Real Estate Principles
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- Erik Baker
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1 Real Estate Principles Chapter 1: An Introduction to Real Estate The Real Estate Industry Real Estate Transactions Real Estate Brokerage Real Estate as a Career Real Estate and the Law Chapter 2: The Nature of Real Property Types of Property Elements of Real Property Appurtenances Air Rights Water Rights Solid Mineral Rights Oil and Gas Rights Other Appurtenant Rights Attachments Natural Attachments Man-made Attachments: Fixtures Annexation and Severance Distinguishing Fixtures from Personal Property Mobile Homes as Fixtures Characteristics of Real Property Physical Characteristics Economic Characteristics Land Description Surveys Methods of Description Chapter 3: Real Property Ownership Systems of Land Ownership Estates in Land Freehold Estates Leasehold Estates Methods of Holding Title Ownership in Severalty Concurrent Ownership Forms of Business Ownership Common Interest Developments Condominiums Townhouses Planned Unit Developments Cooperatives Timeshares
2 Real Estate Principles 2 Chapter 4: Transferring Ownership Title and Alienation Voluntary Alienation Patents Deeds Wills Involuntary Alienation Dedication Intestate Succession Escheat Condemnation Court Decisions Adverse Possession Accession Recording Title Protection Security Interests in Fixtures Chapter 5: Encumbrances Encumbrances Financial Encumbrances (Liens) Types of Liens Lien Priority Homestead Laws Nonfinancial Encumbrances Easements Profits Licenses Encroachments Nuisances Private Restrictions Chapter 6: Public Restrictions on Land Land Use Controls Comprehensive Planning Zoning Building Codes Subdivision Regulations Floodplain Restrictions Environmental Laws Eminent Domain Taxation General Real Estate Taxes Special Assessments Conveyance Taxes
3 Real Estate Principles 3 Chapter 7: Contract Law Legal Classifications of Contracts Elements of a Valid Contract Capacity Mutual Consent Lawful Objective Consideration The Writing Requirement Legal Status of Contracts Discharging a Contract Breach of Contract Rescission Liquidated Damages Damages Specific Performance Tender Chapter 8: Types of Real Estate Contracts Listing Agreements Earning a Commission Elements of a Listing Agreement Purchase Agreements Typical Provisions Binder Amendments Escrow Agreements Land Contracts Rights and Responsibilities of the Parties Remedies for Default Reasons for Using a Land Contract Leases Requirements for a Valid Lease Lease Renewal Transferring Leased Property Termination of a Lease Option Agreements Requirements for a Valid Option Option Rights Recording an Option Right of First Refusal Chapter 9: Real Estate Agency Law Introduction to Agency Creating an Agency Relationship Express Agreement Ratification Estoppel Implication
4 Real Estate Principles 4 The Legal Effects of Agency Duties in an Agency Relationship The Agent s Duties to the Principal The Agent s Duties to Third Parties Breach of Duty Terminating an Agency Real Estate Agency Relationships Agency Relationships: A Historical Perspective Types of Agency Relationships Agency Disclosure Requirements Chapter 10: Regulation of the Real Estate Profession Real Estate Licensing The Purpose of Licensing Administration of Real Estate License Laws When a Real Estate License is Required Types of Licenses Qualifications for a License License Renewal Disciplinary Action The Broker/Salesperson Relationship Regulation of Business Practices Brokerage Offices Handling Transactions Recordkeeping Trust Funds Advertising and Promotions Antitrust Laws and Real Estate Licensees Chapter 11: Principles of Real Estate Financing The Economics of Real Estate Finance Real Estate Cycles Interest Rates and Federal Policy Real Estate Finance Markets Primary Market Secondary Market Real Estate Finance Documents Promissory Notes Security Instruments Finance Document Provisions Foreclosure Procedures Seller Financing Types of Mortgage Loans
5 Real Estate Principles 5 Chapter 12: Applying for a Mortgage Loan Choosing a Lender Types of Mortgage Lenders Loan Costs Truth in Lending Act Loan Application and Underwriting Basic Loan Features Loan Term Amortization Loan-to-Value Ratios Secondary Financing Fixed and Adjustable Interest Rates Residential Financing Programs Conventional Loans FHA-Insured Loans VA-Guaranteed Loans Rural Housing Service Loans Predatory Lending Chapter 13: Real Estate Appraisal Introduction to Appraisal Value Types of Value Principles of Value The Appraisal Process Gathering Data Methods of Appraisal Sales Comparison Approach to Value Cost Approach to Value Income Approach to Value Site Valuation Appraising Multi-family Properties Reconciliation and Final Estimate of Value Competitive Market Analysis Chapter 14: Closing Real Estate Transactions Closing and Escrow Closing Costs and Settlement Statements Preparing a Settlement Statement Guide to Settlement Statements Income Tax Aspects of Closing 1099-S Reporting FIRPTA Real Estate Settlement Procedures Act Transactions Covered by RESPA RESPA Requirements Uniform Settlement Statement
6 Real Estate Principles 6 Chapter 15: Income Taxation and Real Estate Basic Taxation Concepts Nonrecognition Transactions Installment Sales Involuntary Conversions Sales of Low-Income Housing Tax-Free Exchanges Special Provisions for Home Buyers and Sellers Exclusion of Gain from the Sale of a Principal Residence IRA Withdrawals Deductions Available to Property Owners Depreciation and Cost Recovery Deductions Uninsured Casualty or Theft Loss Deductions Repair Deductions Property Tax Deductions Mortgage Interest Deductions Deductibility of Points and Other Loan Costs Vacation Home Deductions The Home Office Rental Payment Deductions State Income Tax Chapter 16: Civil Rights and Fair Housing The Civil Rights Act of 1866 The Civil Rights Act of 1964 The Federal Fair Housing Act Exemptions Prohibited Acts Handicap and Familial Status HUD and Enforcement Federal Fair Lending Laws Equal Access to Facilities State Antidiscrimination Legislation Complying with Fair Housing Laws Working with Clients Advertising Properties Actions That Do Not Violate Fair Housing Laws Discriminatory Restrictive Covenants Chapter 17: Property Management Investing in Real Estate Types of Managed Properties The Management Agreement The Management Plan Preliminary Study The Management Proposal
7 Real Estate Principles 7 Management Functions Leasing and Tenant Relations Recordkeeping and Manager/Owner Relations Maintenance Risk Management Environmental Issues Landlord/Tenant Law Lease Provisions Rent Control Types of Leases Chapter 18: Home Ownership and Construction To Rent or to Buy? Factors to Consider When Choosing a Home Property Insurance What is Covered Types of Insurance Flood Insurance Changes in Policy Home Warranty Construction Local Codes and Regulations The Role of the Architect Plans and Specifications Wood Frame Construction Glossary of Construction Terms Chapter 19: Real Estate Math Solving Math Problems Area Problems Squares and Rectangles Triangles Odd Shapes Volume Problems Percentage Problems Solving Percentage Problems Commission Problems Loan Problems Profit or Loss Problems Capitalization Problems Tax Assessment Problems Seller s Net Problems Proration Problems Property Tax Prorations Insurance Prorations Rent Prorations Mortgage Interest Prorations
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