Rental units come in all shapes and sizes, from single-family homes to multistory high-rises that contain hundreds of units. This block of historic apartment buildings is another type of rental property.Slide 2Slide 3Slide 4Slide 5Slide 6Slide 7Slide 8Slide 9Slide 10A property manager is also a “people manager” and relationships are important. This manager may be checking a property’s plans for adequate fire planning, for upgrading the HVAC system, or for a remodeling project.Slide 12Slide 13Slide 14Slide 15Slide 16Slide 17Slide 18Slide 19Slide 20Measurement is vital to the appraiser. Not just physical measurement in feet and inches, but measurement of value and cost.Slide 22Slide 23Slide 24Slide 25Slide 26Slide 27Slide 28Slide 29Issues controlled by local land-use controls include how close developers can place units to each other, and how to protect historic characteristics of an area.Slide 31Slide 32Slide 33Slide 34Slide 35Slide 36Fair housing is not just “nice to have”—it’s the law. Fair housing practices are established by local, state, and national laws and regulations, and the judicial system actively enforces them.Slide 38Slide 39Slide 40Slide 41Slide 42Slide 43Pollution, such as hazardous runoff into local waterways, is a serious issue for homeowners, developers, and real estate professionals.Slide 45Slide 46Slide 47Slide 48Slide 49Slide 50Some closings are face-to-face, and some are conducted through escrow. But in all cases, once again, it’s a people-related business.Slide 52Preclosing ProceduresThe ClosingRESPA Requirements22 Closing the Real Estate TransactionProrationsRental units come in all shapes and sizes, from single-family homes to multistory high-rises that contain hundreds of units. This block of historic apartment buildings is another type of rental property.Chapter 16Leases16 LeasesModern Real Estate Practice 17th EditionLearning ObjectivesIdentify the four types of leasehold estatesDescribe the requirements and general conditions of a valid lease, and how a lease may be dischargedExplain the rights of landlords and tenants in an eviction proceeding, and the effect of pro-tenant legislation and civil rights laws on the landlord-tenant relationshipDistinguish the various types of leases16 LeasesModern Real Estate Practice 17th EditionLeasehold EstatesEstate for YearsEstate from Period to Period (Periodic Tenancy)Estate at WillEstate at SufferanceModern Real Estate Practice 17th Edition16 Leases16 LeasesModern Real Estate Practice 17th EditionRequirements of a Valid LeaseOffer and acceptanceConsiderationCapacity to contractLegal Objectives16 LeasesModern Real Estate Practice 17th EditionLease AgreementsPossession of premisesUse of premisesTermSecurity DepositImprovementsMaintenance16 LeasesModern Real Estate Practice 17th EditionLease AgreementsDestruction of premisesAssignment and subleasingRecording a leaseNondisturbance clauseOptions16 LeasesModern Real Estate Practice 17th EditionTypes of LeasesGross LeaseNet LeasePercentage LeaseVariable LeaseGround LeaseOil and Gas LeaseSale and LeasebackAgricultural16 LeasesModern Real Estate Practice 17th EditionDischarge of LeasesBreachSuit for possession: actual evictionTenants’ remedies: constructive evictionPro-tenant legislation16 LeasesModern Real Estate Practice 17th EditionFair Housing and Civil Rights LawsAffect landlords and tenantsCannot discriminate against protected classesA property manager is also a “people manager” and relationships are important. This manager may be checking a property’s plans for adequate fire planning, for upgrading the HVAC system, or for a remodeling project.Chapter 17Property Management17 Property ManagementModern Real Estate Practice 17th EditionLearning ObjectivesIdentify the basic elements of a management agreementDescribe a property manager’s functionsExplain the role of environmental regulations and the Americans with Disabilities Act in the property manager’s jobDistinguish the various types of insurance alternatives17 Property ManagementModern Real Estate Practice 17th EditionElements of a Management AgreementDescription of the propertyTime periodDefinition of the manager’s responsibilitiesStatement of the owner’s purposeExtent of the manager’s authority17 Property ManagementModern Real Estate Practice 17th EditionElements of a Management AgreementReporting requirementsCompensationAllocation of costsAntitrust provisionsEqual opportunity housing statement17 Property ManagementModern Real Estate Practice 17th EditionManager’s ResponsibilitiesFinancial ReportsRenting the PropertyMarketingSelecting TenantsCollecting RentsMaintaining Good Tenant Relations17 Property ManagementModern Real Estate Practice 17th EditionManager’s ResponsibilitiesMaintaining the PropertyPreventiveRepair or CorrectiveRoutineConstructionTenant Improvements17 Property ManagementModern Real Estate Practice 17th EditionFederal Laws Affecting Property ManagementECOAFair Housing ActThe Americans with Disabilities ActModern Real Estate Practice 17th Edition17 Property Management17 Property ManagementModern Real Estate Practice 17th EditionRisk ManagementRisk Management TechniquesTenant Security17 Property ManagementModern Real Estate Practice 17th EditionRisk ManagementInsuranceFloodConsequential loss, use and occupancyContents and personal propertyLiabilityFire and hazardCasualtySurety bondsHandling Environmental ConcernsMeasurement is vital to the appraiser. Not just physical measurement in feet and inches, but measurement of value and cost.Chapter 18Real Estate Appraisal18 AppraisalModern Real Estate Practice 17th EditionLearning ObjectivesIdentify the different types and basic principles of valueDescribe the three basic valuation approaches used by appraisersExplain the steps in the appraisal processDistinguish the four methods of determining reproduction or replacement cost18 AppraisalModern Real Estate Practice 17th EditionAppraisal Process1. State the problem2. List the data needed3. Gather, record, verify, and analyze dataGeneral dataSpecific dataData for each approach4. Determine the highest and best use5. Estimate the land value6. Estimate value by each of the three approaches7. Reconcile the estimated values8.
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