Ch 4 The Real Estate Business Flashcards
Real Estate Buisness consist:
of people whose activities and interactions involve buying, selling, exchange, leasing, renting, improving, and using real property.
Real estate Professionals
Members of the public with whom they interact
Brokerage Firm
Employed by the public to perform acts of brokerage ; often referred to as the broker
Principal Broker or Employing Broker
In charge of and responsible for all real estate operations conducted by a real eater brokerage firm
Salesperson & Associate Broker
Act as the brokers agent in conducting real estate transactions
Client
a party who employs the broker to conduct one or more of the services of real este for compensation.
Prospect, Customer, and Third Parties
The people with whom the broker hopes to successful in accomplishing the object of his employment.
State Regulatory Boards
Real estate boars or commission that act pursuant to state laws.
- protect general public
Our free enterprise system operates to produce and distribute goods and services by the application of 4 factors which are:
- Labor
- Land
- Capital investment
- Entrepreneurial activity & liablity
Free enterprise consists of 3 main components required for the distribution of goods:
- Market its self
- Price
- Supply and demand
Market
the sphere in which real property is bought and sold
Price
the amount paid in particular parcel of land inn a real estate transaction
Supply and demand
the mechanism that largely determines the price of the land in a free enterprise system.
