Modern Real Estate Practice in Illinois
, by Galaty, Fillmore W.; Allaway, Wellington J.; Kyle, Robert C.
- ISBN: 9780793109791 | 0793109795
- Cover: Paperback
- Copyright: 9/1/1994
| 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 |
| Table of Contents provided by Syndetics. All Rights Reserved. |
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