Real Estate Minutes 3-30-07

June 15, 2007

A meeting of the Real Estate Advisory Committee for Mt San Jacinto College (MSJC) was held on March 30, 2007, at Marie Callender’s Restaurant in Temecula, CA. Minutes of the meeting follow:

1. Attendees. The following members were present at the meeting.

Name Organization/Title Kelly Ashman Hemet Appraisers Randall Banagas REMAX Experience Ron Bowman Business Department Chair, MSJC Allison Burke Associate Faculty, MSJC/ Hemet Appraisers Morton Grabel Morton Grabel Realty Caren Hennessy Office Technology Instructor, MSJC Matt Kruger A2S Buyers & Sellers/Associate Faculty, MSJC Sonya Linden Coldwell Banker Associates Realty Laurie McLaughlin Associate Dean, Career Education, MSJC Cynthia Nordskog Associate Faculty, MSJC/Broker/Owner, Jazzed About Real Estate Edward Parish Associate Faculty, MSJC/Broker/Owner, Empire Associates Dottie Smith VTEA Coordinator Mike Zingg Century 21 Zingg & Associates Robin Zingg Century 21 Zingg & Associates Steve McLaughlin Keller Williams Realty David Lynch Lynch Association John Vaugman Associate Faculty, MSJC Vicki Puterbaugh Rancon Realty

2. Welcome & Introductions.

Laurie McLaughlin, Associate Dean, Career Education, opened the meeting at 11:37 a.m. She welcomed the attendees and introduced Mr. Ron Bowman, Business Department Chair. Laurie directed the attendees’ attention to their packet and reviewed the information inside. She explained the importance of Advisory Committees to the college. The college must determine if its programs are relevant and current. Input is 2 needed from businesses and industry to guide us in this process. The members introduced themselves.

Ms McLaughlin mentioned there are a lot of changes coming in the Real Estate area which will require the college to revise some of our curriculum. The college is looking for internships to afford the students real-world job experience.

3. Real Estate Program Update – Ron Bowman

a. New licensing requirements

Beginning in October 2007, real estate agents will have to complete Real Estate Principles, Real Estate Practice, and an elective before they can sit for the Salesperson’s Exam. As of January 2008, appraisers will need to meet the education requirements of the 2008 Appraisal Qualifications Board of the Appraisal Foundation; therefore, curriculum has been updated to reflect these changes, which are summarized in the table below.

AQB Minimum Real Property Appraiser Qualifying Criteria (Effective January 1, 2008) OREA Basic Education College Level Experience License Levels Requirements Requirements Trainee (AT) 150 Hours N/A N/A Residential (AL) 150 Hours N/A 2,000 Hours (accumulated over at least a 12 month period) Certified 200 Hours Associate Degree* 2,500 Hours Residential (AR) (accumulated over at least a 30 month period) Certified General 300 Hours Bachelors Degree** 3,000 Hours that include at (AG) least 1500 non-residential hours (accumulated over at least a 30 month period)

*In lieu of the Associate Degree, an applicant can complete 21 college semester credits in courses covering specific subject matters: English Composition; Principles of Economics (Micro or Macro); Finance, Algebra, Geometry or higher mathematics; Statistics, Introduction to Computers; and Business or Real Estate Law.

**In lieu of the Bachelors Degree, an applicant can complete 30 college semester credits in courses covering specific subject matters: English Composition; Micro Economics; Macro Economics; Finance, Algebra, Geometry or higher mathematics; Statistics, Introduction to Computers; and Business or Real Estate Law; and two elective courses in accounting, geography, ag-economics, business management, or real estate. 3 b. Short-Term Real Estate Classes

Mr. Bowman told the members that the college is exploring shorten the length of classes to better compete with other schools that provide similar training to become real estate agents. He said we can look at using two instructors for one class so the workload can be shared.

A discussion followed: While some of the associate faculty were concerned the students might have problems with the shorter classes, other associate faculty and the business partners felt it would be a good idea. One member stated that an accelerated program should be offered because most people want to get the classes done as fast as possible.

Shorter classes would get the student ready faster and make the college competitive with other schools. The college already offers short-term classes in other disciplines and motivated students are very successful. We can also look at making some of the classes available online.

Ms. McLaughlin asked the faculty members who were present if they felt all three of the required courses could be effectively offered online: RE-140 Real Estate Principles, RE-141 Real Estate Practice, and RE-142 Legal Aspects of Real Estate. They agreed that that could.

RECOMMENDATION: Explore offering the three required real estate classes as FasTrac classes and as online classes.

c. Appraisal Classes

Mr. Bowman asked the committee members if they felt we could offer appraisal classes online. After a discussion, the consensus was that appraisal classes could be offered in a hybrid format with four or five face-to-face meetings so that actual appraisals could be done.

Ms. McLaughlin told the group than MSJC is a state leader in creating instructor training programs for distance learning. One important element is that instructors must maintain regular effective contact with students.

Ms. McLaughlin said that the college is definitely onboard with online classes. We can offer RE-144 Basic Appraisal Principles and Procedures and RE-157 Uniform Standards of Professional Appraisal Practice (USPAP) in a hybrid format appropriate for online. We can also offer any elective. Palomar College is teaching real estate classes online. A member who has taken these classes online felt they can work quiet well.

RECOMMENDATION: Explore teaching some appraisal classes fully online or in a hybrid format.

d. Additional Items 4 Mr. Bowman informed the committee members that we have changed the courses for the real estate program. Currently the required real estate classes are:

RE 140 – Real Estate Principles RE 141 – Real Estate Practice RE 142 – Legal Aspects of Real Estate RE 143 – Real Estate Finance

A general real estate license will require a bachelor’s degree in the future. A real estate certification will require an associate’s degree.

4. Presentation – Virtual Office Assistant – Caren Hennessy

Ms. Hennessy gave a presentation on the proposed Virtual Office Assistant program and other new courses. She told the members that a virtual office assistant is a good fit for real estate agents as they normally don’t need full time assistants.

Members wanted to know if this course could be taught in a nontraditional format, such as weekend workshops. The answer was yes; we can come to your business and teach just what you need when you need it. Ms. Hennessy mentioned that we could even do occupational internships for students, helping them as they learn.

5. Review of Labor Market Information

Current labor market information was review. See attachment.

6. Occupational Internship Program

Ms. McLaughlin referred the member to the Occupational Internship Brochure and flyer on CalWORKS Occupational Internships. Please let us know if you are interested in hiring someone through this program.

A faculty member mentioned that internships are hard to find because of liability. Several brokers said that they had internships available.

7. Business Member Input

 A faculty member mentioned that we need more smart classrooms for real estate classes. Ms. McLaughlin replied that the college is continually working to get more smart classrooms. Some of the decision about who gets a smart classroom is based on enrollment. A business member asked if it is possible for the college to partner with businesses so that some classes could be taught at brokerage offices where this equipment is available. Ms. McLaughlin answered that this is possible and since both campuses are impacted, please let us know If you have facilities that we can use for classes. 5  Ms. Hennessy was asked what kind of income a virtual assistant can expect to make. She answered $40-$150 an hour. Employers will pay that because they aren’t paying overhead or benefits.

 Ms. Sonya Linden stated that she feels internships are important to students for their growth and professional development. She would like to develop a program with the college.

 An Instructor mentioned that because classes are sometimes small, he hesitates to invite guest speakers because he doesn’t want to waste their time. Guest speakers are always great and really give a lot to the class. Mr. Zingg responsed that as a potential guest speaker he does not feel it’s a waste of his time even if the class is small. We may help one student.

 Mr. Cynthia Nordskog said we have a unique base of students. Real estate students are career driven and want to finish fast. We need to stay focused on this and structure our classes accordingly.

8. The meeting adjourned at 1:35 p.m.