Archives For property management

Reference Book – A Real Estate Guide

* Please note, format and page numbers differ from the printed version. The printed version will be available for purchase after January 5, 2011. To purchase a copy, submit a Publications Request (RE 350) . The chapters of the Reference Book below are in PDF format. You will need Adobe Reader to view them.

Reference Book

  • Introduction
    Cover, Preface, Location of Department of Real Estate Offices, Past Real Estate Commissioners, A Word of Caution
  • Chapter 1 – The California Department of Real Estate
    Government Regulation of Brokerage Transactions, Original Real Estate Broker License, Corporate Real Estate License, Original Salesperson License, License Renewals – Brokers and Salespersons, Other License Information, Continuing Education, Miscellaneous Information, Prepaid Residential Listing Service License, Enforcement of Real Estate Law, Discrimination, Notice of Discriminatory Restrictions, Subdivisions, Department Publications, Recovery Account
  • Chapter 2 – The Real Estate License Examinations
    Scope of Examination, Preparing for an Exam, Exam Construction, Examination Weighting, Exam Outline, Exam Rules – Exam Subversion, Materials, Question Construction, Multiple Choice Exam, Q and A Analysis, Sample Multiple Choice Items
  • Chapter 3 – Trade and Professional Associations
    Real Estate Associations and Boards, Related Associations, Ethics
  • Chapter 4 – Property
    Historical Derivations, The Modern View, Personal Property, Fixtures, Legal Difference Between Real and Personal Property, Land Descriptions, Other Description Methods
  • Chapter 5 – Title to Real Property
    California Adopts a Recording System, Ownership of Real Property, Separate Ownership, Concurrent Ownership, Tenancy in Partnership, Encumbrances, Mechanic’s Liens, Design Professional’s Lien, Attachments and Judgments, Easements, Restrictions, Encroachments, Homestead Exemption, Assuring Marketability of Title
  • Chapter 6 – Transfer of Interests in Real Property
    Contracts in General, Essential Elements of a Contract, Statute of Frauds, Interpretation, Performance and Discharge of Contracts, Real Estate Contracts, Acquisition and Transfer of Real Estate
  • Chapter 7 – Principal Instruments of Transfer
    A Backward Look, the Pattern Today, Deeds in General, Types of Deeds
  • Chapter 8 – Escrow
    Definition, Essential Elements, Escrow Holder, Instructions, Complete Escrow, General Escrow Principles, General Escrow Procedures, Proration, Termination, Cancellation of Escrow – Cancellation of Purchase Contract, Who May Act As Escrow Agent, Audit, Prohibited Conduct, Relationship of Real Estate Broker and the Escrow Holder, Designating the Escrow Holder, Developer Controlled Escrows – Prohibition
  • Chapter 9 – Landlord and Tenant
    Types of Leasehold Estates, Dual Legal Nature of Lease, Verbal and Written Agreements, Lease Ingredients, Contract and Conveyance Issues, Rights and Obligations of Parties to a Lease, Condemnation of Leased Property, Notice Upon Tenant Default, Non-Waivable Tenant Rights, Remedies of Landlord, Disclosures by Owner or Rental Agent to Tenant
  • Chapter 10 – Agency
    Introduction, Creation of Agency Relationships, Authority of Agent, Duties Owed to Principals, Duties Owed to Third Parties, Rights of Agent, Termination of Agency, Special Brokerage Relationships, Licensee Acting for Own Account, Unlawful Employment and Compensation, Broker-Salesperson Relationship, Conclusion
  • Chapter 11 – Impact of the Penal Code and Other Statutes
    Penal Code, Unlawful Practice of Law, Business and Professions Code, Civil Code, Corporations Code
  • Chapter 12 – Real Estate Finance
    Background, The Economy, The Mortgage Market, Overview of the Loan Process, Details of the Loan Process, Federal and State Disclosure and Notice of Rights, Promissory Notes, Trust Deeds and Mortgages, Junior Trust Deeds and Mortgages, Other Types of Mortgage and Trust Deed Loans, Alternative Financing, Effects of Security, Due on Sale, Lender’s Remedy in Case of Default, Basic Interest Rate Mathematics, The Tools of Analysis
  • Chapter 13 – Non-Mortgage Alternatives To Real Estate Financing
    Syndicate Equity Financing, Commercial Loan, Bonds or Stocks, Long-Term Lease, Exchange, Sale-Leaseback, Sales Contract (Land Contract), Security Agreements (Personal Property)
  • Chapter 14 – Real Estate Syndicates and Investment Trusts
    Real Estate Syndication, Real Estate Investment Trusts
  • Chapter 15 – Appraisal and Valuation
    Theoretical Concepts of Value and Definitions, Principles of Valuation, Basic Valuation Definitions, Forces Influencing Value, Economic Trends Affecting Real Estate Value, Site Analysis and Valuation, Architectural Styles and Functional Utility, The Appraisal Process and Methods, Methods of Appraising Properties, The Sales Comparison Approach, Cost Approach, Depreciation, Income (Capitalization) Approach, Income Approach Process, Income Approach Applied, Residual Techniques, Yield Capitalization Analysis, Gross Rent Multiplier, Summary, Appraisal of Manufactured Homes (Mobilehomes), Evaluating the Single Family Residence and Small Multi-Family Dwellings, Typical Outline for Writing the Single Family Residence Narrative Appraisal Report, Conclusion, Additional Practice Problems, The Office of Real Estate Appraisers (OREA)
  • Chapter 16 – Taxation and Assessments
    Property Taxes, Taxation of Mobilehomes, Special Assessments, Certain Assessment Statutes, Federal Taxes, Documentary Transfer Tax, State Taxes, Miscellaneous Taxes, Acquisition of Real Property, Income Taxation
  • Chapter 17 – Subdivisions and Other Public Controls
    Basic Subdivision Laws, Subdivision Definitions, Functions in Land Subdivision, Compliance and Governmental Consultation, Types of Subdivisions, Compliance With Subdivided Lands Law, Handling of Purchasers’ Deposit Money, Covenants, Conditions and Restrictions, Additional Provisions, Grounds For Denial of Public Report, Subdivision Map Act, Preliminary Planning Considerations, Basic Steps in Final Map Preparation and Approval, Types of Maps, Tentative Map Preparation, Tentative Map Filing, Final Map, Parcel Map, Other Public Controls, Health and Sanitation, Eminent Domain, Water Conservation and Flood Control, Interstate Land Sales Full Disclosure Act
  • Chapter 18 – Planning, Zoning, and Redevelopment
    The Need For Planning, General Plans, Redevelopment
  • Chapter 19 – Brokerage
    Brokerage as a Part of the Real Estate Business, Other Specialists, Operations, Office Size – Management, Office Size, Career Building, The Broker and the New Salesperson, Specialization, A Broker’s Related Pursuits, Professionalism, Mobilehome Sales
  • Chapter 20 – Contract Provisions and Disclosures in a Residential Real Estate Transaction
    A Basic Transaction, A Basic Listing, Purchase Contract/Receipt of Deposit, Disclosures
  • Chapter 21 – Trust Funds
    General Information, Trust Fund Bank Accounts, Accounting Records, Other Accounting Systems and Records, Recording Process, Reconciliation of Accounting Records, Documentation Requirements, Additional Documentation Requirements, Audits and Examinations, Sample Transactions, Questions and Answers Regarding Trust Fund Requirements and Record Keeping, Summary, Exhibits
  • Chapter 22 – Property Management
    Professional Organization, Property Managers and Professional Designations, Functions of a Property Manager, Specific Duties of the Property Manager, Earnings, Accounting Records For Property Management
  • Chapter 23 – Developers of Land and Buildings
    Subdividing, Developer-Builder, Home Construction
  • Chapter 24 – Business Opportunities
    Definition, Agency, Small Businesses and the Small Business Administration, Form of Business Organization, Form of Sale, Why an Escrow?, Buyer’s Evaluation, Motives of Buyers and Sellers, Counseling the Buyer, Satisfying Government Agencies, Listings, Preparing the Listing, Establishing Value, Valuation Methods, Lease, Goodwill, Fictitious Business Name, Franchising, Bulk Sales and the Uniform Commercial Code, California Sales and Use Tax Provisions, Alcoholic Beverage Control Act
  • Chapter 25 – Mineral, Oil and Gas Brokerage
    History, Mineral, Oil and Gas Brokerage, 1994 – No Separate License Requirements
  • Chapter 26 – Tables, Formulas, and Measurements
  • Chapter 27 – Glossary

Nothing can kill a sale faster than a dated, closed-in kitchen area. Many of today’s buyers see the kitchen as the home’s command center, and not just a place for cooking and eating. They want the kitchen to be many things at once, hence the rise in popularity of what is known as the multifunctional open-concept kitchen.

Read more: 9 Modest Fixes for the Problem Kitchen

If your clients are looking to renovate an existing kitchen, or you need to advise them on building one that’s brand-new, the Washington Post shared some background on how they can design a kitchen space so that it’s functional in many different way.

“Whether you are renovating existing structure or building new, architects fully recognize the need for space that is designed for movement and flow,” says Stephanie Brick, senior designer at Sustainable Design Group, in Gaithersburg, Md. “There are still rules and important elemental guidelines — you do not want to just delete all of the walls on your first floor. But by being selective in the design, materials and professionals you work with, you can easily achieve a space that does not merely react to, but anticipates, your bustling lifestyle.”

The two main considerations when designing a multifunctional space are wall placement and storage. While it may seem like an easy solution to knock down walls, Brick says there are other architectural solutions, like open doorways, that can give a similar effect while keeping the space architecturally interesting.

Being as honest as possible about individual organizational and storage needs is key when creating a multifunctional kitchen. For some owners who want to use the kitchen as a makeshift homework area or as a place to handle their bills, adding storage for these needs will be necessary. If your clients do a lot of cooking and entertaining for large groups, they will want to make sure the kitchen has space and storage to accommodate that process. If the family has small children, the kitchen can be designed with their safety in mind.

Brick has one final piece of advice when designing this type of kitchen space. “Honesty with your architect is key to creating a strong working relationship and delivering an equally beautiful and functional space in your home.”

Source: “How to create a live/work/play space at home,” The Washington Post (June 8, 2016)

via Now Trending: The Multifunctional Kitchen | Realtor Magazine

Seller Financing

In some situations, sellers are lining Lending Standards, Seller Financing. CFPB
Finalizes Loan 2013, The Consumer Financial Protection Bureau
www.realtor.org/topics/seller-financing – 2012-03-15

Seller Financing May Be Worth Exploring | Realtor Magazine

In today’s stymied real estate market, lenders are more cautious about making loans and sellers are more inclined to agree to carry financing to sell their properties more quickly. Here’s a look at how installment sales could work for your clients.
realtormag.realtor.org/law-and-ethics/law/article/2008/12/seller-financing-may-be-worth-exploring – 2008-12-01

Get Seller Financing to Work for You | Realtor Magazine

Seller financing has been a hot issue in recent real estate news due to the changes in regulations, specifically in the Dodd-Frank Act. Here’s what you need to know to incorporate this method into your business strategy and be the best advocate for your clients.
realtormag.realtor.org/law-and-ethics/feature/article/2015/04/get-seller-financing-work-for-you – 2015-04-06

Seller Financing: Background

Seller financing is subject to new rules following the passage of financial reform legislation. Know these changes in order to serve sellers better.
www.realtor.org/topics/seller-financing/background – 2012-01-17

My Account

Seller financing plays an important role in financing the sale of real estate, especially when credit is tight. This paper summarizes the impact of two federal laws that affect seller financing. Seller financing plays an important role in financing the sale of real estate, especially when credit is tight. This paper summarizes the impact of two federal laws that affect seller financing.
www.realtor.org/reports/seller-financing-impact-of-the-safe-act-and-the-dodd-frank-act – 2012-01-12

Sales Clinic: Expand Your Market with Seller Financing | Realtor Magazine

Are there any creative ways to sell a home that will maximize the salesperson’s value? —Timothy Baker, RE/MAX Affiliates, Naperville, Illinois If you want to be a top salesperson, you always have to be on the lookout for new and creative ideas to set yourself apart from the pack.
realtormag.realtor.org/…/feature/article/1999/12/sales-clinic-expand-your-market-seller-financing – 1999-12-01

Ways to Protect Yourself Under Seller Financing | Realtor Magazine

TIP: Instead of taking back an installment loan, per se, have the buyer purchase an annuity or some zero-coupon bonds in your name. These can often be bought at deep discounts to eventual payout, lowering the sale price, but guaranteeing you a higher future return.
realtormag.realtor.org/…/sell-your-business/article/ways-protect-yourself-under-seller-financing

NAR Submits Comments on CFPB’s Proposed Seller Financing Rules

On Oct. 15, 2012, NAR President submitted comments to the CFPB on its loan originator proposed rule. On Oct. 15, 2012, NAR President submitted comments to the CFPB on its loan originator proposed rule.
www.realtor.org/articles/nar-submits-comments-on-cfpbs-proposed-seller-financing-rules – 2012-10-19

Sellers Can Fill a Void | Realtor Magazine

If you’re working with sellers who have seen offers collapse because buyers can’t get a mortgage loan, you might want to suggest they consider offering some variation of seller financing.
realtormag.realtor.org/law-and-ethics/law/article/2011/07/sellers-can-fill-void – 2011-07-01

Seller Financing: The SAFE Act

In 2008, President Bush signed the Secure and Fair Enforcement of Mortgage Licensing Act or SAFE Act, which requires licensing and registration of loan originators.
www.realtor.org/topics/seller-financing/the-safe-act – 2012-03-15
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5 easy ways to boost your Cash flow

I started investing in rental properties a year ago and every time my partner and I take the time to look at the numbers, evaluate the 5 year projections, look over the tax benefits, it just makes sense. Flipping houses, assigning contracts and quick turning real estate can and will make you rich but holding real estate long term is the true way to wealth. Passive income through rental properties is an excellent way to make a living and increase your net worth. Below are 5 easy ways to increase the cash flow on your existing rental properties or perhaps help you determine if being a landlord is something you want to venture into.

1. Do you want fries with that? Retail companies know that the point of sale is the place for suggestive selling. OMS or “One more sale” is used by most smart retail companies to suggest add-ons that may make sense for the consumer to buy in addition to their already chosen purchase. Why not do this with your rental properties? When you are getting the tenant to sign that lease offer them some “Upgrades”. Would you like to have a room painted a custom color of your choice for $5-$10 extra per month? How about Blinds in two rooms for an extra $10 a month? My personal favorite, would you be interested in our convenient pay program? We allow you to pay every two weeks to better fit your schedule rather than once a month. If you were going to charge $625 a month, you would want to charge $325 every two weeks. Compare the numbers, $625 x 12= 7500, $325 x 26 = 8450. An extra $950 per year per unit is a nice way to boost cashflow.

2. Know your financing options. If you are in a high appreciating area or you do not plan to hold the property for more than 5 years, why not do interest only or a pay option arm program? The pay option arm program allows you to pay the MTA rate which is very low and slow moving compared to some of the other options. Did you know that you can get fixed rate interest only loans? Let’s say you had a duplex that you bought for $100k. You plan on holding it for 5 years and the area is appreciating only 5% per year. 30 year fixed at 6% is a principle and interest payment of roughly $599. Interest only would be about $500 per month. Would you rather have an extra $1200 a year in your pocket than pay that small amount of principle down that is paid in the first year? Now if you have quite a few properties with the same holding goals, cashflowing an extra $50-$80 per unit per month can really add up.

3. Make it FEE-sable. I stress to you that each unit you manage or own has to have a late fee attached to the rent payment, and one that will make it worth your time to collect. Research your state laws on this but charging a late fee, a “per week” additional late fee and a service charge if you have to pickup the payment can make you additional money. This is assuming you have the tenants mail in the payment…you do, don’t you?

4. Un-handymen. One handyman quotes you $500 to do a job and the other quotes you $1000 to do the same job. Do you stop there and hire the $500 handyman? We have learned our lesson from this, there is more to it than initial cost. The $500 guy may take twice as long to get the job done, TIME IS MONEY!!! If you are fixing up a duplex that brings in $1,000 a month, each day that passes with no tenants costs you $33 a day. So if handyman #1 takes 16 more days to do the job, you would have been better off paying the $1000 guy. When working with handyman, put in performance incentives. If done in X number of days you get 100% of the quote, 2 days over, 95%, etc.

5. The perfect tenant. How would you describe the perfect tenant? I would describe them as someone who stays in my rental unit for 30 years, pays off my mortgage, never calls me, I never have to visit, and sends their payment through the mail every month. How do you even get close to this type of tenant? You have to avoid doing the “Well, this person has the cash” mentality and do your background checks but also listen to your gut. When tenants call with legitimate problems, get their problem solved fast. If there is a  dispute, realize that working reasonably with your existing tenant is in your best interest as if they move out, you may have to pay for the eviction, pay to get it cleaned up, pay to do new advertising, pay all the days it is vacant, etc and so on. Get good tenants and once you have them, try hard to keep them!

Happy Investing,

Ray Higdon
RLH Holdings

www.rlhholdingsllc.com

239-248-2182

A landlord, or landlady, is the owner of a house, apartment, condominium, or real estate which is rented or leased to an individual or business, who is called the tenant. In the United Kingdom the manager of a public house is also called the landlord or, more formally, as the licensed victualler. A female landlord can either be called a landlady or simply landlord. When a legal person is in the same position the term landlord is used. Other terms used are lessor and owner. The tenant can also be called a lesee or renter.

In the United States, landlord-tenant disputes are primarily governed by state law (not federal law) regarding property and contracts. State law and, in some places, city law or county law, sets the requirements for eviction of a tenant. Generally, there are a limited number of reasons for which a landlord can evict his tenant before the expiration of the tenancy, though at the end of the lease term the rental relationship can generally be terminated without giving any reason. Some cities have laws establishing the maximum rent a landlord can charge, known as rent control, and related just cause eviction controls.

A rental agreement, or lease, is the contract defining such terms as the price paid, penalties for late payments, the length of the rental or lease, and the amount of notice required before either the landlord or tenant cancels the agreement. In general, the landlord is responsible for repairs and maintenance, and the tenant is responsible for keeping the property clean and safe.

Many landlords hire a property management company to take care of all the details of renting their property out to a tenant. This usually includes advertising the property and showing it to prospective tenants, and then, once rented, collecting rent from the tenant and performing repairs as needed.

Sometimes the terms “slumlord” or “ghetto landlord” are used in reference to the owner of dilapidated buildings in blighted urban areas. As a result of declining demand and declining real estate prices, these landlords were often left with completely unprofitable properties and found themselves unable to pay for renovation and the regular maintanace of their property. The situation in many American slums became so dire that landlords were known to set their own buildings on fire in an attempt to collect on the insurance policy.

See also

External links

houses as dwelling-spaces for human habitation. Such dwellings generally feature enclosing walls, a roof and one or more floors.
….. –> apartment (or flat in Britain and most other Commonwealth countries) is a self-contained housing unit that occupies only part of a building.
….. –> Property law
Part of the common law series
Acquisition of property
Gift · Adverse possession · Deed
Lost, mislaid, and abandoned property
….. –> Real estate, or immovable property, is a legal term (in some jurisdictions) that encompasses land along with anything permanently affixed to the land, such as buildings.
….. –> Renting is an agreement where a payment is made for the temporary use of a good or property owned by another person or company.
….. –>

For the movie by Roman Polanski, see: The Tenant

A leasehold estate is an ownership interest in land in which a lessee or a tenant
….. –> United Kingdom of Great Britain and Northern Ireland (usually shortened to the United Kingdom, the UK or Britain[1]) is a country[2]
….. –> public house, usually known as a pub, is an establishment which serves alcoholic drinks for consumption on the premises, usually in a homely setting.
….. –> United States of America, also known as the United States, the U.S., the U.S.A., the U.S. of A.
….. –> State law in the United States, is the law of each separate U.S. state, as passed by the state legislature and signed into law by the state governor.
….. –> Federal law is the body of law created by the federal government of a nation. A federal government is formed when a group of political units, such as states or provinces join
….. –>

This article deals with property in the context of legal or moral ownership rights. For other meanings, see property (disambiguation).

….. –> Eviction is a legal process by which a landlord forces a tenant or other occupant to move out of the landlord’s property involuntarily and usually permanently.
….. –> Rent control refers to laws or ordinances that set price controls on residential housing. It functions as a price ceiling.
….. –> Just cause eviction controls are laws that protect renters by ensuring that landlords can only evict with proper cause, such as a tenant’s failure to pay rent or destruction of
….. –> A rental agreement is a contract, usually written, between the owner of a property and a renter who desires to have temporary possession of the property.
….. –> Contract Law
Part of the common law series
Contract theory
Contract formation
Offer and acceptance · Mailbox rule
….. –> A property management company is tasked with the responsibility of managing the multiple aspects which come along with the ownership of real estate.
….. –> Peter Rachman (1920 — 1962) was a London landlord in the mid-20th century, active in the Notting Hill area in the 1950s and 1960s.
….. –> Eviction is a legal process by which a landlord forces a tenant or other occupant to move out of the landlord’s property involuntarily and usually permanently.
….. –> Housing tenure refers to the financial arrangements under which someone has the right to live in a house or apartment.
….. –> Sources=Sources | 128
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Copyright © 2006 Farlex, Inc.Source URL: http://encyclopedia.thefreedictionary.com/Landlord