Portland Community College | Portland, Oregon

This course serves two primary audiences. The largest audience includes students seeking to satisfy State of Oregon Real Estate Agency broker requirements for licensing and the smaller audience includes students wishing to generally expand their knowledge about real estate. To satisfy the licensing education requirements students must pass (75% score or better) a comprehensive multiple choice final examination.

The instructional goal of Real Estate Agency & Contract Law is to provide a comprehensive examination of agency & contract law, with their common law aspects as well as statutory requirements, including

1.      The common law of agency

a.       concept

b.      requirements of creation

c.       fiduciary relationships

d.      liabilities of the parties

e.       termination of the relationship

2.      Affirmative requirements of an agent to clients and others as set out in ORS       696.805-.815

a.       agency disclosure

b.      relationship of statute to common law obligations

c.       fiduciary requirements of agents as required by the statute

3.      Understand and be apply to apply basic contract law, including the

a.      legal requirements or elements necessary to form a contract

b.      performance of valid and quasi-contracts

c.      breach of valid and quasi-contracts

4.      Recognize and be able to use the following specific real estate contracts

a.      listing agreements

b     . earnest money/purchase and sale agreements

c.      real estate option agreements

d.     real estate first right of refusal agreements

e.     real estate leases

f.     escrow agreements

5.    Be aware of the special requirements and limitations on contracts for the sale of subdivided land, condominiums, and planned unit developments in Oregon.

Not Applicable

Not Applicable

Students will be assessed by any combination of the following:

1.      Active participation in class

2.      Contextual written tasks (in or outside of class) to assess reading

3.      Oral responses to in class hypothetical s

4.      Request for real life applications of course material

5.      In class, interactive student role-plays

6.      Quizzes and practice exams following State of Oregon Real Estate Agency  question format

7.      Final comprehensive examination patterned after Oregon Real Estate Agency license exam

Include all or most of the following:

1.      Comparison of an agency relationship to contract requirements

2.      Comparison of common law and statutory agency relationships

3.      Formation of common law agency relationship

4.      Common law fiduciary relationships

5.      Termination of common law agency

6.      Overview of ORS 696.805 to .815

7.      Agency disclosure rules under ORS 696.805 to .815

8.      Statutory fiduciary duties of agents under ORS 696.805 to .815

9.      Oregon property disclosure law

10.      The concept of a contract as compared to a non-contractual agreement

11.      Basic common law contract terminology such as:

1. valid
2. void
3. voidable
4. unenforceable
5. unilateral
6. bilateral
7. consideration

12.      Requirements of a valid common law contract

13.      Performance issues related to a valid contract

14.      Listing agreement

15.      Earnest money / purchase and sale agreement

16.      option agreement

17.      first right of refusal

18.      land sale contract (installment sale contract)

19       lease (rental agreement)

20.      escrow agreement

21.      Condominium documentation

22.      Planned unit development documentation

23.      Subdivision contract requirements