Ch. 1 - The Real Estate Business Flashcards
Property managers oversee specific _____ on behalf of the owners
Properties
Asset managers oversee _____ __ _____, or portfolios
Groups of properties
Demolition experts _____ properties
Remove
How much of real estate is to some degree regulated by government?
All (usage, taxation, housing administration)
Name 3 classifications of properties, according to purpose of ownership.
(Hint: residential…)
1) Residential
2) Commercial
3) Investment
What type of property is used for habitation?
Residential
What type of property is used for retail and offices?
Commercial
What type of property is used for industrial purposes?
Commercial
What type of property is held by its owners for investment purposes (also can be called residential income properties)?
Investment property (does not refer to owner-occupied)
What types of properties are recreational facilities, government buildings, churches, and schools?
Special purpose properties (publicly or privately owned)
Can the property types/uses overlap?
Yes (a bank can have retail and office operations, for example)
What does a Broker do?
Procures the opposite party to a sale or lease transaction. (hired by a seller, buyer, landlord, or tenant)
Who does a Broker hire?
Licensed agents as assistants
What/Who does a brokerage firm consist of?
The Broker and the Broker’s Agents
Who administers state license laws in each state?
The real estate commission
