1. Intro to Modern Real Estate Practice Flashcards
Abatement
Elimination or reduction of real estate taxes to attract new business to an area.
Agricultural Real Estate
farms, timberland, pastureland, ranches, and orchards.
Broker
One who buys and sells for another for a commission.
Business Cycle
Upward and downward fluctuations in business activity through the stages of expansion, recession, depression, and revival.
Commercial Real Estate
business property, including offices, shopping centers, stores, theaters, hotels, and parking facilities.
Common Law
The body of law based on custom, usage, and court decisions.
Cost
The capital outlay for land, labor, materials, and profits necessary to bring a property into existence.
Demand
The amount of goods people are willing and able to buy at a given price; often coupled with supply.
Demographics
The characteristics of human populations, such as size, growth, density, distribution, and vital statistics.
Industrial Real Estate
warehouses, factories, and land in industrial districts.
Market
A place where goods can be bought and sold and a price established.
Mixed-use Real Estate
Property that accommodates more than one use, such as commercial use and residential use
National Association of REALTORS (NAR)
The largest real estate professional organization in the world, representing all branches of the real estate industry. Active members are allowed to use the trademark REALTOR®.
Objective Value
The actual value measured in dollars of an aspect of construction or location.
Precedent
In law, the requirements established by prior court decisions.
Price
The amount of money paid for an item.
Realtist
A person who is a member of the National Association of Real Estate Boards.
REALTOR
A registered trademark term reserved for the sole use of active members of local associations affiliated with the National Association of REALTORS®
Residential Real Estate
all property used for housing, from small city lots to acreage, both single-family and multifamily, in urban, suburban, and rural areas.
Sales Agent
A person who performs real estate activities while employed by or associated with a licensed real estate broker.
Seven Sources of Law
Affects the ownership and transfer of real estate. These sources are:
- U.S. Constitution
- Federal Laws Passed by Congress
- State Constitutions
- State Laws and Regulations of State Agencies
- Regulations of Federal Commissions and Agencies
- Local Ordinances
- Court Decisions (Common Law)
Special-purpose Real Estate
places of worship, schools, cemeteries, and government-held lands.
Subjective Value
The perceived value of an item based on the relative benefits expected to be derived from its use.
Supply
The amount of goods available in the market to be sold at a given price. !e term often is coupled with demand.
Texas Real Estate Commission (TREC)
A group of people appointed by the governor to set policy in implementing the License Act.
Texas Real Estate License Act (TRELA)
The statute that controls the licensing of persons permitted to practice real estate brokerage in Texas.
