Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,The real estate business is more than just houses.As this chapter says,“Real estate is big business,and includes commercial properties,condominiums,and open land in addition to single-family homes.,Chapter 1Introduction to the Real Estate Business,1,Introduction to the Real Estate Business,Modern Real Estate Practice,17th Edition,Learning Objectives,Identify,the various careers available in real estate,and the professional organizations that support them,Describe,the five categories of real property,Explain,the operation of supply and demand in the real estate market,Distinguish,the economic,political and social factors that influence supply and demand,1,Introduction to the Real Estate Business,Modern Real Estate Practice,17th Edition,A Business of Many Specializations,Brokerage,Appraisal,Property management,Financing,Subdivision and development,Home inspection,Counseling,Education,1,Introduction to the Real Estate Business,Modern Real Estate Practice,17th Edition,Types of Real Property,Residential,Commercial,Industrial,Agricultural,Special Purpose,1,Introduction to the Real Estate Business,Modern Real Estate Practice,17th Edition,The Real Estate Market,Supply and Demand,Factors Affecting Supply,Factors Affecting Demand,Many types of property define real estates“product.Land is one of the fundamental concepts of real estate,as well as“improvements in the form of houses and outbuildings.The fence suggests the limits of ownership.,Chapter 2Real Property and the Law,2,Real Property and the Law,Modern Real Estate Practice,17th Edition,Learning Objectives,Identify,the rights that convey with ownership of real property and the characteristics of real estate,Describe,the difference between real and personal property,and the various types of personalty,Explain,the types of laws that affect real estate,Distinguish,among the concepts of land,real estate and real property,2,Real Property and the Law,Modern Real Estate Practice,17th Edition,Land-,The earths surface extending downward to the center of the earth and upward to infinity,including permanent natural objects,Real Estate,-,Land at,above and below the earths surface,plus all things permanently attached to it,whether natural or artificial,Real Property,-,The interests,benefits and rights that are automatically included in the ownership of land and real estate,Modern Real Estate Practice,17th Edition,2,Real Property and the Law,Modern Real Estate Practice,17th Edition,Bundle of Legal Rights,2,Real Property and the Law,2,Real Property and the Law,Modern Real Estate Practice,17th Edition,Real Property Rights,Surface Rights,Subsurface Rights,Air Rights,Water Rights,2,Real Property and the Law,Modern Real Estate Practice,17th Edition,Personal Property,All property that does not fit the definition of real property,Manufactured Housing,Plants,Fixtures,Intent,Method of annexation,Adaptation to real estate,Agreement,Trade Fixtures,2,Real Property and the Law,Modern Real Estate Practice,17th Edition,Characteristics of Real Property,Economic Characteristics,Scarcity,Improvements,Permanence of investment,Location,Physical Characteristics,Immobility,Indestructibility,Uniqueness,2,Real Property and the Law,Modern Real Estate Practice,17th Edition,Laws Affecting Real Estate,Contract law,General property law,Agency law,Real estate license law,Federal regulations,Federal,state and local tax laws,Zoning and land use laws,Federal,state and local environmental regulations,A variety of housing types are available under the general heading of“home ownership:single family,small multifamily residences,and high-rise condos.,Chapter 3Concepts of Home Ownership,3,Concepts of Home Ownership,Modern Real Estate Practice,17th Edition,Learning Objectives,Identify,the various types of housing choices available to home buyers,Describe,the issues involved in making a home ownership decision,Explain,the tax benefits of home ownership and the provisions of recent changes to the Tax Code,Distinguish,the various types of homeowners insurance policy coverage,3,Concepts of Home Ownership,Modern Real Estate Practice,17th Edition,Types of Housing,Apartment Complex,Condominium,Cooperative,Planned Unit Development(PUD),Retirement Community,3,Concepts of Home Ownership,Modern Real Estate Practice,17th Edition,Types of Housing,Highrise Development,Converted-use Property,Manufactured Housing,Modular Homes,Time-share,3,Concepts of Home Ownership,Modern Real Estate Practice,17th Edition,Housing Affordability,Mortgage Terms,Ownership Expenses and Ability to Pay,Investment Considerations,Tax Benefits,3,Concepts of Home Ownership,Modern Real Estate Practice,17th Edition,Homeowners Insurance,Coverage and Claims,Basic vs.Broad-form Policies,Liability,Coinsurance Clause,National Flood Insurance Program,Real estate is an industry about property,but its also an industry about people.The concept of agenc