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Real Estate

What is 'Real Estate (REES)'?

Real estate agents help clients buy, sell, or lease land or property.

Real estate agents represent property owners when they sell their homes or land. These agents inspect properties before they agree to sell them. To determine a property's market price, agents compare the property with similar properties that have been sold recently. They may make suggestions to property owners about improvements they can make to increase the value of their property.

Property managers take care of the daily operation of properties. Some find, buy, and develop property.

Property managers are in charge of the daily operations of properties that owners rent or lease to other people. They may manage office buildings, apartments, retail and industrial properties, or condos. Managers show vacant spaces to people who want to rent. They explain the rules of the lease to clients. They also set rental rates, handle bookkeeping, and collect payments. Managers make sure that mortgages, taxes, and other property bills are paid. They keep track of profits and losses for property owners

For additional inforamtion, see necis.intocareers.org

Is it for you?

One of the most complex and significant financial events in peoples’ lives is the purchase or sale of a home or investment property. Because of this complexity and significance, people typically seek the help of real estate brokers and sales agents when buying or selling real estate.

Real estate brokers and sales agents have a thorough knowledge of the real estate market in their communities. They know which neighborhoods will best fit clients’ needs and budgets. They are familiar with local zoning and tax laws and know where to obtain financing. Agents and brokers also act as intermediaries in price negotiations between buyers and sellers.

When selling property, brokers and agents arrange for title searches to verify ownership and for meetings between buyers and sellers during which they agree to the details of the transactions and in a final meeting, the new owners take possession of the property. They also may help to arrange favorable financing from a lender for the prospective buyer; often, this makes the difference between success and failure in closing a sale. In some cases, brokers and agents assume primary responsibility for closing sales; in others, lawyers or lenders do.

For more information about the nature of the work, go to http://www.bls.gov/oco/ocos120.htm#nature .

 

Jobs and Salary expectations

Real Estate Sales Agents

Location
Pay Period 10% * Medium 90% **
         
Nebraska Hourly $10.17 $19.29 $36.70
Yearly $21,140 $40,130 $76,340
    Central Hourly $6.02 $11.94 $17.33
Yearly $12,520 $24,830 $36,040
    Northeast Hourly $7.21 $15.13 $28.96
Yearly $14,990 $31,460 $60,250
    Omaha Hourly $11.00 $20.69 $42.70
Yearly $22,890 $43,040 $88,810
    Panhandle Hourly $12.84 $19.65 $24.02
Yearly $26,700 $40,870 $49,960
United States Hourly $10.06 $19.52 $51.34
Yearly $20,930 $40,600 $106,790

*10% of the employees earn this salary

**90% of the employees earn this salary

For additional income information, see ecis.intocareers.org

Program Faculty

All courses offered in Real Estate are taught by adjunct faculty.

                  Dean Uhing

                  Daryl Hansen, Dean of Business

 

Program Descriptions

Metropolitan Community College does not offer a degree option in Real Estate.  To receive a real estate salesperson’s license the applicant must be at least 19 years old, a high school graduate (or the holder of a GED certificate) and successfully complete the real estate exam.  To sit for the exam, the applicant must furnish proof of successful completion of 60 classroom hours of real estate instruction.  At MCC, this means completing Principles of Real Estate plus one additional real estate course of the student’s choosing. 

State licensing requirements are subject to change at the discretion of the Nebraska Real Estate Commission.

For current information about becoming a licensed real estate salesperson, including information about sitting for the real estate licensing exam, contact: Nebraska Real Estate Commission, 301 Centennial Mall South, P. O. Box 94667, Lincoln, NE 68509, 402-471-2004, website: http://www.nrec.state.ne.us/ .

 

Credit Classes and Registration

Metropolitian Community College does not offer a degree in Real Estate. The following classes are offered on a regular basis.

REES 1000 Real Estate Principles                      

A general survey of real estate principles and practices is given. Topics presented include real property rights, real estate transactions, property ownership, real estate financing, appraisal, brokerage, legal instruments, real estate markets, planning and regulation.

REES 1100 Real Estate Law             

Prior completion of REES 1000 is beneficial but not required.

This course familiarizes the student with the basic Nebraska Real Estate Act as it applies to ownership, conveyance and rights in real property. It also familiarizes the student with the role of agent in the relationship between the broker and the client. 

REES 2100 Real Estate Finance       

Prerequisite(1): REES 1000 or licensure

This course covers the various methods of financing real property and the financial institutions that provide the funds for financing residential, commercial and income properties. 

REES 2110 Building & Property Management  

Prerequisite(1): REES 1000 or licensure

Practical skill-building for real estate salespersons, brokers and others is supplied. Attention is given to the management of income-producing real property, leases,

contracts, merchandising, tenant selection, relations with owners and tenants, collections, maintenance, accounting, ethics, and legal and professional relationships. 

REES 2120 Real Estate Sales and Brokerage  

Prerequisite(1): REES 1000 or licensure

The primary emphasis of this course is to introduce the student to the operational functions of the real estate licensee. The role of the licensee as s/he is employed to bring parties together and actually create a market for real property is examined. The student becomes familiar with the marketing procedures within the real estate industry and the economic factors that cause activity within the real estate market.

REES 2130 Real Estate Appraisal  

Prerequisite(1): REES 1000 or licensure

This course analyzes and qualifies forces that create, maintain and destroy real property values.  Specifically, the course is oriented to the appraisal process and methods of arriving at a logical estimate value based upon the market comparison approach, income approach and cost approaches to value.

 

 
 
 
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