CH 1 - Introduction Flashcards
Real Estate Brokerage
The business of bringing people together in a real estate transaction
Real Estate Broker
A person or company who is licensed to buy, sell, exchange, or lease real property for others for compensation
Real Estate Salesperson
A salesperson conducts brokerage activities on behalf of the broker
Appraisal
the process of developing an opinion of a property’s value
Property management
maintenance and property management on behalf of the property owner
Property manager
a person or company that performs property management
Management agreement
the work outlined by the investor to be done by the property manager
What is the responsibility of the property manager?
- Protect the investment
2. Make as much money for the investor
Financing
the business of providing the funds that make real estate transactions possible through loans secured by a mortgage or deed of trust on the property. THE FUNDING is provided by commercial banks, thrifts, credit unions, mortgage bankers, and mortgage brokerage companies.
Subdivision
splitting a single property into smaller parcels
Development
Constructing improvements on the land
Home inspection
Inspections show results of a thorough survey of observable property conditions. Inspectors need to be licensed.
Real Estate counseling
independent advice based on sound professional judgment regarding how to buy, sell, or invest in property
Types of real property
- Residential
- Commercial
- Mixed Use
- Industrial
- Agricultural
- Special purpose
Supply and Demand
The market forces that affect prices
