Chapter 1 - Intro. to Modern Real Estate Practice Flashcards
The amount of money paid for an item or service.
price
The total amount of money incurred for products or services.
cost
The body of law based on custom, usage, and court decisions.
common law
A person who performs real estate activities while employed by a licensed real estate broker.
sales associate or sales agent
The largest real estate organization in the world; members subscribe to a strict code of ethics. Active members are allowed to used the trademarked designation, REALTORS.
National Association of REALTORS (NAR)
A place where goods can be bought and sold and a price established.
market
A study and description of a population.
demographics
The amount of goods people are willing and able to buy at a given price.
demand
One who acts as an intermediary on behalf of others for a fee or commision.
broker
The appraisal principle that follows the interrelationship of the supply of and demand for real estate. Because appraising is based on economic concepts, this principle recognizes that real property is subject to the influence of the marketplace as with any other commodity.
supply and demand
The amount of goods available for sale in the market.
supply
A registered trademarked term reserved for the sole use of active members of state and local REALTOR associations affiliated with the National Association of REALTORS.
REALTORS
The perceived value of an item based on the benefits given to the owner.
subjective value
Property to specialize in. Includes any lawful combination of the other five basic categories of real property, permitted by local zoning.
mixed-use real estate
Person who is a member of the national Association of Real Estate Boards. (NAREB).
Realtist
Property to specialize in. Includes: All property used for housing, from small city lots to acreage both single family & multi-family in urban, suburban, & rural areas.
Residential Real Estate
Property to specialize in. Includes: places of worship, schools, cemeteries, & govn.-held lands.
Special-purpose Real Estate
A group of people appointed by the governor to set policy in implementing the License Act. 9 members - 6 brokers, 3 public appointed by governor for 6-yr. staggered terms.
Texas Real Estate Commission (TREC)
The statute that controls the licensing of persons permitted to practice real estate brokerage in Texas.
Texas Real Estate License Act (TRELA)
Property to specialize in. Includes: farms, timberlands, pastureland, ranches, and orchards.
agricultural real estate
Generally, in the US, affect the ownership & transfer of real estate.
U.S. constitution, laws passed by congress, regulations of federal commissions, & agencies, state constitutions, laws passed by state legislatures, ordinances passed by cities, towns, & other local govn., & court decision.
seven (7) sources of law
Elimination or reduction of real estate taxes to attract new business to an area.
abatement
Upward & downward fluctuations in business activity through the stages of expansion, recession, depression, & revival.
business cycle
Types of property to specialize in. Includes: business property, including offices, shopping centers, stores, theaters, hotels, & parking facilities.
commercial real estate
Types of property to specialize in. Includes: warehouses, factories, & land in industrial districts.
Industrial real estate.
Actual value measured in dollars of an aspect of construction or location. (based on facts)
objective value
In law, the requirements established by prior court decisions.
precedent
