The document discusses the many specializations within the real estate business, including brokerage, real estate sales, appraisal, property management, financing, home inspection, counseling, and education. It also covers the real estate market, factors that affect supply and demand, home ownership, types of housing, ownership expenses, investment considerations, and tax benefits of home ownership.
LCAR Unit 15 - Agency in Real Estate - 14th Edition RevisedTom Blefko
The document summarizes key information about agency in real estate transactions. It discusses the fiduciary responsibilities of agents, including care, obedience, accounting, loyalty, disclosure, and confidentiality. It also describes different types of agency relationships such as single agency, subagency, dual agency, and transaction licensees. The summary concludes by outlining the major provisions that must be disclosed in the Pennsylvania Consumer Notice about the duties of agents and various business relationships allowed.
LCAR Unit 14 - Real Estate Brokerage - 14th Edition Revised.pdfTom Blefko
This document discusses real estate brokerage and the legal considerations of technology in real estate. It provides an overview of how real estate brokerage has evolved from small family businesses to larger corporate models. It also examines the broker-salesperson relationship and compensation structures. The document analyzes current housing market trends and concludes there is little risk of a crash due to tight lending standards and homeowner equity. It outlines antitrust laws and regulations around internet advertising, social media use, email marketing, and telemarketing in real estate.
LCAR Unit 17 - Listing Agreements and Buyer Representation Contracts - 14th E...Tom Blefko
The document discusses listing agreements and buyer representation contracts. It covers the key points that agency contracts are employment contracts for broker services, not property transfer contracts. Listing and buyer representation agreements are fundamental real estate profession documents. Pennsylvania law requires written agreements when a consumer compensates a broker. Required agreement elements include the broker's fee/term, broker services, broker representing multiple parties, and cooperation with other brokers. The document outlines exclusive right to sell, exclusive agency, and open listings. It discusses listing contract forms and the typical information contained within like property details, ownership evidence, broker compensation, and indemnification.
LCAR Unit 16 - Ethical Practices and Fair Housing - 14th Edition RevisedTom Blefko
The document discusses fair housing laws and ethical practices in real estate. It provides examples of discrimination testing in Allentown, PA and Long Island, NY that found minorities were treated differently in most cases. Federal and state laws like the Fair Housing Act prohibit discrimination in housing based on protected classes. Violations can result in fines or lawsuits. The implications for real estate professionals are to avoid practices like steering, blocking busting, or discriminatory advertising and follow guidelines to ensure fair treatment of all homebuyers.
LCAR Unit 19 - Financing the Real Estate Transaction - 14th Edition RevisedTom Blefko
This document discusses various topics related to financing real estate transactions, including:
1) Obtaining credit from lenders involves evaluating risk and yield based on factors like loan term, type, amount, and market rates. Credit scores also impact approval and rates.
2) Government regulations like the Truth in Lending Act require disclosing loan costs and annual percentage rates. The Equal Credit Opportunity Act prohibits credit discrimination.
3) Common loan programs include conventional loans, which usually require 20% down, and FHA loans, which insure lenders against loss up to 96.5% loan-to-value. Private mortgage insurance may be required on conventional loans over 80% loan-to-value.
LCAR Unit 22 - Leasing and Property Management - 14th Edition RevisedTom Blefko
This document provides an overview of leasing and property management. It discusses key concepts such as different types of leases, the responsibilities of property managers, and financial reports used in property management. Specifically, it covers lease agreements, the management plan and agreement, the property manager's responsibilities, renting procedures, and types of leases including gross, net, percentage, and ground leases.
LCAR Unit 21 - Closing the Real Estate Transaction - 14th Edition RevisedTom Blefko
The document discusses the closing process for real estate transactions. It covers:
1) The closing process involves the buyer inspecting documents like the title, survey, and inspection results. The seller ensures they receive payment while the buyer ensures they have funds.
2) The title is checked to disclose liens and the seller's existing loan is paid off. If the buyer assumes the loan, the loan balance must be verified.
3) Federal laws like RESPA and TRID regulate the closing process, requiring forms that disclose costs to buyers in a standardized way. TRID consolidated prior forms into a Loan Estimate and Closing Disclosure to improve transparency.
LCAR Unit 20 - Appraising Real Estate - 14th Edition RevisedTom Blefko
The document discusses appraising real estate. It provides information on appraisals, appraisers, regulations for appraisals, and the appraisal process. The key points are:
- An appraisal is an estimate of a property's market value based on approved methods and supportable evidence. Appraisals are done by independent professionals in an impartial manner.
- Appraisals used for federally related transactions must comply with regulations. Appraisers follow USPAP standards and are certified at different levels depending on the types of properties they appraise.
- The appraisal process involves gathering data, determining highest and best use, and using the sales comparison, cost, and income approaches to estimate a
LCAR Unit 15 - Agency in Real Estate - 14th Edition RevisedTom Blefko
The document summarizes key information about agency in real estate transactions. It discusses the fiduciary responsibilities of agents, including care, obedience, accounting, loyalty, disclosure, and confidentiality. It also describes different types of agency relationships such as single agency, subagency, dual agency, and transaction licensees. The summary concludes by outlining the major provisions that must be disclosed in the Pennsylvania Consumer Notice about the duties of agents and various business relationships allowed.
LCAR Unit 14 - Real Estate Brokerage - 14th Edition Revised.pdfTom Blefko
This document discusses real estate brokerage and the legal considerations of technology in real estate. It provides an overview of how real estate brokerage has evolved from small family businesses to larger corporate models. It also examines the broker-salesperson relationship and compensation structures. The document analyzes current housing market trends and concludes there is little risk of a crash due to tight lending standards and homeowner equity. It outlines antitrust laws and regulations around internet advertising, social media use, email marketing, and telemarketing in real estate.
LCAR Unit 17 - Listing Agreements and Buyer Representation Contracts - 14th E...Tom Blefko
The document discusses listing agreements and buyer representation contracts. It covers the key points that agency contracts are employment contracts for broker services, not property transfer contracts. Listing and buyer representation agreements are fundamental real estate profession documents. Pennsylvania law requires written agreements when a consumer compensates a broker. Required agreement elements include the broker's fee/term, broker services, broker representing multiple parties, and cooperation with other brokers. The document outlines exclusive right to sell, exclusive agency, and open listings. It discusses listing contract forms and the typical information contained within like property details, ownership evidence, broker compensation, and indemnification.
LCAR Unit 16 - Ethical Practices and Fair Housing - 14th Edition RevisedTom Blefko
The document discusses fair housing laws and ethical practices in real estate. It provides examples of discrimination testing in Allentown, PA and Long Island, NY that found minorities were treated differently in most cases. Federal and state laws like the Fair Housing Act prohibit discrimination in housing based on protected classes. Violations can result in fines or lawsuits. The implications for real estate professionals are to avoid practices like steering, blocking busting, or discriminatory advertising and follow guidelines to ensure fair treatment of all homebuyers.
LCAR Unit 19 - Financing the Real Estate Transaction - 14th Edition RevisedTom Blefko
This document discusses various topics related to financing real estate transactions, including:
1) Obtaining credit from lenders involves evaluating risk and yield based on factors like loan term, type, amount, and market rates. Credit scores also impact approval and rates.
2) Government regulations like the Truth in Lending Act require disclosing loan costs and annual percentage rates. The Equal Credit Opportunity Act prohibits credit discrimination.
3) Common loan programs include conventional loans, which usually require 20% down, and FHA loans, which insure lenders against loss up to 96.5% loan-to-value. Private mortgage insurance may be required on conventional loans over 80% loan-to-value.
LCAR Unit 22 - Leasing and Property Management - 14th Edition RevisedTom Blefko
This document provides an overview of leasing and property management. It discusses key concepts such as different types of leases, the responsibilities of property managers, and financial reports used in property management. Specifically, it covers lease agreements, the management plan and agreement, the property manager's responsibilities, renting procedures, and types of leases including gross, net, percentage, and ground leases.
LCAR Unit 21 - Closing the Real Estate Transaction - 14th Edition RevisedTom Blefko
The document discusses the closing process for real estate transactions. It covers:
1) The closing process involves the buyer inspecting documents like the title, survey, and inspection results. The seller ensures they receive payment while the buyer ensures they have funds.
2) The title is checked to disclose liens and the seller's existing loan is paid off. If the buyer assumes the loan, the loan balance must be verified.
3) Federal laws like RESPA and TRID regulate the closing process, requiring forms that disclose costs to buyers in a standardized way. TRID consolidated prior forms into a Loan Estimate and Closing Disclosure to improve transparency.
LCAR Unit 20 - Appraising Real Estate - 14th Edition RevisedTom Blefko
The document discusses appraising real estate. It provides information on appraisals, appraisers, regulations for appraisals, and the appraisal process. The key points are:
- An appraisal is an estimate of a property's market value based on approved methods and supportable evidence. Appraisals are done by independent professionals in an impartial manner.
- Appraisals used for federally related transactions must comply with regulations. Appraisers follow USPAP standards and are certified at different levels depending on the types of properties they appraise.
- The appraisal process involves gathering data, determining highest and best use, and using the sales comparison, cost, and income approaches to estimate a
LCAR Unit 17 - Listing Agreements and Buyer Representation Contracts - 14th E...Tom Blefko
The document discusses listing agreements and buyer representation contracts. It provides an overview of agency contracts and explains that listing and buyer representation agreements are fundamental documents of the real estate profession. It then describes the key components that must be included in written listing and buyer representation agreements according to Pennsylvania licensing law. Finally, it discusses the different types of listing agreements (exclusive right-to-sell, exclusive agency, open) and buyer agency agreements (exclusive, exclusive agency, nonexclusive) and the terms that must be addressed in each.
LCAR Unit 14 - Real Estate Brokerage - 14th Edition RevisedTom Blefko
The document discusses trends in the real estate brokerage industry. It notes that brokerage services have become more complex since the 1950s with the rise of multiple listing services and buyer representation. Today, brokers face challenges like managing complex transactions, personnel, and technology. The housing market is also described as more stable now compared to the bubble of the late 2000s, with home prices rising and fewer foreclosures. The document outlines various legal considerations for brokers around compensation, independent contractor status, and antitrust laws as technology continues to change the industry.
This document discusses various types of real estate contracts and disclosures. It covers consumer notices, seller property disclosures, material facts, latent defects, stigmatized properties, estimated closing costs, condominium disclosures, fact versus opinion, offers and counteroffers, contingencies, amendments and addendums. It also discusses agency disclosure, timeframes, options contracts, and installment sales contracts. The key information licensees need to know about preparing valid and legally binding real estate sale contracts is covered.
LCAR Unit 16 - Ethical Practices and Fair Housing - 14th Edition RevisedTom Blefko
The document discusses fair housing laws and ethical practices in real estate. It provides examples of housing discrimination tests conducted in Allentown, PA and Long Island, NY that found minorities were treated differently a majority of the time. It outlines federal, state, and local laws prohibiting housing discrimination and exemptions. Real estate agents and brokers must comply with these laws and avoid practices like steering, blockbusting, discriminatory advertising, and redlining. Violations can result in fines, damages payments, license suspension, and other penalties.
LCAR Unit 15 - Agency in Real Estate - 14th Edition RevisedTom Blefko
This document discusses agency in real estate transactions. It defines key terms like agent, principal, fiduciary duties and different types of agency relationships. It explains how agency relationships are formed and terminated. It also summarizes a landmark court case around dual agency disclosure. Real estate agents have fiduciary duties of care, obedience, accounting, loyalty, disclosure and confidentiality to their principal. Agents can represent buyers or sellers through single agency or both parties through dual agency with proper consent.
LCAR Unit 22 - Leasing and Property Management - 14th Edition RevisedTom Blefko
This document discusses various aspects of leasing and property management. It begins by defining property management and describing how it involves leasing, managing, marketing, and maintaining real estate owned by others. It then discusses lease agreements, including how they work as a contract between an owner and tenant. Several key elements of lease agreements are outlined, such as requirements for a valid lease, drafting considerations, use and maintenance of premises, security deposits, and types of leases. Breach of lease situations and remedies are also summarized.
The document provides examples and step-by-step instructions for solving various types of real estate math problems commonly found on licensing exams. It addresses strategies for prorating rent and expenses, calculating profit and loss from a home sale, determining interest on a loan, and computing commissions based on a property's selling price. Examples show setting up and solving equations to find unknown values related to properties, rents, commissions, interest rates, and other financial factors involved in real estate transactions.
The document provides examples of real estate math concepts including prorations, profit and loss calculations, principal and interest, and commission calculations. It walks through multiple examples step-by-step showing the calculations to determine accrued interest on a mortgage assumption, property tax credits, sales prices requiring a certain profit percentage, loan repayment amounts, appraised property values based on mortgage amounts, commissions earned from property sales, and determining commission rates.
Cindee Stone has over 15 years of experience helping people achieve homeownership through her mortgage lending expertise. She founded People Want Info to educate homebuyers on the loan process and stresses the importance of pre-approval to feel comfortable throughout the process. With her positive attitude and focus on clients, Cindee has achieved success in the mortgage industry by ensuring the best outcomes for each individual borrower.
This document summarizes a home buyer seminar presented by a realtor and mortgage lender. It discusses the benefits of homeownership over renting, current market conditions making it a good time to buy, various loan programs available, and the basic steps involved in the home buying process. Key points covered include how much house one can afford, the importance of pre-approval, costs of owning vs renting over 5 years, how to qualify for different loan types, and the many professionals involved in a real estate transaction. Questions from attendees are invited at the end.
Homebuyer seminar - Everything you need to know to purchase your homefvcollins
This document provides information about a first time homebuyers seminar. It covers topics like why buy a home, being ready to buy, types of homes, understanding loans and financing options, the home buying process, and closing on a home purchase. The seminar is intended to help first time buyers understand what is involved in purchasing a home and make it an easy and affordable process.
The document provides an overview of a presentation on preparing for the mortgage loan originator exam. It discusses the exam process, including registering online, paying fees, and scheduling the national and state exams. It also reviews strategies for taking multiple choice exams and covers sample exam topics, such as laws governing lending practices like the Truth in Lending Act and Equal Credit Opportunity Act.
First Time Home Buyer Class Sacramento CaliforniaHomeBoom.com
Learn about first time home buyer programs to purchase real estate. First time home buyer loan programs are our there to help you buy your first home. Down payment assistance and special government programs can help with closing costs. HomeBoom.com is a great place to search for the perfect house.
This document is a buyer consultation package from The Eskritt Group real estate agency. It contains information to help home buyers, including an overview of the entire home buying process, answers to frequently asked questions, and fact sheets. The package aims to discover the home and neighborhood characteristics most important to buyers. It introduces Mary Jo and Greg Eskritt, the agents, and their backgrounds and services to help buyers find their perfect home.
This document provides an overview of a 20-hour mortgage licensing course. It covers several key sections:
1. The national mortgage licensing exam costs $92, takes 2.5 hours, has 100 multiple choice questions including 10 sample questions, requires a 75% score to pass, and provides feedback on strong and weak areas.
2. The exam tests on federal law (35%), general mortgage knowledge (25%), loan origination (25%), and ethics (15%).
3. The document reviews important concepts like underwriting ratios, documentation requirements, title insurance, non-traditional lending guidelines, fiduciary duties, fair housing laws, consumer protection, and mortgage fraud.
4. Key laws covered include
Homebuying seminar for realtors to useheatherjs821
This homebuying seminar provides information to help families make the right decision for homeownership. It discusses the benefits of owning over renting, getting pre-approved for a loan, choosing a realtor, making an offer, and completing the closing process. Resources are also included to help with the homebuying process.
This document summarizes the key steps and considerations for first-time homebuyers. It discusses getting pre-approved for a mortgage, choosing between government and conventional loans, understanding closing costs and down payment requirements, working with a real estate agent and loan officer, and going through the home buying process from offer to closing. The overall message is to educate yourself on your financing options and work with professionals to ensure you purchase a home that fits within your budget and financial goals.
Este documento apresenta Faizal Ahmad, um consultor imobiliário da Keller Williams Ábaco Santos. Fornece seus contatos, valores, missão e estratégia de marketing imobiliário, incluindo um plano de ação de 5 semanas para vender propriedades. Também lista os serviços de apoio jurídico e financeiro oferecidos.
LCAR Unit 13 - The Real Estate Business - 14th Edition RevisedTom Blefko
This document provides an overview of the many specializations within the real estate business, including brokerage, sales, appraisal, property management, financing, development, home inspection, counseling, and education. It also discusses the real estate market forces of supply and demand and how they impact prices. Additionally, it covers topics related to home ownership such as types of housing, affordability, mortgage terms, taxes, insurance, and flood insurance. The document aims to give a broad introduction to the diverse field of real estate.
Are We Creeping Toward a Real Estate Housing Bubble?Tom Blefko
The North Pointe Office of Berkshire Hathaway HomeServices Homesale Realty's bi-monthly Zoom office meeting covering the following topics: 1. A redesigned Realtors Property Resource (RPR), 2. Reducing liability when buyer uses a sight unseen clause in offer, and 3. Are we creeping toward a real estate housing bubble?
LCAR Unit 17 - Listing Agreements and Buyer Representation Contracts - 14th E...Tom Blefko
The document discusses listing agreements and buyer representation contracts. It provides an overview of agency contracts and explains that listing and buyer representation agreements are fundamental documents of the real estate profession. It then describes the key components that must be included in written listing and buyer representation agreements according to Pennsylvania licensing law. Finally, it discusses the different types of listing agreements (exclusive right-to-sell, exclusive agency, open) and buyer agency agreements (exclusive, exclusive agency, nonexclusive) and the terms that must be addressed in each.
LCAR Unit 14 - Real Estate Brokerage - 14th Edition RevisedTom Blefko
The document discusses trends in the real estate brokerage industry. It notes that brokerage services have become more complex since the 1950s with the rise of multiple listing services and buyer representation. Today, brokers face challenges like managing complex transactions, personnel, and technology. The housing market is also described as more stable now compared to the bubble of the late 2000s, with home prices rising and fewer foreclosures. The document outlines various legal considerations for brokers around compensation, independent contractor status, and antitrust laws as technology continues to change the industry.
This document discusses various types of real estate contracts and disclosures. It covers consumer notices, seller property disclosures, material facts, latent defects, stigmatized properties, estimated closing costs, condominium disclosures, fact versus opinion, offers and counteroffers, contingencies, amendments and addendums. It also discusses agency disclosure, timeframes, options contracts, and installment sales contracts. The key information licensees need to know about preparing valid and legally binding real estate sale contracts is covered.
LCAR Unit 16 - Ethical Practices and Fair Housing - 14th Edition RevisedTom Blefko
The document discusses fair housing laws and ethical practices in real estate. It provides examples of housing discrimination tests conducted in Allentown, PA and Long Island, NY that found minorities were treated differently a majority of the time. It outlines federal, state, and local laws prohibiting housing discrimination and exemptions. Real estate agents and brokers must comply with these laws and avoid practices like steering, blockbusting, discriminatory advertising, and redlining. Violations can result in fines, damages payments, license suspension, and other penalties.
LCAR Unit 15 - Agency in Real Estate - 14th Edition RevisedTom Blefko
This document discusses agency in real estate transactions. It defines key terms like agent, principal, fiduciary duties and different types of agency relationships. It explains how agency relationships are formed and terminated. It also summarizes a landmark court case around dual agency disclosure. Real estate agents have fiduciary duties of care, obedience, accounting, loyalty, disclosure and confidentiality to their principal. Agents can represent buyers or sellers through single agency or both parties through dual agency with proper consent.
LCAR Unit 22 - Leasing and Property Management - 14th Edition RevisedTom Blefko
This document discusses various aspects of leasing and property management. It begins by defining property management and describing how it involves leasing, managing, marketing, and maintaining real estate owned by others. It then discusses lease agreements, including how they work as a contract between an owner and tenant. Several key elements of lease agreements are outlined, such as requirements for a valid lease, drafting considerations, use and maintenance of premises, security deposits, and types of leases. Breach of lease situations and remedies are also summarized.
The document provides examples and step-by-step instructions for solving various types of real estate math problems commonly found on licensing exams. It addresses strategies for prorating rent and expenses, calculating profit and loss from a home sale, determining interest on a loan, and computing commissions based on a property's selling price. Examples show setting up and solving equations to find unknown values related to properties, rents, commissions, interest rates, and other financial factors involved in real estate transactions.
The document provides examples of real estate math concepts including prorations, profit and loss calculations, principal and interest, and commission calculations. It walks through multiple examples step-by-step showing the calculations to determine accrued interest on a mortgage assumption, property tax credits, sales prices requiring a certain profit percentage, loan repayment amounts, appraised property values based on mortgage amounts, commissions earned from property sales, and determining commission rates.
Cindee Stone has over 15 years of experience helping people achieve homeownership through her mortgage lending expertise. She founded People Want Info to educate homebuyers on the loan process and stresses the importance of pre-approval to feel comfortable throughout the process. With her positive attitude and focus on clients, Cindee has achieved success in the mortgage industry by ensuring the best outcomes for each individual borrower.
This document summarizes a home buyer seminar presented by a realtor and mortgage lender. It discusses the benefits of homeownership over renting, current market conditions making it a good time to buy, various loan programs available, and the basic steps involved in the home buying process. Key points covered include how much house one can afford, the importance of pre-approval, costs of owning vs renting over 5 years, how to qualify for different loan types, and the many professionals involved in a real estate transaction. Questions from attendees are invited at the end.
Homebuyer seminar - Everything you need to know to purchase your homefvcollins
This document provides information about a first time homebuyers seminar. It covers topics like why buy a home, being ready to buy, types of homes, understanding loans and financing options, the home buying process, and closing on a home purchase. The seminar is intended to help first time buyers understand what is involved in purchasing a home and make it an easy and affordable process.
The document provides an overview of a presentation on preparing for the mortgage loan originator exam. It discusses the exam process, including registering online, paying fees, and scheduling the national and state exams. It also reviews strategies for taking multiple choice exams and covers sample exam topics, such as laws governing lending practices like the Truth in Lending Act and Equal Credit Opportunity Act.
First Time Home Buyer Class Sacramento CaliforniaHomeBoom.com
Learn about first time home buyer programs to purchase real estate. First time home buyer loan programs are our there to help you buy your first home. Down payment assistance and special government programs can help with closing costs. HomeBoom.com is a great place to search for the perfect house.
This document is a buyer consultation package from The Eskritt Group real estate agency. It contains information to help home buyers, including an overview of the entire home buying process, answers to frequently asked questions, and fact sheets. The package aims to discover the home and neighborhood characteristics most important to buyers. It introduces Mary Jo and Greg Eskritt, the agents, and their backgrounds and services to help buyers find their perfect home.
This document provides an overview of a 20-hour mortgage licensing course. It covers several key sections:
1. The national mortgage licensing exam costs $92, takes 2.5 hours, has 100 multiple choice questions including 10 sample questions, requires a 75% score to pass, and provides feedback on strong and weak areas.
2. The exam tests on federal law (35%), general mortgage knowledge (25%), loan origination (25%), and ethics (15%).
3. The document reviews important concepts like underwriting ratios, documentation requirements, title insurance, non-traditional lending guidelines, fiduciary duties, fair housing laws, consumer protection, and mortgage fraud.
4. Key laws covered include
Homebuying seminar for realtors to useheatherjs821
This homebuying seminar provides information to help families make the right decision for homeownership. It discusses the benefits of owning over renting, getting pre-approved for a loan, choosing a realtor, making an offer, and completing the closing process. Resources are also included to help with the homebuying process.
This document summarizes the key steps and considerations for first-time homebuyers. It discusses getting pre-approved for a mortgage, choosing between government and conventional loans, understanding closing costs and down payment requirements, working with a real estate agent and loan officer, and going through the home buying process from offer to closing. The overall message is to educate yourself on your financing options and work with professionals to ensure you purchase a home that fits within your budget and financial goals.
Este documento apresenta Faizal Ahmad, um consultor imobiliário da Keller Williams Ábaco Santos. Fornece seus contatos, valores, missão e estratégia de marketing imobiliário, incluindo um plano de ação de 5 semanas para vender propriedades. Também lista os serviços de apoio jurídico e financeiro oferecidos.
LCAR Unit 13 - The Real Estate Business - 14th Edition RevisedTom Blefko
This document provides an overview of the many specializations within the real estate business, including brokerage, sales, appraisal, property management, financing, development, home inspection, counseling, and education. It also discusses the real estate market forces of supply and demand and how they impact prices. Additionally, it covers topics related to home ownership such as types of housing, affordability, mortgage terms, taxes, insurance, and flood insurance. The document aims to give a broad introduction to the diverse field of real estate.
Are We Creeping Toward a Real Estate Housing Bubble?Tom Blefko
The North Pointe Office of Berkshire Hathaway HomeServices Homesale Realty's bi-monthly Zoom office meeting covering the following topics: 1. A redesigned Realtors Property Resource (RPR), 2. Reducing liability when buyer uses a sight unseen clause in offer, and 3. Are we creeping toward a real estate housing bubble?
The February 2021 ValleyMLS Board meeting focused on ratifying decisions from the November 2020 NAR Board meeting. Major changes were approved to the Coming Soon status based on member survey feedback, including limiting it to 5 days.
The Board approved removing exception language for listings entered into Coming Soon status. Coming Soon was limited to 5 calendar days instead of business days.
A new property type of "manufactured home on permanent foundation" was approved. Exceptions for entering rental listings were approved. Revisions were made to the definitions of total square footage and finished square footage.
The Board also discussed policies regarding changing list prices, including buyer agent information in IDX data feeds, and reminders for Comp Only listings.
This document describes an investment opportunity in multifamily real estate in Brooklyn, New York. It notes that multifamily property values in NYC have reached record levels with capitalization rates around 5%, similar to 2006-2007 levels. The document outlines an investment strategy to purchase distressed, undervalued multifamily properties in Brooklyn, add value through renovation, and sell at higher prices due to continuing low cap rates and strong market fundamentals. It introduces the investment team and describes their experience and strategies for acquisition, repositioning, and disposition of properties.
The Ever Evolving Real Estate TransactionTom Blefko
The North Pointe Office of Berkshire Hathaway HomeServices Homesale Realty's monthly LIVE in-person/Zoom office meeting covering the following topics: 1. Market share stats through the 3rd quarter, 2. Review of the Agent Plus program, 3. Moove Guru is coming to Homesale, 4. What is and is not in the Build Back Better Act, 5. Lancaster City's proposed lead-based paint remediation program, 6. Desktop appraisals to become a permanent option
The document discusses changes to the real estate transaction process and new services being offered by Homesale Realty. It introduces concierge services to assist clients with utility connections and engage clients over time. It also discusses a referral program where agents can earn additional income by referring other agents. Finally, it provides information on upcoming training starting in mid-November and the full program launch on December 6th.
As per Gabrielle Rusignuolo the financial market is a broad term explaining any market where buyers and sellers engage in the deal of investments such as stocks, bonds, foreign currencies and types.
LCAR Unit 19 - Financing the Real Estate Transaction - 14th Edition Revised.pdfTom Blefko
This document discusses various topics related to financing real estate transactions, including:
1) Obtaining credit from lenders involves evaluating risk and yield based on factors like loan term, type, amount, and market rates. Credit scores also impact approval and rates.
2) Government regulations like the Truth in Lending Act require disclosing loan costs and annual percentage rates. The Equal Credit Opportunity Act prohibits credit discrimination.
3) Common loan programs include conventional loans, which usually require 20% down, and FHA loans, which insure lenders against loss up to 96.5% loan-to-value. Private mortgage insurance may be required on conventional loans over 80% loan-to-value.
State and Local Tax Nexus Issues and the Impact on Mergers and AcquisitionsSkoda Minotti
The document discusses state and local tax nexus issues and their impact on mergers and acquisitions. It covers state income tax nexus standards such as physical presence and economic nexus thresholds. It also summarizes the Supreme Court's Wayfair decision that overturned the physical presence standard for sales tax nexus and allowed states to implement economic nexus standards. The document stresses the importance of conducting thorough due diligence on state tax issues during M&A transactions to identify potential liabilities.
U.S. Treasury Making Home Affordable Short Sale Workshop: Washington, D.C.ATTOM Data Solutions
Presentation on the latest housing market trends, including short sales and underwater homeowners, given at the Short Sale Workshop for agents sponsored by the U.S. Treasury Department's Making Home Affordable program in Landover, Md., on Sept. 17.
LCAR Unit 19 - Financing the Real Estate Transaction - 14th Edition RevisedTom Blefko
The document discusses various topics related to financing real estate transactions, including:
1) Obtaining credit involves lenders evaluating the yield (return) and risk of a loan. Interest rates depend on factors like loan term, type, amount, and market rates. Credit scores range from 400-900 and affect loan approval and rates.
2) Underwriting a loan involves analyzing the borrower's income, assets, debts, loan-to-value ratio, and other criteria to determine risk level. Lenders use automated systems to help with underwriting.
3) Loan programs discussed include conventional loans, which usually require 20% down, and FHA loans, which insure lenders against loss and allow loans
LCAR Unit 14 - Real Estate Brokerage - 14th Edition RevisedTom Blefko
This document discusses real estate brokerage, including how the nature of brokerage has changed over time with increased complexity in transactions and use of technology. It covers broker and salesperson relationships and compensation models, as well as legal considerations like antitrust laws. The key points are that brokerage involves bringing parties together for real estate transactions and charging a fee, brokerage firms have evolved from small family operations to larger companies using technology, and brokers must understand various laws governing compensation and market practices.
This document discusses various types of commercial real estate loans, including construction loans, land development loans, and loans for income-generating commercial properties. It provides details on:
- The loan application process and documentation requirements, including operating statements, balance sheets, tax returns, and property evaluations.
- How construction loans are disbursed based on completion of stages of construction and ensuring costs are paid.
- Additional risks associated with lending for land purchases, development projects, and speculative residential construction versus contracted builds.
- The role of takeout commitments in protecting construction lenders for residential property loans.
Best Known as a real estate agent, Boris Gantsevich assists clients to achieve real estate desires. He delivers important knowledge to clients about real estate market and properties. Whether you are buying or selling he guides his clients through the process.
The document summarizes the real estate services offered by Leslie Ebersole and Katie Hemming of Baird & Warner to sell Sylvia and Richard Warner's home located at 3N618 Trotter Lane. It outlines their full marketing strategy including listing the home on multiple online sites, open houses, broker tours, and direct mail campaigns. It also discusses home staging, pricing strategy, and providing regular updates to guide the home through the selling process.
RERA will transform the real estate sector by increasing transparency and accountability. In the short term, real estate launches may decline as developers work to comply with new RERA and GST regulations. Prices may initially rise as unsold inventory is cleared, and supply will shrink as only compliant developers launch new projects. However, builders will adapt over time by launching projects in phases to avoid penalties and incorporating additional costs into prices. Overall, RERA will establish standards that improve consumer protection and confidence in the industry.
The Importance of State and Local Tax NexusSkoda Minotti
This course will lay out some of the important aspects of state income tax and sales tax nexus concerns, then address the importance of performing detailed state and local tax due diligence. It will also discuss the importance of performing due diligence to address the potential sins of the past before actually entering the M&A market.
This corporate profile document provides an overview of Toll Brothers, the largest luxury home builder in the United States. Some key points:
- Toll Brothers focuses on the luxury home market, with an average delivered home price of $725,000 in FY2014, more than double the average of other large public home builders.
- It has a nationwide footprint across 19 states and approximately 50 markets, and is expanding its urban presence in cities like New York, Washington D.C. and Philadelphia.
- The document reviews Toll Brothers' financial results, current housing market conditions, product diversification including single family, multi-family, age-qualified and city living homes, and its portfolio of current and future city living
Glimpse into International & Organized Real Estate Industrysumantkachru
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Welcome to KA Housing, a distinguished real estate development nestled in the heart of Eyüpsultan, one of Istanbul’s most promising districts.
Just 10 minutes from the bustling city center, Eyüpsultan offers a serene escape with the convenience of urban living. The direct metro line ensures seamless connectivity to all parts of Istanbul, making it an ideal location for residents who seek both tranquility and vibrancy.
KA Housing boasts unparalleled accessibility, with proximity to Istanbul Airport only 30 minutes away, facilitating easy international travel. Effortless city access is guaranteed by direct metro and transportation links to Istanbul’s cultural and commercial hubs. Quick access to key metro lines connects you to every corner of the city within minutes, making commuting and exploring the city hassle-free.
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Reliable Structure:
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LCAR Unit 13 - The Real Estate Business - 14th Edition Revised.pdf
1. The Real Estate School
U N I T 1 3
THE REAL ESTATE BUSINESS
1
Page 211
2. REAL ESTATE: A BUSINESS OF MANY
SPECIALIZATIONS
• Brokerage (Unit 14) – A Broker is a person or company licensed to
buy, sell, exchange, or lease real property for others and charge a
fee for these services
2
Page 212
3. REAL ESTATE: A BUSINESS OF MANY
SPECIALIZATIONS
• Real Estate Salesperson – Licensee employed by or associated with
the Broker
• Conducts brokerage
activities on behalf of
or for the broker
• NOTE: Acquiring a PA
license only entitles agent
to sell real estate in PA
3
Page 212
4. REAL ESTATE: A BUSINESS OF MANY
SPECIALIZATIONS
• Licensee – A person who has
satisfied the requirements set forth
by a licensing agency or state
legislation
• Real Estate Licensing and Registration Act and the State Real
Estate Commission’s Rules and Regulations govern how
licensees provide real estate services
4
Page 212
5. REAL ESTATE: A BUSINESS OF MANY
SPECIALIZATIONS
• Appraisal (Unit 20) – The process of estimating a property’s market
value based on established methods and the appraiser’s
professional judgment
• Appraisers must be licensed or certified
for many federally related transactions
• Appraisers must be certified by the
State Board of Certified Appraisers
5
Page 212
6. REAL ESTATE: A BUSINESS OF MANY
SPECIALIZATIONS
• Property Management (Unit 22) – A company or person hired to
maintain and manage property on behalf of an owner
• Responsibility to protect the
owner’s investment and
maximize the return on
investment
6
Page 213
7. REAL ESTATE: A BUSINESS OF MANY
SPECIALIZATIONS
• Financing (Unit 11 & 19) – The business of providing funds to make real
estate transactions possible
7
Page 213
8. REAL ESTATE: A BUSINESS OF MANY
SPECIALIZATIONS
• Subdivision and Development (Unit 2) – Independent processes that
usually occur separately
• Subdivision – The splitting of a
single property into small parcels
• Development – The construction
of improvements on the land
8
Page 213
9. REAL ESTATE: A BUSINESS OF MANY
SPECIALIZATIONS
• Home Inspection – An analytical report of a visual survey of a
property’s structure, systems, and site conditions
9
Page 213
10. REAL ESTATE: A BUSINESS OF MANY
SPECIALIZATIONS
• Home Inspection (cont’d)
• Frequently a contingency in an agreement of sale
• Home Inspection Law (2001) requires that
home inspectors be members of a national
trade association with requirements of a
minimum of 100 home inspections, passing
an exam, and continuing education courses
10
Page 213
11. REAL ESTATE: A BUSINESS OF MANY
SPECIALIZATIONS
• Counseling – Providing clients with competent independent advice
based on sound professional judgment
• Real estate Counselors
must be licensed real
estate brokers
11
Page 214
12. REAL ESTATE: A BUSINESS OF MANY
SPECIALIZATIONS
• Education – State licensing laws establish the minimum
educational requirements for obtaining and keeping a real estate
license
12
Page 214
13. • Professional Organizations – Many serve the real estate business
• National Association of REALTORS® (NAR) – Largest trade
association that serves real estate licensees
13
Page 214-215
• Sponsor affiliated organizations that offer
professional designations
• Members subscribe to a code of ethics
REAL ESTATE: A BUSINESS OF MANY
SPECIALIZATIONS
14. • Affiliated institutes, societies, and councils:
14
Page 215
REAL ESTATE: A BUSINESS OF MANY
SPECIALIZATIONS
15. • NAR Code of Ethics is revised every
year
• REALTORS® are responsible for knowing
the document’s content
• “I didn’t know that was a violation” is
not an excuse
15
REAL ESTATE: A BUSINESS OF MANY
SPECIALIZATIONS
16. • NAR Code
16
REAL ESTATE: A BUSINESS OF MANY
SPECIALIZATIONS
• There is no such thing as a licensed
REALTOR®
• A license is only issued by the State
17. 17
Page 215
Residential Commercial Mixed-Use
Special-Purpose Agricultural Industrial
• Six categories of real
property
• General real estate
services involving all six
categories are rarely
performed by most
firms
REAL ESTATE: A BUSINESS OF MANY
SPECIALIZATIONS
18. THE REAL ESTATE MARKET
18
Page 216
• The function of a market is to provide a setting in
which Supply and Demand can establish market value
19. THE REAL ESTATE MARKET
• Supply – The available number of
properties in the market at a certain
price
• Demand – The number of Buyers who
desire the property and who have the
financial ability to acquire the property
19
Page 216
20. THE REAL ESTATE MARKET
Supply increases &
Demand remains stable
Prices go DOWN
20
Page 216
Demand increases &
Supply remains stable
Prices go UP
21. THE REAL ESTATE MARKET
Supply decreases &
Demand remains stable
Prices go UP
21
Page 216
Demand decreases &
Supply remains stable
Prices go DOWN
22. THE REAL ESTATE MARKET
22
Page 216
Less than
5 months
Greater than
7 months
Between
5-7 months
23. HOUSING INVENTORY LEVELS
23
SOURCE: National Association of REALTORS®
9.5
8.5
7.5
6.5
5.5
4.5
3.5
2.5
Jan
2011
Jan
2012
1.5
Jan
2013
Jan
2014
Jan
2015
Jan
2016
Jan
2017
Jan
2018
Jan
2019
Jan
2020
Jan
2021
Jan
2022
Jan
2023
Neutral Market
Seller’s Market
(Prices increase)
Buyer’s Market
(Prices decrease)
24. THE REAL ESTATE MARKET
• Two characteristics of real estate govern the way the market reacts
to the pressures of supply and demand:
• Uniqueness – No two parcels are exactly alike
• Immobility – Property cannot be relocated
24
Page 216-217
25. THE REAL ESTATE MARKET
• Factors Affecting Supply:
• Labor Force & Construction Costs – Increases or decreases affect
number of properties on the market
• High taxes or construction fees
discourage development
• These additional costs are passed
on to Buyers/Tenants causing
market to slow
25
Page 217
26. THE REAL ESTATE MARKET
• Factors Affecting Supply (cont’d):
• Government Controls and Fiscal Policies – Monetary policies
can have a substantial impact on the market
• The Federal Reserve (Fed)
establishes interest rates
• FHA/Ginnie Mae affect the
amount of money available
to lenders
26
Page 217-218
27. THE REAL ESTATE MARKET
27
SOURCE: Freddie Mac
Current Interest Rate
6.60%*
* March 18, 2023
8.86%
12.70%
8.12%
6.27%
4.09%
Average Interest Rate Over the Last 50 Years
1970s 1980s 1990s 2000s 2010s
28. THE REAL ESTATE MARKET
• Factors Affecting Demand:
• Population – As population increases or decreases, so does
demand for housing
28
Page 218
29. THE REAL ESTATE MARKET
• Lancaster County Population Growth
29
Geographic Area Pennsylvania Lancaster County
2010 Population 12,702,379 519,445
2022 Population 13,062,074* 559,692*
Increase in Population 359,695 40,247
Percentage Increase in
Population
2.83% (US Rank: 43 of 50) 7.75% (PA Rank: 7 0f 67)
* Projected
SOURCE: United States Census Data
30. THE REAL ESTATE MARKET
• Factors Affecting Demand (cont’d):
• Demographics – Family size, ratio of
adults to children, ages of children,
number of retirees, family income,
lifestyle, single-parents, and empty-
nesters
30
Page 218
31. THE REAL ESTATE MARKET
• Factors Affecting Demand (cont’d):
• Employment and Wage Levels – Decisions about whether to buy
or rent and how much to spend on housing are closely related to
income and employment
31
Page 218-219
32. HOME OWNERSHIP
• People buy their homes for psychological as well as financial
reasons
• Home is an investment that can appreciate and provide tax
incentives
• Home also provides pride,
security, and a sense of
belonging
32
Page 219
33. HOME OWNERSHIP
33
SOURCE: National Association of REALTORS® 2021
Homeowner Renter
$8,000
$300,000
Homeowner’s
Net Worth is
Almost
40X
Greater Than
Renter’s
35. HOME OWNERSHIP
• Types of Housing – Different forms of housing respond to the
demands of a diverse marketplace
35
Page 219-220
• Apartment Complexes
• Condominium
• Cooperative
• Planned Unit Developments (Master
Planned Communities)
• Converted-use Properties
• Retirement Communities
• Mixed-use Developments
• Manufactured Housing
• Modular Homes
36. HOME OWNERSHIP
• Housing Affordability – Factors to consider when making a
decision to purchase rather than rent:
• Length of stay in an area
• Financial situation
• Housing affordability
• Mortgage interest rates
• Tax consequences
36
Page 220-221
37. HOME OWNERSHIP
• Mortgage Terms – Mortgage terms and payment plans are two of
the biggest factors when deciding whether to own or rent a home
37
Page 221
38. HOME OWNERSHIP
• Ownership Expenses and Ability to Pay
• Owners should budget for utilities, trash removal, and
maintenance and repairs
• Monthly mortgage payments are made up of:
• P rincipal
• I nterest
• T axes
• I nsurance
38
Page 221
39. HOME OWNERSHIP
• Ownership Expenses and Ability to Pay (cont’d)
39
Page 221
Gross Income
Housing Ratio
28% Mortgage Payment
Gross Income
Total Debt Ratio
36%
Mortgage Payment
Car Payment
Student Loan
Alimony/Child Support
Credit Cards
40. HOME OWNERSHIP
• Ownership Expenses and Ability to Pay (cont’d)
• Housing and Total Debt Ratios can also depend on:
• Work history
• Type of loan
• Credit history
• Number of dependents
40
Page 221
41. HOME OWNERSHIP
• Investment Considerations – There are several financial
advantages to owning real estate:
• Property’s value increases
• Build-up of equity (paid-off
share of the property held
free of any mortgage)
• Income tax deductions
41
Page 222
42. HOME OWNERSHIP
• Tax Benefits – The government encourages home ownership by
allowing homeowners certain income tax advantages
42
Page 222
43. HOME OWNERSHIP
• Tax Benefits (cont’d)
• Capital Gains – The difference between the original cost of the
property and what it sells for today, minus certain expenses
• Exemption may be used repeatedly
• Must be the primary residence for at least two of the past five
years
43
Page 222
44. HOME OWNERSHIP
• Tax Benefits (cont’d)
• Capital Gains (cont’d)
• Taxpayers who file singly:
$250,000 exclusion
• Taxpayers who file jointly:
$500,000 exclusion
NOTE: The exclusions listed above are for 2023 – these numbers are different than what is in the book
44
Page 222
45. HOME OWNERSHIP
• Tax Benefits (cont’d)
• 2023 Capital Gains Rates
45
Page 222
Long-Term Capital
Gains Tax Rate
Single Filers (Taxable
Income)
Married Filing Jointly Heads of Household Married Filing
Separately
0% $0-$44,625 $0-$89,250 $0-$59,750 $0-$44,625
15% $44,625-$492,300 $89,251-$553,850 $59,751-$523,050 $44,626-$276,900
20% Over $492,300 Over $553,850 Over $523,050 Over $276,900
SOURCE: Internal Revenue Service
46. HOME OWNERSHIP
• Equity vs. Capital Gain
46
Page 222
Sales Price
$400,000
Mortgage Amount
$200,000
Equity
$200,000
Original Price
$100,000
Capital Gain
$300,000
47. HOME OWNERSHIP
• Tax Benefits (cont’d)
• IRA Withdrawal for down payment on home is allowed
• Must be a 1st time
homebuyer
• Limit on withdrawal
of $10,000
• Must be used within
120 days
47
Page 222
48. HOME OWNERSHIP
• Tax Benefits (cont’d)
• Homeowners may deduct the following from their gross income:
• Mortgage interest payments on 1st and 2nd mortgages*
• Real estate taxes*
• Loan origination fees
48
Page 223
• Discount points
• Prepayment penalties
* Certain limits apply
49. HOME OWNERSHIP
• Homeowners’ Insurance – Lenders usually require that
homeowners obtain insurance when the loan is secured by a
property
49
Page 223
50. HOME OWNERSHIP
• Coverage and Claims
• The most common policy is called a basic form
50
Page 223
• Fire or lightning
• Glass breakage
• Windstorm or hail
• Explosion
• Riot or civil commotion
• Damage from aircraft
• Damage from vehicles
• Damage from smoke
• Vandalism and mischief
• Theft
• Loss of property removed from
premises
51. HOME OWNERSHIP
• Coverage and Claims (cont’d)
• A broad form policy is also available
51
Page 224
• Falling objects
• Ice, snow, sleet damage
• Collapse of building
• Damage to hot water heater
• Leakage from plumbing or
heating/AC systems
• Freezing of plumbing or heating/AC
systems
• Damage to appliances, fixtures,
and wiring from short circuits
52. HOME OWNERSHIP
• Coverage and Claims (cont’d)
• Apartment and Condominium policies provide fire and
windstorm, theft, and public liability coverage for injuries and
damage sustained within the unit
52
Page 224
53. HOME OWNERSHIP
• Coverage and Claims (cont’d)
• Coinsurance Clause – Requires
owner to maintain insurance
equal to a specified percentage
of the replacement cost of the
dwelling
53
Page 224
54. HOME OWNERSHIP
• Comprehensive Loss Underwriting Exchange (CLUE Report) –
Database of consumer claims history that enables insurance
companies to access prior claims information in the underwriting
and rating process
• Five years of claims history
• Premium based on condition of
the property and buyer’s
insurance financial score
54
Page 224-225
55. HOME OWNERSHIP
• Flood insurance is always a separate policy and only covers
damage due to flooding
• The Federal Emergency Management Agency (FEMA) administers
the National Flood Insurance Program (NFIP)
55
Page 225
56. HOME OWNERSHIP
• Special Flood Hazard Areas (SFHAs) – Flood prone areas are
identified based on flood history and location
• Federally related loans require flood insurance
56
Page 225
57. HOME OWNERSHIP
• Special Flood Hazard Areas (SFHAs) (cont’d)
• Elevation Certificate – Supplied
by a licensed surveyor, engineer,
or architect that shows
compliance with community
floodplain regulations and
determines appropriate flood
insurance rates
57
Page 225
60. HOME OWNERSHIP
60
Flood Insurance Rates
• As of April 1, 2022, almost 4 million policyholders will see increased rates
• About 200,000 of them will face sharp increases
• 3.6 million will see moderate rate increases
• Adjustments will happen as policyholders renew their coverage
Question to Ponder: Should the
government be involved with
insuring flood prone properties?
61. HOME OWNERSHIP
• Special Flood Hazard Areas (SFHAs) (cont’d)
• Flood – A general and temporary condition of partial or
complete inundation of two or more acres of normally dry land
or two or more properties
• Physical damage to a building or personal property “directly”
caused by a flood
61
Page 226
62. HOME OWNERSHIP
• Advance Purchase
Required – Cannot
buy flood insurance
coverage based on
weather forecasts
62
Page 226
63. HOME OWNERSHIP
• Mine Subsidence Insurance (MSI) limits coverage
to damage to the structure
• Surrounding site and
personal property is
not covered
63
Page 226