Chapter 1 - An Introduction to Real Estate Flashcards
Listing
A written contract between a seller and a broker, in which the seller hires the broker to find a buyer for the property. Also called a listing agreement.
Listing Agent
A real estate agent who assists in finding a buyer for a property.
Multiple Listing Service
An organization of real estate agents that share information about listed properties with each other.
Offer to Purchase
A seller’s offer to purchase which states the offered price as well as the closing date and other terms of sale.
Closing
The final step in a real estate transaction, in which the purchase price and deed are exchanged and title is transferred. Also called settlement.
Closing Date
The date on which closing takes place and the title is transferred.
Purchase Agreement
The sales contract between the buyer and seller. Also called a purchase and sale agreement or deposit receipt.
Real Estate Salesperson
A real estate agent licensed to work under the supervision of a real estate broker.
Real Estate Broker
A real estate agent licensed to assist and represent buyers and sellers in real estate transactions, in exchange for compensation.
Staging
Cleaning and redecorating a listed home in order to make it as attractive as possible.
FSBO
A property that is for sale by owner, not listed with a real estate agent.
Open House
A scheduled period of time when the listing agent is available at a listed home to greet drop in buyers and clients and answer questions about the property.
Keybox
A box holding a key for visiting agents to use to gain access to a house. Agents use a combination obtained from the MLS to open the keybox.
Floor Duty
Assigned time during which an agent must be present at the office to handle incoming phone calls and prospective buyers and sellers who drop in.
Selling Agent
A real estate agent that assists a buyer in finding a property to purchase.
Commission Split
An arrangement in which the listing broker and selling broker share the commission paid to a listing broker by the seller.
Independent Contractor
A person hired to perform a particular job and to carry out those duties without extensive supervision or instruction.
Statutory Law
Laws enacted by a federal, state, or local legislative body.
Administrative Regulations
Rules adopted by a federal, state, or local administrative body.
Case Law
Judicial rulings that form a body of law, setting precedents to be followed in later court cases.
Common Law
Long established judicial rules.
What are the steps and stages in a typical residential real estate transactions?
- ) Listing the property;
- ) Showing the property;
- ) Offers to purchase;
- ) Negotiations;
- ) Contract (Purchase Agreement);
- ) Property inspection;
- ) Financing;
- ) Appraisal;
- ) Closing Preparations;
- ) Walk-through; and
- ) Closing.
Deposit
A sum of money tendered to a seller to show that the offer is serious and made in good faith.
Competitive Market Analysis
Process of a real estate agent using his familiarity with the area, knowledge or recent sales and listings, and understanding of what factors matter the most in determine market value to accurately price property.
