Essentials of Real Estate Finance
SA
Doris Barrell, GRI, DREI
FIFTEENTH EDITION
FMINPANLCEE ESSENTIALS OF REAL ESTATE
SAEssentials of Real Estate Finance
Fifteenth Edition
M
Doris Barrell, GRI, DREI
PLE
This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional advice. If legal advice or other expert assistance is required, the services of a competent professional should be sought.
S President: Dr. Andrew Temte
Executive Director, Real Estate Education: Melissa Kleeman-Moy
ADevelopment Editor: Jennifer Brandt MESSENTIALS OF REAL ESTATE FINANCE FIFTEENTH EDITION
?2018 Kaplan, Inc. Published by DF Institute, Inc., d/b/a Dearborn Real Estate Education 332 Front St. S., Suite 501 La Crosse, WI 54601
All rights reserved. The text of this publication, or any part thereof, may not be reproduced in any
P manner whatsoever without written permission from the publisher.
Printed in the United States of America
LE ISBN: 978-1-4754-6207-4
CONTENTSPreface vi
S UNIT1 The Nature and Cycle of Real Estate Finance Learning Objectives 1 Key Terms 1 AIntroduction 1
1
MThe Nature of Real Estate Finance
Mortgage Lending Activities 5 Real Estate Cycles 10 Summary 16 Review Questions 18
2
UNIT 2
Money and the Monetary System 21
Learning Objectives 21 Key Terms 21 Introduction 21 The Federal Reserve System (the Fed) 22 Instruments of Credit Policy 26 The U.S. Treasury 31 The Federal Deposit Insurance Corporation and Federal Home Loan Bank 34
P Summary 36
Review Questions 37
UNIT 3
Additional Government Influence 39
L Learning Objectives 39
Key Terms 39 Introduction 39 U.S. Department of Housing and Urban Development 40 Significant Federal Legislation 46
E Local, State, and Agricultural Lending Programs 49
Summary 52
Review Questions 54
UNIT 4
The Secondary Mortgage Market 57
Learning Objectives 57 Key Terms 57 Introduction 57 Overview of the Secondary Market Participants 58 Fannie Mae 62 Freddie Mac 67 Other Secondary Market Participants 69 Summary 72 Review Questions 73
iii
SAiv
Contents
UNIT 5
Sources of Funds: Institutional, Noninstitutional, and Other Lenders
Learning Objectives 75 Key Terms 75 Introduction 75 Institutional and Noninstitutional Lenders 76 Mortgage Brokers and Bankers 81 Real Estate Trusts and Bonds 84 Private and Foreign Investors in Real Estate 90 Summary 92 Review Questions 94
75
MUNIT 6
Instruments of Real Estate Finance
Learning Objectives 97 Key Terms 97 Introduction 97
97
Encumbrances and Liens on a Property 98
Basic Real Estate Finance Instruments 99 Contract for Deed (Land Contract) 108 Junior Finance Instruments 109 Special Provisions in Mortgage Lending Instruments 112 Summary 116 Review Questions 118
P UNIT 7
Real Estate Financing Programs 121
Learning Objectives 121 Key Terms 121 Introduction 122 Interest 122
L Types of Mortgage Loans 126
Conventional Conforming Loans 132 Private Mortgage Insurance 136 Refinancing 138 Impact of the Subprime Market 140
E Subprime and Predatory Lending 141
Variations in Formats 144
Participation Agreements 149
Tax Impacts in Mortgage Lending 152
Summary 155
Review Questions 156
UNIT 8
Government Loans 159
Learning Objectives 159 Key Terms 159 Introduction 159 FHA-Insured Loan Program 160 Qualifying For an FHA-Insured Loan 166 Calculating a Payment for an FHA-Insured Loan 168
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