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Real Estate Principles

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ISBN-10: 0324305605

ISBN-13: 9780324305609

Edition: 10th 2006 (Revised)

Authors: Charles J. Jacobus

List price: $137.95
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Completely updated, this best-seller introduces the fundamentals of real estate unlike any other. REAL ESTATE PRINCIPLES takes a user-friendly approach to give you a solid understanding of the real estate industry and explains all you need to know to pass the licensing exam. Key chapters dealing with the financial aspects of real estate now include information on current changes and trends in the marketplace - variable rate commissions, government fiscal policy, investments, and income tax.
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Book details

List price: $137.95
Edition: 10th
Copyright year: 2006
Publisher: Cengage South-Western
Publication date: 6/22/2005
Binding: Hardcover
Pages: 640
Size: 8.50" wide x 10.50" long x 1.25" tall
Weight: 2.596
Language: English

Charles J. Jacobus received a Bachelor of Science degree from the University of Houston in 1970 and a Doctor of Jurisprudence degree from the University of Houston Law Center in 1973. He is board certified by the State Bar of Texas Board of Legal Specialization in both residential and commercial real estate law. He is a member of the American College of Lawyers and the Houston Real Estate Lawyer's Council, and has served as president of the Real Estate Educators' Association, chairman of the Real Estate Section of the Houston Bar Association, and chairman of the American Bar Association Committee on Real Estate Brokers and Brokerage. He has served on the Board of Editors for the American…    

Introduction to Real Estate
How to Read This Book
Transaction Overview
Chapter Organization
Career Opportunities
License Requirements
Nature and Description of Real Estate
Key Terms
Water Rights
Land Descriptions
Grid Systems
Vertical Land Description
Lot Types
Physical Characteristics of Land
Economic Characteristics of Land
Rights and Interests in Land
Key Terms
Feudal and Allodial Systems
Government Rights in Land
Protecting Ownership
Fee Simple
Qualified Fee Estates
Life Estates
Statutory Estates
Freehold Estates
Leasehold Estates
Pictorial Summary
Forms of Ownership
Key Terms
Sole Ownership
Tenants in Common
Joint Tenancy
Tenancy by the Entirety
Community Property
Limited Liability Companies
Transferring Title
Key Terms
Conveyance After Death
Adverse Possession
Easement by Prescription
Ownership by Accession
Public Grant
Recordation, Abstracts, and Title Insurance
Key Terms
Need for Public Records
Requirements for Recording
Public Records Organization
Chain of Title
Abstract of Title
Title Insurance
The Torrens System
Marketable Title Acts
Contract Law
Key Terms
How a Contract Is Created
Essentials of a Valid Contract
Performance and Discharge of Contracts
Breach of Contract
Statute of Limitations
Implied Obligations
Real Estate Sales Contracts
Key Terms
Purpose of Sales Contracts
Purchase Contracts
The Binder
Letter of Intent
Practicing Law
Installment Contracts
Equitable Title
Option Contracts
Lease with Option to Buy
Right of First Refusal
Exchange Agreements
Typical Trade Contract
Mortgage and Note
Key Terms
Promissory Note
The Mortgage Instrument
Mortgage Satisfaction
"Subject To"
Debt Priorities
The Foreclosure Process
Judicial Foreclosure
Strict Foreclosure
Power of Sale
Entry and Possession
Deed in Lieu of Foreclosure
Installment Contract Foreclosure
Deed of Trust
Equitable Mortgage
Deed as Security
Choice of Security Instrument
Deed of Trust
Key Terms
Parties to a Deed of Trust
Deed of Trust Document
Jurisdictions Using Deeds of Trust
Advantages of the Deed of Trust
Lending Practices
Key Terms
Term Loans
Amortized Loans
Budget Mortgage
Balloon Loan
Partially Amortized Loan
Earlier Payoff
Loan-to-Value Ratio
Loan Points
FHA Insurance Programs
Department of Veterans Affairs
Private Mortgage Insurance
Rural Housing Services Administration
The Loan and the Consumer
Key Terms
Truth-in-Lending Act
Loan Application and Approval
Sources of Financing
Key Terms
Primary Market
Savings and Loan Associations
Commercial Banks
Life Insurance Companies
Mortgage Companies
Mortgage Brokers
Computerized Loan Origination
Municipal Bonds
Other Lenders
Secondary Market
Automated Underwriting Systems
Availability and Price of Mortgage Money
Price to the Borrower
Types of Financing
Key Terms
Adjustable Rate Mortgages
Graduated Payment Mortgage
Equity Sharing
"Rich Uncle" Financing
Package Mortgage
Blanket Mortgage
Reverse Mortgage
Construction Loan
Blended-Rate Loan
Equity Mortgage
Affordable Housing Loans
Asset Integrated Mortgage (AIM)
Seller Financing
Wraparound Mortgage
Contract for Deed
Overly Creative Financing?
Investing in Mortgages
Land Leases
Financing Overview
Taxes and Assessments
Key Terms
Property Taxes
Unpaid Property Taxes
Assessment Appeal
Property Tax Exemptions
Property Tax Variations
Special Assessments
Income Taxes on the Sale of One's Residence
Capital Gains
Installment Method
Property Tax and Interest Deductions
Interest Deduction Limitations
Impact on Real Estate
Agent's Liability for Tax Advice
Conveyance Taxes
Title Closing and Escrow
Key Terms
Buyer's Walk-Through
Title Closing
Closing or Settlement Meeting
Delays and Failure to Close
Loan Escrows
Reporting Requirements
Prorating at the Closing
Sample Closing
Settlement Statement
Real Estate Settlement Procedures Act
Real Estate Leases
Key Terms
The Leasehold Estate
Creating a Valid Lease
The Lease Document
Landlord-Tenant Laws
Setting Rents
Option Clauses
Assignment and Subletting
Ground Lease
Vertical Lease
Contract Rent, Economic Rent
Lease Termination
Rent Control
Property Management
Tenant Selection
Security Deposit
Tenant Retention
Collecting Rents
On-Site Management
Off-Site Management
Job Opportunities
Real Estate Appraisal
Key Terms
Purpose and Use of Appraisals
The Real Property Valuation Process
Value Approaches
Market Value Defined
Market Comparison Approach
Cost Approach
Income Approach
Choice of Approaches
Appraiser's Best Estimate
Appraisal Regulation
Formats of Appraisal Reports
Characteristics of Value
Principles of Value
Multiple Meanings of the Word Value
Buyer's and Seller's Markets
Professional Appraisal Societies
Licensing Laws and Professional Affiliation
Key Terms
Rationale for Licensing
Persons Required to Be Licensed
Sales Associate
Qualifications for Licensing
Licensing Procedure
Examination Services
Nonresident Licensing
Licensing the Business Firm
Real Estate Regulation
License Suspension and Revocation
Bonds and Recovery Funds
Securities License
Affiliating with a Broker
Independent Contractor Status
Franchised Offices
Professional Real Estate Associations
Code of Ethics
The Principal-Broker Relationship: Employment
Key Terms
Listing Agreement
Exclusive Right to Sell Listing
Exclusive Agency Listing
Open Listing
Net Listing
Advance Fee Listing
Exclusive Authority to Purchase
Multiple Listing Service
Broker Compensation
Procuring Cause
Terminating the Employment Contract
Bargain Brokers
Perceived Value
The Principal-Broker Relationship: Agency
Key Terms
Broker's Obligations to the Principal
Broker's Obligations to Third Parties
Buyer Agency
Principal's Obligations
Broker's Sales Staff
Cooperating Broker
Agency Disclosure
Owner Disclosure Statement
Interstate Land Sales Disclosure Statements
Antitrust Laws
Errors and Omission Insurance
Fair Housing, ADA, Equal Credit, and Community Reinvestment
Key Terms
Fair Housing
The Americans with Disabilities Act
Equal Credit Opportunity Act
Community Reinvestment Act
Condominiums, Cooperatives, PUDs, and Timeshares
Key Terms
The Desire for Land-Use Efficiency
Condominium Management
Maintenance Fees
Property Taxes and Insurance
Condominium Financing
Advantages of Condominium Living
Disadvantages of Condominium Living
Before Buying
Cooperative Apartments
Planned Unit Development
Resort Timesharing
Property Insurance
Key Terms
Property Damage
Public Liability
Homeowner Policies
New for Old
Lender Requirements
Flood Insurance
Landlord Policies
Policy Cancellation
Policy Takeovers
Home Buyer's Insurance
Land-Use Control
Key Terms
Subdivision Regulations
Building Codes
Deed Restrictions
Planning Ahead for Development
Environmental Impact Statements
Windfalls and Wipe-outs
Transferable Development Rights
Real Estate and the Economy
Key Terms
Economic Base
Short-run Demand for Housing
Long-run Demand for Housing
Age Distribution
Governmental Impact
Fiscal Policy
Monetary Policy
Secondary Mortgage Market
Types of Inflation
1975-2000 Period
Watching the Fed
The Outlook
Investing in Real Estate
Key Terms
Benefits of Real Estate Investing
Depreciation Calculation
Capital Gains
At-Risk Rules
Installment Sales
Construction-Period Expenses
Rehabilitation Tax Credits
Low-Income Housing Credit
Watch List
Equity Build-up
Property Selection
Investment Timing
Developing a Personal Investment Strategy
Valuing an Investment
Limited Partnerships
Disclosure Laws
Effort and Courage
Construction Illustrations and Terminology
Real Estate Math Review
Interest and Present Value Tables
Measurement Conversion Table
Answers to Chapter Questions and Problems
Index and Glossary