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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