Chapter 1 – Introduction to Real Estate Flashcards
The force that shapes the real estate market is the _____ by households, businesses, governments, and institutions for space and shelter for their activities.
demand
A(n) _____ is someone who is authorized by a principal to represent him or her in business transactions with another party.
agent
______ is the dollar amount invested today that is justified by the anticipated benefits, given risk and current investment conditions.
Capitalized value
In Canada, land ownership is vested in the ______, while private individuals only have certain rights granted at its discretion.
Crown
The ownership of a single parcel of real estate may be divided both _____ and _____.
physically; legally
What are the two main markets that registrants tend to specialize in?
The residential market and the Industrial, Commercial, and Investment market (IC&I).
A(n) ______ is an order made by the Lieutenant Governor acting on the advice of the provincial Cabinet.
Order in Council
Which piece of legislation embodies the bulk of provincial government regulation of the operation of the Saskatchewan real estate brokerage industry?
The Real Estate Act
A(n) ______ determines the market value of property based on its condition and the selling price of comparable properties that recently sold in the area.
real estate appraiser
What is the legal term for the maximum interest or legal ownership a person may have in land?
fee simple
