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Real Estate > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

Brokerage

A

Bringing people together in a Real Estate Transaction

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2
Q

Broker

A

Buy, Sell, Lease, or Exhange another fee

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3
Q

Salesperson

A

Employed or associated with the broker to perform brokerage activities

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4
Q

Appraisal

A

A professional opinion of a market value

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5
Q

True or False: A salesperson can give an appraisal

A

False: A salesperson does not have a right to appraise a home.

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6
Q

What is the purpose of a Property Manager?

A
  1. Preserve
  2. Maintain
  3. Enhance
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7
Q

Mortgage Broker

A

Providing Funds that make a Real Estate transaction possible

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8
Q

Subdivision

A

Taking one property and making 3 or more smaller properties

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9
Q

Development

A

Involves preparation of a site and construction of structures or improvements

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10
Q

Counseling

A

Providing clients with competent Independant advice based on sound professional judgement

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11
Q

What are the 6 types of property?

A
  1. Residential
  2. Commerical
  3. Mixed Use
  4. Industrial
  5. Agricultural
  6. Special Purposes
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12
Q

What are the two types of property’s withing Special Purposes?

A

Private & Public

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13
Q

Give an example of a private special purpose?

A

Churches
Private Schools
Cemetaries

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14
Q

Give an example of a public purpose

A

Public Schools
Parks

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15
Q

What are the 8 types of housing

A
  1. Single Family
  2. Apartments
  3. Condos
  4. Corporate Ownerships
  5. PUD - Plan Unit Development
  6. MUD - Mixed United Development
  7. Converted Use
  8. Factory Built Housing
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16
Q

Fair Housing

A

Illegal discrimination to take into account an individual’s race, color, national origin, religion, sex, familial status or disability.

17
Q

What is supply in the RE market?

A

Made up of residential and commercial land and structures.

18
Q

What is demand in the RE market?

A

The number of homebuyers and businesses seeking to buy property

19
Q

What happens when Supply Increases and demand remains stable?

A

Prices go down.

20
Q

What happens when demand increases, and supply remains stable?

A

Prices go up.

Real Estate (11 decks)

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