Cover image for Real estate principles
Title:
Real estate principles
Author:
Jacobus, Charles J.
Personal Author:
Edition:
Ninth edition.
Publication Information:
Mason, Ohio : Thomson/South-Western, [2003]

©2003
Physical Description:
xxv, 574 pages : illustrations, forms ; 27 cm
Language:
English
Contents:
Introduction to real estate -- Nature and description of real estate -- Rights and interests in land -- Forms of ownership -- Transferring title -- Recordation, abstracts, and title insurance -- Contract law -- Real estate sales contracts -- Mortgage and note -- Deed of trust -- Lending practices -- The loan and the consumer -- Sources of financing -- Types of financing -- Taxes and assessments -- Title closing and escrow -- Real estate leases -- Real estate appraisal -- Licensing laws and professional affiliation -- The principal-broker relationship : employment -- The principal-broker relationship : agency -- Fair housing, ADA, equal credit, and community reinvestment -- Condominiums, cooperatives, PUDs, and timeshares -- Property insurance -- Land-use control -- Real estate and the economy -- Investing in real estate.
ISBN:
9780324143874
Format :
Book

Available:*

Library
Call Number
Material Type
Home Location
Status
Item Holds
Searching...
HD1375 .J33 2003 Adult Non-Fiction Central Closed Stacks
Searching...

On Order

Summary

Summary

This popular, best-selling principles book is the first choice for introducing the fundamentals of Real Estate -- clearly and simply -- while providing a solid and comprehensive understanding of the real estate industry today. Book jacket.


Table of Contents

Prefacep. xxiii
Chapter 1 Introduction to Real Estatep. 1
How to Read This Bookp. 1
Transaction Overviewp. 2
Chapter Organizationp. 2
Career Opportunitiesp. 4
License Requirementsp. 9
Chapter 2 Nature and Description of Real Estatep. 11
Key Termsp. 11
Landp. 12
Improvementsp. 12
Fixturesp. 12
Appurtenancesp. 15
Water Rightsp. 15
Land Descriptionsp. 16
Grid Systemsp. 26
Vertical Land Descriptionp. 26
Lot Typesp. 27
Physical Characteristics of Landp. 28
Economic Characteristics of Landp. 29
Chapter 3 Rights and Interests in Landp. 34
Key Termsp. 34
Feudal and Allodial Systemsp. 35
Government Rights in Landp. 36
Protecting Ownershipp. 38
Fee Simplep. 38
Encumbrancesp. 39
Qualified Fee Estatesp. 45
Life Estatesp. 46
Statutory Estatesp. 46
Freehold Estatesp. 48
Leasehold Estatesp. 48
Overviewp. 19
Pictorial Summaryp. 52
Chapter 4 Forms of Ownershipp. 57
Key Termsp. 57
Sole Ownershipp. 58
Tenants in Commonp. 58
Joint Tenancyp. 60
Tenancy by the Entiretyp. 63
Community Propertyp. 64
Partnershipp. 65
Corporationsp. 67
Trustsp. 68
Limited Liability Companiesp. 69
Syndicationp. 71
Cautionp. 71
Chapter 5 Transferring Titlep. 74
Key Termsp. 74
Deedsp. 75
Conveyance After Deathp. 84
Adverse Possessionp. 86
Easement by Prescriptionp. 87
Ownership by Accessionp. 89
Public Grantp. 89
Dedicationp. 90
Forfeiturep. 90
Alienationp. 90
Chapter 6 Recordation, Abstracts, and Title Insurancep. 93
Key Termsp. 93
Need for Public Recordsp. 94
Requirements for Recordingp. 96
Public Records Organizationp. 97
Chain of Titlep. 100
Abstract of Titlep. 102
Title Insurancep. 103
The Torrens Systemp. 107
Marketable Title Actsp. 109
Chapter 7 Contract Lawp. 112
Key Termsp. 112
How a Contract Is Createdp. 113
Essentials of a Valid Contractp. 114
Performance and Discharge of Contractsp. 120
Breach of Contractp. 121
Statute of Limitationsp. 123
Implied Obligationsp. 124
Chapter 8 Real Estate Sales Contractsp. 127
Key Termsp. 127
Purpose of Sales Contractsp. 128
Purchase Contractsp. 128
The Binderp. 139
Letter of Intentp. 140
Practicing Lawp. 140
Installment Contractsp. 141
Equitable Titlep. 143
Option Contractsp. 143
Lease with Option to Buyp. 144
Right of First Refusalp. 146
Exchange Agreementsp. 146
Typical Trade Contractp. 149
Chapter 9 Mortgage and Notep. 152
Key Termsp. 152
Promissory Notep. 153
The Mortgage Instrumentp. 155
Mortgage Satisfactionp. 158
"Subject To"p. 159
Assumptionp. 159
Novationp. 159
Estoppelp. 160
Debt Prioritiesp. 160
The Foreclosure Processp. 161
Judicial Foreclosurep. 162
Strict Foreclosurep. 165
Power of Salep. 165
Entry and Possessionp. 165
Deed in Lieu of Foreclosurep. 166
Installment Contract Foreclosurep. 166
Deed of Trustp. 166
Equitable Mortgagep. 168
Deed as Securityp. 168
Choice of Security Instrumentp. 168
Chapter 10 Deed of Trustp. 172
Key Termsp. 172
Parties to a Deed of Trustp. 173
Reconveyancep. 174
Deed of Trust Documentp. 175
Jurisdictions Using Deeds of Trustp. 178
Advantages of the Deed of Trustp. 180
Chapter 11 Lending Practicesp. 182
Key Termsp. 182
Term Loansp. 183
Amortized Loansp. 183
Budget Mortgagep. 187
Balloon Loanp. 187
Partially Amortized Loanp. 188
Earlier Payoffp. 189
Loan-to-Value Ratiop. 190
Equityp. 190
Loan Pointsp. 190
FHA Insurance Programsp. 192
Department of Veterans Affairsp. 195
Private Mortgage Insurancep. 199
Rural Housing Services Administrationp. 200
Chapter 12 The Loan and the Consumerp. 202
Key Termsp. 202
Truth-in-Lending Actp. 203
Loan Application and Approvalp. 206
Chapter 13 Sources of Financingp. 219
Key Termsp. 219
Primary Marketp. 220
Savings and Loan Associationsp. 220
Commercial Banksp. 222
Life Insurance Companiesp. 222
Mortgage Companiesp. 223
Mortgage Brokersp. 223
Computerized Loan Originationp. 224
Municipal Bondsp. 224
Other Lendersp. 224
Secondary Marketp. 225
Automated Underwriting Systemsp. 231
Availability and Price of Mortgage Moneyp. 232
Usuryp. 233
Price to the Borrowerp. 233
Due-On-Salep. 234
Prepaymentp. 234
Chapter 14 Types of Financingp. 236
Key Termsp. 236
Adjustable Rate Mortgagesp. 237
Graduated Payment Mortgagep. 240
Equity Sharingp. 241
"Rich Uncle" Financingp. 241
Package Mortgagep. 242
Blanket Mortgagep. 242
Reverse Mortgagep. 242
Construction Loanp. 243
Blended-Rate Loanp. 243
Equity Mortgagep. 244
Affordable Housing Loansp. 244
Asset Integrated Mortgage (AIM)p. 246
Seller Financingp. 247
Wraparound Mortgagep. 247
Subordinationp. 248
Contract for Deedp. 248
Optionp. 249
Overly Creative Financing?p. 249
Investing in Mortgagesp. 250
Rentalp. 251
Land Leasesp. 251
Financing Overviewp. 251
Chapter 15 Taxes and Assessmentsp. 255
Key Termsp. 255
Property Taxesp. 256
Unpaid Property Taxesp. 258
Assessment Appealp. 258
Property Tax Exemptionsp. 259
Property Tax Variationsp. 259
Special Assessmentsp. 260
Income Taxes on the Sale of One's Residencep. 262
Capital Gainsp. 264
Installment Methodp. 264
Property Tax and Interest Deductionsp. 265
Interest Deduction Limitationsp. 265
Impact on Real Estatep. 266
Agent's Liability for Tax Advicep. 266
Conveyance Taxesp. 267
Chapter 16 Title Closing and Escrowp. 270
Key Termsp. 270
Buyer's Walk-Throughp. 271
Title Closingp. 271
Closing or Settlement Meetingp. 272
Escrowp. 274
Delays and Failure to Closep. 276
Loan Escrowsp. 277
Reporting Requirementsp. 277
Prorating at the Closingp. 278
Sample Closingp. 280
Settlement Statementp. 283
Real Estate Settlement Procedures Actp. 286
Chapter 17 Real Estate Leasesp. 294
Key Termsp. 294
The Leasehold Estatep. 295
Creating a Valid Leasep. 295
The Lease Documentp. 296
Landlord-Tenant Lawsp. 299
Setting Rentsp. 299
Option Clausesp. 300
Assignment and Sublettingp. 300
Ground Leasep. 300
Vertical Leasep. 301
Contract Rent, Economic Rentp. 301
Lease Terminationp. 301
Rent Controlp. 302
Property Managementp. 304
Tenant Selectionp. 304
Security Depositp. 305
Tenant Retentionp. 305
Collecting Rentsp. 306
On-Site Managementp. 308
Off-Site Managementp. 308
Job Opportunitiesp. 309
Chapter 18 Real Estate Appraisalp. 313
Key Termsp. 313
Purpose and Use of Appraisalsp. 314
The Real Property Valuation Processp. 314
Value Approachesp. 314
Market Value Definedp. 314
Market Comparison Approachp. 315
Cost Approachp. 324
Income Approachp. 328
Choice of Approachesp. 332
Reconciliationp. 332
Appraiser's Best Estimatep. 333
Appraisal Regulationp. 333
Formats of Appraisal Reportsp. 336
Characteristics of Valuep. 339
Principles of Valuep. 339
Multiple Meanings of the Word Valuep. 340
Buyer's and Seller's Marketsp. 341
Professional Appraisal Societiesp. 341
Chapter 19 Licensing Laws and Professional Affiliationp. 345
Key Termsp. 345
Rationale for Licensingp. 346
Persons Required to Be Licensedp. 347
Brokerp. 347
Salespersonp. 348
Sales Associatep. 348
Qualifications for Licensingp. 348
Licensing Procedurep. 349
Examination Servicesp. 352
Nonresident Licensingp. 352
Licensing the Business Firmp. 353
Real Estate Regulationp. 354
License Suspension and Revocationp. 355
Bonds and Recovery Fundsp. 356
Securities Licensep. 357
Affiliating with a Brokerp. 357
Independent Contractor Statusp. 359
Franchised Officesp. 360
Professional Real Estate Associationsp. 361
REALTORp. 362
Code of Ethicsp. 362
Chapter 20 The Principal-Broker Relationship: Employmentp. 374
Key Termsp. 374
Listing Agreementp. 375
Exclusive Right to Sell Listingp. 378
Exclusive Agency Listingp. 378
Open Listingp. 378
Net Listingp. 378
Advance Fee Listingp. 379
Exclusive Authority to Purchasep. 379
Multiple Listing Servicep. 382
Broker Compensationp. 383
Procuring Causep. 384
Terminating the Employment Contractp. 385
Bargain Brokersp. 386
Perceived Valuep. 386
Chapter 21 The Principal-Broker Relationship: Agencyp. 389
Key Termsp. 389
Agencyp. 390
Broker's Obligations to the Principalp. 391
Broker's Obligations to Third Partiesp. 394
Buyer Agencyp. 397
Principal's Obligationsp. 398
Broker's Sales Staffp. 398
Cooperating Brokerp. 398
Agency Disclosurep. 400
Owner Disclosure Statementp. 403
Interstate Land Sales Disclosure Statementsp. 404
Antitrust Lawsp. 405
Errors and Omission Insurancep. 406
Chapter 22 Fair Housing, ADA, Equal Credit, and Community Reinvestmentp. 408
Key Termsp. 408
Fair Housingp. 409
The Americans with Disabilities Actp. 415
Equal Credit Opportunity Actp. 416
Community Reinvestment Actp. 419
Chapter 23 Condominiums, Cooperatives, PUDs, and Timesharesp. 423
Key Termsp. 423
The Desire for Land-Use Efficiencyp. 424
Condominiump. 425
Condominium Managementp. 429
Maintenance Feesp. 429
Property Taxes and Insurancep. 429
Condominium Financingp. 430
Advantages of Condominium Livingp. 431
Disadvantages of Condominium Livingp. 432
Before Buyingp. 432
Cooperative Apartmentsp. 433
Planned Unit Developmentp. 435
Resort Timesharingp. 436
Chapter 24 Property Insurancep. 441
Key Termsp. 441
Property Damagep. 442
Public Liabilityp. 442
Homeowner Policiesp. 443
New for Oldp. 447
Lender Requirementsp. 447
Flood Insurancep. 448
Landlord Policiesp. 448
Policy Cancellationp. 449
Policy Takeoversp. 449
Home Buyer's Insurancep. 450
Chapter 25 Land-Use Controlp. 453
Key Termsp. 453
Zoningp. 454
Subdivision Regulationsp. 457
Building Codesp. 458
Deed Restrictionsp. 458
Planning Ahead for Developmentp. 459
Environmental Impact Statementsp. 460
Precautionsp. 461
Windfalls and Wipe-outsp. 462
Transferable Development Rightsp. 463
Chapter 26 Real Estate and the Economyp. 465
Key Termsp. 465
Economic Basep. 466
Short-run Demand for Housingp. 468
Long-run Demand for Housingp. 470
Age Distributionp. 471
Governmental Impactp. 474
Fiscal Policyp. 475
Monetary Policyp. 475
Secondary Mortgage Marketp. 476
Types of Inflationp. 476
1975-2000 Periodp. 477
Watching the Fedp. 479
The Outlookp. 480
Chapter 27 Investing in Real Estatep. 484
Key Termsp. 484
Benefits of Real Estate Investingp. 485
Depreciation Calculationp. 488
Capital Gainsp. 489
At-Risk Rulesp. 489
Installment Salesp. 489
Construction-Period Expensesp. 489
Rehabilitation Tax Creditsp. 490
Low-Income Housing Creditp. 490
Watch Listp. 490
Equity Build-upp. 490
Leveragep. 491
Property Selectionp. 492
Investment Timingp. 495
"GLITAMAD"p. 496
Developing a Personal Investment Strategyp. 497
Valuing an Investmentp. 498
Limited Partnershipsp. 499
Disclosure Lawsp. 502
Effort and Couragep. 503
Appendix A Construction Illustrations and Terminologyp. 506
Appendix B Real Estate Math Reviewp. 519
Appendix C Interest and Present Value Tablesp. 528
Appendix D Measurement Conversion Tablep. 532
Appendix E Answers to Chapter Questions and Problemsp. 533
Index and Glossaryp. 553