Dearborn 17th pp

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  • 1. Chapter 1Introduction to the Real Estate Business
    The real estate business is more than just houses. As this chapter says, “Real estate is big business,” and includes commercial properties, condominiums, and open land in addition to single-family homes.
  • 2. 1 Introduction to the Real Estate Business
    Learning Objectives
    • Identify the various careers available in real estate, and the professional organizations that support them
    • 3. Describe the five categories of real property
    • 4. Explain the operation of supply and demand in the real estate market
    • 5. Distinguish the economic, political and social factors that influence supply and demand
    Modern Real Estate Practice17th Edition
  • 6. National Association of REALTORS®Preamble to Code of Ethics
    Under all is the land. Upon its wise utilization and widely allocated ownership depends on the survival and growth of free institutions and our civilization
  • 7. Vocabulary
  • 8. Importance to economy
    38% of GDP
    1 ½ million real estate agents
    Hundreds of specialties –
    10s of millions of people
    Appraising to zoning specialist
    Multiplier Effect Each dollar turns over Appraiser buys goods and services from their fees
    Those providers buy other things
  • 9. Brokerage Multiplier Effect
    Brokerage
    Broker
    Agents
    Office Staff
    Landlord
    Government taxes
    Community
  • 10. 1 Introduction to the Real Estate Business
    A Business of Many Specializations
    Modern Real Estate Practice17th Edition
  • 18. Broker
    Person or company who assists with a BARN SALE
    Buy
    Advertise
    Rent
    Negotiate
    Sell
    Aid
    Lease
    Exchange
  • 19. 1 Introduction to the Real Estate Business
    Types of Real Property Classifications
    RCA IS Zoning (Districts)
    Modern Real Estate Practice17th Edition
  • 24. 1 Introduction to the Real Estate Business
    The Real Estate Market
    • Supply and Demand
    • 25. Factors Affecting Supply
    • 26. Factors Affecting Demand
    Modern Real Estate Practice17th Edition
  • 27. Chapter 2Real Property and the Law
    Many types of property define real estate’s “product.” Land is one of the fundamental concepts of real estate, as well as “improvements” in the form of houses and outbuildings. The fence suggests the limits of ownership.
  • 28. 2Real Property and the Law
    Learning Objectives
    • Identify the rights that convey with ownership of real property and the characteristics of real estate
    • 29. Describe the difference between real and personal property, and the various types of personalty
    • 30. Explain the types of laws that affect real estate
    • 31. Distinguish among the concepts of land, real estate and real property
    Modern Real Estate Practice17th Edition
  • 32. 2Real Property and the Law
    • Land - The earth’s surface extending downward to the center of the earth and upward to infinity, including permanent natural objects
    • 33. Real Estate - Land at, above and below the earth’s surface, plus all things permanently attached to it, whether natural or artificial
    • 34. Real Property-The interests, benefits and rights that are automatically included in the ownership of land and real estate
    Modern Real Estate Practice17th Edition
  • 35. 2Real Property and the Law
    Modern Real Estate Practice17th Edition
  • 36. 2Real Property and the Law
    Bundle of Legal Rights
    Modern Real Estate Practice17th Edition
  • 37. 2Real Property and the Law
    Real Property Rights
    Modern Real Estate Practice17th Edition
  • 41. 2Real Property and the Law
    Personal Property
    All property that does not fit the definition of real property
    Modern Real Estate Practice17th Edition
  • 49. 2Real Property and the Law
    Characteristics of Real Property
    Modern Real Estate Practice17th Edition
  • 58. 2Real Property and the Law
    Laws Affecting Real Estate
    • Contract law
    • 59. General property law
    • 60. Agency law
    • 61. Real estate license law
    • 62. Federal regulations
    • 63. Federal, state and local tax laws
    • 64. Zoning and land use laws
    • 65. Federal, state and local environmental regulations
    Modern Real Estate Practice17th Edition
  • 66. Chapter 3Concepts of Home Ownership
    A variety of housing types are available under the general heading of “home ownership”: single family, small multifamily residences, and high-rise condos.
  • 67. 3Concepts of Home Ownership
    Learning Objectives
    • Identify the various types of housing choices available to home buyers
    • 68. Describethe issues involved in making a home ownership decision
    • 69. Explain the tax benefits of home ownership and the provisions of recent changes to the Tax Code
    • 70. Distinguish the various types of homeowner’s insurance policy coverage
    Modern Real Estate Practice17th Edition
  • 71. 3Concepts of Home Ownership
    Types of Housing
    • Apartment Complex
    • 72. Condominium
    • 73. Cooperative
    • 74. Planned Unit Development (PUD)
    • 75. Retirement Community
    Modern Real Estate Practice17th Edition
  • 76. 3Concepts of Home Ownership
    Types of Housing
    • Highrise Development
    • 77. Converted-use Property
    • 78. Manufactured Housing
    • 79. Modular Homes
    • 80. Time-share
    Modern Real Estate Practice17th Edition
  • 81. 3Concepts of Home Ownership
    Housing Affordability
    • Mortgage Terms
    • 82. Ownership Expenses and Ability to Pay
    • 83. Investment Considerations
    • 84. Tax Benefits
    Modern Real Estate Practice17th Edition
  • 85. 3Concepts of Home Ownership
    Homeowner’s Insurance
    • Coverage and Claims
    • 86. Basic vs. Broad-form Policies
    • 87. Liability
    • 88. Coinsurance Clause
    • 89. National Flood Insurance Program
    Modern Real Estate Practice17th Edition
  • 90. Chapter 4Agency
    Real estate is an industry about property, but it’s also an industry about people. The concept of agency is entirely about people, and relationships between and among them.
  • 91. 4Agency
    Learning Objectives
    • Identify the various types of agency relationships common in the real estate profession and the characteristics of each
    • 92. Describe the fiduciary duties involved in an agency relationship
    • 93. Explain the process by which agency is created and terminated and the role of disclosure in agency relationships
    • 94. Distinguish the duties owed by an agent to his or her client from those owed to customers
    Modern Real Estate Practice17th Edition
  • 95. 4Agency
    Modern Real Estate Practice17th Edition
  • 96. 4Agency
    Modern Real Estate Practice17th Edition
  • 97. 4Agency
    Real Estate Agency
    Modern Real Estate Practice17th Edition
  • 107. 4Agency
    Fiduciary Duties of an Agent
    Modern Real Estate Practice17th Edition
  • 113. 4Agency
    Creation and Termination of Agency
    Creation
    • Express Agency
    • 114. Implied Agency
    Termination
    • Completion, performance or fulfillment
    • 115. Death or incapacity
    • 116. Destruction or condemnation of the property
    • 117. Expiration
    • 118. Mutual agreement
    • 119. Breach
    • 120. Operation of law
    Modern Real Estate Practice17th Edition
  • 121. 4Agency
    Limitations on Authority
    Modern Real Estate Practice17th Edition
  • 122. 4Agency
    Types of Agency Relationships
    Modern Real Estate Practice17th Edition
  • 4Agency
    Types of Agency Relationships
    Modern Real Estate Practice17th Edition
  • 4Agency
    Customer-Level Services
    Modern Real Estate Practice17th Edition
    • Reasonable care and skill in performance
    • 133. Honest and fair dealing
    • 134. Disclosure of all facts the licensee knows (or should be expected to know) that materially affect the value or desirability of the property
    • 135. State law may require additional services or disclosures
  • 4Agency
    Modern Real Estate Practice17th Edition
  • 136. 4Agency
    Property Conditions
    • Latent Defect
    A hidden structural defect that would not be discovered by ordinary inspection
    • Stigmatized Property
    Properties branded “undesirable” because of actual or rumored criminal, tragic or scandalous events that occurred on the property
    Modern Real Estate Practice17th Edition
  • 137. Chapter 5Real Estate Brokerage
    A real estate brokerage is more than a room full of desks. It’s a hive of activity, dependent on people, information, and technology to keep the business running.
  • 138. 5Real Estate Brokerage
    Learning Objectives
    • Identify the role of technologies, personnel and license laws in the operation of a real estate business
    • 139. Describe the various types of antitrust violations common in the real estate industry, and the penalties involved with each
    • 140. Explain how a broker’s compensation is usually determined
    • 141. Distinguish employees from independent contractors and explain why the distinction is important
    Modern Real Estate Practice17th Edition
  • 142. 5Real Estate Brokerage
    Brokerage
    The business of bringing parties together.
    Real Estate Broker
    A person licensed to buy, sell, exchange or lease real property for others and to charge a fee for these services.
    Modern Real Estate Practice17th Edition
  • 143. 5Real Estate Brokerage
    Broker-Salesperson Relationship
    • A real estate salesperson is licensed to perform real estate activities on behalf of a licensed real estate broker
    • 144. Employee – broker may require employee to follow rules for hours, attendance, etc.
    • 145. Independent Contractor – broker cannot require specific office hours, attendance, etc.
    Modern Real Estate Practice17th Edition
  • 146. 5Real Estate Brokerage
    Technology
    • Computers and Laptops
    • 147. Internet, Web Sites, E-mail
    • 148. Cell Phones, Digital Cameras, PDAs
    • 149. Internet Advertising
    • 150. Security
    • 151. Electronic Contracting
    Modern Real Estate Practice17th Edition
  • 152. 5Real Estate Brokerage
    Broker’s Compensation
    • Commission is always negotiable
    • 153. Commission is usually earned when
    • 154. a completed sales contract has been executed by a ready, willing and able buyer
    • 155. the contract is accepted and executed by the seller
    • 156. copies of the contract are in the possession of all parties
    Modern Real Estate Practice17th Edition
  • 157. 5Real Estate Brokerage
    Broker’s Compensation
    • Procuring cause
    • 158. broker started a chain of events that resulted in a sale
    • 159. Ready, willing and able buyer
    • 160. one who is prepared to buy on the seller’s terms and ready to take positive steps toward consummation of the transaction
    Modern Real Estate Practice17th Edition
  • 161. 5Real Estate Brokerage
    Salesperson’s Compensation
    Amount and method of compensation is set by agreement between the broker and the salesperson
    • Fixed salary
    • 162. Share of commission
    • 163. 100% Commission Plan
    • 164. Graduated Commission Split
    Modern Real Estate Practice17th Edition
  • 165. 5Real Estate Brokerage
    Modern Real Estate Practice17th Edition
  • 166. 5Real Estate Brokerage
    Antitrust Laws
    Modern Real Estate Practice17th Edition
  • 171. 5Real Estate Brokerage
    Recent Issues
    • Fee-for-Services
    • 172. Minimum Level of Service
    • 173. Do-Not-Call Registry
    Modern Real Estate Practice17th Edition
  • 174. Chapter 6Listing Agreements and Buyer Representation
    Whether representing sellers or buyers, the role of the real estate professional is one of building relationships. The property for sale is the “product” but the focus of the agent’s business is relationships with the parties.
  • 175. 6Listing Agreements and Buyer
    Representation
    Learning Objectives
    • Identify the different types of listing and buyer representation agreements and their terms
    • 176. Describe the ways in which a listing may be terminated
    • 177. Explain the listing process and the parts of the listing agreement
    • 178. Distinguish among the characteristics of the various types of listing and buyer representation agreements
    Modern Real Estate Practice17th Edition
  • 179. 6Listing Agreements and Buyer
    Representation
    Modern Real Estate Practice17th Edition
    Listing Agreements
  • 6Listing Agreements and Buyer
    Representation
    Termination
    • purpose is fulfilled
    • 185. expiration of listing period
    • 186. property isdestroyed or use is changed
    • 187. title istransferred by law
    • 188. mutual agreement of the parties
    • 189. death or incapacity of either party
    • 190. breach
    Modern Real Estate Practice17th Edition
  • 191. 6Listing Agreements and Buyer
    Representation
    Modern Real Estate Practice17th Edition
    Listing Process
  • 6Listing Agreements and Buyer
    Representation
    Modern Real Estate Practice17th Edition
  • 194. 6Listing Agreements and Buyer
    Representation
    Modern Real Estate Practice17th Edition
    Listing Agreement Issues
    • Type of listing agreement
    • 195. Broker’s authority and responsibilities
    • 196. Names of all parties
    • 197. Brokerage firm
    • 198. Listing price
    • 199. Real and personal property
    • 200. Leased equipment
  • 6Listing Agreements and Buyer
    Representation
    Modern Real Estate Practice17th Edition
    Listing Agreement Issues
  • 6Listing Agreements and Buyer
    Representation
    Modern Real Estate Practice17th Edition
    Listing Agreement Issues
  • 6Listing Agreements and Buyer
    Representation
    Modern Real Estate Practice17th Edition
    Buyer Agency Agreements
    • Exclusive buyer agency agreement
    • 213. Exclusive-agency buyer agency agreement
    • 214. Open buyer agency agreement
  • Chapter 7Interests in Real Estate
    Different types of property are affected by littoral and riparian rights. This view also suggests potential issues of estate types and taxation.
  • 215. 7Interests in Real Estate
    Learning Objectives
    • Identify the kinds of limitations on ownership rights that are imposed by government action and the form of conveyance of property
    • 216. Describe the various estates in land, and the rights and limitations they convey
    • 217. Explain concepts related to encumbrances and water rights
    • 218. Distinguish the various types of government powers, and how they are exercised
    Modern Real Estate Practice17th Edition
  • 219. 7Interests in Real Estate
    Government Powers (“PETE”)
    Modern Real Estate Practice17th Edition
  • 223. 7Interests in Real Estate
    Leasehold Estates
    • Estate for years
    • 224. Estate from period to period
    • 225. Estates at will
    • 226. Estates at sufferance
    Modern Real Estate Practice17th Edition
  • 227. 7Interests in Real Estate
    Freehold Estates
    Modern Real Estate Practice17th Edition
  • 236. 7Interests in Real Estate
    Modern Real Estate Practice17th Edition
  • 237. 7Interests in Real Estate
    Modern Real Estate Practice17th Edition
  • 238. 7Interests in Real Estate
    Modern Real Estate Practice17th Edition
  • 239. 7Interests in Real Estate
    Encumbrances
    Modern Real Estate Practice17th Edition
  • 248. 7Interests in Real Estate
    Modern Real Estate Practice17th Edition
  • 249. 7Interests in Real Estate
    Modern Real Estate Practice17th Edition
  • 250. 7Interests in Real Estate
    Water Rights
    • Riparian rights
    • 251. Littoral rights
    • 252. Accretion, Erosion and Avulsion
    • 253. Doctrine of Prior Appropriation
    Modern Real Estate Practice17th Edition
  • 254. 7Interests in Real Estate
    Modern Real Estate Practice17th Edition
  • 255. 7Interests in Real Estate
    Modern Real Estate Practice17th Edition
  • 256. Chapter 8Forms of Real Estate Ownership
    Many people visualize single-family homes when they think of real estate ownership but the same issues apply to all types of property. Here is a multifamily residence—possibly a condominium, cooperative, or timeshare vacation home.
  • 257. 8Forms of Real Estate Ownership
    Learning Objectives
    • Identify the four basic forms of co-ownership
    • 258. Describe the ways in which various business organizations may own property
    • 259. Explain how a tenancy in common, joint tenancy and tenancy by the entirety are created, and how they may be terminated
    • 260. Distinguish cooperative ownership from condominium ownership
    Modern Real Estate Practice17th Edition
  • 261. 8Forms of Real Estate Ownership
    Modern Real Estate Practice17th Edition
  • 262. 8Forms of Real Estate Ownership
    Forms of Ownership
    Modern Real Estate Practice17th Edition
  • 264. 8Forms of Real Estate Ownership
    Forms of Co-ownership
    • Tenancy in common
    • 265. Joint tenancy
    • 266. Four unities: Possession, Interest, Time, Title
    • 267. Partition
    • 268. Tenancy by the entirety
    • 269. Married couples
    • 270. Termination: Judgment sale, Death, Agreement or Divorce
    • 271. Community property
    Modern Real Estate Practice17th Edition
  • 272. 8Forms of Real Estate Ownership
    Modern Real Estate Practice17th Edition
  • 273. 8Forms of Real Estate Ownership
    Modern Real Estate Practice17th Edition
  • 274. 8Forms of Real Estate Ownership
    Modern Real Estate Practice17th Edition
  • 275. 8Forms of Real Estate Ownership
    Trusts
    Modern Real Estate Practice17th Edition
  • 281. 8Forms of Real Estate Ownership
    Ownership by Business Organizations
    Modern Real Estate Practice17th Edition
  • 289. 8Forms of Real Estate Ownership
    Condominiums
    Modern Real Estate Practice17th Edition
  • 293. 8Forms of Real Estate Ownership
    Modern Real Estate Practice17th Edition
  • 294. 8Forms of Real Estate Ownership
    Cooperatives
    • Proprietary lease
    • 295. Shareholder ownership
    • 296. Operation and administration
    • 297. Tax advantages
    Modern Real Estate Practice17th Edition
  • 298. 8Forms of Real Estate Ownership
    Townhouses
    Modern Real Estate Practice17th Edition
  • 301. 8Forms of Real Estate Ownership
    Time-Shares
    • Time-share estate
    • 302. Time-share use
    • 303. Membership camping
    Modern Real Estate Practice17th Edition
  • 304. Chapter 9Legal Descriptions
    This chapter is about how land is divided up for ownership and how to describe those divisions. This subdivision was developed based on a plat map, and clearly shows how the land has been sectioned off for each home.
  • 305. 9Legal Descriptions
    Learning Objectives
    • Identify the three methods used to describe real estate
    • 306. Describe how a survey is prepared
    • 307. Explain how to read a rectangular survey description
    • 308. Distinguish the various units of land measurement
    Modern Real Estate Practice17th Edition
  • 309. 9Legal Descriptions
    Methods of Describing Real Estate
    • Metes-and-bounds
    • 310. point of beginning (POB)
    • 311. monuments
    Modern Real Estate Practice17th Edition
  • 312. 9Legal Descriptions
    Modern Real Estate Practice17th Edition
  • 313. 9Legal Descriptions
    Methods of Describing Real Estate
    Modern Real Estate Practice17th Edition
  • 323. 9Legal Descriptions
    Methods of Describing Real Estate
    Modern Real Estate Practice17th Edition
  • 327. 9Legal Descriptions
    Modern Real Estate Practice17th Edition
  • 328. 9Legal Descriptions
    Measuring Elevations
    Modern Real Estate Practice17th Edition
  • 331. Chapter 10Real Estate Taxes and Other Liens
    One type of lien is the mechanic’s lien, commonly found in home construction, rehabilitation, and addition projects.
  • 332. 10Real Estate Taxes and Other Liens
    Learning Objectives
    • Identify the various classifications of liens
    • 333. Describe how real estate taxes are applied through assessments, tax liens, and the use of equalization ratios
    • 334. Explain how nontax liens, such as mechanics’ liens, mortgage liens, and judgment liens are applied and enforced
    • 335. Distinguish the characteristics of voluntary, involuntary, statutory, and equitable liens
    Modern Real Estate Practice17th Edition
  • 336. 10 Real Estate Taxes and Other Liens
    Creating Liens (VISE)
    • Voluntary – created intentionally
    • 337. Involuntary – created by law
    • 338. Statutory – created by statute
    • 339. Equitable – created by common law
    Modern Real Estate Practice17th Edition
  • 340. 10 Real Estate Taxes and Other Liens
    Liens
    Modern Real Estate Practice17th Edition
  • 346. 10 Real Estate Taxes and Other Liens
    Modern Real Estate Practice17th Edition
  • 347. 10 Real Estate Taxes and Other Liens
    Real Estate Tax Liens
    Modern Real Estate Practice17th Edition
  • 357. 10 Real Estate Taxes and Other Liens
    Other Liens on Real Property
    Modern Real Estate Practice17th Edition
  • 362. 10 Real Estate Taxes and Other Liens
    Other Liens on Real Property
    • Estate and Inheritance Tax Liens
    • 363. Liens for Municipal Utilities
    • 364. Bail Bond Lien
    • 365. Corporation Franchise Lien
    • 366. IRS Tax Lien
    Modern Real Estate Practice17th Edition
  • 367. Chapter 11Real Estate Contracts
    The signing of a valid real estate contract is the keystone of a real estate transaction.
  • 368. 11 Contracts
    Learning Objectives
    • Identify the requirements for a valid contract
    • 369. Describe the various types of contracts used in the real estate business
    • 370. Explain how contracts may be discharged
    • 371. Distinguish among bilateral and unilateral, executed and executory, and valid, void and voidable contracts
    Modern Real Estate Practice17th Edition
  • 372. 11 Contracts
    Contract Law
    AContractis a:
    • voluntary
    • 373. agreement or promise between
    • 374. legally competent parties
    • 375. supported by legal consideration
    • 376. to perform (or not perform) a legal act
    Modern Real Estate Practice17th Edition
  • 377. 11 Contracts
    Types of Contracts
    • Express or Implied
    • 378. Bilateral or Unilateral
    • 379. Executed or Executory
    Modern Real Estate Practice17th Edition
  • 380. 11 Contracts
    Elements of a Valid Contract
    Modern Real Estate Practice17th Edition
  • 385. 11 Contracts
    Validity of Contracts
    • Valid: meets all the essential legal elements
    • 386. Void: lacks some or all of the essential legal elements
    • 387. Voidable: appears to be valid, but may be rescinded
    or disaffirmed by one or both parties based on some legal principle
    • Unenforceable:appears to be valid but neither party can sue the other for performance
    Modern Real Estate Practice17th Edition
  • 388. 11 Contracts
    Discharge of Contracts
    • Performance: “time is of the essence”
    • 389. Assignment: transfer of existing contractual rights or duties
    • 390. Novation:substitution of a new contract in place of the original
    Modern Real Estate Practice17th Edition
  • 391. 11 Contracts
    Termination
    Modern Real Estate Practice17th Edition
  • 399. 11 Contracts
    Contracts Used in the Real Estate Business
    Modern Real Estate Practice17th Edition
  • 406. 11 Contracts
    Sales Contract Issues
    Modern Real Estate Practice17th Edition
  • 417. Chapter 12Transfer of Title
    Despite technology, real estate is not a paperless industry. A wide variety of documents are needed to establish title, transfer title, and track ownership rights.
  • 418. 12 Transfer of Title
    Learning Objectives
    • Identify the basic requirements for a valid deed
    • 419. Describe the seven fundamental types of deeds
    • 420. Explain how property may be transferred through involuntary alienation
    • 421. Distinguish transfers of title by will from transfers by intestacy
    Modern Real Estate Practice17th Edition
  • 422. 12 Transfer of Title
    Voluntary Alienation
    • A grantor conveys property to a grantee
    • 423. A grantee receives property from a grantor
    • 424. A deed is the instrument that conveys property from a grantor to a grantee
    Modern Real Estate Practice17th Edition
  • 425. 12 Transfer of Title
    Requirements for a Valid Deed
    • Grantor with legal capacity to execute the deed
    • 426. Identifiable, named grantee
    • 427. Recital of consideration
    • 428. Granting clause
    • 429. Habendum clause
    • 430. Accurate legal description of the property conveyed
    • 431. Exceptions or reservations
    • 432. Signature of the grantor
    • 433. Delivery and acceptance
    Modern Real Estate Practice17th Edition
  • 434. 12 Transfer of Title
    Types of Deeds
    Modern Real Estate Practice17th Edition
  • 442. 12 Transfer of Title
    Modern Real Estate Practice17th Edition
  • 443. 12 Transfer of Title
    Modern Real Estate Practice17th Edition
  • 444. 12 Transfer of Title
    Transfer of Deceased Person’s Property
    • Transfer of title by will
    • 445. Transfer of title by descent
    • 446. Probate proceedings
    Modern Real Estate Practice17th Edition
  • 447. Chapter 13Title Records
    The recording of property ownership is a serious undertaking, and the storage and maintenance of ownership and title records is a function of government.
  • 448. 13 Title Records
    Learning Objectives
    • Identify the various proofs of ownership
    • 449. Describe recording, notice and chain of title issues
    • 450. Explain the process and purpose of a title search
    • 451. Distinguish constructive and actual notice
    Modern Real Estate Practice17th Edition
  • 452. 13 Title Records
    Public Records
    • Recording: the act of placing documents in the public record
    • 453. Notice: constructive, actual and inquiry
    • 454. Priority: the order of rights in time
    • 455. Chain of title: the record of a property’s ownership
    • 456. Title Search and abstract of title
    • 457. Marketable title
    Modern Real Estate Practice17th Edition
  • 458. 13 Title Records
    Proof of Ownership
    Modern Real Estate Practice17th Edition
  • 466. Chapter 14Real Estate Financing: Principles
    This financing chapter focuses on the documents and concepts involved in real estate lending.
  • 467. 14 Real Estate Financing: Principles
    Learning Objectives
    • Identify the basic provisions of security and debt instruments: promissory notes, mortgage documents, deeds of trust and land contracts
    • 468. Describe the effect of discount points on yield
    • 469. Explain the procedures involved in a foreclosure
    • 470. Distinguish between lien and title theories
    • 471. Explain the three methods of foreclosure
    Modern Real Estate Practice17th Edition
  • 472. 14 Real Estate Financing: Principles
    Mortgage Law
    Modern Real Estate Practice17th Edition
  • 477. 14 Real Estate Financing: Principles
    Security and Debt
    Modern Real Estate Practice17th Edition
  • 484. 14 Real Estate Financing: Principles
    Mortgages or Deeds of Trust
    Modern Real Estate Practice17th Edition
  • 494. 14 Real Estate Financing: Principles
    Modern Real Estate Practice17th Edition
  • 495. 14 Real Estate Financing: Principles
    Modern Real Estate Practice17th Edition
  • 496. 14 Real Estate Financing: Principles
    Land Contracts
    • Contract for Deed or Installment Contract
    • 497. Other financing may not be available
    • 498. Buyer = vendee
    • 499. Seller = vendor
    • 500. Owner Financing
    Modern Real Estate Practice17th Edition
  • 501. 14 Real Estate Financing: Principles
    Foreclosure
    Modern Real Estate Practice17th Edition
  • 510. 14 Real Estate Financing: Principles
    Modern Real Estate Practice17th Edition
  • 511. Chapter 15Real Estate Financing: Practice
    This chapter focuses on the institutions and logistics of real estate lending. Banks are among the lending institutions involved in the real estate financing process.
  • 512. 15 Real Estate Financing: Practice
    Learning Objectives
    • Identify the types of institutions in the primary and secondary mortgage markets
    • 513. Describe the various types of financing techniques available to real estate purchasers and the role of government financing regulations
    • 514. Explain the requirements and qualifications for conventional, FHA and VA loan programs
    • 515. Distinguish among the different types of “creative” financing techniques that address borrowers’ different needs
    • 516. Review legislation affecting real estate financing
    Modern Real Estate Practice17th Edition
  • 517. 15 Real Estate Financing: Practice
    Real Estate Financing Market
    Modern Real Estate Practice17th Edition
  • 528. 15 Real Estate Financing: Practice
    Real Estate Financing Market
    Modern Real Estate Practice17th Edition
  • 532. 15 Real Estate Financing: Practice
    Financing Techniques
    • Straight Loans
    • 533. Interest-Only Mortgages
    • 534. Balloon Payment Loans
    • 535. Amortized Loans
    • 536. Adjustable-Rate Mortgages (ARMs)
    • 537. Growing-Equity Mortgages (GEMs)
    • 538. Reverse-Annuity Mortgages (RAMs)
    Modern Real Estate Practice17th Edition
  • 539. 15 Real Estate Financing: Practice
    Modern Real Estate Practice17th Edition
  • 540. 15 Real Estate Financing: Practice
    Modern Real Estate Practice17th Edition
  • 541. 15 Real Estate Financing: Practice
    Modern Real Estate Practice17th Edition
  • 542. 15 Real Estate Financing: Practice
    Loan Programs
    • Conventional Loans
    • 543. Loan-to-Value Ratio (LTV)
    • 544. Private Mortgage Insurance (PMI)
    • 545. FHA-Insured Loans
    • 546. VA-Guaranteed Loans
    • 547. Agricultural Loan Programs
    Modern Real Estate Practice17th Edition
  • 548. 15 Real Estate Financing: Practice
    Other Financing Techniques
    Modern Real Estate Practice17th Edition
  • 557. 15 Real Estate Financing: Practice
    Financing Legislation
    • Truth-in-Lending Act and Regulation Z
    • 558. Special creditor definition
    • 559. 3-day right of rescission
    • 560. Advertising trigger terms
    • 561. Penalties
    • 562. Equal Credit Opportunity Act (ECOA)
    • 563. Community Reinvestment Act (CRA)
    • 564. Real Estate Settlement Procedures Act (RESPA)
    Modern Real Estate Practice17th Edition
  • 565. 15 Real Estate Financing: Practice
    Computerized Loan Origination
    • Electronic network for handling loan applications
    • 566. Scoring and Automated Underwriting
    Modern Real Estate Practice17th Edition
  • 567. Chapter 16Leases
    Rental units come in all shapes and sizes, from single-family homes to multistory high-rises that contain hundreds of units. This block of historic apartment buildings is another type of rental property.
  • 568. 16 Leases
    Learning Objectives
    • Identify the four types of leasehold estates
    • 569. Describe the requirements and general conditions of a valid lease, and how a lease may be discharged
    • 570. Explain the rights of landlords and tenants in an eviction proceeding, and the effect of pro-tenant legislation and civil rights laws on the landlord-tenant relationship
    • 571. Distinguish the various types of leases
    Modern Real Estate Practice17th Edition
  • 572. 16 Leases
    Leasehold Estates
    • Estate for Years
    • 573. Estate from Period to Period (Periodic Tenancy)
    • 574. Estate at Will
    • 575. Estate at Sufferance
    Modern Real Estate Practice17th Edition
  • 576. 16 Leases
    Modern Real Estate Practice17th Edition
  • 577. 16 Leases
    Requirements of a Valid Lease
    Modern Real Estate Practice17th Edition
  • 581. 16 Leases
    Lease Agreements
    Modern Real Estate Practice17th Edition
  • 587. 16 Leases
    Lease Agreements
    Modern Real Estate Practice17th Edition
  • 592. 16 Leases
    Types of Leases
    Modern Real Estate Practice17th Edition
  • 600. 16 Leases
    Discharge of Leases
    • Breach
    • 601. Suit for possession: actual eviction
    • 602. Tenants’ remedies: constructive eviction
    • 603. Pro-tenant legislation
    Modern Real Estate Practice17th Edition
  • 604. 16 Leases
    Fair Housing and Civil Rights Laws
    • Affect landlords and tenants
    • 605. Cannot discriminate against protected classes
    Modern Real Estate Practice17th Edition
  • 606. Chapter 17Property Management
    A property manager is also a “people manager” and relationships are important. This manager may be checking a property’s plans for adequate fire planning, for upgrading the HVAC system, or for a remodeling project.
  • 607. 17 Property Management
    Learning Objectives
    • Identify the basic elements of a management agreement
    • 608. Describe a property manager’s functions
    • 609. Explain the role of environmental regulations and the Americans with Disabilities Act in the property manager’s job
    • 610. Distinguish the various types of insurance alternatives
    Modern Real Estate Practice17th Edition
  • 611. 17 Property Management
    Elements of a Management Agreement
    • Description of the property
    • 612. Time period
    • 613. Definition of the manager’s responsibilities
    • 614. Statement of the owner’s purpose
    • 615. Extent of the manager’s authority
    Modern Real Estate Practice17th Edition
  • 616. 17 Property Management
    Elements of a Management Agreement
    • Reporting requirements
    • 617. Compensation
    • 618. Allocation of costs
    • 619. Antitrust provisions
    • 620. Equal opportunity housing statement
    Modern Real Estate Practice17th Edition
  • 621. 17 Property Management
    Manager’s Responsibilities
    Modern Real Estate Practice17th Edition
  • 627. 17 Property Management
    Manager’s Responsibilities
    Modern Real Estate Practice17th Edition
  • 633. 17 Property Management
    Federal Laws Affecting Property Management
    • ECOA
    • 634. Fair Housing Act
    • 635. The Americans with Disabilities Act
    Modern Real Estate Practice17th Edition
  • 636. 17 Property Management
    Modern Real Estate Practice17th Edition
  • 637. 17 Property Management
    Risk Management
    • Risk Management Techniques
    • 638. Tenant Security
    Modern Real Estate Practice17th Edition
  • 639. 17 Property Management
    Risk Management
    Modern Real Estate Practice17th Edition
  • 648. Chapter 18Real Estate Appraisal
    Measurement is vital to the appraiser. Not just physical measurement in feet and inches, but measurement of value and cost.
  • 649. 18 Appraisal
    Learning Objectives
    • Identify the different types and basic principles of value
    • 650. Describe the three basic valuation approaches used by appraisers
    • 651. Explain the steps in the appraisal process
    • 652. Distinguish the four methods of determining reproduction or replacement cost
    Modern Real Estate Practice17th Edition
  • 653. 18 Appraisal
    Appraisal Process
    1. State the problem
    2. List the data needed
    3. Gather, record, verify, and analyze data
    4. Determine the highest and best use
    5. Estimate the land value
    6. Estimate value by each of the three approaches
    7. Reconcile the estimated values
    8. Report the final value estimate
    Modern Real Estate Practice17th Edition
  • 656. 18 Appraisal
    Value
    • Market value
    • 657. Market value vs. Market price
    • 658. Market value vs. Cost
    Modern Real Estate Practice17th Edition
  • 659. 18 Appraisal
    Basic Principles of Value
    Modern Real Estate Practice17th Edition
  • 665. 18 Appraisal
    Basic Principles of Value
    • Increasing and diminishing returns
    • 666. Plottage
    • 667. Regression and progression
    • 668. Substitution
    • 669. Supply and demand
    Modern Real Estate Practice17th Edition
  • 670. 18 Appraisal
    Sales Comparison Approach to Value
    • Subject property vs. comparable properties
    • 671. Property rights
    • 672. Financing concessions
    • 673. Market conditions
    • 674. Conditions of sale
    • 675. Market conditions since date of sale
    • 676. Location
    • 677. Physical features and amenities
    Modern Real Estate Practice17th Edition
  • 678. 18 Appraisal
    Cost Approach to Value
    • Reproduction cost vs. Replacement cost new
    • 679. Square-foot method
    • 680. Unit-in-place method
    • 681. Quantity-survey method
    • 682. Index method
    • 683. Depreciation
    • 684. Physical deterioration
    • 685. Functional obsolescence
    • 686. External obsolescence
    Modern Real Estate Practice17th Edition
  • 687. 18 Appraisal
    Income Approach to Value
    • Annual potential income
    • 688. Effective gross income
    • 689. Annual operating expenses
    • 690. Capitalization rate
    • 691. Gross rent multiplier (GRM)
    • 692. Gross income multiplier (GIM)
    Modern Real Estate Practice17th Edition
  • 693. Chapter 19Land-Use Controls and Property Development
    Issues controlled by local land-use controls include how close developers can place units to each other, and how to protect historic characteristics of an area.
  • 694. 19 Land-Use Controls and
    Property Development
    Learning Objectives
    • Identify the various types of public and private land-use controls
    • 695. Describe how a comprehensive plan influences local real estate development
    • 696. Explain the various issues involved in subdivision
    • 697. Distinguish the function and characteristics of building codes and zoning ordinances
    Modern Real Estate Practice17th Edition
  • 698. 19 Land-Use Controls and
    Property Development
    The Comprehensive Plan
    • Land Use
    • 699. Housing needs
    • 700. Movement of people and goods
    • 701. Community facilities and utilities
    • 702. Energy conservation
    Modern Real Estate Practice17th Edition
  • 703. 19 Land-Use Controls and
    Property Development
    Zoning Permits
    Modern Real Estate Practice17th Edition
  • 707. 19 Land-Use Controls and
    Property Development
    Zoning Ordinances
    • Buffer zones
    • 708. Bulk zoning
    • 709. Aesthetic zoning
    • 710. Incentive zoning
    • 711. 14th Amendment and Takings Clause (5th Amendment)
    • 712. Inverse condemnation
    Modern Real Estate Practice17th Edition
  • 713. 19 Land-Use Controls and
    Property Development
    Subdivision
    Modern Real Estate Practice17th Edition
  • 721. 19 Land-Use Controls and
    Property Development
    Subdivision
    • Private Land-Use Controls
    • 722. Restrictivecovenants
    • 723. May be more restrictive than zoning ordinances
    • 724. Regulation of Land Sales
    • 725. Interstate Land Sales Full Disclosure Act
    Modern Real Estate Practice17th Edition
  • 726. Chapter 20Fair Housing and Ethical Practices
    Fair housing is not just “nice to have”—it’s the law. Fair housing practices are established by local, state, and national laws and regulations, and the judicial system actively enforces them.
  • 727. 20 Fair Housing and Ethical Practices
    Learning Objectives
    • Identify the classes of people who are protected against discrimination in housing by various federal laws
    • 728. Describe how the Fair Housing Act is enforced
    • 729. List the exemptions allowed in the Fair Housing Act
    Modern Real Estate Practice16th Edition
  • 730. 20 Fair Housing and Ethical Practices
    Learning Objectives
    • Explain how fair housing laws address a variety of discriminatory practices and regulate real estate advertising
    • 731. Distinguish the protections offered by the Fair Housing Act, the Housing and Community Development Act, the Fair Housing Amendments Act, the Equal Credit Opportunity Act and the Americans with Disabilities Act
    Modern Real Estate Practice16th Edition
  • 732. 20 Fair Housing and Ethical Practices
    Equal Opportunity
    Modern Real Estate Practice16th Edition
  • 740. Modern Real Estate Practice16th Edition
  • 741. 20 Fair Housing and Ethical Practices
    Equal Opportunity
    • Jones v. Mayer
    • 742. Equal Credit Opportunity Act
    • 743. Americans with Disabilities Act
    Modern Real Estate Practice16th Edition
  • 744. 20 Fair Housing and Ethical Practices
    Fair Housing Issues
    Modern Real Estate Practice16th Edition
  • 751. Chapter 21Environmental Issues and the Real Estate Transaction
    Pollution, such as hazardous runoff into local waterways, is a serious issue for homeowners, developers, and real estate professionals.
  • 752. 21 Environmental Issues and the
    Real Estate Transaction
    Learning Objectives
    • Identify the basic environmental hazards an agent should be aware of in order to protect his or her client’s interests
    • 753. Describe the warning signs, characteristics, causes and solutions for the various environmental hazards most commonly found in real estate transactions
    • 754. Explain the fundamental liability issues arising under environmental protection laws
    • 755. Distinguish lead-based paint issues from other environmental issues
    Modern Real Estate Practice17th Edition
  • 756. 21 Environmental Issues and the
    Real Estate Transaction
    Hazardous Substances
    Modern Real Estate Practice17th Edition
  • 765. 21 Environmental Issues and the
    Real Estate Transaction
    Modern Real Estate Practice17th Edition
  • 766. 21 Environmental Issues and the
    Real Estate Transaction
    Groundwater Protection
    • Groundwater
    • 767. Water table
    • 768. Safe Drinking Water Act (SDWA)
    Underground Storage Tanks (USTs)
    • Registration and administrative requirements
    • 769. Exempted types of tanks
    Modern Real Estate Practice17th Edition
  • 770. 21 Environmental Issues and the
    Real Estate Transaction
    Waste Disposal and Clean-up
    • Landfills
    • 771. capping
    • 772. Hazardous and radioactive waste
    • 773. Brownfields
    • 774. Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)
    • 775. Superfund Amendments and Reauthorization Act
    Modern Real Estate Practice17th Edition
  • 776. 21 Environmental Issues and the
    Real Estate Transaction
    Agent Liability
    • Discovery of environmental hazards
    • 777. Environmental site assessments
    • 778. Environmental Impact Statements (EIS)
    • 779. Disclosure of environmental hazards
    Modern Real Estate Practice17th Edition
  • 780. Chapter 22Closing the Real Estate Transaction
    Some closings are face-to-face, and some are conducted through escrow. But in all cases, once again, it’s a people-related business.
  • 781. 22 Closing the Real Estate Transaction
    Learning Objectives
    • Identify the issues of particular interest to the buyer and the seller as a real estate transaction closes
    • 782. Describe the steps involved in preparing a closing statement
    • 783. Explain the general rules for prorating
    • 784. Distinguish the procedures involved in face-to-face closings from those in escrow closings
    Modern Real Estate Practice17th Edition
  • 785. 22 Closing the Real Estate Transaction
    Modern Real Estate Practice17th Edition
    Preclosing Procedures
    Buyer’s Issues
    Seller’s Issues
    • Payment
    • 791. Buyer financing
    • 792. Compliance with buyer requirements
  • 22 Closing the Real Estate Transaction
    Modern Real Estate Practice17th Edition
    The Closing
    • Face-to-Face Closing
    • 793. Closing in Escrow
  • 22 Closing the Real Estate Transaction
    RESPA Requirements
    • Controlled Business Arrangements
    • 794. Disclosure Requirements
    • 795. Information Booklet
    • 796. Good-faith estimate of settlement costs
    • 797. Uniform Settlement Statement (HUD-1)
    • 798. Prohibition on Kickbacks and Referral Fees
    Modern Real Estate Practice17th Edition
  • 799. 22Closing the Real Estate Transaction
    Closing Statement
  • 22 Closing the Real Estate Transaction
    Prorations
    Modern Real Estate Practice17th Edition