دليل دراسة مبادئ العقارات 1

Principles of Real Estate 1 Study Guide

• Brokerage: Overseeing the needs of parties in a real estate transaction, ensuring completion.
• Appraisal: Providing a professional opinion of a property's value.
• Appraiser: Licensed or certified individual who assesses property value.
• Mortgage Lending: Providing funds to individuals or corporations for real estate, secured by the property.
• Property Management: Managing residential and commercial properties on behalf of the owner.
• Responsibilities of Property Managers: Day-to-day operations, maintenance, tenant relations, financial record-keeping.
• Apartment Locator: Specializes in finding units for tenants in multifamily complexes.
• Home Inspection: Provides a limited visual and general inspection of a property.
• Real Estate Development: Acquiring land for residential, retail, or commercial development.
• Petroleum Landman: Employed by oil and gas companies to determine mineral ownership.
• Benefits of Home Ownership: Security, investment potential, occupancy, and tax benefits.
• Physical Characteristics of Land: Indestructibility, immobility, and nonhomogeneity.
• Economic Characteristics of Land: Scarcity, modification, fixity, and situs.
• Supply and Demand: An economic relationship concerning quantity and price of a commodity.
• Factors affecting demand: Availability of credit, personal preference, and employment growth.
• Common Law vs Statutory Law: Common Law is based on custom; Statutory Law is created by legislatures.
• Texas Real Estate Commission (TREC): Created in 1939 to regulate real estate transactions.
• Land: The surface of the earth, extending downward and upward infinitely, including natural elements like water and minerals.
• Bundle of Rights: Ownership rights related to the land.
• Real Estate vs. Real Property: Real Estate encompasses land, improvements, and rights; Real Property expands further to include ownership rights.
• Improvements: Permanent man-made additions to land (buildings, landscaping, etc.).
• Subsurface Rights: Rights to minerals and other resources below the land's surface.
• Air Rights: The rights to the space above the surface of the land, extend without limitation.
• Severance: The process of real property becoming personal property.
• Wind Rights: Rights to utilize wind above a property for energy generation.
• Personal Property (Chattel): Items that are not permanently attached to land.
• Allodial System: Private ownership of land by individuals
• Police Power: Government's right to regulate land use, often through zoning.
• Eminent Domain: Government's right to take private property for public use.
• Taxation: Government's right to tax real property.
• Escheat: Government's right to claim abandoned or ownerless property.
• Freehold Estates (Fee Simple): Full ownership rights to a property.
• Leasehold Estates: Lesser rights than freehold estates, often for a specific time period.
• Estate for Years: A lease with a specific start and end date.
• Periodic Estate: A lease that automatically renews for specific periods until terminated.
• Estate at Will: A lease with no fixed duration, terminable by either party at any time.
• Tenancy at Sufferance: A holdover tenant remains after the lease expires.
• Lease: A contract giving possession but not ownership, binding on subsequent owners.
• Statutory Estates: Estates set by law, a homestead protection for example.
• Homestead Protection: Property protection against specific types of foreclosure.
• Equitable Estates: Rights or privileges in land less than full ownership.
• Liens: claims against a property. Includes General vs Specific, and Voluntary vs. Involuntary liens.
• Encumbrances: Restrictions and limitations on property ownership.
• Appurtenance: Rights or privileges that pass with the property.
• Easements: The right to use someone else's land for a specific purpose.
• Encroachment: Part of one person's property extending onto the property of another.
• Merger: Combining two or more properties into one ownership.
• Water Rights: Rights related to use of water bordering a property.
• Single-Family Home: A detached residential property.
• Condominium: Ownership of individual units in a building with shared common areas.
• Cooperative: A building owned by a corporation, with occupants owning shares in the corporation and having a lease for their unit.
• Townhome: A detached property connected to others, with shared walls, but individual ownership of the units.
• Mixed-Use Development: Property containing multiple uses in one place (residences, offices, retail etc).
• Timeshare: Ownership of the right to use a property for a specified time period.
• Capital Gain: Profit from the sale of an asset.
• Equity: The difference between the market value and the outstanding debt of a property.
• Homeowners Insurance: Insurance protecting a home and its contents from damage or loss.
• Co-Ownership: Ownership of real estate by two or more individuals.
• Tenancy in Common: Co-ownership of real estate with no right of survivorship, ownership transferred to heirs.
• Joint Tenancy: Co-ownership with a right of survivorship, eliminating the need for probate.
• Tenancy by the Entirety: Joint ownership that applies exclusively to married couples.
• Community Property: Property acquired during marriage that is owned equally by both spouses.
• Trusts: entities that hold assets for the benefit of others.
• Sole Proprietorship: A business venture owned by a single individual.
• Partnership: Business ventures operated by more than one individual.
• Corporate Ownership: Owned by a corporation.
• Law of Agency: A relationship where one party (agent) acts on behalf of another (principal).
• Fiduciary Duties: Duties of trust and loyalty owed by an agent to the principal
• Special Agency Vs General Agency Vs Universal Agency: Different levels of authority granted to agents in their relationship with their principals
• Agent: Person acting on behalf of another.
• Principal: Person who hires an agent to act on their behalf
• Implied Agency: Agency created by the conduct of the parties.
• Ostensible Agency: Apparent agency based on the principal's actions.
• Agency by Ratification: The principal approves after the agent has acted without authority.
• Single-Agent Broker: Represents only one party in a transaction.
• Transactional Broker: Facilitates a transaction without representing either party.
• Dual Agency: Represents both the buyer and seller with both parties agreeing to the conditions
• Listing Agent: Representing the seller.
• Selling Agent: Representing the buyer
• Cooperative Sale: A transaction where two different brokerage firms work together.
• Subagency: When one firm represents another in a transaction.
• In-House Sale: When a brokerage firm sells one of its listings within the same firm.
• Intermediary: Broker representing both parties in a single transaction.
• Comparative Market Analysis (CMA): Estimating a home's fair market value based on comparable sales.
• Broker's Price Opinion (BPO): A broker's assessment of a property's value, usually requested by a lender or appraiser.
• Procuring Cause: The series of events that directly result in a contract's completion
• Deceptive Trade Practices Act: Protects consumers from dishonest business practices.
• Puffing: Advertising opinions rather than factual description.
• Mold: A fungus that can thrive in buildings.
• Presentation of Offers: All offers must be presented to the seller
• Default: When a party fails to fulfill contractual obligations.
• Termination of a Listing: How a listing can end
• Real Estate Contract Types: Express vs Implied vs Bilateral vs Unilateral Contracts
• Valid Contract: Meets all legal requirements.
• Void Contract: Does not meet legal requirements
• Voidable Contract: Contracts that can be canceled by one or more parties.
• Unenforceable Contract: Legal to create but cannot be enforced.
• Mutual Rescission: Agreement between both parties to end a contract.
• Statute of Frauds: Enforces contracts relating to real estate are in writing.
• Executory Contract: A contract that details the conveyance of property
• Legal Descriptions: Methods to precisely identify a property, including Metes and Bounds and Government Survey.
• Government Survey System: Used for large land parcels.
• Metes and Bounds: Defining a property by measuring distances and directions from a starting point.
• Partition: Division of property between multiple owners.
• Legal Description: Accurate and unambiguous descriptions of land.

Additional Topics

• Federal and State Legislation: Laws governing discrimination, fair housing, and other real estate practices.
• Civil Rights Act of 1968: Prohibits discrimination in housing based on various factors.

يستعرض هذا الدليل أساسيات مبادئ العقارات ويغطي مواضيع مثل الوساطة، والتقييم، وإدارة الممتلكات، والتمويل العقاري. يشمل أيضًا المسؤوليات المرتبطة بمديري العقارات والمفتشين، مما يساعد الطلاب على فهم الدور المهم في صناعة العقارات.