Modern Real Estate Practice in Illinois

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

• ISBN13: 9780793133079
• ISBN10: 0793133076
• Edition: 3rd
• Format: Paperback
• Copyright: 1999-09-01
• Publisher: Dearborn Trade Pub

Summary

This text has been used to instruct more Illinois real estate salespersons and brokers than any other text. Featuring the latest Illinois-specific real estate principles information, this new edition includes current required forms, margin notes and quizzes/exercises packaged in an easy-to-read design.

An excellent reference for licensees, the book is also useful to potential homebuyers and real estate investors.

Special focus given to math review, real estate terms, simplified explanations and updated sample forms and helpful "memory joggers."

Table of Contents

Preface	p. vii
Acknowledgments	p. xi
Principles
Introduction to the Real Estate Business	p. 3
A Very Big Business	p. 3
Real Estate: A Business of Many Specializations	p. 3
Professional Organizations	p. 5
Types of Real Property	p. 5
The Real Estate Market	p. 6
Real Property and the Law	p. 11
Land, Real Estate and Real Property	p. 11
Real Property and Personal Property	p. 13
Ownership of Real Property	p. 16
Characteristics of Real Estate	p. 16
Laws Affecting Real Estate	p. 18
Concepts of Home Ownership	p. 23
Home Ownership	p. 23
Housing Affordability	p. 24
Homeowner's Insurance	p. 27
Federal Flood Insurance Program	p. 28
Real Estate Agency	p. 32
Introduction to Real Estate Agency	p. 32
Common Law of Agency	p. 33
Types of Agency Relationships	p. 39
Customer-Level Services	p. 46
Real Estate Brokerage	p. 55
Purpose of License Laws	p. 55
Real Estate Brokerage	p. 56
Antitrust Laws	p. 63
Broker Employment Contracts	p. 68
Listing Agreements with Sellers	p. 69
Expiration of Listing Period	p. 71
The Listing Process	p. 72
The Listing Contract Form	p. 75
Buyer Agency Agreements	p. 82
Termination of Broker Employment Contracts	p. 85
Interests in Real Estate	p. 91
Limitations on the Rights of Ownership	p. 91
Government Powers	p. 92
Estates in Land	p. 94
Encumbrances	p. 99
Water Rights	p. 103
Forms of Real Estate Ownership	p. 110
Forms of Ownership	p. 110
Ownership or Tenancy in Severalty	p. 110
Co-Ownership	p. 111
Trusts	p. 116
Ownership of Real Estate by Business Organizations	p. 118
Condominiums, Cooperatives and Time-Shares	p. 120
Legal Descriptions	p. 131
Describing Land	p. 131
Methods of Describing Real Estate	p. 131
Preparing a Survey	p. 140
Measuring Elevations	p. 141
Land Units and Measurements	p. 143
Real Estate Taxes and Other Liens	p. 149
Liens	p. 149
Real Estate Tax Liens	p. 152
Other Liens on Real Property	p. 158
Real Estate Contracts	p. 166
What Is a Contract?	p. 166
Discharge of Contracts	p. 170
Contracts Used in the Real Estate Business	p. 172
Transfer of Title	p. 186
Title	p. 186
Voluntary Alienation	p. 186
Involuntary Alienation	p. 195
Transfer of a Deceased Person's Property	p. 197
Title Records	p. 207
Public Records	p. 207
Proof of Ownership	p. 211
Illinois Real Estate License Laws	p. 218
Administration of the Illinois Real Estate License Act	p. 218
Real Estate Licensing (Sections 3 and 4)	p. 219
Real Estate Defined (Section 4)	p. 221
License Categories and Requirements	p. 221
The Licensing Examination (Section 12)	p. 223
The Real Estate License (Sections 12.1 and 13)	p. 224
License Fees (Section 15)	p. 226
Place of Business (Section 13)	p. 228
Refusal, Suspension or Revocation of License or Civil Penalties (Section 18)	p. 229
The Real Estate Recovery Fund (Sections 23 to 30)	p. 235
Continuing Education (Section 37)	p. 237
Real Estate Financing: Principles	p. 244
Mortgage Law	p. 244
Security and Debt	p. 245
Provisions of the Note	p. 246
Provisions of the Mortgage Document or Deed of Trust	p. 250
Provisions of Land Contracts	p. 253
Foreclosure	p. 254
Real Estate Financing: Practice	p. 261
Introduction to the Real Estate Financing Market	p. 261
Financing Techniques	p. 265
Straight Loans	p. 266
Amortized Loans	p. 266
Loan Programs	p. 270
Other Financing Techniques	p. 274
Financing Legislation	p. 277
Computerized Loan Origination and Automated Underwriting	p. 279
Practices
Property Management	p. 307
The Property Manager	p. 307
Management Functions	p. 309
Risk Management	p. 316
The Management Profession	p. 317
Real Estate Appraisal	p. 321
Appraising	p. 321
Value	p. 323
The Three Approaches to Value	p. 325
The Appraisal Process	p. 333
Land-Use Controls and Property Development	p. 342
Land-Use Controls	p. 342
The Comprehensive Plan	p. 343
Zoning	p. 344
Building Codes	p. 347
Subdivision	p. 347
Private Land-Use Controls	p. 350
Regulation of Land Sales	p. 351
Leases	p. 284
Leasing Real Estate	p. 284
Leasehold Estates	p. 285
Lease Agreements	p. 287
Types of Leases	p. 293
Discharge of Leases	p. 295
Civil Rights Laws	p. 298
Regulation of the Rental Industry	p. 298
Fair Housing and Ethical Practices	p. 358
Equal Opportunity in Housing	p. 358
Fair Housing Act	p. 359
Fair Housing Practices	p. 366
Enforcement of the Fair Housing Act	p. 368
Implications for Brokers and Salespeople	p. 371
Professional Ethics	p. 372
Environmental Issues and the Real Estate Transaction	p. 377
Environmental Issues	p. 377
Hazardous Substances	p. 378
Groundwater Contamination	p. 384
Underground Storage Tanks	p. 384
Waste Disposal Sites	p. 386
CERCLA and Environmental Protection	p. 388
Liability of Real Estate Professionals	p. 389
Closing the Real Estate Transaction	p. 394
Preclosing Procedures	p. 394
Conducting the Closing	p. 396
RESPA Requirements	p. 399
Preparation of Closing Statements	p. 401
Prorations	p. 405
Sample Closing Statement	p. 410
Real Estate Investment: an Overview	p. 418
Sample Illinois Real Estate Licensing Examinations	p. 420
What To Expect from the Exam	p. 420
Multiple-Choice Questions: Test-Taking Strategies	p. 427
Taking the Sample Examinations	p. 428
Sample Examination One	p. 429
Sample Examination Two	p. 448
Glossary	p. 466
Answer Key	p. 487
Index	p. 491
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