Chapter 1 Flashcards
Brokerage
Bringing people together in a Real Estate Transaction
Broker
Buy, Sell, Lease, or Exhange another fee
Salesperson
Employed or associated with the broker to perform brokerage activities
Appraisal
A professional opinion of a market value
True or False: A salesperson can give an appraisal
False: A salesperson does not have a right to appraise a home.
What is the purpose of a Property Manager?
- Preserve
- Maintain
- Enhance
Mortgage Broker
Providing Funds that make a Real Estate transaction possible
Subdivision
Taking one property and making 3 or more smaller properties
Development
Involves preparation of a site and construction of structures or improvements
Counseling
Providing clients with competent Independant advice based on sound professional judgement
What are the 6 types of property?
- Residential
- Commerical
- Mixed Use
- Industrial
- Agricultural
- Special Purposes
What are the two types of property’s withing Special Purposes?
Private & Public
Give an example of a private special purpose?
Churches
Private Schools
Cemetaries
Give an example of a public purpose
Public Schools
Parks
What are the 8 types of housing
- Single Family
- Apartments
- Condos
- Corporate Ownerships
- PUD - Plan Unit Development
- MUD - Mixed United Development
- Converted Use
- Factory Built Housing
Fair Housing
Illegal discrimination to take into account an individual’s race, color, national origin, religion, sex, familial status or disability.
What is supply in the RE market?
Made up of residential and commercial land and structures.
What is demand in the RE market?
The number of homebuyers and businesses seeking to buy property
What happens when Supply Increases and demand remains stable?
Prices go down.
What happens when demand increases, and supply remains stable?
Prices go up.
