Anglia Ruskin University The National Association of Realtors Response

Overview 

In this overview I will be covering some basic key concepts from chapters 13, 14, and 15 from the California real estate principles 16th edition. In chapter 13 it will cover topics on subdivisions, police power, and even timesharing. Chapter 14 will cover lots of different areas on the subject of taxing and taxes of different scenarios of real estate, and also covers property giving away either while living or after death. Chapter 15 will cover different educations and licensing requirements for both sales persons and brokers and it touches base on associations some voluntary and another required which is The National Association of Realtors (NAR).

Key concept from chapter 13

Chapter 13 goes over a lot of useful information about subdivisions and government controls. I discover some information on timesharing which in my past experience has always been talked about as a negative thing. It highlights the advantages on page 424 and some of those are the ability to vacation at a very scenic property in the world. You can vacation and have a small portion of ownership to a property without having to go through the process of trying to buy. And then of course the disadvantages properties tend to be high priced and of course the scheduling in order to go you would be sharing with the other timeshare ownerships.

Key concept from chapter 14

Chapter 14 goes over so much useful information regarding taxes in the different categories. In particular one key concept I found interesting on page 466 is property given away it goes over information while the donor is still living and gifts property and in after death. Frequently people purchase homes in most times have them for long periods of time which with the change of real estate will have the property value ultimately go up. And there are cases where family would like to gift other friends and family the property. In this case the donor, person giving the property away would be responsible for gift tax. But the federal gift tax law provides up to 14,000 annual exemptions per doneeperson receiving. Federal estate tax would happen after death federal estate tax must be paid for estates that exceed 10 million. California state inheritance tax in the California state gift tax were repealed.

Key concepts from chapter 15

A key concept from chapter 15 is the different associations one can join, one that Is automatic in joining is the National Association of Realtors (NAR) page 502. The NAR unified real estate and encourages favorable legislation to the real estate industry. It helps in force professional conduct on behalf of all members and has about 1.1 million members. The trade name “REALTOR”can only be used if you are a part of the association.

Summary 

As always these three chapters were very interesting and packed full of great information. It was interesting getting to learn more on zoning and subdivisions and I enjoyed learning more about the master plan and how every city and county must have a planning commission. It is definitely encouraging to know that there are so many associations related to real estate to help you succeed in the profession. I am definitely feeling more confident on passing my real estate exam and having an encouraging team and resources to help make me be successful.