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MODERN REAL ESTATE PRAC.IN TEXAS | Edition: 17TH 17

Author:
NANCE
ISBN:
9781475435733
Publication Date:
-
Publisher:
DEARBORN F
Estimated Student Price  (Savings based on Print, New)
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  • Print, used: $29.65  (25% Savings)
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Overview

Introducing students to the basic principles that apply to the practice of real estate as a profession, this text also highlights and explains laws, practices, terminology and applications specific to Texas.
This book was adopted by:
Austin Community College
Austin Community College 523
Blinn College - Brenham Campus
Blinn College - Bryan Campus
Collin College Central Park
Collin College Preston Ridge
Collin College Spring Creek
El Paso Community College - Valle Verde
Lamar University
South Texas College
TCC – Northeast
University of Houston - Clear Lake

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Table of Contents

Prefacevii
1Introduction to Modern Real Estate Practice1
Key Terms1
Overview1
Real Estate--A Business of Many Specializations1
Real Estate Law4
Professional Organizations7
Summary8
Questions10
2Real Property12
Key Terms12
Overview12
Land, Real Estate and Real Property12
Real Property versus Personal Property15
Summary19
Questions20
3The Real Estate Market22
Key Terms22
Overview22
Characteristics of Real Estate22
Real Estate--The Business of Value24
Cycles27
Summary28
Questions30
4Concepts of Home Ownership32
Key Terms32
Overview32
Home Ownership32
Housing Affordability35
Tax Benefits for Homeowners37
Homeowner's Insurance39
Summary42
Questions43
5Real Estate Brokerage and the Law of Agency45
Key Terms45
Overview45
The Law of Agency46
Agency Positions and Disclosure51
Nature of the Brokerage Business57
Texas Deceptive Trade Practices--Consumer Protection Act62
Summary64
Questions65
6Fair Housing Laws and Ethical Practices68
Key Terms68
Overview68
Equal Opportunity in Housing68
Federal Fair Lending Laws76
Professional Ethics77
Summary79
Questions80
7Texas Real Estate License Act90
Key Terms82
Overview82
Real Estate License Laws in All States82
Basic Provisions of the Texas Real Estate License Act83
The Texas Real Estate License Act84
The Real Estate License Act, 1997 Revision85
Summary139
Analysis Form: Texas Real Estate License Act141
Questions144
8Interests in Real Estate146
Key Terms146
Overview146
Historical Background146
Government Powers147
Estates in Land148
Encumbrances153
Water Rights157
Summary160
Questions161
9How Ownership Is Held163
Key Terms163
Overview163
Forms of Ownership163
Ownership in Severalty164
Co-Ownership164
Trusts169
Ownership of Real Estate by Business Organizations170
Cooperative and Condominium Ownership172
Summary176
Questions178
10Legal Descriptions181
Key Terms181
Overview181
Describing Land181
Methods of Describing Real Estate in Texas182
Measuring Elevations189
Understanding Land Units and Measurements191
Summary191
Questions193
11Real Estate Taxes and Other Liens197
Key Terms197
Overview197
Liens197
Tax Liens200
Liens Other Than Taxes207
Uniform Commercial Code211
Summary211
Questions213
12Real Estate Contracts215
Key Terms215
Overview215
Contracts215
Contract Defined216
Essential Elements for a Valid Contract218
Performance of Contract219
Contracts Used in the Real Estate Business222
Summary239
Questions241
13Listing Agreements244
Key Terms244
Overview244
Listing Property244
Summary262
Questions263
14Real Estate Appraisal265
Key Terms265
Overview265
Appraising266
The Appraisal Process268
Value273
The Three Approaches to Value276
Pricing a Property283
Summary284
Questions287
15Real Estate Financing: Principles289
Key Terms289
Overview289
Mortgage Theory289
Security and Debt290
Provisions of the Note291
Provisions of the Mortgage Document (or Deed of Trust)295
Summary308
Questions309
16Real Estate Financing: Practice311
Key Terms311
Overview311
Sources of Real Estate Financing--The Primary Mortgage Market312
Application for Credit314
Computerized Loan Origination and Automated Underwriting314
Payment Plans318
Conventional, FHA and VA Loans320
Texas Loan Programs329
Other Financing Techniques330
Government Influence in Mortgage Lending334
Financing Legislation337
Summary338
Questions340
17Transfer of Title343
Key Terms343
Overview343
Title343
Voluntary Alienation344
Involuntary Alienation353
Transfer of a Decedent's Property355
Summary359
Questions360
18Title Records362
Key Terms362
Overview362
Public Records and Recording362
Evidence of Title366
Summary369
Questions371
19Real Estate Mathematics374
Key Terms374
Overview374
Calculators374
Fractions375
Percentages375
Profit379
Interest380
Amortization381
Loan Discount382
Property Taxes and Insurance Premiums382
Measurements382
Prorating385
Questions389
20Closing the Real Estate Transaction391
Key Terms391
Overview391
Closing the Transaction--Preclosing Procedures391
Conducting the Closing393
RESPA396
Preparation of Closing Statements398
RESPA Uniform Settlement Statement403
Summary408
Questions410
21Leases413
Key Terms413
Overview413
Leasing Real Estate414
Leasehold Estates415
Common Lease Provisions417
Landlord and Tenant Act427
Fair Credit Reporting Act431
Types of Leases431
Summary433
Questions435
22Property Management437
Key Terms437
Overview437
Property Management437
Management Considerations439
Risk Management443
The Management Profession446
Summary446
Questions448
23Control of Land Use450
Key Terms450
Overview450
Land-Use Controls450
Private Land-Use Controls460
Direct Public Ownership462
Interstate Land Sales Full Disclosure Act463
Summary463
Questions465
24Real Estate Investment467
Key Terms467
Overview467
Investing in Real Estate467
The Investment469
Leverage471
Tax Benefits472
Real Estate Investment Syndicates476
Real Estate Investment Trusts478
Real Estate Mortgage Investment Conduits478
Summary479
Questions480
AppendixSample Texas Real Estate Licensing Examination482
Glossary506
Web Links530
Answer Key531
Index541