Preface | p. vii |
Acknowledgments | p. x |
Principles | |
Introduction to the Real Estate Business | p. 3 |
A Very Big Business | p. 4 |
Real Estate: A Business of Many Specializations | p. 4 |
Professional Organizations | p. 6 |
Types of Real Property | p. 7 |
The Real Estate Market | p. 8 |
Key Point Review | p. 11 |
Related Web Sites | p. 12 |
Questions | p. 13 |
Real Property and the Law | p. 15 |
Land, Real Estate, and Real Property | p. 16 |
Real Property and Personal Property | p. 19 |
Characteristics of Real Property | p. 22 |
Laws Affecting Real Estate | p. 24 |
Key Point Review | p. 25 |
Related Web Sites | p. 27 |
Questions | p. 28 |
Concepts of Home Ownership | p. 30 |
Home Ownership | p. 31 |
Housing Affordability | p. 33 |
Homeowners' Insurance | p. 36 |
Federal Flood Insurance Program | p. 37 |
Key Point Review | p. 38 |
Related Web Sites | p. 39 |
Questions | p. 40 |
Agency | p. 42 |
Introduction to Real Estate Agency | p. 43 |
Law of Agency | p. 44 |
Types of Agency Relationships | p. 51 |
Customer-Level Services | p. 59 |
Key Point Review | p. 61 |
Questions | p. 64 |
Real Estate Brokerage | p. 66 |
The History of Brokerage | p. 67 |
Real Estate License Laws | p. 68 |
Real Estate Brokerage | p. 69 |
Antitrust Laws | p. 78 |
Key Point Review | p. 81 |
Related Web Sites | p. 84 |
Questions | p. 85 |
Listing Agreements and Buyer Representation | p. 88 |
Listing Agreements | p. 89 |
Termination of Listings | p. 92 |
The Listing Process | p. 93 |
The Listing Contract Form | p. 95 |
Buyer Agency Agreements | p. 103 |
Key Point Review | p. 107 |
Questions | p. 110 |
Interests in Real Estate | p. 113 |
Limitations on the Rights of Ownership | p. 114 |
Government Powers | p. 114 |
Estates in Land | p. 116 |
Encumbrances | p. 121 |
Water Rights | p. 126 |
Key Point Review | p. 128 |
Related Web Sites | p. 129 |
Questions | p. 130 |
Forms of Real Estate Ownership | p. 133 |
Forms of Ownership | p. 134 |
Ownership in Severalty | p. 134 |
Co-ownership | p. 135 |
Trusts | p. 140 |
Ownership of Real Estate by Business Organizations | p. 141 |
Condominiums, Cooperatives, Town Houses, and Time-Shares | p. 143 |
Key Point Review | p. 149 |
Related Web Sites | p. 151 |
Questions | p. 152 |
Legal Descriptions | p. 154 |
Describing Land | p. 155 |
Methods of Describing Real Estate | p. 155 |
Preparing a Survey | p. 165 |
Measuring Elevations | p. 165 |
Land Acquisition Costs | p. 167 |
Land Units and Measurements | p. 167 |
Key Point Review | p. 168 |
Related Web Site | p. 169 |
Questions | p. 170 |
Real Estate Taxes and Other Liens | p. 173 |
Liens | p. 174 |
Real Estate Tax Liens | p. 177 |
Other Liens on Real Property | p. 182 |
Key Point Review | p. 185 |
Related Web Site | p. 187 |
Questions | p. 188 |
Real Estate Contracts | p. 190 |
Contract Law | p. 191 |
Discharge of Contracts | p. 195 |
Contracts Used in the Real Estate Business | p. 197 |
Key Point Review | p. 203 |
Related Web Site | p. 204 |
Questions | p. 205 |
Transfer of Title | p. 208 |
Title | p. 209 |
Voluntary Alienation | p. 209 |
Involuntary Alienation | p. 217 |
Transfer of a Deceased Person's Property | p. 218 |
Key Point Review | p. 221 |
Questions | p. 223 |
Title Records | p. 226 |
Public Records | p. 227 |
Proof of Ownership | p. 230 |
Uniform Commercial Code | p. 233 |
Key Point Review | p. 233 |
Questions | p. 235 |
Real Estate Financing: Principles | p. 238 |
Mortgage Law | p. 239 |
Security and Debt | p. 240 |
Promissory Notes | p. 241 |
Mortgages or Deeds of Trust | p. 243 |
Provisions of Land Contracts and Owner Financing | p. 248 |
Foreclosure | p. 249 |
Key Point Review | p. 251 |
Related Web Site | p. 252 |
Questions | p. 253 |
Real Estate Financing: Practice | p. 255 |
Introduction to the Real Estate Financing Market | p. 256 |
Financing Techniques | p. 261 |
Loan Programs | p. 264 |
Other Financing Techniques | p. 272 |
Financing Legislation | p. 275 |
Computerized Loan Origination and Automated Underwriting | p. 278 |
Key Point Review | p. 279 |
Related Web Sites | p. 282 |
Questions | p. 283 |
Leases | p. 286 |
Leasing Real Estate | p. 287 |
Leasehold Estates | p. 288 |
Lease Agreements | p. 290 |
Types of Leases | p. 296 |
Discharge of Leases | p. 297 |
Fair Housing and Civil Rights Laws | p. 299 |
Key Point Review | p. 300 |
Related Web Site | p. 301 |
Questions | p. 302 |
Practice | |
Property Management | p. 307 |
Overview of the Property Management Profession | p. 308 |
The Property Manager | p. 308 |
The Management Plan and Agreement | p. 311 |
The Property Manager's Responsibilities | p. 313 |
Federal Laws Affecting Property Management | p. 319 |
Risk Management and Environmental Issues Related to Property Management | p. 321 |
Key Point Review | p. 324 |
Related Web Sites | p. 326 |
Questions | p. 327 |
Real Estate Appraisal | p. 329 |
Appraising | p. 330 |
The Appraisal Process | p. 331 |
Value | p. 339 |
The Three Approaches to Value | p. 342 |
Key Point Review | p. 349 |
Related Web Sites | p. 350 |
Questions | p. 351 |
Land-Use Controls and Property Development | p. 354 |
Land-Use Controls | p. 355 |
The Comprehensive Plan | p. 356 |
Zoning | p. 356 |
Building Codes and Certificates of Occupancy | p. 360 |
Subdivision | p. 360 |
Private Land-Use Controls | p. 363 |
Regulation of Land Sales | p. 364 |
Key Point Review | p. 365 |
Related Web Sites | p. 366 |
Questions | p. 367 |
Fair Housing and Ethical Practices | p. 369 |
Equal Opportunity in Housing | p. 370 |
Fair Housing Act | p. 371 |
Fair Housing Practices | p. 378 |
Enforcement of the Fair Housing Act | p. 382 |
Implications for Brokers and Salespeople | p. 383 |
Professional Ethics | p. 384 |
Key Point Review | p. 385 |
Related Web Sites | p. 387 |
Questions | p. 388 |
Environmental Issues and the Real Estate Transaction | p. 390 |
Environmental Issues | p. 391 |
Hazardous Substances | p. 392 |
Groundwater Protection | p. 400 |
Underground Storage Tanks | p. 401 |
Waste Disposal Sites | p. 402 |
Brownfields | p. 403 |
Environmental Protection | p. 404 |
Liability of Real Estate Professionals | p. 405 |
Key Point Review | p. 407 |
Related Web Sites | p. 410 |
Questions | p. 411 |
Closing the Real Estate Transaction | p. 413 |
Preclosing Procedures | p. 414 |
Conducting the Closing | p. 416 |
RESPA Requirements | p. 420 |
Preparation of Closing Statements | p. 422 |
Prorations | p. 425 |
Sample Closing Statement | p. 429 |
Key Point Review | p. 433 |
Related Web Sites | p. 435 |
Questions | p. 436 |
Introduction to Real Estate Investment | p. 438 |
State Statutes Web Links | p. 450 |
Web Links | p. 452 |
Math FAQs | p. 463 |
Sample Examinations | p. 522 |
Glossary | p. 542 |
Answer Key | p. 563 |
Index | p. 568 |
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