Ch. 1 Intro to Real Estate

Question 1

broker

Answer 1

a person or company licensed to buy, sell, exchange, or lease real property for others and to charge a fee for these services

Question 2

code of ethics

Answer 2

A written system of standards for ethical conduct

Question 3

market

Answer 3

A place where goods can be bought and sold and a price established

Question 4

salesperson

Answer 4

employed by or associated with the broker to perform brokerage activities on behalf of the or for the broker also referred to as a sales associate or associate licensee

Question 5

supply and demand

Answer 5

The supply is the quantity of goods or services that can be sold at a given price/Demand refers to the quantity of goods or services that consumers are willing and able to buy at a given price

Question 6

financing

Answer 6

the business of providing the funds that make real estate transactions possible

Question 7

property manager

Answer 7

a person or company hired to maintain and manage property on behalf of the property owner

Question 8

subdivision

Answer 8

the dividing of a single property into smaller parcels

Question 9

development

Answer 9

involves the construction of improvements that benefit the land

Question 10

Factors that affect Supply & Demand

Answer 10

Population, Demographics, Employment & Wage Levels

Question 11

Home inspection

Answer 11

inspection report that will show result of a thorough survey of observable property conditions

Question 12

Real estate counseling

Answer 12

independent advice based on sound professional judgement regarding how to buy, sell, or invest in property