North Carolina Real Estate: Principles and Practice / Edition 5

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Overview

Prepare for your real estate exam with confidence. Thousands of real estate licensees in North Carolina have started their rewarding real estate careers with the winning instructional approach and friendly writing style of North Carolina Real Estate: Principles and Practices. This new edition meets the most current pre-licensing education requirements in North Carolina including the new broker-only license, provisional broker license, increase in required education and increase in requirements for brokers-in-charge.

Current Forms & Contracts. Includes the latest real estate forms and contracts for North Carolina. Helpful Examples. Walk-thru examples throughout each chapter help you understand difficult real estate topics or situations. Essential Resources. Several useful appendices include the North Carolina Real Estate License Law and Commission Rules. Completely Updated. Completely updated to reflect the most recent 2006 changes in North Carolina real estate law and practice, including an overview of the new education requirements. Items to Consider. You'll appreciate the helpful features found at the end of each chapter because they highlight key information to help you better prepare for the licensing exam. Congratulations on taking the first step toward an exciting new career in real estate! You've made the right choice using the book most students prefer when given the choice.

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Product Details

  • ISBN-13: 9780324187144
  • Publisher: Cengage Learning
  • Publication date: 9/17/2003
  • Edition description: Fifth/Updated
  • Edition number: 5
  • Pages: 672
  • Product dimensions: 8.60 (w) x 10.82 (h) x 1.33 (d)

Meet the Author

Nancy Keck is the owner and broker-in-charge of Houser Associates Real Estate Inc. She has also been a real estate instructor from 1983-1999. In 1993 she won REALTOR of the Year from the Goldsboro/Wayne County Association of REALTORS and was President of that association in 1995. Ms. Keck holds a M.A. in Management from Central Michigan University and has earned the Certified Real Estate Brokerage Manager (CRB), Certified Residential Specialist (CRS), and Graduate of Realtors Institute (GRI) designations.

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Table of Contents


Preface     xvi
Preparing for the Real Estate Licensing Exam     xviii
Basic Real Estate Concepts     2
Key Terms
Learning Objectives
General Characteristics of Real Estate     3
Classes of Property
Physical Characteristics of Land
Economic Characteristics of Land
General Concepts of Land Use and Investment     6
The Highest and Best Use Concept
Public and Private Land Use Restrictions
Real Estate Investment Objectives
Scope of the Real Estate Business     7
The Real Estate Market
The Real Estate Practitioner
Agency Contracts
Offer to Purchase and Contract
Financing
Final Settlement
Other Aspects
Summary of Important Points     12
Items to Consider for the State Exam     13
Review Questions     14
Property Ownership and Interests     18
Key Terms
Learning Objectives
The Concept of Property     19
Real Property
Appurtenances
Personal Property
Estates in Real Property     25
Systems of Property Ownership
Definition of Estate
Types of Estates in Land
Ownership of Real Property     30
Ownership in Severalty
Concurrent (Joint) Ownership
Combination (Hybrid) Forms of Ownership
Encumbrances to Real Property     34
Liens
Restrictive (Protective) Covenants
Lis Pendens
Easements
Encroachments
Property Taxation in NorthCarolina     40
Tax Rate and Calculations
Property Subject to Taxation
Listing Property for Taxation
Appraisal and Assessment
Timetable for Listing and Tax Collection
Property Tax Lien
Special Assessments
Summary of Important Points     42
Items to Consider for the State Exam     44
Review Questions     45
Transfer of Title to Real Property     48
Key Terms
Learning Objectives
Property Description     49
Adequacy of Description
Methods of Describing Real Property
Methods of Transferring Title     53
By Descent (Intestate Succession)
By Will
By Deed (Voluntary Alienation)
By Involuntary Alienation
Deeds
Nonessential Elements of a Deed
Types of Deed
Title Assurance     60
Covenants of Title in Deeds
Title Examination Procedures
Attorney's Opinion of Title
Title Insurance
Title Recordation
Marketable Title Act
The Torrens System
Summary of Important Points     63
Items to Consider for the State Exam     65
Review Questions     66
Land Use Controls     70
Key Terms
Learning Objectives
Historical Development of Land Use Controls     71
Importance to Real Estate Practitioners and Buyers     71
Public Land Use Controls     72
Planning and Zoning
Urban and Regional Planning
Subdivision Regulations
Highway Access Controls
Interstate Land Sales Full Disclosure Act
Environmental Protection Legislation
The North Carolina Planned Community Act
Private Land Use Controls     84
Individual Deed Restrictions
Restrictive/Protective Covenants
Responsibility of Real Estate Agents
Summary of Important Points     87
Items to Consider for the State Exam     89
Review Questions     90
Laws and Regulations Governing Brokerage Relationships     94
Key Terms
Learning Objectives
General Agency Concepts and Definitions     95
Classification of Agency Relationships     95
Universal Agency
General Agency
Special Agency
Creation of Agency     96
Express Agency
Implied Agency
Estoppel
Employment and Authority of Real Estate Agents     97
Brokerage Contracts (Agency Agreements)
Extent (Scope) of Agent's Authority
Source of Agent's Authority
Agency and Agent Compensation
Agency and Subagency Relationships     98
Exclusive Seller Agency
Cooperating with Other Brokers
Cooperating Firm Acting as Seller's Agent
Exclusive Buyer Agency
Buyer as Principal
Dual Agency
Dual Agency with Designated Agents
Both Buyer and Seller as Principal
Dual Agency Addendum
Agency Relationships in Real Estate Rentals
Agency's Effect on Communication Requirements for Contracts
Agency's Effect on Disclosure of Material Facts
Termination of Agency
Disclosure of Agency Relationships
First Substantial Contact
Duties and Liabilities of Agents     112
Agent's Duties to Principal
Loyalty
Obedience
Skill, Care, and Dilligence
Disclosure of Information
Accounting
Agent's Duties to Third Parties
Misrepresentation
Omission
Consumer Legislation
"As Is" Sale
Purchaser's Responsibilities
Liabilities for Breach of Duty
Duties and Liabilities of Principals     119
Principal's Duties to Agent
Principal's Duties to Third Parties
North Carolina Residential Property Disclosure Act
Lead-Based Paint Disclosure
Synthetic Stucco Disclosure
Liabilities of Principals
Summary of Important Points     123
Review Questions     125
Real Estate Contracts     128
Key Terms
Learning Objectives
Standard Contract Forms     130
Basic Contract Law     130
Basic Contract Terms and Classifications
Essential Elements of a Valid Contract
Requirements for Reality of Consent
Contract Law and Auction Sales
Statute of Frauds
Discharge of Contracts
Assignment of Contracts
Rules for Interpretation of Contracts
Contract Remedies
Broker's Entitlement to a Commission     139
Commission Sharing
Cobrokerage with an Out-of-State Broker
Earning Commission as a Buyer's Broker
Listing Contracts and Practices     141
Definition and Purpose of Listing Contracts
Types of Listing Contract
Listing Contract Provisions
Brokerage Fee
Duration of the Listing
Property Data Sheet
Termination of Listing Contracts
Multiple Listing Service Arrangements     151
Negotiability of Commission     151
Listing Procedures     151
Preliminary Listing Procedures
Final Listing Procedures
Buyer Agency Contracts     155
Agency Disclosure and Nonexclusive Buyer Agency Agreement
Exclusive Buyer Agency Agreement
Typical Provisions of a Buyer Agency Contract
Procedures for Buyers' Agents     160
Dual Agency Agreements     162
Sales Contracts and Practices     163
Offer to Purchase and Contract
Property Inspections, Repairs, and Buyer's Right to Terminate Offer to Purchase and Contract
Alternative 1
Alternative 2
Vacant Lot Offer to Purchase and Contract
Guidelines for Preparation of Purchase Contracts
Forms Accompanying an Offer to Purchase and Contract
Submitting Offers to Sellers
Back-up Offers
Acceptance of Offers
Acceptance of Counteroffers
Electronically Submitted Offer and Acceptance
Installment Land Contracts (Contract for Deed)
Option to Purchase
Summary of Important Points     195
Items to Consider for the State Exam     197
Review Questions     199
Real Estate Finance     202
Key Terms
Learning Objectives
Operations of Real Estate Finance     204
Principal, Interest, Taxes, and Insurance     204
Amortization and Debt Service     204
Equity     206
Usury     207
Discount Points and Yield     207
Loan Fees, Loan Values, and Loan-to-Value Ratio     208
Notes     209
The Mortgage Note     209
Negotiability of Note
Mortgage and Deed of Trust     211
Lien Theory
Title Theory
Mortgage or Deed of Trust Requirements
Clauses and Covenants     217
Rights of Borrower     217
Equity of Redemption
Rights of Lender     218
Foreclosure     218
Judicial Foreclosure
Nonjudicial Foreclosure
Strict Foreclosure
Deed in Lieu of Foreclosure
Distribution of Sale Proceeds
Deficiency Judgment
Nonrecourse Note
Types of Sales Transaction     220
Cash Sales
Loan Assumption
Taking Title "Subject to" a Loan
New Financing
Types of Loan     221
Conventional Loans
FHA-Insured Loans     222
FHA 203(b) Regular Loan Program
FHA 245 Graduated Payment Loan
FHA Maximum Loan Amount
FHA Mortgage Insurance Premium
FHA Loan Qualification
FHA Loan Assumption Policies
FHA Changes
Contract Requirements
Department of Veterans Affairs Guaranteed Loan Program     228
Eligibility
Contract Requirements
VA Funding Fee
Qualifying for VA Loans
Restoration of Entitlement
History of Loan Guarantees
Negotiability of VA Interest Rate
Other Aspects of FHA and VA Loans     232
Escrow Account
Down Payment
Miscellaneous
Rural Development and Farm Service Agency Mortgage Loans     232
Closing or Settlement Costs     233
Typical Loan Repayment Plans     234
By Repayment Terms
Other Types of Loans     236
By Purpose or Special Feature
By Mortgage Priority
Mortgage Priorities     238
Effect of Recordation
Subordination of Mortgages
Releases
The Role of the Federal Reserve Bank     239
Sources of Real Estate Finance     239
Primary Sources of Mortgage Funds     239
Savings and Loan Associations
Savings Banks
Commercial Banks
Mortgage Bankers and Mortgage Brokers
Life Insurance Companies
Credit Unions
Real Estate Investment Trusts
Individual Investors
Government Agencies
Employers
Residential Lending Practices and Procedures     242
Loan Underwriting
Property Analysis
Income, Credit, and Assets of the Loan Applicant
Prequalification of Buyer by Real Estate Agent
Secondary Mortgage Market     243
Activities among Lending Institutions
Sale to Organizations
Financing Legislation     246
Truth-in-Lending Simplification and Reform Act
Fair Credit Reporting Act
The Equal Credit Opportunity Act
Summary of Important Points     248
Items to Consider for the State Exam      250
Review Questions     251
Closing Real Estate Transactions     254
Key Terms
Learning Objectives
Preliminaries to Closing     255
The Closing Meeting     256
Parties Present or Represented
Location of Closing
Procedures at Closing
Procedures after the Closing
Items Required at Closing     257
Prorations at Closing     258
Methods of Calculating Prorations
Prorated Entries on the Closing Statement
Other Double-Entry Items, Not Prorated
Single-Entry Items
Personal Property Taxes
Preparation of Closing Statements     264
Cash Sale Statements
Purchase Money Mortgage Closing Statement
Mortgage Assumption Statement
New First Mortgage Statement
The Real Estate Settlement Procedures Act     274
Purpose of the Act
Respa Requirements
The HUD-1 Settlement Statement
Summary of Important Points     280
Items to Consider for the State Exam     281
Cash Sale     282
Purchase Money Mortgage     283
Mortgage Assumption     284
New First Mortgage     285
Cash Sale     286
Purchase Money Mortgage     287
Mortgage Assumption     288
New First Mortgage     289
Review Questions     290
Property Valuation      292
Key Terms
Learning Objectives
Appraiser Regulation     293
Licensure and Certification
Comparative Market Analysis Exemption
Basic Appraisal Concepts     294
Definition of Appraisal
Concepts of Value
Valuation versus Evaluation
Types of Value
Additional Concepts of Value
Forces and Factors Influencing Value
Basic Economic Principles of Value
The Valuation Process     300
Approaches to Value     301
Direct Sales Comparison (Market Data) Approach
Comparative Market Analysis
The Cost Approach
Depreciation Concepts and Definitions
The Income Approach
Gross Rent Multiplier
Reconciliation and Appraisal Report     314
Summary of Important Points     315
Items to Consider for the State Exam     316
Review Questions     317
Relationship of Landlord and Tenant     320
Key Terms
Learning Objectives
Definitions     321
Estates and Contracts     322
The Residential Rental Agreements Act     322
Obligations of Landlord and Tenant
Landlord's Statutory Duties
Tenant's Statutory Duties
Tenant Remedies for Breach by Landlord
Application of the Law of Negligence
Retaliatory Eviction     323
North Carolina Tenant Security Deposit Act     323
Residential Eviction Remedies     324
Discrimination and Sexual Harassment      324
Rights of Tenants in Public Housing     324
Vacation Rental Act     324
Nonfreehold Estates     326
Estate for Years
Estate from Period to Period
Estate at Will
Estate at Sufferance
Types of Lease     327
Common Lease Provisions     328
Essential Provisions
Other Provisions
Landlord's Implied Covenant of Quiet Enjoyment
Termination of Leases
Application of the Statute of Frauds
Recordation of Leases
Summary of Important Points     338
Items to Consider for the State Exam     340
Review Questions     341
Real Estate Management     344
Key Terms
Learning Objectives
The Owner-Property Manager Relationship     345
Purposes of Property Management
Types of Property Requiring Management
Property Management Fee
Travel Agent Referral Fees in Vacation Rentals
Agency Relationship in Rentals     346
Property Management Contracts
Duties of the Property Manager
Principal Functions of Property Managers     355
Preparing the Management Plan
Marketing and Renting the Property
Collecting Rents and Security Deposits
Instituting Legal Actions
Maintaining the Property
Performing the Landlord's Duties
Maintaining Records and Reporting to the Owner
Summary of Important Points     358
Review Questions     360
Fair Housing      362
Key Terms
Learning Objectives
Federal Fair Housing Act     363
Definitions
Types of Discrimination
Exemptions
Enforcement
North Carolina Fair Housing Act     367
Unlawful Discrimination
Exemptions
Enforcement and Penalties
Civil Rights Act     368
Fair Housing in North Carolina     369
Equal Housing Opportunity Today     369
Americans with Disabilities Act     369
Sexual Harassment     370
Items to Consider for the State Exam     370
Summary of Important Points     371
Review Questions     372
Federal Taxation of Home Ownership     374
Key Terms
Learning Objectives
Tax Deductions for Homeowners     375
Real Property Taxes
Mortgage Interest
Sale of a Personal Residence Basis     376
Effect of Purchase and Sale
Inheritance Basis
Taxpayers Relief Act of 1997 Section 121 Exclusion     378
{dollar}250,000/{dollar}500,000 Home Sale Exclusion
Reporting Features
Summary of Important Points     381
Review Questions     382
Property Insurance     384
Key Terms
Learning Objectives
Basic Concepts and Terminology     385
Standardized Homeowner's Insurance     385
Standard Form (HO-3) Policy
Selected Legal Issues     387
Insurable Interest
Co-Insurance
Unoccupied Building Exclusion
Interpretation of Policies
Co-Owners
Mortgage's Insurable Interest
Assignment
Flood Insurance
Items to Consider for the State Exam     390
Summary of Important Points     390
Review Questions     392
Basic House Construction     394
Key Terms
Learning Objectives
Architectural Types and Styles     395
Location on Site     397
Foundations     397
Footings
Foundation Walls
Framing     398
Flooring
Walls
Ceiling Framing and Roof
Exterior Walls     401
Windows     401
Sliding Windows
Swinging Windows
Fixed Windows
Doors     403
Roofing     403
Insulation     403
Moisture Control
Interior Finishes     404
Heating/Air Conditioning Systems     405
Solar Heat
Electrical Systems     406
Plumbing Systems     406
Government Regulation     407
North Carolina Uniform Residential Building Code
HUDA/VA Minimum Standards
Contractor Licensing
Construction for Practitioners     407
Terminology     408
Summary of Important Points     410
Review Questions      413
Real Estate Math     414
Learning Objectives
Basic Real Estate Math     415
Finance Calculations     415
Principal and Simple Interest
Debt Service and the Reduction in the Balance of a Loan
Loan Origination and Discount Points
Discount Points, Yields
Qualifying a Buyer
Closing Statement Prorations and Calculations     421
Proration of Real Estate Taxes
Interest on an Assumed Mortgage
Closing Statement Calculations
Appraisal Calculations     423
Capitalization Problems
Miscellaneous Calculations     427
Brokerage Commissions
Interest Problems
Net Sales Price
Equity Problems/Percent Change Problems
Area Problems
Real Estate Taxation Problems
Federal Taxation Problems
Co-Insurance Calculation
Practice Working in Real Estate Math     440
Brokerage Commissions     440
Net to Seller (Net Listing)     440
Profit/Loss/Equity (Including Percent Change)     441
Area Calculations
Ad Valorem Taxes (Given the Rate and the Assessed Value)     445
Excise Tax     445
Financial Calculations     445
Prorations at Closing     447
Preparation of Closing Statements     448
Sample "Net Owed by Buyer" Closing Statement
Sample "Net to Seller" Closing Statement
Simple Appraisal Math     450
Federal Taxation     451
Summary     451
Safety Issues for Real Estate Brokers     453
North Carolina Real Estate License Law, North Carolina Real Estate Commission Rules, Trust Account Guidelines, and License Law and Rule Comments     458
Residential Square Footage Guidelines     542
A Guide to Common Real Estate Environmental Hazards     564
Diagnostic Practice Test     572
Practice Exam     582
Answer Key     592
Glossary     600
Index     620
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