New York Real Estate for Salepersons
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Using a variety of learning activities, NEW YORK REAL ESTATE FOR SALESPERSONS, 4e, matches content and chronology of the new state required 75-hour syllabus for real estate salespersons in New York. Accurate and well-researched, it follows the NYS syllabus exactly — including order of presentation, learning objectives, key terms, and outline of material. A host of engaging learning supplements—including the popular Cram for the Exam — not only help you learn, review, and retain required information, but also practice applying the concepts and taking practice licensing exams. Now easier to read and understand, the new edition presents all material in simple language using a direct writing style balancing reading comprehension with visual reinforcement. The workbook approach is punctuated with numerous examples, illustrations and website listings throughout each chapter to engage you and give you real-life experience.
Preface xviIntroductionYour Career in Real Estate 1Your Career in Real Estate 1Real Estate Organizations 4Real Estate Licensees 6Summary of Important Points 8License Law and Regulations 9Introduction and Purpose of the License Law 10Categories and Responsibilities of Licensure 10Education and Other Requirements for Licensure 10Duties That Require Licensure 13The Salesperson Application 14Maintaining a License 18Licensure of Nonresident Brokers and Salespersons 20Other Licenses or Registrations Related to Real Estate 22Department of State Regulations 23Dos Hearings and Appeals 29Required Disclosures 29Summary of Important Points 34Law of Agency 40Law of Agency 41The Real Estate Agent 41Basic Agency Relationships 41Agency and Brokerage-Are They Synonymous? 45Creation of Agency 46Agency Alternatives 50Subagency/Subagent or Buyer's Broker 50Dual Agency 53Agency Relationships 60Forms and Disclosure Policy 65Agency Disclosure-Requirements Under Section 443 of the Real Property Law 71Other Types of Disclosure 77The Independent Contractor Employee 78Supervision of Salespersons by Broker 78The Independent Contractor Relationship-Independent Contractor or Employee? 78Summary of Important Points 83Legal Issues 94Estates and Interests 95Introduction/Bundle of Rights 95Land Rights 96Uses of Real Property 97Characteristics of Real Property 98Estates in Real Property 99Forms of Ownership of Real Property 103Ownership of Real Estate by Business Organizations 108Liens and Easements 110Liens-Voluntary, Involuntary 110Effects of Liens on Title 113Easements 114Easements Appurtenant 114Encroachments 117Appurtenances 118Deeds 119Deeds-Voluntary and Involuntary Alienation 119Definition and Purpose of a Deed 119Legal Description 123Forms of Deeds 125Conveyance After Death 130Dedication by Deed 130Adverse Possession 131Title Closing and Costs 132Significance of the Title Closing 132The Title Closing 133Deeds and Other Closing Documents 133Recording Acts 134Closing Preparations 136Real Estate Settlement Procedures Act (RESPA) 140Closing Costs and Adjustments-Preparation of Closing Statements 141Purchaser Closing Costs 148Adjustments-Prorations at Closing 150Summary of Important Points 151The Contract of Sale and Leases 167Leases 168Definition of a Lease 168Types of Leasehold Estates 168Standard Lease Provisions 170Lease Requirements 175Termination of the Lease 177Types of Leases 180Contracts 181Definition of Contracts 181Essential Elements of a Contract 184Discharge of Contracts 185Contract Remedies 186Sales Contracts 187The Use of Binders 194Installment Sales Contract 194Lease with Option to Buy 198Contracts Affecting Brokers 198Contract Preparation 199What form of Contract to Use 199Contract Procedures 204Summary of Important Points 207Real Estate Finance 227Mortgages 228Duties and Rights of Borrower (Mortgagor) and Lender (Mortgagee) 234Sale of Property That has a Mortgage 235Recording the Mortgage 235General Types of Mortgages 235Specific Loans and Payments 236Sale Leaseback Financing 241Government Loans 241Secondary Mortgage Market 245Truth in Lending Act (TILA) 246Lender Criteria for Granting a Loan 248Predatory Lending Practices-What is it? 254Summary of Important Points 255Land Use Regulations 261Bundle of Rights and As-of-Right Zoning 262The Need to Plan for the Future 262Private Land Use Controls 262Public Land Use Controls-Police Power 264The Planning Board-Planning Defined 273Variances 276Summary of Important Points 278Construction and Environmental Issues 285Construction 286Land Use 286Site Requirements 287Site Use 290Structure 291Structural Tie-In of All Components 294Energy Efficiencies 298Major Mechanical Systems 300Mandated Guarantees, Warranties, and Installations 307Environmental Issues 310Long-Standing Issues 310Contemporary Issues 314Agent's Role 327Summary of Important Points 328Valuation Process and Pricing Properties 339Appraisal, Valuation, Evaluation, and Market Value 340Difference Between Value, Price, and Cost 342Comparative Market Analysis (CMA) 343Residential Market Analysis 344Salesperson's Role 346Highest and Best Use 347Site Valuation 348The Three Appraisal Approaches to Value 348Pricing Properties 352Summary of Important Points 356Human Rights and Fair Housing 361Testers 362Pressure from Society 362Broker's Responsibility to Uphold Fair Housing 362Federal Antidiscrimination Laws 364The Federal Fair Housing Act of 1968 367The Americans with Disabilities Act 370New York State Laws 370Types of Discrimination 374Legal Responsibilities 375Cease and Desist Lists and Nonsolicitation Orders 378Summary of Important Points 379Real Estate Mathematics 387General Practice in Real Estate Math 388Calculating Area and Length 392Basic Mortgage Qualifying 396Rates 398Municipal Agencies 404Government Agencies 405Summary of Important Points 415Property Insurance 420The Purpose of Property Insurance 421Standard Types of Home Property Insurance 422The Amount of Insurance Needed 423Basic Amounts of Coverage 425Problems in Obtaining Insurance 426Cancellation and Nonrenewals of a Policy 428The Cost of Homeowners Insurance 428Other Types of Property Insurance 429Real Estate Agent's Role 429Summary of Important Points 430Taxes and Assessments 435Purpose of Taxation 436Calculation of Real Estate Taxes 438Assessed Value 438Tax Rate 442Various Taxing Jurisdictions 443Equalization 443Property Tax Exemptions 444Protesting Assessments 445Small Claims Assessment Review 451Real Property Tax Liens 452Agents' Responsibilities 453Summary of Important Points 453Condominiums and Cooperatives 459Cooperatives 460Cooperative Board Application and Interview Preparation 466Primary Residency Versus Subletting Issues in the Cooperative 468The Difference Between a Condop and a Condominium and Cooperative Property 469Condominiums 470Price Changes 473Flipping/Simultaneous Closing-Developer's Policy 475Title Issues in the Purchase of Condominiums 475Closing Costs 476Buyer's Financial Ability to Purchase a Cooperative or Condominium Residence 478Summary of Important Points 478Commercial and Investment Real Estate 484Real Estate Investment 485Characteristics of Real Estate Investments 485Types of Investment Properties 487Unimproved Land 487Property Analysis and Terminology 491Commercial Leases 496Marketing Investment Properties 502Summary of Important Points 503Income Tax Issues in Real Estate Transactions 509Taxpayer Relief Act of 1997 510Capital Gains 511Federal Tax Rules on Acquisition and Subsequent Financing 516Tax Depreciation 521Summary of Important Points 522Mortgage Brokerage 529What is a Mortgage Broker? 530Mortgage Brokers Versus Mortgage Bankers 533The Role of the Mortgage Broker/Consultant in the Real Estate Transaction 534Summary of Important Points 537Property Management 542Introduction-What is Property Management? 543What are the Functions of a Property Manager? 543Skills Required of a Property Manager 545Differences Between the Markets 548Obligations to the Owner 550The Management Field 555Summary of Important Points 555Sample Salesperson Exam 561Glossary 572Index 594
