.  INVESTMENT STRATEGY-OBE 143  (establish goals; select property type, locale, size, age, equity percentage, availability, market conditions; select investment vehicle; establish term of investment; etc.)

165.  INVESTMENT VEHICLES COMPARED-OBE 143  (private investment compared to investment in real estate investment trusts; in syndications (limited partnerships); in various real estate related and publicly traded corporations; and in “land-backed” securities.

166.  SELECTION OF ENTITY FOR PRIVATE INVESTMENT-OBE 19 & 143  (pros and cons of small corporations; joint ventures (i.e., general partnerships); tenancies in common; limited liability companies (LLCs); etc.)

167.  PRINCIPLES OF SYNDICATION- 142 & 143  (limited partnership financial structure; A and B partners; acquisition of existing properties compared to development and construction syndications; securities exemption; appropriateness for small investors; etc.)

168.  CHARACTERISTICS OF INVESTMENT PROPERTY TYPES-OBE 143  (investment, ownership, and economic characteristics of raw land, predevelopment land; apartments, retail centers, small, midrise and highrise office buildings, industrial buildings, etc.)

169.  REAL ESTATE INVESTMENT ADVANTAGES AND DISADVANTAGES-OBE 19 & 142 & 143  (multi-family, retail, office, industrial and special use properties; durability of net operating income; hassle factor in direct investment; risks and rewards in indirect investment; acquisition of single family rentals as highly leveraged investment strategem; etc.)
170.  APPRECIATION AS INVESTMENT GOAL-OBE 19 & 143 (difference between “paper” profits & realized appreciation; shrinkage between gross and net proceeds; impact of income taxation compared to tax-deferred exchanges; etc.)

171.  TAX SHELTER CONCEPTS-OBE 19 & 143  (pre-Reform Act shelter; abusive shelters as basis for tax reform; precondition of positive cash flow by investors; spendable cash flow; etc.)

172.  INCOME TAX SHELTER-HOME OWNERSHIP-OBE 19 & 143  (deduction of mortgage and home-equity loan interest; deduction of property taxes; capital gains unless deferred by repurchase; installment sale reporting basis; age 55 exemption on $125,000 gain; etc.)

173.  NCOME TAX SHELTER-INVESTMENT REAL PROPERTY-OBE 19, 142 & 143  (depreciation defined & calculated; capital gains taxation; recapture; tax-free exchange, two-way and three-way; stepped-up basis on death; etc.)

174.  INCOME TAX BASICS-OBE 19, 142 & 143  (individual, partnership, and corporation taxation; capital assets; depreciation calculations; unrealized compared to realized gain; deferral of gain by substituted tax basis on exchange; etc.)

175.  DEPRECIATION IN TAX SENSE-OBE 19 & 143  (straight-line & accelerated methods; impact on cash flow; impact on tax basis; recapture; etc.)

176.  ECONOMIC DEPRECIATION-OBE 143  (physical depreciation, functional obsolescence; economic obsolesce; today’s impact of “smart” buildings; seismic zones; toxic contamination of structures; etc.)

177.  ESTIMATED RATES OF RETURN BY RATIO ANALYSIS-OBE 143  (return on equity; cash on cash; return on capital investment;  debt coverage ratio; break-even point; etc.)

178.  DEVELOPER VS. INVESTOR VS. SPECULATOR-OBE 142 & 143  (differing goals of each, differing risks and rewards; active and passive roles; availability of exit; impact of positive or negative leverage and availability of “other people’s money” (OPM); etc.)

179.  LEVERAGE-OBE 19, 142 & 143  (impact on cash flow; taxation effects; risks;  eliminate personal liability when possible; refinancing benefits; etc.)

180.  TRADITIONAL PROFITABILITY CALCULATIONS-OBE 143  (recapture as a part of return; free and clear return; payback period; return on equity;  after-tax return; cash-on-cash return; etc.)

181.  NEWER MEASURES OF RETURN-OBE 19, 142 & 143  (internal rate of return, calculation, interpretation and reliability; profitability index; etc.)

182.  MARKET RESEARCH-OBE 143  (data sources for turnover rates; new construction starts; sales; capitalization rates; absorption rates; vacancy rates; listing data; uses of data in market; etc.)

183.  GENERAL SUBDIVIDING PROCESS-OBE 19, 143 & 145  (market analysis; site selection; plan subdivision; purchase, financing government approval; install streets; etc.)

184.  RESIDENTIAL SITE SELECTION-OBE 19, 143 & 145  (location;  political factors; accessibility; land size and cost; physical characteristics; utilities; government services and regulations; etc.)

185.  COMMERCIAL SITE SELECTION-OBE 19, 143 & 145  (location; political factors; accessibility; shape; land size and cost; physical characteristics; zoning; utilities; community facilities; etc.)

186.  RESIDENTIAL SUBDIVISION PLANNING-OBE 19, 143 & 145  (unit types; price ranges; density; land use allocation; street and lot layout; utilities; community facilities; etc.)

187.  COMMERCIAL DEVELOPMENT PLANNING-OBE 19, 143 & 145  (tenant selection; tenant classification; building pattern; store sizes; parking needs and pattern; etc.)

188.  SUBDIVIDER’S GOVERNMENTAL APPROVAL-OBE 19 & 145  (planning commissions; city or county council; health department; building inspector; FHA; etc.)

189.  SUBDIVISION TYPES AND SIZES-OBE 145  (standard; planned unit development; open space communities; new towns; office parks; industrial tracts; applicable gov’t regs, state & local; etc.)

190.  SHOPPING CENTER CHARACTERISTICS OBE 19  (mall; neighborhood and community centers; regional centers; anchors & satellites in each; leasing arrangements and commissions; etc.)

191.  REGIONAL PROBLEMS AND POLICY-OBE 145  (regional housing and industry goals; political constraints; land use issues; federal solutions; regional solutions; etc.)

192.  FACTORS INFLUENCING REGIONAL GROWTH-OBE 145  (homogeneity;  external demand; natural resources; transportation; infrastructure; technology; etc.)

193.  TYPES OF URBAN ECONOMIC BASE-OBE 149  (industrial; commercial; political; recreational; educational; retirement; combination; etc.)

194.  FACTORS INFLUENCING URBAN STRUCTURE-OBE 145  (historical origin; topography; transportation; markets; raw materials; taxes; utilities; demographics etc.)

195.  URBAN FORM AND PATTERNS-OBE 145 & 149  (concentric circles; axial;  sector; galaxy; dispersed sheet; multiple nuclei; Sacto & regional patter; etc.)

196.  GENERAL CAUSES OF URBAN PROBLEMS-OBE 145 & 149 (market misallocation; suburbanization; political fragmentation; externalities; nature of employers; transportation systems; social problems; etc.)
197.  PUBLIC LANDS-OBE 145  (Bureau of Land Management; Federal & State parks management; management of fishing, grazing, timber, mineral resources; water flow in rivers; etc.)

198.  STATE & REGIONAL HOUSING PROBLEM-OBE 149  (definition of problem; income levels; role of down payments & rent controls; causes of problem; possible solutions; condo conversions; political issues; implications of solutions; etc.)

199.  CITY PLANNING-OBE 145  (need for and role of planning;  planning goals; planning tools: e.g.,“general” plans, “community” plans, and “specific” plans defined and characterized; dovetail between city, county & regional planning; pro-development or no-growth planning; etc.)

200.  GOVERNMENTAL BODIES AND THEIR PROCESSES-OBE 145 (structure of the federal, state and local agencies affecting land use policy and development; qualifications and appointments of members; terms of office; etc.)

201.  PUBLIC HEARINGS IN THE PLANNING PROCESS-OBE 145  (public hearings, i.e., citizen and neighborhood roles in the planning process; notification procedures; effect of defects in procedures of public hearings; etc.

202.  LOCAL REGULATIONS-OBE 145  (ordinances governing zoning; conditional use permits; variances from zones; building permits and codes; subdivision regulations;  and authority to enter development agreements; etc.)

203.  FINANCING PUBLIC SERVICES TO REAL ESTATE-OBE 145  (local budgetary process; taxing policies; public fees for development; creation of assessment districts; Mello-Roos bond financing for developers; establishing exactions for permits; environmental impact fee policies; etc.)

204.  PUBLIC CONTRACTING-OBE 145  (request for proposal [RFP]; request for quote [RFQ]; lowest responsible bidder; affirmative action policies; etc)

205.  ENVIRONMENTAL LEGISLATION AND REGULATIONS- OBE 145  (Calif. Environmental Quality Act [CEQA]; Subdivision Map Act; Subdivided Lands Act; Calif. Coastal Commission; etc.)

206.  FUTURE REGULATORY ISSUES-OBE 145  (participation of local gov’t in new development financing; new environmental issues; implementing low cost or fair share housing; new exactions, e.g., excise taxes; etc.)

207.  NEW TOWNS-OBE 145  (concept; master planning; sources of capital; pros and cons; location analysis; controlling authority; etc.)

208.  GOVERNMENTAL LIMITATIONS ON FARM LAND CONVERSION-OBE 145  (the conversion cycle, grazing, farm, predevelopment; environmental regulation & setoff of substitute lands; Williamson Act, property tax relief law; institutional reluctance to sprawl; etc.)

209.  PROPERTY REHABILITATION AND CONVERSION-OBE 145, 143   (gov’t incentives and regulation; entitlement process; income and property tax implications; valuation factors; etc.)

210.  THE INITIATIVE PROCESS AND REAL ESTATE DEVELOPMENT-OBE 141 & 145  (ballot box planning and zoning;  inventory of predevelopment land;  “bullet-dodging” of local government; etc.)

211.  RENT CONTROL-OBE 19 (constitutional basis; preconditions to adoption; limitations; economic impact; etc.)

212.  NO OR SLOW-GROWTH PLANNING TECHNIQUES-OBE 145  (techniques to implement; legality; appeal procedures; inverse condemnation; etc.)

213.  “FAIR SHARE” HOUSING REGULATIONS-OBE 142  (state regulations; compliance; role of subsidized funding; types of low income financing; “NIMBY”; etc.)

214.  REGIONAL PLANNING-OBE 145  (LAFCO, purposes, membership & jurisdiction; state regional planning & implementation; influence of environmental laws;  etc.)

215. JUDICIAL REVIEW OF LAND USE REGULATIONS-OBE 19 & 145 (exhaustion of administrative remedies; appealable grounds; judicial trends; inverse condemnation trends; etc.)

216.  SPORTS FACILITIES-OBE 145  (public interest and financing; role of electorate; sphere of influence on value; planning for and regulation of; etc.)


217.  CORPORATE REAL ESTATE ASSET MANAGEMENT-OBE 140  (management as complement to production of goods and services; business strategy to own, lease,etc., American Institute of Real Estate Management, other professional organizations; etc.)

218.  REAL ESTATE MANAGEMENT AS A CONTINUUM-OBE 140  (acquisition, disposition, negotiation, financing and refinancing, and strategy to improve the value of the primary business; etc.)

219.  TYPES OF MANAGEMENT-OBE140  (facility, asset, and entrepreneurial management; career opportunities and educational prerequisites; etc.)

220.  VALUATION OF REAL ESTATE AS CORPORATE ASSET-OBE 140  (book value re financial statements compared to market value re asset strategies; historical neglect of real estate assets by corporate management; future trends, etc.)

221.  MANAGEMENT FUNCTIONS-OBE 140 (identification of surplus property or underutilized property; monitoring lease renewals; buy/sell decisions; property tax review; refinancing considerations; maintenance and structure supervision; etc.)

222.  REAL ESTATE AS IMPACT ON SHAREHOLDER VALUE-OBE 140  (impact of planning, site selection, lease/buy decisions, and property redeployment on present value of future corporate cash flows; etc.)

223.  RETAIL SITE SELECTION-OBE 140 (retail-analysis of alternatives; gravity model, ratio method, analog method, regression model; visibility; exposure; neighborhood characteristics; etc.)

224.  MANUFACTURING SITE SELECTION-OBE 140 (transportation costs; labor markets; proximity to existing facilities; environmental affairs; energy costs; etc.)

225.  OFFICE BUILDING SITE SELECTION-OBE 140 (types: client-oriented, administrative, and information processing; capital outlays and cash flow analysis; etc.)

226.  LEASING SPACE-OBE 140 (rental rates per square foot; definition of space rented; lease term; escalation of rents or common costs; permitted uses; responsibility for maintenance, repairs, tax, insurance; cash flow analysis, etc.)

227.  THE LEASE/BUY/BUILD DECISION-140 (impact of tax depreciation; expectation re future capital gains; cost of capital; double corporate taxation on cash flow, comparison of ownership to after-tax lease costs; etc.)

228.  REAL ESTATE MANAGEMENT INFORMATION REPORTING-140 (inventory file; appraisal and market reports; regular management reports; etc.)

229.  REDEPLOYMENT OF SURPLUS REAL ESTATE-140 (change to needed use; exchange for useful property; sale; lease; renovation; donation; etc.)

230.  BUSINESS SPECIFIC ASSET MANAGEMENT STRATEGIES-140 (hotel asset management; institutional portfolios; retail centers; chain and franchise businesses;

231.  OFFICE LEASING-OBE 140  (base rent; additional rent; security deposits; permitted uses; assignment and subleasing; surrender; estoppel certificates; subordination; etc.)

232.  NEGOTIATING TENANT IMPROVEMENTS-OBE 140  (allowances; conditions for advances under existing deed of trust; construction supervision fees and other allowances; etc.)

233.  TELECOMMUNICATIONS LEASES FOR OWNERS-OBE 140  (“cell” site leases for wireless technologies; (2) cable access licenses; importance of state of the art wireless and wired technologies; etc.)


In addition to the topics identified above as comprising its “Core of Knowledge,” RELUA offers a “capstone” class to its graduating seniors.

The RELUA capstone class, OBE 149, is the culminating experience where seniors integrate, synthesize and apply their knowledge of the discipline in a manner that is measurable by faculty.  The focus is not necessarily upon new knowledge or futuristic concepts.  To the contrary, the capstone course requires an integrative involvement with the entire RELUA discipline.  Seniors acquire a synthesized and balanced perspective of RELUA.  The student’s degree of sophistication is sharpened by evaluating concepts and information with an eye towards making managerial decisions. Students typically are expected to demonstrate their mastery of the discipline with a paper or project of substance and quality.  The capstone experience also offers a final opportunity for students to demonstrate their mastery of the discipline through verbal and written communications.