Modern Real Estate Practice

by Robert C Kyle; Fillmore Galaty; Wellington J Allaway

• ISBN13: 9781419521980
• ISBN10: 1419521985
• Edition: 17th
• Format: Paperback
• Copyright: 2006-06-01
• Publisher: Kaplan Publishing

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	x
PART I PRINCIPLES
Introduction to the Real Estate Business	3	(12)
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	8	(3)
Key Point Review	11	(1)
Related Web Sites	12	(1)
Questions	13	(2)
Real Property and the Law	15	(15)
Land, Real Estate, and Real Property	16	(3)
Real Property and Personal Property	19	(3)
Characteristics of Real Property	22	(2)
Laws Affecting Real Estate	24	(1)
Key Point Review	25	(2)
Related Web Sites	27	(1)
Questions	28	(2)
Concepts of Home Ownership	30	(12)
Home Ownership	31	(2)
Housing Affordability	33	(3)
Homeowners' Insurance	36	(1)
Federal Flood Insurance Program	37	(1)
Key Point Review	38	(1)
Related Web Sites	39	(1)
Questions	40	(2)
Agency	42	(24)
Introduction to Real Estate Agency	43	(1)
Law of Agency	44	(7)
Types of Agency Relationships	51	(8)
Customer-Level Services	59	(2)
Key Point Review	61	(3)
Questions	64	(2)
Real Estate Brokerage	66	(22)
The History of Brokerage	67	(1)
Real Estate License Laws	68	(1)
Real Estate Brokerage	69	(9)
Antitrust Laws	78	(3)
Key Point Review	81	(3)
Related Web Sites	84	(1)
Questions	85	(3)
Listing Agreements and Buyer Representation	88	(25)
Listing Agreements	89	(3)
Termination of Listings	92	(1)
The Listing Process	93	(2)
The Listing Contract Form	95	(8)
Buyer Agency Agreements	103	(4)
Key Point Review	107	(3)
Questions	110	(3)
Interests in Real Estate	113	(20)
Limitations on the Rights of Ownership	114	(1)
Government Powers	114	(2)
Estates in Land	116	(5)
Encumbrances	121	(5)
Water Rights	126	(2)
Key Point Review	128	(1)
Related Web Sites	129	(1)
Questions	130	(3)
Forms of Real Estate Ownership	133	(21)
Forms of Ownership	134	(1)
Ownership in Severalty	134	(1)
Co-ownership	135	(5)
Trusts	140	(1)
Ownership of Real Estate by Business Organizations	141	(2)
Condominiums, Cooperatives, Town Houses, and Time-Shares	143	(6)
Key Point Review	149	(2)
Related Web Sites	151	(1)
Questions	152	(2)
Legal Descriptions	154	(19)
Describing Land	155	(1)
Methods of Describing Real Estate	155	(10)
Preparing a Survey	165	(1)
Measuring Elevations	165	(2)
Land Acquisition Costs	167	(1)
Land Units and Measurements	167	(1)
Key Point Review	168	(1)
Related Web Site	169	(1)
Questions	170	(3)
Real Estate Taxes and Other Liens	173	(17)
Liens	174	(3)
Real Estate Tax Liens	177	(5)
Other Liens on Real Property	182	(3)
Key Point Review	185	(2)
Related Web Site	187	(1)
Questions	188	(2)
Real Estate Contracts	190	(18)
Contract Law	191	(4)
Discharge of Contracts	195	(2)
Contracts Used in the Real Estate Business	197	(6)
Key Point Review	203	(1)
Related Web Site	204	(1)
Questions	205	(3)
Transfer of Title	208	(18)
Title	209	(1)
Voluntary Alienation	209	(8)
Involuntary Alienation	217	(1)
Transfer of a Deceased Person's Property	218	(3)
Key Point Review	221	(2)
Questions	223	(3)
Title Records	226	(12)
Public Records	227	(3)
Proof of Ownership	230	(3)
Uniform Commercial Code	233	(1)
Key Point Review	233	(2)
Questions	235	(3)
Real Estate Financing: Principles	238	(17)
Mortgage Law	239	(1)
Security and Debt	240	(1)
Promissory Notes	241	(2)
Mortgages or Deeds of Trust	243	(5)
Provisions of Land Contracts and Owner Financing	248	(1)
Foreclosure	249	(2)
Key Point Review	251	(1)
Related Web Site	252	(1)
Questions	253	(2)
Real Estate Financing: Practice	255	(31)
Introduction to the Real Estate Financing Market	256	(5)
Financing Techniques	261	(3)
Loan Programs	264	(8)
Other Financing Techniques	272	(3)
Financing Legislation	275	(3)
Computerized Loan Origination and Automated Underwriting	278	(1)
Key Point Review	279	(3)
Related Web Sites	282	(1)
Questions	283	(3)
Leases	286	(21)
Leasing Real Estate	287	(1)
Leasehold Estates	288	(2)
Lease Agreements	290	(6)
Types of Leases	296	(1)
Discharge of Leases	297	(2)
Fair Housing and Civil Rights Laws	299	(1)
Key Point Review	300	(1)
Related Web Site	301	(1)
Questions	302	(5)
PART II PRACTICE
Property Management	307	(22)
Overview of the Property Management Profession	308	(1)
The Property Manager	308	(3)
The Management Plan and Agreement	311	(2)
The Property Manager's Responsibilities	313	(6)
Federal Laws Affecting Property Management	319	(2)
Risk Management and Environmental Issues Related to Property Management	321	(3)
Key Point Review	324	(2)
Related Web Sites	326	(1)
Questions	327	(2)
Real Estate Appraisal	329	(25)
Appraising	330	(1)
The Appraisal Process	331	(8)
Value	339	(3)
The Three Approaches to Value	342	(7)
Key Point Review	349	(1)
Related Web Sites	350	(1)
Questions	351	(3)
Land-Use Controls and Property Development	354	(15)
Land-Use Controls	355	(1)
The Comprehensive Plan	356	(1)
Zoning	356	(4)
Building Codes and Certificates of Occupancy	360	(1)
Subdivision	360	(3)
Private Land-Use Controls	363	(1)
Regulation of Land Sales	364	(1)
Key Point Review	365	(1)
Related Web Sites	366	(1)
Questions	367	(2)
Fair Housing and Ethical Practices	369	(21)
Equal Opportunity in Housing	370	(1)
Fair Housing Act	371	(7)
Fair Housing Practices	378	(4)
Enforcement of the Fair Housing Act	382	(1)
Implications for Brokers and Salespeople	383	(1)
Professional Ethics	384	(1)
Key Point Review	385	(2)
Related Web Sites	387	(1)
Questions	388	(2)
Environmental Issues and the Real Estate Transaction	390	(23)
Environmental Issues	391	(1)
Hazardous Substances	392	(8)
Groundwater Protection	400	(1)
Underground Storage Tanks	401	(1)
Waste Disposal Sites	402	(1)
Brownfields	403	(1)
Environmental Protection	404	(1)
Liability of Real Estate Professionals	405	(2)
Key Point Review	407	(3)
Related Web Sites	410	(1)
Questions	411	(2)
Closing the Real Estate Transaction	413	(25)
Preclosing Procedures	414	(2)
Conducting the Closing	416	(4)
RESPA Requirements	420	(2)
Preparation of Closing Statements	422	(3)
Prorations	425	(4)
Sample Closing Statement	429	(4)
Key Point Review	433	(2)
Related Web Sites	435	(1)
Questions	436	(2)
Appendix 1 Introduction to Real Estate Investment	438	(12)
Appendix 2 State Statutes Web Links	450	(2)
Appendix 3 Web Links	452	(11)
Math FAQs	463	(59)
Sample Examinations	522	(20)
Glossary	542	(21)
Answer Key	563	(5)
Index	568