Real Estate : An Introduction to the Profession,9780324143829

Real Estate : An Introduction to the Profession

by
Edition: 9th
ISBN13: 9780324143829
ISBN10: 0324143826
Format: Paperback
Pub. Date: 2002-08-23
Publisher(s): South-Western Educational Pub
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Summary

Prepare for the real estate licensing exam with REAL ESTATE: AN INTRODUCTION TO THE PROFESSION! With a student-friendly writing style and examples throughout, this real estate text introduces you to the fundamentals of real estate in an easy-to-understand format. Practical applications, questions and problems, vocabulary review of key terms, and essential math skills are just a few of the tools that will help you succeed on the exam.

Table of Contents

Preface xvi
Introduction to Real Estate
2(10)
Overview
2(1)
How to Read This Book
3(1)
Transaction Overview
3(2)
Chapter Organization
5(1)
Career Opportunities
6(4)
License Requirements
10(2)
Nature and Description of Real Estate
12(20)
Overview
12(1)
Objectives
13(1)
Key Terms
13(1)
Land
14(1)
Improvements
14(1)
Fixtures
14(3)
Appurtenances
17(1)
Water Rights
17(1)
Land Descriptions
17(11)
Grid Systems
28(1)
Vertical Land Descriptions
28(1)
Lot Types
28(4)
Review Questions
30(2)
Rights and Interests in Land
32(22)
Overview
32(1)
Objectives
33(1)
Key Terms
33(1)
Government Rights in Land
34(2)
Protecting Ownership
36(1)
Fee Simple
36(1)
Encumbrances
37(6)
Qualified Fee Estates
43(1)
Life Estates
44(1)
Statutory Estates
45(1)
Freehold Estates
46(1)
Leasehold Estates
47(1)
Overview
48(6)
Review Questions
51(3)
Forms of Ownership
54(12)
Overview
54(1)
Objectives
55(1)
Key Terms
55(1)
Sole Ownership
56(1)
Tenants in Common
56(2)
Joint Tenancy
58(3)
Tenancy by the Entirety
61(1)
Community Property
62(4)
Review Questions
64(2)
Transferring Title
66(20)
Overview
66(1)
Objectives
67(1)
Key Terms
67(1)
Deeds
68(9)
Conveyance After Death
77(2)
Adverse Possession
79(1)
Easement by Prescription
80(1)
Ownership by Accession
81(1)
Public Grant
81(1)
Dedication
82(1)
Forfeiture of Title
82(1)
Alienation of Title
82(4)
Review Questions
83(3)
Recordation, Abstracts, and Title Insurance
86(20)
Overview
86(1)
Objectives
87(1)
Key Terms
87(1)
Need for Public Records
88(2)
Requirements for Recording
90(1)
Public Records Organization
91(2)
Chain of Title
93(2)
Abstract of Title
95(1)
Title Insurance
96(4)
The Torrens System
100(2)
Marketable Title Acts
102(4)
Review Questions
103(3)
Contract Law
106(16)
Overview
106(1)
Objectives
107(1)
Key Terms
107(1)
How a Contract Is Created
108(1)
Essentials of a Valid Contract
109(7)
Performance and Discharge of Contracts
116(1)
Breach of Contract
117(2)
Statute of Limitations
119(1)
Implied Obligations
119(3)
Review Questions
120(2)
Real Estate Sales Contracts
122(24)
Overview
122(1)
Objectives
123(1)
Key Terms
123(1)
Purpose of Sales Contracts
124(1)
Purchase Contracts
124(11)
The Binder
135(1)
Letter of Intent
136(1)
Practicing Law
137(1)
Installment Contracts
137(2)
Equitable Title
139(1)
Option Contracts
140(1)
Lease with Option to Buy
140(2)
Right of First Refusal
142(4)
Review Questions
144(2)
Mortgage and Note
146(22)
Overview
146(1)
Objectives
147(1)
Key Terms
147(1)
Promissory Note
148(2)
The Mortgage Instrument
150(3)
Mortgage Satisfaction
153(1)
``Subject To''
154(1)
Assumption
154(1)
Novation
154(1)
Estoppel
155(1)
Debt Priorities
155(1)
The Foreclosure Process
156(1)
Judicial Foreclosure
157(2)
Strict Foreclosure
159(1)
Power of Sale
160(1)
Entry and Possession
160(1)
Deed in Lieu of Foreclosure
161(1)
Installment Contract Foreclosure
161(1)
Deed of Trust
161(2)
Equitable Mortgage
163(1)
Deed as Security
163(1)
Choice of Security Instrument
163(5)
Review Questions
165(3)
Deed of Trust
168(12)
Overview
168(1)
Objectives
169(1)
Key Terms
169(1)
Parties to a Deed of Trust
170(1)
Reconveyance
171(1)
Deed of Trust Document
171(4)
Jurisdictions Using Deeds of Trust
175(1)
Advantages of the Deed of Trust
175(5)
Review Questions
178(2)
Lending Practices
180(22)
Overview
180(1)
Objectives
181(1)
Key Terms
181(1)
Term Loans
182(1)
Amortized Loans
182(3)
Budget Mortgage
185(1)
Balloon Loan
186(1)
Partially Amortized Loan
186(1)
Earlier Payoff
187(1)
Loan-to-Value Ratio
188(1)
Equity
189(1)
Loan Points
189(1)
FHA Insurance Programs
190(4)
Department of Veterans Affairs
194(4)
Private Mortgage Insurance
198(1)
Rural Housing Services Administration
199(3)
Review Questions
200(2)
The Loan and the Consumer
202(18)
Overview
202(1)
Objectives
203(1)
Key Terms
203(1)
Truth-in-Lending Act
204(3)
Loan Application and Approval
207(13)
Review Questions
219(1)
Sources of Financing
220(20)
Overview
220(1)
Objectives
221(1)
Key Terms
221(1)
Primary Market
222(1)
Savings and Loan Associations
222(1)
Commercial Banks
223(1)
Life Insurance Companies
224(1)
Mortgage Companies
225(1)
Mortgage Brokers
225(1)
Computerized Loan Origination
226(1)
Municipal Bonds
226(1)
Other Lenders
227(1)
Secondary Market
228(6)
Automated Underwriting Systems
234(1)
Availability and Price of Mortgage Money
235(1)
Usury
236(1)
Price to the Borrower
236(1)
Due-On-Sale
236(1)
Prepayment
236(4)
Review Questions
238(2)
Tapes of Financing
240(20)
Overview
240(1)
Objectives
241(1)
Key Terms
241(1)
Adjustable Rate Mortgages
242(3)
Graduated Payment Mortgage
245(1)
Equity Sharing
245(1)
``Rich Uncle'' Financing
246(1)
Package Mortgage
246(1)
Blanket Mortgage
246(1)
Reverse Mortgage
247(1)
Construction Loan
248(1)
Blended-Rate Loan
248(1)
Equity Mortgage
248(1)
Affordable Housing Loans
248(2)
Asset Integrated Mortgage
250(1)
Seller Financing
251(1)
Wraparound Mortgage
252(1)
Subordination
253(1)
Contract for Deed
253(1)
Option
253(1)
Overly Creative Financing?
254(1)
Investing in Mortgages
255(1)
Rental
255(1)
Land Leases
256(1)
Financing Overview
256(4)
Review Questions
257(3)
Taxes and Assessments
260(16)
Overview
260(1)
Objectives
261(1)
Key Terms
261(1)
Property Taxes
262(2)
Unpaid Property Taxes
264(1)
Assessment Appeal
264(1)
Property Tax Exemptions
265(1)
Property Tax Variations
265(1)
Special Assessments
266(2)
Income Taxes on the Sale of One's Residence
268(2)
Installment Method
270(1)
Property Tax and Interest Deductions
271(1)
Interest Deduction Limitations
271(1)
Impact on Real Estate
272(1)
Agent's Liability for Tax Advice
272(1)
Conveyance Taxes
273(3)
Review Questions
274(2)
Title Closing and Escrow
276(24)
Overview
276(1)
Objectives
277(1)
Key Terms
277(1)
Buyer's Walk-Through
278(1)
Title Closing
278(1)
Closing or Settlement Meeting
278(3)
Escrow
281(2)
Delays and Failure to Close
283(1)
Loan Escrows
284(1)
Reporting Requirements
284(1)
Prorating at the Closing
285(3)
Sample Closing
288(1)
Settlement Statement
289(4)
Real Estate Settlement Procedures Act
293(7)
Review Questions
297(3)
Real Estate Leases
300(12)
Overview
300(1)
Objectives
301(1)
Key Terms
301(1)
The Leasehold Estate
302(1)
Creating a Valid Lease
302(1)
The Lease Document
303(3)
Landlord-Tenant Laws
306(1)
Setting Rents
306(1)
Option Clauses
307(1)
Assignment and Subletting
307(1)
Lease Termination
307(1)
Job Opportunities
308(4)
Review Questions
310(2)
Real Estate Appraisal
312(32)
Overview
312(1)
Objectives
313(1)
Key Terms
313(1)
Purpose and Use of Appraisals
314(1)
The Real Property Valuation Process
314(1)
Value Approaches
314(1)
Market Value Defined
314(1)
Market Comparison Approach
315(9)
Cost Approach
324(3)
Income Approach
327(4)
Choice of Approaches
331(1)
Reconciliation
332(1)
Appraiser's Best Estimate
332(1)
Appraisal Regulation
333(2)
Formats of Appraisal Reports
335(2)
Appraiser Qualifications
337(1)
Characteristics of Value
338(1)
Principles of Value
338(1)
Multiple Meanings of the Word Value
339(1)
Buyer's and Seller's Markets
340(1)
Professional Appraisal Societies
341(3)
Review Questions
342(2)
Licensing Laws and Professional Affiliation
344(30)
Overview
344(1)
Objectives
345(1)
Key Terms
345(1)
Rationale for Licensing
346(1)
Persons Required to be Licensed
347(1)
Broker
347(1)
Salesperson
348(1)
Sales Associate
348(1)
Qualifications for Licensing
348(1)
Licensing Procedure
349(2)
Examination Services
351(1)
Nonresident Licensing
352(1)
Licensing the Business Firm
353(1)
Real Estate Regulation
354(1)
License Suspension and Revocation
354(1)
Bonds and Recovery Funds
354(1)
Securities License
354(1)
Affiliating with a Broker
354(5)
Independent Contractor Status
359(1)
Franchised Offices
359(1)
Professional Real Estate Associations
360(1)
Realtor®
361(13)
Review Questions
371(3)
The Principal-Broker Relationship: Employment
374(18)
Overview
374(1)
Objectives
375(1)
Key Terms
375(1)
Listing Agreement
376(2)
Exclusive Right to Sell Listing
378(1)
Exclusive Agency Listing
379(1)
Open Listing
379(1)
Net Listing
379(1)
Advance Fee and Advance Cost Listings
380(1)
Exclusive Authority to Purchase
380(1)
Multiple Listing Service
381(3)
Broker Compensation
384(1)
Terminating the Employment Contract
385(1)
Bargain Brokers
386(1)
Perceived Value
387(5)
Review Questions
388(4)
The Principal-Broker Relationship: Agency
392(20)
Overview
392(1)
Objectives
393(1)
Key Terms
393(1)
Agency
394(1)
Broker's Obligations to the Principal
395(3)
Broker's Obligations to Third Parties
398(2)
Buyer Agency
400(2)
Principal's Obligations
402(1)
Broker's Sales Staff
402(1)
Cooperating Broker
402(4)
Owner Disclosure Statement
406(1)
Interstate Land Sales Disclosure Statements
407(1)
Antitrust Laws
408(1)
Errors and Omission Insurance
409(3)
Review Questions
410(2)
Fair Housing, ADA, Equal Credit, and Community Reinvestment
412(18)
Overview
412(1)
Objectives
413(1)
Key Terms
413(1)
Fair Housing Constitutional Concepts
414(1)
Fair Housing Laws
415(5)
The Americans with Disabilities Act
420(2)
Equal Credit Opportunity Act
422(2)
Community Reinvestment Act
424(6)
Review Questions
427(3)
Condominiums, Cooperatives, PUDs, and Timeshares
430(20)
Overview
430(1)
Objectives
431(1)
Key Terms
431(1)
The Desire for Land-Use Efficiency
432(1)
The Amenities of Multi-Family Living
432(1)
Dividing the Land of an Estate
433(1)
Condominium
434(7)
Cooperative Apartment
441(2)
Planned Unit Development
443(1)
Resort Timesharing
444(6)
Review Questions
447(3)
Land-Use Control
450(10)
Overview
450(1)
Objectives
451(1)
Key Terms
451(1)
Zoning
452(3)
Subdivision Regulations
455(1)
Building Codes
455(1)
Deed Restrictions
456(1)
Planning Ahead for Development
456(4)
Review Questions
458(2)
Investing in Real Estate
460(12)
Overview
460(1)
Objectives
461(1)
Key Terms
461(1)
Benefits of Real Estate Investing
462(1)
1988 Tax Rules
463(2)
Depreciation Calculation
465(1)
Capital Gains
465(1)
At-Risk Rules
465(1)
Installment Sales
466(1)
Construction-Period Expenses
466(1)
Rehabilitation Tax Credits
466(1)
Low-Income Housing Credit
466(1)
Watch List
466(1)
Equity Buildup
467(1)
Leverage
467(1)
Investment Timing
468(1)
Limited Partnerships
469(1)
Effort and Courage
469(3)
Review Questions
470(2)
Appendix A Construction Illustrations and Terminology 472(8)
Appendix B Real Estate Math Review 480(7)
Appendix C Measurement Conversion Table 487(1)
Appendix D Answers to Chapter Review Questions 488(3)
Index and Glossary 491

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