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Chapter 6 Listing Agreements and Buyer Representation. Whether representing sellers or buyers, the role of the real estate professional is one of building relationships. The property for sale is the “product” but the focus of the agent’s business is relationships with the parties.

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Chapter 6Listing Agreements and Buyer Representation

Whether representing sellers or buyers, the role of the real estate professional is one of building relationships. The property for sale is the “product” but the focus of the agent’s business is relationships with the parties.

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6Listing Agreements and Buyer

Representation

Learning Objectives

  • Identify the different types of listing and buyer representation agreements and their terms
  • Describe the ways in which a listing may be terminated
  • Explain the listing process and the parts of the listing agreement
  • Distinguish among the characteristics of the various types of listing and buyer representation agreements

Modern Real Estate Practice17th Edition

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6Listing Agreements and Buyer

Representation

Listing Agreements

  • Exclusive-right-to-sell listing
  • Exclusive-agency listing
  • Open listing
  • Multiple-listing (MLS)
  • Net listing
  • Option listing

Modern Real Estate Practice17th Edition

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6Listing Agreements and Buyer

Representation

Termination

  • purpose is fulfilled
  • expiration of listing period
  • property isdestroyed or use is changed
  • title istransferred by law
  • mutual agreement of the parties
  • death or incapacity of either party
  • breach

Modern Real Estate Practice17th Edition

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6Listing Agreements and Buyer

Representation

Listing Process

  • CMA
  • Basic information required
  • Disclosures

Modern Real Estate Practice17th Edition

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6Listing Agreements and Buyer

Representation

Modern Real Estate Practice17th Edition

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6Listing Agreements and Buyer

Representation

Listing Agreement Issues

  • Type of listing agreement
  • Broker’s authority and responsibilities
  • Names of all parties
  • Brokerage firm
  • Listing price
  • Real and personal property
  • Leased equipment

Modern Real Estate Practice17th Edition

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6Listing Agreements and Buyer

Representation

Listing Agreement Issues

  • Description of the premises
  • Proposed closing and possession dates
  • Closing details
  • Evidence of ownership
  • Encumbrances
  • Home warranty program
  • Commission

Modern Real Estate Practice17th Edition

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6Listing Agreements and Buyer

Representation

Listing Agreement Issues

  • Termination
  • Broker protection clause
  • Owner warranties
  • Indemnification
  • Equal opportunity
  • Antitrust
  • Signatures and date

Modern Real Estate Practice17th Edition

slide10

6Listing Agreements and Buyer

Representation

Buyer Agency Agreements

  • Exclusive buyer agency agreement
  • Exclusive-agency buyer agency agreement
  • Open buyer agency agreement

Modern Real Estate Practice17th Edition

slide11

Chapter 7Interests in Real Estate

Different types of property are affected by littoral and riparian rights. This view also suggests potential issues of estate types and taxation.

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7Interests in Real Estate

Learning Objectives

  • Identify the kinds of limitations on ownership rights that are imposed by government action and the form of conveyance of property
  • Describe the various estates in land, and the rights and limitations they convey
  • Explain concepts related to encumbrances and water rights
  • Distinguish the various types of government powers, and how they are exercised

Modern Real Estate Practice17th Edition

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7Interests in Real Estate

Government Powers (“PETE”)

  • Police Power
  • Eminent Domain
  • Taxation
  • Escheat

Modern Real Estate Practice17th Edition

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7Interests in Real Estate

Leasehold Estates

  • Estate for years
  • Estate from period to period
  • Estates at will
  • Estates at sufferance

Modern Real Estate Practice17th Edition

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7Interests in Real Estate

Freehold Estates

  • Fee simple absolute
  • Fee simple defeasible
  • Fee simple determinable
  • Conventional life estate
    • Pur autre vie
    • Remainder and reversion
  • Legal life estate
    • Dower and curtesy
    • Homestead

Modern Real Estate Practice17th Edition

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7Interests in Real Estate

Modern Real Estate Practice17th Edition

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7Interests in Real Estate

Modern Real Estate Practice17th Edition

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7Interests in Real Estate

Modern Real Estate Practice17th Edition

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7Interests in Real Estate

Encumbrances

  • Liens
  • Deed restrictions
  • Easements
    • Appurtenant
    • In gross
    • Party wall
    • By Necessity, Prescription or Condemnation
  • Licenses
  • Encroachments

Modern Real Estate Practice17th Edition

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7Interests in Real Estate

Modern Real Estate Practice17th Edition

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7Interests in Real Estate

Modern Real Estate Practice17th Edition

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7Interests in Real Estate

Water Rights

  • Riparian rights
  • Littoral rights
  • Accretion, Erosion and Avulsion
  • Doctrine of Prior Appropriation

Modern Real Estate Practice17th Edition

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7Interests in Real Estate

Modern Real Estate Practice17th Edition

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7Interests in Real Estate

Modern Real Estate Practice17th Edition

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Chapter 8Forms of Real Estate Ownership

Many people visualize single-family homes when they think of real estate ownership but the same issues apply to all types of property. Here is a multifamily residence—possibly a condominium, cooperative, or timeshare vacation home.

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8Forms of Real Estate Ownership

Learning Objectives

  • Identify the four basic forms of co-ownership
  • Describe the ways in which various business organizations may own property
  • Explain how a tenancy in common, joint tenancy and tenancy by the entirety are created, and how they may be terminated
  • Distinguish cooperative ownership from condominium ownership

Modern Real Estate Practice17th Edition

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8Forms of Real Estate Ownership

Modern Real Estate Practice17th Edition

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8Forms of Real Estate Ownership

Forms of Ownership

  • Severalty
  • Co-Ownership

Modern Real Estate Practice17th Edition

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8Forms of Real Estate Ownership

Forms of Co-ownership

  • Tenancy in common
  • Joint tenancy
      • Four unities: Possession, Interest, Time, Title
      • Partition
  • Tenancy by the entirety
      • Married couples
      • Termination: Judgment sale, Death, Agreement or Divorce
  • Community property

Modern Real Estate Practice17th Edition

slide30

8Forms of Real Estate Ownership

Modern Real Estate Practice17th Edition

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8Forms of Real Estate Ownership

Modern Real Estate Practice17th Edition

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8Forms of Real Estate Ownership

Modern Real Estate Practice17th Edition

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8Forms of Real Estate Ownership

Trusts

  • Parties
    • Trustor
    • Trustee
    • Beneficiary
  • Living and Testamentary Trusts
  • Land Trusts

Modern Real Estate Practice17th Edition

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8Forms of Real Estate Ownership

Ownership by Business Organizations

  • Partnerships
    • General
    • Limited
  • Corporations
    • Shareholders and Double-Taxation
    • S Corporation
  • Syndicates and Joint Ventures
  • Limited Liability Companies (LLCs)

Modern Real Estate Practice17th Edition

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8Forms of Real Estate Ownership

Condominiums

  • Fee simple ownership
  • Creation
  • Common elements
  • Operation and administration

Modern Real Estate Practice17th Edition

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8Forms of Real Estate Ownership

Modern Real Estate Practice17th Edition

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8Forms of Real Estate Ownership

Cooperatives

  • Proprietary lease
  • Shareholder ownership
  • Operation and administration
  • Tax advantages

Modern Real Estate Practice17th Edition

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8Forms of Real Estate Ownership

Townhouses

  • Common walls
  • Fee simple ownership
  • Common elements

Modern Real Estate Practice17th Edition

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8Forms of Real Estate Ownership

Time-Shares

  • Time-share estate
  • Time-share use
  • Membership camping

Modern Real Estate Practice17th Edition

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Chapter 9Legal Descriptions

This chapter is about how land is divided up for ownership and how to describe those divisions. This subdivision was developed based on a plat map, and clearly shows how the land has been sectioned off for each home.

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9Legal Descriptions

Learning Objectives

  • Identify the three methods used to describe real estate
  • Describe how a survey is prepared
  • Explain how to read a rectangular survey description
  • Distinguish the various units of land measurement

Modern Real Estate Practice17th Edition

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9Legal Descriptions

Methods of Describing Real Estate

  • Metes-and-bounds
    • point of beginning (POB)
    • monuments

Modern Real Estate Practice17th Edition

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9Legal Descriptions

Modern Real Estate Practice17th Edition

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9Legal Descriptions

Methods of Describing Real Estate

  • Rectangular (Government) Survey
    • principal meridians
    • base lines
    • township lines and township tiers
    • ranges
    • township squares
    • sections
    • correction lines
    • government check
    • fractional sections and government lots

Modern Real Estate Practice17th Edition

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9Legal Descriptions

Methods of Describing Real Estate

  • Lot-and-Block
    • plat map
    • lot
    • block

Modern Real Estate Practice17th Edition

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9Legal Descriptions

Modern Real Estate Practice17th Edition

slide47

9Legal Descriptions

Measuring Elevations

  • Air lots
  • Datum
  • Benchmarks

Modern Real Estate Practice17th Edition

slide49

10Real Estate Taxes and Other Liens

Learning Objectives

  • Identify the various classifications of liens
  • Describe how real estate taxes are applied through assessments, tax liens, and the use of equalization ratios
  • Explain how nontax liens, such as mechanics’ liens, mortgage liens, and judgment liens are applied and enforced
  • Distinguish the characteristics of voluntary, involuntary, statutory, and equitable liens

Modern Real Estate Practice17th Edition

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10 Real Estate Taxes and Other Liens

Creating Liens (VISE)

  • Voluntary – created intentionally
  • Involuntary – created by law
    • Statutory – created by statute
    • Equitable – created by common law

Modern Real Estate Practice17th Edition

slide51

10 Real Estate Taxes and Other Liens

Liens

  • General
    • affect all property, both real and personal
  • Specific
    • secured by specific property
  • Priority
  • Subordination

Modern Real Estate Practice17th Edition

slide52

10 Real Estate Taxes and Other Liens

Modern Real Estate Practice17th Edition

slide53

10 Real Estate Taxes and Other Liens

Real Estate Tax Liens

  • General (ad valorem)
    • Exemptions
    • Assessed value
    • Equalization
    • Calculation and billing
    • Enforcement
      • tax sale
      • right of redemption – equitable or statutory
  • Special Assessments
  • Homeowner Tax Relief

Modern Real Estate Practice17th Edition

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10 Real Estate Taxes and Other Liens

Other Liens on Real Property

  • Mortgage (Deed of Trust) Liens
  • Mechanic’s Liens
  • Judgment Liens
    • Lis pendens
    • Attachment

Modern Real Estate Practice17th Edition

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10 Real Estate Taxes and Other Liens

Other Liens on Real Property

  • Estate and Inheritance Tax Liens
  • Liens for Municipal Utilities
  • Bail Bond Lien
  • Corporation Franchise Lien
  • IRS Tax Lien

Modern Real Estate Practice17th Edition