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Table of Contents

Preface	p. xvi
Introduction
Your Career in Real Estate	p. 1
Your Career in Real Estate	p. 1
Real Estate Organizations	p. 4
Real Estate Licensees	p. 6
Summary of Important Points	p. 8
License Law and Regulations	p. 9
Introduction and Purpose of the License Law	p. 10
Categories and Responsibilities of Licensur... MOREe	p. 10
Education and Other Requirements for Licensure	p. 10
Duties That Require Licensure	p. 13
The Salesperson Application	p. 14
Maintaining a License	p. 18
Licensure of Nonresident Brokers and Salespersons	p. 20
Other Licenses or Registrations Related to Real Estate	p. 22
Department of State Regulations	p. 23
Dos Hearings and Appeals	p. 29
Required Disclosures	p. 29
Summary of Important Points	p. 34
Law of Agency	p. 40
Law of Agency	p. 41
The Real Estate Agent	p. 41
Basic Agency Relationships	p. 41
Agency and Brokerage-Are They Synonymous?	p. 45
Creation of Agency	p. 46
Agency Alternatives	p. 50
Subagency/Subagent or Buyer's Broker	p. 50
Dual Agency	p. 53
Agency Relationships	p. 60
Forms and Disclosure Policy	p. 65
Agency Disclosure-Requirements Under Section 443 of the Real Property Law	p. 71
Other Types of Disclosure	p. 77
The Independent Contractor Employee	p. 78
Supervision of Salespersons by Broker	p. 78
The Independent Contractor Relationship-Independent Contractor or Employee?	p. 78
Summary of Important Points	p. 83
Legal Issues	p. 94
Estates and Interests	p. 95
Introduction/Bundle of Rights	p. 95
Land Rights	p. 96
Uses of Real Property	p. 97
Characteristics of Real Property	p. 98
Estates in Real Property	p. 99
Forms of Ownership of Real Property	p. 103
Ownership of Real Estate by Business Organizations	p. 108
Liens and Easements	p. 110
Liens-Voluntary, Involuntary	p. 110
Effects of Liens on Title	p. 113
Easements	p. 114
Easements Appurtenant	p. 114
Encroachments	p. 117
Appurtenances	p. 118
Deeds	p. 119
Deeds-Voluntary and Involuntary Alienation	p. 119
Definition and Purpose of a Deed	p. 119
Legal Description	p. 123
Forms of Deeds	p. 125
Conveyance After Death	p. 130
Dedication by Deed	p. 130
Adverse Possession	p. 131
Title Closing and Costs	p. 132
Significance of the Title Closing	p. 132
The Title Closing	p. 133
Deeds and Other Closing Documents	p. 133
Recording Acts	p. 134
Closing Preparations	p. 136
Real Estate Settlement Procedures Act (RESPA)	p. 140
Closing Costs and Adjustments-Preparation of Closing Statements	p. 141
Purchaser Closing Costs	p. 148
Adjustments-Prorations at Closing	p. 150
Summary of Important Points	p. 151
The Contract of Sale and Leases	p. 167
Leases	p. 168
Definition of a Lease	p. 168
Types of Leasehold Estates	p. 168
Standard Lease Provisions	p. 170
Lease Requirements	p. 175
Termination of the Lease	p. 177
Types of Leases	p. 180
Contracts	p. 181
Definition of Contracts	p. 181
Essential Elements of a Contract	p. 184
Discharge of Contracts	p. 185
Contract Remedies	p. 186
Sales Contracts	p. 187
The Use of Binders	p. 194
Installment Sales Contract	p. 194
Lease with Option to Buy	p. 198
Contracts Affecting Brokers	p. 198
Contract Preparation	p. 199
What Form of Contract to Use	p. 199
Contract Procedures	p. 204
Summary of Important Points	p. 207
Real Estate Finance	p. 227
Mortgages	p. 228
Duties and Rights of Borrower (Mortgagor) and Lender (Mortgagee)	p. 234
Sale of Property That has a Mortgage	p. 235
Recording the Mortgage	p. 235
General Types of Mortgages	p. 235
Specific Loans and Payments	p. 236
Sale Leaseback Financing	p. 241
Government Loans	p. 241
Secondary Mortgage Market	p. 245
Truth in Lending Act (TILA)	p. 246
Lender Criteria for Granting a Loan	p. 248
Predatory Lending Practices-What is it?	p. 254
Summary of Important Points	p. 255
Land Use Regulations	p. 261
Bundle of Rights and As-of-Right Zoning	p. 262
The Need to Plan for the Future	p. 262
Private Land Use Controls	p. 262
Public Land Use Controls-Police Power	p. 264
The Planning Board-Planning Defined	p. 273
Variances	p. 276
Summary of Important Points	p. 278
Construction and Environmental Issues	p. 285
Construction	p. 286
Land Use	p. 286
Site Requirements	p. 287
Site Use	p. 290
Structure	p. 291
Structural Tie-in of All Components	p. 294
Energy Efficiencies	p. 298
Major Mechanical Systems	p. 300
Mandated Guarantees, Warranties, and Installations	p. 307
Environmental Issues	p. 310
Long-Standing Issues	p. 310
Contemporary Issues	p. 314
Agent's Role	p. 327
Summary of Important Points	p. 328
Valuation Process and Pricing Properties	p. 339
Appraisal, Valuation, Evaluation, and Market Value	p. 340
Difference Between Value, Price, and Cost	p. 342
Comparative Market Analysis (CMA)	p. 343
Residential Market Analysis	p. 344
Salesperson's Role	p. 346
Highest and Best Use	p. 347
Site Valuation	p. 348
The Three Appraisal Approaches to Value	p. 348
Pricing Properties	p. 352
Summary of Important Points	p. 356
Human Rights and Fair Housing	p. 361
Testers	p. 362
Pressure from Society	p. 362
Broker's Responsibility to Uphold Fair Housing	p. 362
Federal Antidiscrimination Laws	p. 364
The Federal Fair Housing Act of 1968	p. 367
The Americans with Disabilities Act	p. 370
New York State Laws	p. 370
Types of Discrimination	p. 374
Legal Responsibilities	p. 375
Cease and Desist Lists and Nonsolicitation Orders	p. 378
Summary of Important Points	p. 379
Real Estate Mathematics	p. 387
General Practice in Real Estate Math	p. 388
Calculating Area and Length	p. 392
Basic Mortgage Qualifying	p. 396
Rates	p. 398
Municipal Agencies	p. 404
Government Agencies	p. 405
Summary of Important Points	p. 415
Property Insurance	p. 420
The Purpose of Property Insurance	p. 421
Standard Types of Home Property Insurance	p. 422
The Amount of Insurance Needed	p. 423
Basic Amounts of Coverage	p. 425
Problems in Obtaining Insurance	p. 426
Cancellation and Nonrenewals of a Policy	p. 428
The Cost of Homeowners Insurance	p. 428
Other Types of Property Insurance	p. 429
Real Estate Agent's Role	p. 429
Summary of Important Points	p. 430
Taxes and Assessments	p. 435
Purpose of Taxation	p. 436
Calculation of Real Estate Taxes	p. 438
Assessed Value	p. 438
Tax Rate	p. 442
Various Taxing Jurisdictions	p. 443
Equalization	p. 443
Property Tax Exemptions	p. 444
Protesting Assessments	p. 445
Small Claims Assessment Review	p. 451
Real Property Tax Liens	p. 452
Agents' Responsibilities	p. 453
Summary of Important Points	p. 453
Condominiums and Cooperatives	p. 459
Cooperatives	p. 460
Cooperative Board Application and Interview Preparation	p. 466
Primary Residency Versus Subletting Issues in the Cooperative	p. 468
The Difference Between a Condop and a Condominium and Cooperative Property	p. 469
Condominiums	p. 470
Price Changes	p. 473
Flipping/Simultaneous Closing-Developer's Policy	p. 475
Title Issues in the Purchase of Condominiums	p. 475
Closing Costs	p. 476
Buyer's Financial Ability to Purchase a Cooperative or Condominium Residence	p. 478
Summary of Important Points	p. 478
Commercial and Investment Real Estate	p. 484
Real Estate Investment	p. 485
Characteristics of Real Estate Investments	p. 485
Types of Investment Properties	p. 487
Unimproved Land	p. 487
Property Analysis and Terminology	p. 491
Commercial Leases	p. 496
Marketing Investment Properties	p. 502
Summary of Important Points	p. 503
Income Tax Issues in Real Estate Transactions	p. 509
Taxpayer Relief Act of 1997	p. 510
Capital Gains	p. 511
Federal Tax Rules on Acquisition and Subsequent Financing	p. 516
Tax Depreciation	p. 521
Summary of Important Points	p. 522
Mortgage Brokerage	p. 529
What is a Mortgage Broker?	p. 530
Mortgage Brokers Versus Mortgage Bankers	p. 533
The Role of the Mortgage Broker/Consultant in the Real Estate Transaction	p. 534
Summary of Important Points	p. 537
Property Management	p. 542
Introduction-What is Property Management?	p. 543
What are the Functions of a Property Manager?	p. 543
Skills Required of a Property Manager	p. 545
Differences Between the Markets	p. 548
Obligations to the Owner	p. 550
The Management Field	p. 555
Summary of Important Points	p. 555
Sample Salesperson Exam	p. 561
Glossary	p. 572
Index	p. 594
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