Modern Real Estate Practice, 21st Edition
Summary of Changes
The 21st edition of Modern Real Estate Practice continues to reflect the realities of the real estate industry, including economic concerns that impact the real estate professional.
- Margin notes have been added throughout to emphasize important concepts.
- Internet resources have been verified and expanded.
- More In Practice examples have been included to clarify topics.
The following items are now Key Terms:
- Reliction
- Uniform Probate Code (UPC)
- Subagent
- FICO score
- Forbearance
- Electronic Fund Transfer (EFT)
The text begins with an overview of the real estate business, including the many professionals who contribute to various aspects of that business.
- Unit 1: Fair housing is emphasized and coverage of real estate investment has been moved to Unit 20.
- Unit 2: New figure has been added depicting littoral rights.
- Unit 3: Figures have been placed closer to text discussion and redrawn to clarify concepts. Discussion of eminent domain has been shortened.
- Unit 4: Additional margin notes highlight the forms of co-ownership.
- Unit 5: Added pneumonic to remember number of square feet in an acre.
- Unit 6: Added new figure highlighting types of deeds and a new In Practice demonstrating statutory distribution of an intestate decedent’s estate.
- Unit 7: Added to discussion of preliminary title search to clarify that a final check of recorded documents is made shortly before a transaction is closed.
- Unit 8: Added margin note on limited service brokerage, added an In Practice illustrating a tie-in agreement, and updated list of NAR affiliates.
- Unit 9: Clarified when and with what repercussions an agency relationship can be revoked by one of the parties.
- Unit 10: Added In Practice describing advantages of using an exclusive right-to-sell listing. Deleted reference to seller’s existing loans in discussion of information needed for listing agreement.
- Unit 11: New In Practice added to emphasize the form of consideration used in real estate purchase and lease agreements. Discussion added to clarify when acceptance occurs if there is a counteroffer.
- Unit 12: New In Practice added to clarify determination of mortgage rate in an adjustable-rate mortgage and revised Math Concepts to show how the amortization process works.
- Unit 13: Updated FHFA and FHA loan maximums and added new category of service to the list of veterans eligible for a VA-guaranteed home loan.
- Unit 14: Added explanation of how an electronic fund transfer (EFT) can be used in the closing process and added a new In Practice to show how one state charges a transfer tax on real estate conveyances.
- Unit 15: Added new figure to illustrate types of liens.
- Unit 16: Added to the discussion of cap rate and risk, and increased dollar amount of some figures.
- Unit 17: Expanded existing and added new In Practice sections.
- Unit 18: Added margin notes to provide chronology of fair housing legislation and case law. Expanded discussion of advertising and fair housing considerations. Updated monetary penalties for violations of fair housing law.
- Unit 19: Added information on universal design.
- Unit 20: Added new statistics on ownership of U.S. farmland. Added discussion on the promotion of accessary dwelling units (ADUs) in some areas to ease housing shortages. Returned discussion of real estate investment to this unit.
- Unit 21: Links for information on lead-based paint and other lead hazards updated.
