Modern Real Estate Practice In Ohio

by Galaty, Fillmore W.; Kyle, Robert C.; Enerva, Thomas A.; Allaway, Wellington J.

• ISBN13: 9780793187973
• ISBN10: 0793187974
• Edition: 6th
• Format: Paperback
• Copyright: 2004-05-08
• Publisher: Kaplan

Summary

From agency to zoning, this new edition covers everything an aspiring agent needs to know. Fully updated with the latest legislative changes to state agency law, this text features multiple learning tools, including key terms, margin notes, and a math appendix.

Table of Contents

Preface	ix
Introduction to the Real Estate Business	1	(10)
Key Terms	1	(1)
A Very Big Business	1	(1)
Real Estate: A Business of Many Specializations	2	(2)
Professional Organizations	4	(1)
Types of Real Property	4	(1)
The Real Estate Market	5	(2)
Summary	7	(1)
Real-Life Real Estate	8	(1)
Questions	9	(2)
Real Property and the Law	11	(12)
Key Terms	11	(1)
Land, Real Estate, and Real Property	11	(3)
Real Property and Personal Property	14	(2)
Characteristics of Real Estate	16	(1)
Ownership of Real Property	17	(1)
Laws Affecting Real Estate	18	(1)
Summary	19	(1)
Real-Life Real Estate	20	(1)
Questions	21	(2)
Concepts of Home Ownership	23	(11)
Key Terms	23	(1)
Home Ownership	23	(2)
Housing Affordability	25	(3)
Homeowner's Insurance	28	(2)
Federal Flood Insurance Program	30	(1)
Summary	30	(1)
Real-Life Real Estate	31	(1)
Questions	32	(2)
Real Estate Brokerage	34	(15)
Key Terms	34	(1)
The History of Brokerage	34	(1)
Real Estate License Laws	35	(1)
Real Estate Brokerage	36	(6)
Antitrust Laws	42	(1)
Fee-For-Services	43	(1)
Do-Not-Call Registry	44	(1)
Summary	44	(1)
Real-Life Real Estate	45	(1)
Questions	46	(3)
Agency	49	(26)
Key Terms	49	(1)
Real Estate Agency in Ohio	49	(1)
Law of Agency	50	(1)
Limitations on an Agent's Authority	51	(8)
Types of Agency Relationships	59	(5)
Customer-Level Services	64	(5)
Agency Disclosure Law	69	(2)
Post-Transaction Obligations	71	(1)
Summary	72	(1)
Real-Life Real Estate	72	(1)
Questions	73	(2)
Real Estate License Laws	75	(26)
Key Terms	75	(1)
Real Estate License Laws in General	75	(1)
Purpose of License Laws	75	(1)
The Ohio Real Estate License Law	76	(21)
Canons of Ethics	97	(1)
Summary	97	(1)
Real-Life Real Estate	98	(1)
Questions	99	(2)
Listing Agreements and Buyer Representation	101	(25)
Key Terms	101	(1)
Listing Agreements	101	(4)
Termination of Listing	105	(1)
The Listing Process	106	(9)
The Listing Contract Form	115	(3)
Buyer Agency Agreements	118	(3)
Summary	121	(1)
Real-Life Real Estate	122	(1)
Questions	123	(3)
Interests in Real Estate	126	(21)
Key Terms	126	(1)
Limitations on the Rights of Ownership	126	(1)
Estates in Land	127	(5)
Encumbrances	132	(4)
Government Powers	136	(2)
Water Rights	138	(2)
Summary	140	(1)
Real-Life Real Estate	141	(3)
Questions	144	(3)
Forms of Real Estate Ownership	147	(17)
Key Terms	147	(1)
Forms of Ownership	147	(1)
Ownership in Severalty	148	(1)
Co-Ownership	148	(3)
Trusts	151	(1)
Ownership of Real Estate by Business Organizations	152	(2)
Condominiums, Cooperatives, and Time-Shares	154	(5)
Summary	159	(1)
Real-Life Real Estate	160	(1)
Questions	161	(3)
Legal Descriptions	164	(18)
Key Terms	164	(1)
Describing Land	164	(1)
Methods of Describing Real Estate	165	(10)
Preparing a Survey	175	(1)
Measuring Elevations	175	(2)
Land Units and Measurements	177	(1)
Summary	177	(1)
Real-Life Real Estate	178	(1)
Questions	179	(3)
Real Estate Taxes and Other Liens	182	(15)
Key Terms	182	(1)
Liens	182	(3)
Real Estate Tax Liens	185	(4)
Other Liens on Real Property	189	(2)
Summary	191	(2)
Real-Life Real Estate	193	(1)
Questions	194	(3)
Real Estate Contracts	197	(21)
Key Terms	197	(1)
Contract Law	197	(5)
Discharge of Contracts	202	(2)
Contracts Used in the Real Estate Business	204	(8)
Summary	212	(1)
Real-Life Real Estate	213	(2)
Questions	215	(3)
Transfer of Title	218	(20)
Key Terms	218	(1)
Title	218	(1)
Voluntary Alienation	219	(7)
Involuntary Alienation	226	(3)
Transfer of a Deceased Person's Property	229	(4)
Summary	233	(1)
Real-Life Real Estate	234	(1)
Questions	235	(3)
Title Records	238	(15)
Key Terms	238	(1)
Public Records	238	(5)
Proof of Ownership	243	(3)
Uniform Commercial Code	246	(2)
Summary	248	(1)
Real-Life Real Estate	249	(1)
Questions	250	(3)
Real Estate Financing: Principles	253	(15)
Key Terms	253	(1)
Mortgage Law	253	(1)
Security and Debt	254	(1)
Provisions of the Note	255	(3)
Provisions of the Mortgage Document	258	(4)
Provisions of Land Contracts	262	(1)
Foreclosure	262	(3)
Summary	265	(1)
Real-Life Real Estate	265	(1)
Questions	266	(2)
Real Estate Financing: Practice	268	(27)
Key Terms	268	(1)
Introduction to the Real Estate Financing Market	268	(5)
Financing Techniques	273	(1)
Amortized Loans	274	(4)
Loan Programs	278	(6)
Other Financing Techniques	284	(3)
Financing Legislation	287	(3)
Computerized Loan Origination and Automated Underwriting	290	(1)
Summary	291	(1)
Real-Life Real Estate	292	(1)
Questions	293	(2)
Leases	295	(19)
Key Terms	295	(1)
Leasing Real Estate	295	(1)
Leasehold Estates	296	(2)
Types of Leases	298	(2)
Lease Agreements	300	(5)
Discharge of Leases	305	(1)
Ohio Landlord-Tenant Act	306	(3)
Civil Rights Laws	309	(1)
Summary	309	(1)
Real-Life Real Estate	310	(1)
Questions	311	(3)
Property Management	314	(15)
Key Terms	314	(1)
The Property Manager	314	(2)
Management Functions	316	(6)
Risk Management	322	(3)
The Management Profession	325	(1)
Summary	325	(1)
Real-Life Real Estate	326	(1)
Questions	327	(2)
Real Estate Appraisal	329	(23)
Key Terms	329	(1)
Appraising	329	(4)
Value	333	(2)
The Three Approaches to Value	335	(8)
The Appraisal Process	343	(4)
Summary	347	(1)
Real-Life Real Estate	348	(1)
Questions	349	(3)
Land-Use Controls	352	(9)
Key Terms	352	(1)
Land-Use Controls	352	(1)
The Comprehensive Plan	353	(1)
Zoning	353	(4)
Building Codes	357	(1)
Private Land-Use Controls	357	(1)
Summary	358	(1)
Real-Life Real Estate	359	(1)
Questions	360	(1)
Property Development and Subdivision	361	(8)
Key Terms	361	(1)
Land Development	361	(1)
Subdivision	362	(3)
Regulation of Land Sales	365	(1)
Summary	366	(1)
Real-Life Real Estate	367	(1)
Questions	368	(1)
Fair Housing Practices	369	(20)
Key Terms	369	(1)
Equal Opportunity in Housing	369	(1)
Fair Housing Act	370	(6)
Ohio Fair Housing Law	376	(4)
Fair Housing Practices	380	(2)
Enforcement of the Fair Housing Act	382	(2)
Implications for Brokers and Salespeople	384	(1)
Summary	385	(1)
Real-Life Real Estate	386	(1)
Questions	387	(2)
Environmental Issues and the Real Estate Transaction	389	(19)
Key Terms	389	(1)
Environmental Issues	389	(1)
Hazardous Substances	390	(8)
Groundwater Contamination	398	(1)
Underground Storage Tanks	398	(2)
Waste Disposal Sites	400	(2)
CERCLA and Environmental Protection	402	(1)
Liability of Real Estate Professionals	403	(2)
Summary	405	(1)
Real-Life Real Estate	405	(1)
Questions	406	(2)
Introduction to Real Estate Investment	408	(12)
Key Terms	408	(1)
Investing in Real Estate	408	(1)
The Investment	409	(2)
Leverage	411	(1)
Tax Benefits	412	(3)
Real Estate Investment Syndicates	415	(1)
Real Estate Investment Trusts	416	(1)
Real Estate Mortgage Investment Conduits	416	(1)
Summary	416	(1)
Real-Life Real Estate	417	(1)
Questions	418	(2)
Closing the Real Estate Transaction	420	(39)
Key Terms	420	(1)
Preclosing Procedures	420	(1)
Conducting the Closing	421	(4)
RESPA Requirements	425	(3)
Preparation of Closing Statements	428	(3)
Prorations	431	(4)
Sample Closing Statement	435	(4)
Summary	439	(1)
Real-Life Real Estate	440	(1)
Questions	441	(2)
APPENDIX
Math FAQ	443	(1)
Introduction	443	(1)
Part I: Fractions, Decimals, and Percentages	444	(2)
Part II: Percentage Problems	446	(6)
Measurement Problems	452	(7)
Glossary	459	(19)
Answer Key	478	(5)
Index	483