Modern Real Estate Practices in North Carolina

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

• ISBN13: 9780793133185
• ISBN10: 0793133181
• Edition: 3rd
• Format: Paperback
• Copyright: 1999-03-01
• Publisher: Real Estate Education Company

Summary

This textbook provides the facts and figures every student needs to successfully complete the North Carolina real estate fundamentals course. The extensive glossary, illustrations and examples help make mastery of the principles of real estate law and practice fun. Practice quiz questions and two sample final exams prepare real estate students for taking their North Carolina real estate licensing exam. No other textbook can help prepare the student for their new career like Modern Real Estate Practice in North Carolina, 3rd Edition! Book jacket.

Table of Contents

Preface	p. VII
Acknowledgments	p. VIII
Basic Real Estate Concepts	p. 1
Introduction	p. 1
General Characteristics of Real Estate	p. 1
General Concepts of Land Use and Investment	p. 4
The Scope of the Real Estate Business	p. 6
The Real Estate Market	p. 9
Key Terms	p. 12
Summary	p. 12
Questions	p. 14
Property Ownership and Interests	p. 16
The Concept of Property	p. 16
Estates in Real Property	p. 22
Ownership of Real Property	p. 26
Encumbrances on Real Property	p. 33
Property Taxation in North Carolina	p. 40
Key Terms	p. 42
Summary	p. 42
Questions	p. 45
Property Description	p. 50
Describing Land	p. 50
Methods of Describing Real Estate	p. 50
Key Terms	p. 54
Summary	p. 55
Questions	p. 56
Transfer of Title to Real Property	p. 58
Methods of Transferring Title	p. 58
Title Assurance	p. 71
Key Terms	p. 75
Summary	p. 75
Questions	p. 77
Land-Use Controls	p. 79
Public Land-Use Controls	p. 79
Privately Imposed Land-Use Controls	p. 88
Government Ownership	p. 90
Key Terms	p. 90
Summary	p. 90
Questions	p. 92
Real Estate Brokerage and the Law of Agency	p. 95
Introduction to Brokerage and Agency	p. 95
The Law of Agency	p. 96
General Agency Definitions	p. 96
Brokerage Defined	p. 97
Scope of Authority	p. 101
Agency Relationships	p. 104
Duties and Liabilities of Agents	p. 114
Duties and Liabilities of Principles	p. 119
Nature of the Brokerage Business	p. 119
Key Terms	p. 122
Summary	p. 122
Questions	p. 124
Fair Housing and Ethical Practices	p. 127
Equal Opportunity in Housing	p. 127
Federal Fair Housing Laws	p. 127
Americans with Disabilities Act	p. 134
North Carolina Fair Housing Act of 1983	p. 135
Sexual Harassment	p. 135
Implications for Brokers and Salespeople	p. 136
Standards of Professional Practice	p. 137
Key Terms	p. 138
Summary	p. 138
Questions	p. 140
Real Estate Contracts	p. 142
Contracts	p. 142
Contract Definitions and Classifications	p. 142
Listing Contracts and Practices	p. 149
Sales Contracts and Practices	p. 162
Installment Land Contract	p. 178
Option to Purchase Real Estate	p. 179
Key Terms	p. 182
Summary	p. 182
Questions	p. 184
Landlord and Tenant	p. 187
Leasing Real Estate	p. 187
Residential Rental Assignments Act	p. 188
Leasehold (Nonfreehold) Estates	p. 190
Types of Leases	p. 192
Lease Provisions	p. 194
Key Terms	p. 201
Summary	p. 201
Questions	p. 203
Real Estate Management	p. 205
Property Management	p. 205
Functions of the Property Manager	p. 206
Property Management Fee	p. 207
Management Considerations	p. 210
Key Terms	p. 213
Summary	p. 213
Questions	p. 215
Real Estate Financing: Principles	p. 217
Basic Mortgage Terms and Concepts	p. 217
Security and Debt	p. 217
The Promissory Note	p. 219
The Mortgage (or Deed of Trust) Instrument	p. 229
Key Terms	p. 235
Summary	p. 235
Questions	p. 236
Real Estate Financing: Practices	p. 238
Types of Mortgages (Mortgage Loans)	p. 238
Sources of Real Estate Financing-The Primary Mortgage Market	p. 249
Government Influence in Mortgage Lending	p. 252
Residential Lending Practices and Procedures	p. 254
Financing Legislation	p. 258
Key Terms	p. 259
Summary	p. 259
Questions	p. 261
Closing the Real Estate Transaction	p. 264
Preclosing Procedures	p. 264
Conducting the Closing	p. 267
Respa Requirements	p. 268
Preparation of Closing Statement	p. 271
Prorations	p. 274
Key Terms	p. 283
Summary	p. 283
Questions	p. 284
Basic Residential Construction	p. 288
Architectural Types and Styles	p. 288
Foundations	p. 288
Framing	p. 291
Elements of Construction	p. 294
HVAC	p. 297
BTU	p. 297
Government Regulation	p. 297
Key Terms	p. 298
Questions	p. 299
Real Property Valuation	p. 300
Appraising	p. 300
Value	p. 301
The Appraisal Process	p. 304
Approaches to Value (Appraisal Methods)	p. 306
The Profession of Appraising	p. 317
Key Terms	p. 318
Summary	p. 318
Questions	p. 320
Property Insurance	p. 322
Basic Insurance Concepts	p. 322
Homeowner's Insurance	p. 323
Risk Management for Property Managers	p. 325
Key Terms	p. 326
Summary	p. 327
Questions	p. 328
Federal Income Taxation of Real Property	p. 330
Tax Benefits for Homeowners	p. 320
Tax Benefits of Selling a Principal Residence	p. 331
Tax Benefits of Real Estate Investment	p. 334
Key Terms	p. 336
Summary	p. 336
Questions	p. 338
Environmental Issues and the Real Estate Transaction	p. 340
Environmental Issues	p. 340
Hazardous Substances	p. 341
Cercla and Environmental Protection	p. 348
North Carolina Environmental Issues	p. 349
Liability of Real Estate Professionals	p. 350
Key Terms	p. 352
Summary	p. 352
Questions	p. 353
Real Estate Mathematics	p. 355
Real Estate Taxes	p. 355
Percentages	p. 356
Profit and Loss Math	p. 358
Square Footage, Area and Volume	p. 359
Financial Calculations	p. 361
Closing Statement Prorations and Calculations	p. 367
Closing Statement Problems	p. 369
Appraisal Calculations	p. 370
Federal Income Taxation of Real Property	p. 371
Questions	p. 373
License Law Appendix	p. 377
Real Estate License Law, Commission Rules and Trust Account Guidelines	p. 377
Sample North Carolina Real Estate Licensing Examinations	p. 382
Answer Key	p. 406
Glossary	p. 414
Index	p. 434
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