My Motivation

My motivation comes from numerous questions raised by typical US property owners during my lengthy career in teaching and business consulting. They tended to cover the same subjects where owners realize they have rights to do things in a space they claim to own, and, concurrently, have a lingering feeling that they have entered a new world where much more information exists. These owners have an interest and need to find answers to their inquiries for their own financial and legal well-being. This book provides answers.

In addition, the owners’ questions showed a priority where some topics were more important than others. For example, answers to a general question of “What exactly do I own?”, and “Can I use the property anyway I want to use it?”, were more important than answers to questions such as, “Will I pay taxes on the property value?”, and “Do I need to hire an agent to represent me?” This book provides answers and discussion on a need-to-know priority as the buyer or seller would encounter the need in the market.

Examples of Questions Needing Answers

What exactly do I own?

This is always the first question. I have paid the money, agreed to repay a lengthy loan, received a paper called “The Deed,” and moved in. What else do I need to know? Chapters 1 and 2 answer this question with basic legal information every owner should remember.

For example, the owner has the right to exclude visitors from entering the property, and the right to possess and establish residence on the estate. Another liberty allows the owner to dispose of the property in a sale, lease, or gift, or do nothing. The fourth right, to use the property in a lawful manner, gives the owner the freedom to enjoy the property subject to specific local and federal restrictions. Laws and regulations at all levels of government enforce all four basic rights.

Can I do whatever I want to do in my property?

These rights of ownership are not absolute because there are constraints on the owner’s ability to use the property. The controls and limits are public and private, which are explained in the book.

What is my property worth? This is typically the third question asked.

Three chapters are devoted to an explanation of “value” and its meaning in residential property, where the owner sleeps, and the commercial property, which produces income.

“How do I pay the buying price?” This material describes the types of available loans.

“Is commercial financing different?”

 Commercial financing is different from residential. This discussion covers the types of commercial loans and introduces the reader to leases because the buyer will ask another question which will be:

“Should I buy or rent?” and, “Should I buy real estate as an investment?”, as discussed next as they typically arise in the same inquiry.

At this point, the reader needs to know about real estate taxation. The public requirement on property owners to pay a local tax assessment is described.    

The buyer has reached the step where the role of an agent becomes important.

“Should I employ a real estate agent?” is the typical question here.

The contribution of a real estate agent is covered followed by a chapter on “Contracts.” Agents are responsible for handling the documents. An informed buyer needs to know what each document covers.

“What is discrimination in a real estate transaction?”

Residential transactions in this country are included in federal laws and regulations described in Chapter 13. Any property owner should be familiar with the content and the role of the real estate agent. The material covers the content, in general, of each law or regulation, and includes a number of multiple-choice questions to provide examples.

“When does the deed exchange for money?”

Chapter 15 is the last step in the transaction where the ownership is exchanged for money. A federal law covering the documents and conduct of this final transaction is described here.

Learning Objectives and Important Terms and Phrases

Learning Objectives are shown at the beginning of each chapter, as are Important Terms and Phrases. A number of Review Questions are provided at the end of each chapter to test the reader’s knowledge.

A Glossary of important terms and phases covering the content of the book is placed at the end to assist the reader.

Target Markets:

The contents of the book will be valuable to an immigrant who wants to own property in this country. Further, a resident of another country would find this content important for the same ownership objectives.

The book will also serve as important source material for any educational course or discussion on critical US institutions, while this material would be appropriate for a real estate course in the first two years of a community college. The freshman and sophomore levels often offer a course entitled “Introduction to Real Estate” where this publication would be a good choice.

This document would also be useful in a four-year educational institution at the junior or senior level. These courses are labeled typically as “Real Estate,” “Introduction to Real Estate,” or “Real Estate Markets.”

How Do the Main Competing Titles Compare?

The complete package of material in this manuscript does not have a competitor in the current market, which is dominated by books written to prepare the reader for a future exam, or recommendations by an individual on how to make money by investing in real estate. Further, this book is not designed to compete with an upper-level college text, which contains more problems and illustrations. This manuscript includes only the main points in a complete buying and selling transaction.

Donald Epley is an internationally known scholar who has co-authored five books and over 100 journal articles, and many industry publications. His work on local market analysis has appeared in the New York Times, Bloomberg News, and many internet publications. He was President of the International American Real Estate Society and a long-time member of its Board of Directors. He has also served as a Trustee to the Appraisal Foundation, Washington, DC, and completed a recent assignment as an expert witness for the Federal Housing Finance Agency in an investigation of the reasons for the 2008 financial recession. His most recent academic assignment was Distinguished Professor of Real Estate-Emeritus and Director of the Center for Real Estate and Economic Development at the University of South Alabama. He holds a PhD in Regional Economics and an MAI designation from the Appraisal Institute, and a CCIM designation from the Commercial and Investment Institute, USA. He has served as the Editor of the Journal of Real Estate Research and the founding Editor of the Journal of Real Estate Practice and Education.

American Real Estate is available now in Hardback at a 25% discount. Enter code PROMO25 at checkout to redeem.

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