Ch. 1 Flashcards
Introduction to the Real Estate Business
Associate Licensee
A licensed real estate SALESPERSON who is employed by or associated with the broker to perform brokerage activities on behalf of or for the broker.
Market
A place where goods can be bought and sold and a price for goods established.
Supply
The amount of goods available in the market to be sold at a given price.
Salesperson
Person who performs real estate activities while employed by or associated with a licensed real estate broker.
Broker
In real estate, licensed person who acts as an intermediary on behalf of others for a fee or commission.
Property Management
Maintaining and administering another’s property for a fee.
Appraisal
Process of using established methods and good judgment to estimate the value of a property.
Brokerage
The bringing together of parties interested in making a real estate transaction.
Demand
The amount of goods people are willing and able to buy at a given price.
Home Inspection
Report based on visual survey of property structure, systems and site conditions.
Realtors
Adheres to NAR’s (National Association of REALTORS) Code of Ethics.
Code of Ethics
A written system of standards for ethical conduct.
Real Estate Licensee
In real estate practice, a person who has the skills and knowledge to be licensed as a real estate broker or salesperson.
Sales Associate
A person who performs real estate activities while employed by a licensed real estate broker.
Supply and Demand
The appraisal principle that follows the interrelationship of the supply of and demand for real estate. Because appraising is based on economic concepts, this principle recognizes that real property is subject to the influences of the marketplace as with any other commodity.
