Modern Real Estate Practice

by Galaty, Fillmore; Allaway, Wellington J.; Kyle, Robert C.

• ISBN13: 9780793133635
• ISBN10: 0793133637
• Edition: 15th
• Format: Paperback
• Copyright: 1999-11-01
• Publisher: Dearborn Trade

Summary

This newest edition of our most popular text has the latest legislative and market information, expanded key section for more in-depth discussion, and expanded instructor materials. The result is a truly complete resource package for both students and instructors.

Table of Contents

Preface	vii
Acknowledgments	xi
Part One Principles
Introduction to the Real Estate Business	3	(10)
A Very Big Business	4	(1)
Real Estate: A Business of Many Specializations	4	(2)
Professional Organizations	6	(1)
Types Of Real Property	7	(1)
The Real Estate Market	7	(6)
Real Property and the Law	13	(13)
Land, Real Estate and Real Property	14	(2)
Real Property and Personal Property	16	(2)
Ownership of Real Property	18	(1)
Characteristics of Real Estate	19	(1)
Laws Affecting Real Estate	20	(6)
Concepts of Home Ownership	26	(10)
Home Ownership	27	(1)
Housing Affordability	28	(3)
Homeowner's Insurance	31	(1)
Federal Flood Insurance Program	32	(4)
Agency	36	(23)
Introduction to Real Estate Agency	37	(1)
Law of Agency	37	(8)
Types of Agency Relationships	45	(7)
Customer-Level Services	52	(7)
Real Estate Brokerage	59	(15)
The History of Brokerage	60	(1)
Real Estate License Laws	60	(1)
Real Estate Brokerage	61	(7)
Antitrust Laws	68	(6)
Listing Agreements and Buyer Representation	74	(21)
Listing Agreements	75	(2)
Termination of Listings	77	(2)
The Listing Process	79	(3)
The Listing Contract Form	82	(5)
Buyer Agency Agreements	87	(8)
Interests in Real Estate	95	(18)
Limitations on the Rights of Ownership	96	(1)
Government Powers	96	(1)
Estates in Land	97	(5)
Encumbrances	102	(5)
Water Rights	107	(6)
Forms of Real Estate Ownership	113	(17)
Forms of Ownership	114	(1)
Ownership in Severalty	114	(1)
Co-Ownership	114	(5)
Trusts	119	(1)
Ownership of Real Estate by Business Organizations	120	(2)
Condominiums, Cooperatives and Time-Shares	122	(8)
Legal Descriptions	130	(17)
Describing Land	131	(1)
Methods of Describing Real Estate	131	(8)
Preparing a Survey	139	(1)
Measuring Elevations	140	(2)
Land Units and Measurements	142	(5)
Real Estate Taxes and Other Liens	147	(14)
Liens	148	(2)
Real Estate Tax Liens	150	(4)
Other Liens on Real Property	154	(7)
Real Estate Contracts	161	(18)
Contract Law	162	(3)
Discharge of Contracts	165	(2)
Contracts Used in the Real Estate Business	167	(12)
Transfer of Title	179	(17)
Title	180	(1)
Voluntary Alienation	180	(7)
Involuntary Alienation	187	(2)
Transfer of a Deceased Person's Property	189	(7)
Title Records	196	(11)
Public Records	197	(3)
Proof of Ownership	200	(2)
Uniform Commercial Code	202	(5)
Real Estate Financing: Principles	207	(15)
Mortgage Law	208	(1)
Security and Debt	209	(1)
Provisions of the Note	210	(3)
Provisions of the Mortgage Document or Deed of Trust	213	(3)
Provisions of Land Contracts	216	(1)
Foreclosure	217	(5)
Real Estate Financing: Practice	222	(28)
Introduction to the Real Estate Financing Market	223	(5)
Financing Techniques	228	(1)
Straight Loans	228	(1)
Amortized Loans	228	(5)
Loan Programs	233	(6)
Other Financing Techniques	239	(3)
Financing Legislation	242	(2)
Computerized Loan Origination and Automated Underwriting	244	(6)
Leases	250	(21)
Leasing Real Estate	251	(1)
Leasehold Estates	251	(2)
Lease Agreements	253	(6)
Types of Leases	259	(2)
Discharge of Leases	261	(2)
Fair Housing and Civil Rights Laws	263	(8)
Part Two Practices
Property Management	271	(15)
The Property Manager	272	(2)
Professional Associations	274	(1)
Management Functions	274	(6)
Risk Management	280	(6)
Real Estate Appraisal	286	(20)
Appraising	287	(1)
Value	287	(3)
The Three Approaches to Value	290	(7)
The Appraisal Process	297	(9)
Land-Use Controls and Property Development	306	(14)
Land-Use Controls	307	(1)
The Comprehensive Plan	307	(1)
Zoning	308	(3)
Building Codes and Certificates of Occupancy	311	(1)
Subdivision	312	(2)
Private Land-Use Controls	314	(1)
Regulation of Land Sales	315	(5)
Fair Housing and Ethical Practices	320	(17)
Equal Opportunity in Housing	321	(1)
Fair Housing Act	322	(7)
Fair Housing Practices	329	(1)
Enforcement of the Fair Housing Act	330	(3)
Implications for Brokers and Salespeople	333	(1)
Professional Ethics	333	(4)
Environmental Issues and the Real Estate Transaction	337	(17)
Environmental Issues	338	(1)
Hazardous Substances	338	(6)
Groundwater Contamination	344	(1)
Underground Storage Tanks	345	(1)
Waste Disposal Sites	346	(2)
CERCLA and Environmental Protection	348	(1)
Liability of Real Estate Professionals	349	(5)
Closing the Real Estate Transaction	354	(23)
Preclosing Procedures	355	(2)
Conducting the Closing	357	(3)
RESPA Requirements	360	(2)
Preparation of Closing Statements	362	(4)
Prorations	366	(4)
Sample Closing Statement	370	(7)
Appendix I: Introduction to Real Estate Investment	377	(11)
Investing in Real Estate	377	(1)
The Investment	378	(2)
Leverage	380	(1)
Tax Benefits	381	(2)
Real Estate Investment Syndicates	383	(1)
Real Estate Investment Trusts	384	(1)
Real Estate Mortgage Investment Conduits	385	(3)
Appendix II: NAR Codes of Ethics	388	(9)
Sample Examinations	397	(20)
Preview: Testing Services	397	(1)
Sample Examination One	398	(9)
Sample Examination Two	407	(10)
Math FAQs	417	(57)
Glossary of Key Terms	474	(20)
Web Links	494	(6)
Answer Key	500	(4)
Index	504