1 - MO The Real Estate Business Flashcards
Real Estate Activities
- Create
- Improve
- Manage
- Maintain
- Demolish
- Own
Property Type Specializations
- Residential
- Residential income
- Office
- Retail
- Industrial
- Farm and Ranch
Real Estate Brokerage
Procure a seller or landlord for a buyer or tenant, or a buyer or tenant for an owner or landlord.
Forms of Specialization
- By property type - residential, office, etc.
- Geographical area - southern suburbs, etc.
- transaction type - lease
- client type - multi-market users, small tenants, etc.
- business type - restaurants, relocations, etc.
- form of client relationship - brokerage, management, etc.
Skills and Knowledge
- market conditions
- law
- financing
- marketing
- ethics
- selling
- communications
- computer/mobile device usage
- social media
- other skills
Professional Organizations
To promote interests of practitioners and enhance professional standing
Principal organizations
•National Association of Realtors
-NAR affiliated Institutes and Councils
•National Association of Home Builders
•American Society of Appraisers
•International Association of Assessing Officers
•Association of Real Estate License Law Officials
•Building Owners and Managers Association
•International Council of Shopping Centers
•Mortgage Bankers Association of America
Regulation & Licensing:
Regulation of business practices
- all facets are regulated by federal, state, local laws
* practitioners must understand laws and adapt practices accordingly
Regulations & Licensing:
Types of laws to understand
- license laws
- agency and disclosure laws
- contracts
- environmental
- fair housing
- codes of ethics
Regulation & licensing:
Real estate license laws
- primary body of laws and regulations governing licensure and conduct of brokers and agents
- license laws administered and enforced under the jurisdiction of the state real estate comission or related governmental entity
