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    Add as FriendChapter 16 . Leases

    by: Rogers

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    1 : Rental units come in all shapes and sizes, from single-family homes to multistory high-rises that contain hundreds of units. This block of historic apartment buildings is another type of rental property. Chapter 16Leases
    2 : 16 Leases Modern Real Estate Practice 17th Edition Learning Objectives Identify the four types of leasehold estates Describe the requirements and general conditions of a valid lease, and how a lease may be discharged Explain the rights of landlords and tenants in an eviction proceeding, and the effect of pro-tenant legislation and civil rights laws on the landlord-tenant relationship Distinguish the various types of leases
    3 : 16 Leases Modern Real Estate Practice 17th Edition Leasehold Estates Estate for Years Estate from Period to Period (Periodic Tenancy) Estate at Will Estate at Sufferance
    4 : Modern Real Estate Practice 17th Edition 16 Leases
    5 : 16 Leases Modern Real Estate Practice 17th Edition Requirements of a Valid Lease Offer and acceptance Consideration Capacity to contract Legal Objectives
    6 : 16 Leases Modern Real Estate Practice 17th Edition Lease Agreements Possession of premises Use of premises Term Security Deposit Improvements Maintenance
    7 : 16 Leases Modern Real Estate Practice 17th Edition Lease Agreements Destruction of premises Assignment and subleasing Recording a lease Nondisturbance clause Options
    8 : 16 Leases Modern Real Estate Practice 17th Edition Types of Leases Gross Lease Net Lease Percentage Lease Variable Lease Ground Lease Oil and Gas Lease Sale and Leaseback Agricultural
    9 : 16 Leases Modern Real Estate Practice 17th Edition Discharge of Leases Breach Suit for possession: actual eviction Tenants’ remedies: constructive eviction Pro-tenant legislation
    10 : 16 Leases Modern Real Estate Practice 17th Edition Fair Housing and Civil Rights Laws Affect landlords and tenants Cannot discriminate against protected classes
    11 : A property manager is also a “people manager” and relationships are important. This manager may be checking a property’s plans for adequate fire planning, for upgrading the HVAC system, or for a remodeling project. Chapter 17Property Management
    12 : 17 Property Management Modern Real Estate Practice 17th Edition Learning Objectives Identify the basic elements of a management agreement Describe a property manager’s functions Explain the role of environmental regulations and the Americans with Disabilities Act in the property manager’s job Distinguish the various types of insurance alternatives
    13 : 17 Property Management Modern Real Estate Practice 17th Edition Elements of a Management Agreement Description of the property Time period Definition of the manager’s responsibilities Statement of the owner’s purpose Extent of the manager’s authority
    14 : 17 Property Management Modern Real Estate Practice 17th Edition Elements of a Management Agreement Reporting requirements Compensation Allocation of costs Antitrust provisions Equal opportunity housing statement
    15 : 17 Property Management Modern Real Estate Practice 17th Edition Manager’s Responsibilities Financial Reports Renting the Property Marketing Selecting Tenants Collecting Rents Maintaining Good Tenant Relations
    16 : 17 Property Management Modern Real Estate Practice 17th Edition Manager’s Responsibilities Maintaining the Property Preventive Repair or Corrective Routine Construction Tenant Improvements
    17 : 17 Property Management Modern Real Estate Practice 17th Edition Federal Laws Affecting Property Management ECOA Fair Housing Act The Americans with Disabilities Act
    18 : Modern Real Estate Practice 17th Edition 17 Property Management
    19 : 17 Property Management Modern Real Estate Practice 17th Edition Risk Management Risk Management Techniques Tenant Security
    20 : 17 Property Management Modern Real Estate Practice 17th Edition Risk Management Insurance Flood Consequential loss, use and occupancy Contents and personal property Liability Fire and hazard Casualty Surety bonds Handling Environmental Concerns
    21 : Measurement is vital to the appraiser. Not just physical measurement in feet and inches, but measurement of value and cost. Chapter 18Real Estate Appraisal
    22 : 18 Appraisal Modern Real Estate Practice 17th Edition Learning Objectives Identify the different types and basic principles of value Describe the three basic valuation approaches used by appraisers Explain the steps in the appraisal process Distinguish the four methods of determining reproduction or replacement cost
    23 : 18 Appraisal Modern Real Estate Practice 17th Edition Appraisal Process 1. State the problem 2. List the data needed 3. Gather, record, verify, and analyze data General data Specific data Data for each approach 4. Determine the highest and best use 5. Estimate the land value 6. Estimate value by each of the three approaches 7. Reconcile the estimated values 8. Report the final value estimate
    24 : 18 Appraisal Modern Real Estate Practice 17th Edition Value Market value Market value vs. Market price Market value vs. Cost
    25 : 18 Appraisal Modern Real Estate Practice 17th Edition Basic Principles of Value Anticipation Change Competition Conformity Contribution Highest and best use
    26 : 18 Appraisal Modern Real Estate Practice 17th Edition Basic Principles of Value Increasing and diminishing returns Plottage Regression and progression Substitution Supply and demand
    27 : 18 Appraisal Modern Real Estate Practice 17th Edition Sales Comparison Approach to Value Subject property vs. comparable properties Property rights Financing concessions Market conditions Conditions of sale Market conditions since date of sale Location Physical features and amenities
    28 : 18 Appraisal Modern Real Estate Practice 17th Edition Cost Approach to Value Reproduction cost vs. Replacement cost new Square-foot method Unit-in-place method Quantity-survey method Index method Depreciation Physical deterioration Functional obsolescence External obsolescence
    29 : 18 Appraisal Modern Real Estate Practice 17th Edition Income Approach to Value Annual potential income Effective gross income Annual operating expenses Capitalization rate Gross rent multiplier (GRM) Gross income multiplier (GIM)
    30 : Issues controlled by local land-use controls include how close developers can place units to each other, and how to protect historic characteristics of an area. Chapter 19Land-Use Controls and Property Development
    31 : 19 Land-Use Controls and Property Development Modern Real Estate Practice 17th Edition Learning Objectives Identify the various types of public and private land-use controls Describe how a comprehensive plan influences local real estate development Explain the various issues involved in subdivision Distinguish the function and characteristics of building codes and zoning ordinances
    32 : 19 Land-Use Controls and Property Development Modern Real Estate Practice 17th Edition The Comprehensive Plan Land Use Housing needs Movement of people and goods Community facilities and utilities Energy conservation
    33 : 19 Land-Use Controls and Property Development Modern Real Estate Practice 17th Edition Zoning Permits Zoning hearing board Nonconforming use Conditional use Variance
    34 : 19 Land-Use Controls and Property Development Modern Real Estate Practice 17th Edition Zoning Ordinances Buffer zones Bulk zoning Aesthetic zoning Incentive zoning 14th Amendment and Takings Clause (5th Amendment) Inverse condemnation
    35 : 19 Land-Use Controls and Property Development Modern Real Estate Practice 17th Edition Subdivision Subdivider vs. Developer Land planning plat Subdivision plan Density Curvilinear street pattern Gridiron street pattern Clustering for open space
    36 : 19 Land-Use Controls and Property Development Modern Real Estate Practice 17th Edition Subdivision Private Land-Use Controls Restrictive covenants May be more restrictive than zoning ordinances Regulation of Land Sales Interstate Land Sales Full Disclosure Act
    37 : Fair housing is not just “nice to have”—it’s the law. Fair housing practices are established by local, state, and national laws and regulations, and the judicial system actively enforces them. Chapter 20Fair Housing and Ethical Practices
    38 : 20 Fair Housing and Ethical Practices Modern Real Estate Practice 16th Edition Learning Objectives Identify the classes of people who are protected against discrimination in housing by various federal laws Describe how the Fair Housing Act is enforced List the exemptions allowed in the Fair Housing Act
    39 : 20 Fair Housing and Ethical Practices Modern Real Estate Practice 16th Edition Learning Objectives Explain how fair housing laws address a variety of discriminatory practices and regulate real estate advertising Distinguish the protections offered by the Fair Housing Act, the Housing and Community Development Act, the Fair Housing Amendments Act, the Equal Credit Opportunity Act and the Americans with Disabilities Act
    40 : 20 Fair Housing and Ethical Practices Modern Real Estate Practice 16th Edition Equal Opportunity Civil Rights Act of 1866 Fair Housing Act HUD “housing” “familial status” “disability” Prohibited Actions Exemptions
    41 : Modern Real Estate Practice 16th Edition
    42 : 20 Fair Housing and Ethical Practices Modern Real Estate Practice 16th Edition Equal Opportunity Jones v. Mayer Equal Credit Opportunity Act Americans with Disabilities Act
    43 : 20 Fair Housing and Ethical Practices Modern Real Estate Practice 16th Edition Fair Housing Issues Blockbusting Steering Advertising Appraising Redlining Intent and Effect Response to Concerns of Terrorism
    44 : Pollution, such as hazardous runoff into local waterways, is a serious issue for homeowners, developers, and real estate professionals. Chapter 21Environmental Issues and the Real Estate Transaction
    45 : 21 Environmental Issues and the Real Estate Transaction Modern Real Estate Practice 17th Edition Learning Objectives Identify the basic environmental hazards an agent should be aware of in order to protect his or her client’s interests Describe the warning signs, characteristics, causes and solutions for the various environmental hazards most commonly found in real estate transactions Explain the fundamental liability issues arising under environmental protection laws Distinguish lead-based paint issues from other environmental issues
    46 : 21 Environmental Issues and the Real Estate Transaction Modern Real Estate Practice 17th Edition Hazardous Substances Asbestos Lead-based Paint and Other Lead Hazards Radon Formaldehyde Carbon Monoxide Polychlorinated Biphenyls (PCBs) Chlorofluorocarbons (CFCs) Mold Electromagnetic Fields
    47 : Modern Real Estate Practice 17th Edition 21 Environmental Issues and the Real Estate Transaction
    48 : 21 Environmental Issues and the Real Estate Transaction Modern Real Estate Practice 17th Edition Groundwater Protection Groundwater Water table Safe Drinking Water Act (SDWA) Underground Storage Tanks (USTs) Registration and administrative requirements Exempted types of tanks
    49 : 21 Environmental Issues and the Real Estate Transaction Modern Real Estate Practice 17th Edition Waste Disposal and Clean-up Landfills capping Hazardous and radioactive waste Brownfields Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) Superfund Amendments and Reauthorization Act
    50 : 21 Environmental Issues and the Real Estate Transaction Modern Real Estate Practice 17th Edition Agent Liability Discovery of environmental hazards Environmental site assessments Environmental Impact Statements (EIS) Disclosure of environmental hazards
    51 : Some closings are face-to-face, and some are conducted through escrow. But in all cases, once again, it’s a people-related business. Chapter 22Closing the Real Estate Transaction
    52 : 22 Closing the Real Estate Transaction Modern Real Estate Practice 17th Edition Learning Objectives Identify the issues of particular interest to the buyer and the seller as a real estate transaction closes Describe the steps involved in preparing a closing statement Explain the general rules for prorating Distinguish the procedures involved in face-to-face closings from those in escrow closings
    53 : 22 Closing the Real Estate Transaction Modern Real Estate Practice 17th Edition Preclosing Procedures Buyer’s Issues Title evidence Seller’s deed Removal of liens and encumbrances Survey Inspection results Leases Seller’s Issues Payment Buyer financing Compliance with buyer requirements
    54 : 22 Closing the Real Estate Transaction Modern Real Estate Practice 17th Edition The Closing Face-to-Face Closing Closing in Escrow
    55 : 22 Closing the Real Estate Transaction Modern Real Estate Practice 17th Edition RESPA Requirements Controlled Business Arrangements Disclosure Requirements Information Booklet Good-faith estimate of settlement costs Uniform Settlement Statement (HUD-1) Prohibition on Kickbacks and Referral Fees
    56 : 22 Closing the Real Estate Transaction Debits and Credits Broker’s Commission Attorney’s Fees Recording Expenses Transfer Tax Title Expenses Loan Fees Tax and Insurance Reserves Appraisal Fees Survey Fees Other Fees Closing Statement
    57 : 22 Closing the Real Estate Transaction Modern Real Estate Practice 17th Edition Prorations Accrued Items Prepaid Items Rules for Prorating ownership on closing day calendar for calculating prorations taxes assessments Interest rents security deposits

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