Chapter 1 Flashcards

1
Q

Is bringing together parties (the buyers and the sellers or the landlord and tenant) in a real estate transaction

A

Brokerage

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2
Q

The process of estimating the market value of real estate.

A

Appraisal

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3
Q

Provide independent advise to individuals and firms regarding the purchase and use of real estate investments.

A

Real Estate Counseling

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4
Q

includes instruction for both real estate practitioners and the general public.

A

Real Estate Education

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5
Q

an area of specialization in real estate services

A

Urban Planning

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6
Q

conduct a thorough survey of a commercial on residential property’s structure: its mechanical , plumbing and electrical systems, and site coordination.

A

Property Inspection

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7
Q

is the largest and best-known professional association in the real estate industry.

A

National Association of REALTORS (NAR)

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8
Q

registered trademark of NAR

A

REALTORS

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9
Q

Classes of Real Estate (5)

A

1) Residential
2) Commercial
3) Industrial
4) Agricultural
5) Special Purpose Real Estate

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10
Q

Includes single-family residences, condos, cooperatives, apartment, duplex and triplexes, town homes, and mobile homes

A

Residental

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11
Q

Used for business and includes retail stores and shopping malls office buildings theaters and parking lots.

A

Commercial

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12
Q

includes factories, warehouses, and research and development facilities

A

industrial

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13
Q

includes farms, orchards, timberland, ranches, and hatcheries

A

agriculture

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14
Q

Includes churches, government land, hospitals, and schools

A

Special Purpose Real Estate

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15
Q

describe the physical attributes of land

A

physical characteristics

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16
Q

Physical characteristics of real estate are: (3)

A

1) Immobility
2) Indestructibility
3) Non homogeneity

17
Q

Affect the value of real estate

A

Economic Characteristics.

18
Q

Economic Characteristics of real estate are (4)

A

1) Scarcity
2) Modification
3) Permanence of Investment (fixity)
4) Area Preference (situs)

19
Q

Geographical location of the property always remains the same

A

Immobility

20
Q

Land cannot be destroyed or worn out

A

Indestructibility (durability)

21
Q

no parcel of real estate are exactly alike.

A

Non Homogeneity

22
Q

Means that the supply of real estate is limited

23
Q

states that changes in a parcel of land affect its value (both favorably or unfavorable)

A

Modifications (improvements)

24
Q

means the investments in real estate are long term

A

Permanence of investment (fixity)

25
refers to peoples preference for a certain area
Situs (area Preference)
26
Prices increase when demand increases or supply decresses
Seller's Market
27
Prices decrease when demand decreases or supply increases
Buyer's Market
28
refers to the characteristics of the population: age distribution, family size, and population movements
demographics
29
indication of the demand for property in the area, and there may be several rates based on the type of property
Vacancy Levels