Ch.1 Flashcards
What are real estate activities?
Creation and improvement, management and maintenance, demolition, investment ownership, regulation and transfer.
Creating real properties from raw land involves capitol formation, financing, construction contracting, and regulatory approvals.
Creation and Improvement
All real estate, whether raw land or improved property, must be managed and maintained.
Management and Maintenance
The two principle types of managers? (management and maintenance)
Property Managers and Asset Managers
Their staff oversee specific properties on behalf of the owners making sure the condition of the property and its financial performance meet specific standards.
Property Manager
Oversee groups of properties, or portfolios. Their goal is to achieve the investment objectives of the owners as opposed to managing day-to-day operations.
Asset Manager
Maintenance personal include?
Engineers, system technicians, and janitorial staff.
removal experts serve to remove properties that are no longer economically viable from the market.
Demolition
The real estate investor who risk capital in order to buy, hold, and sell real properties.
Investment ownership
Usage, taxation, and housing administration.
Regulation
Rights and interest in real estate can be bought, sold, assigned, leased, exchanged, inherited, or otherwise transferred from one owner to another.
Transfer
The three property types?
Residential property, commercial property and investment property
Refers to property that is owned and used for habitation.
Residential Property
Generally refers to retail and office properties, but may also include industrial real estate.
Commercial Property
Refers to any property that is held by its owners for investment purposes.
Investment Property
Forms of specializations
Property Type, Geographical Area, Type of Transaction, Type of Client and Type of Relationship.
Brookers and agents must maintain current, accurate data on properties.
Geographical Area
Are sells, leases and subleases, exchanges, and options.
Type of Transaction
Brookers increasingly represent buyers and tenants as well as sellers and landlords.
Type of Client
Many brokers have specialized in providing advisory services to clients instead of the traditional transaction based, commission-compensation services.
Type of Relationship
Brokerage Services that one might perform for a pre-set fee are?
comparative price analysis, database search, prospect screening and site analysis.
__________ laws comprise the primary body of laws and regulations governing real estate brokerage practice.
State Real Estate License
