Real Estate

Exceptionally user-friendly in approach and real-world in perspective, this introduction to real estate principles and practices presents only the material necessary for successful completion of the real estate license exam and subsequent success in a career in real estate sales. Features 36 fictionalized Mini Case Studies of common scenarios. And, Math Practice problems show the practical relevance of learning the required math, as well as making math less "intimidating".

Introduction

vii

SECTION 1 Where do I begin?

1

(18)

topic 1.A License Law Overview

1

(4)

topic 1.B The Real Estate Business

5

(4)

topic 1.C Fair Housing

9

(10)

SECTION 2 Whom do I work for and what do I do?

19

(46)

topic 2.A General Brokerage and Agency

19

(17)

topic 2.B When the Seller Is My Client

36

(11)

topic 2.C When the Buyer Is My Client

47

(7)

topic 2.D Property Management

54

(11)

SECTION 3 What do I need to know about the property?

65

(34)

topic 3.A Real and Personal Property

65

(8)

topic 3.B Encumbrances and Restrictions

73

(10)

topic 3.C Public and Private Controls on Land Use

83

(7)

topic 3.D Environmental Concerns

90

(9)

SECTION 4 What's involved in preparing a contract?

99

(32)

topic 4.A General Contract Information

99

(14)

topic 4.B Property Disclosure Forms

113

(6)

topic 4.C Offers to Purchase/Sales Contracts, Land Contracts, and Options

119

(12)

SECTION 5 How will they pay for it?

131

(36)

topic 5.A General Finance Information

131

(10)

topic 5.B Loan Application and Specific Loan Programs

141

(16)

topic 5.C Secondary Mortgage Market

157

(3)

topic 5.D Financial Legislation and Regulation

160

(7)

SECTION 6 What's it worth?

167

(24)

topic 6.A Appraisal Background

167

(10)

topic 6.B Market Data Approach

177

(3)

topic 6.C Income Approach

180

(5)

topic 6.D Cost Approach

185

(6)

SECTION 7 Who owns what?

191

(20)

topic 7.A Estates in Property

191

(5)

topic 7.B Taking Ownership

196

(6)

topic 7.C Deeds

202

(9)

SECTION 8 How do we close the deal?

211

(22)

topic 8.A Property Insurance

211

(3)

topic 8.B Title Assurance

214

(8)

topic 8.C Settlement

222

(11)

SECTION 9 What about real property and federal income taxes?

233

(6)

topic 9.A Tax Issues of Home Ownership

233

(6)

SECTION 10 Am I ready?

239

(20)

topic 10.A License Law Review

239

(3)

topic 10.B Preparing for the Exam

242

(3)

topic 10.C More Math Practice

245

(5)

topic 10.D Practice Exam

250

(9)

Solution Keys

259

(5)

Glossary

264

(25)

Index

289

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Summary

Table of Contents

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