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Real Estate > Chapter 1 The Real Estate Business > Flashcards

Chapter 1 The Real Estate Business Flashcards

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1
Q

Real Estate professionals perform the following property related functions(6):

A 
Creation and Improvement
Management and Maintenance
Demolition
Investment and Ownership
Regulation
Transfer
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2
Q

Explain Creation and Improvement(4)

A

Capital Formation
Financing
Construction Contracting
Regulatory approval

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3
Q

Who are the Creation/Improvement Players? (9)

A 
Developer
Land Owner
Mortgage lender
Market Analysts
Architects
Engineers
Space Planner
Interior Designers
Builders/Contractors
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4
Q

What are the two types of Management & Property Maintenance Managers?

A

Property Managers

Asset Managers

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5
Q

What do Property Managers do?

A

In charge of Property condition and make sure that the Financial Performance meets specific standards

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6
Q

What do Asset Mangers do?

A

Oversee groups of properties or portfolios. Role is to achieve teh investment objectives of the owners as opposed to the managing of day-to-day operations.

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7
Q

Maintenance Personnel? (3)

A

Engineers
Systems Technicians
Janitorial Staff

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8
Q

Investors and Owners types? (4)

A

Buy and Hold
Buy and Sell
Focused on Profit
Provide Capital & Liquidity

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9
Q

Government regulates what? (3)

A

Usage (Planners, Zoning and Inspectors)
Taxation (Assessors)
Environment and Business

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10
Q

Who is involved in the Transfer right?(6)

A 
Brokers and Agents
Mortgage Industry
Appraisers
Title Insurance
Casualty Insurance
Attorneys
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11
Q

Types of Properties (8)

A 
Residential
Residential Income
Office
Retail
Industrial
Farm and Ranch
Special Purpose
Land
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12
Q

What does the Real Estate Brokerage do? (4)

A

Locate Buyer
Locate Seller
Locate Tenant
Locate Landlords

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13
Q

What might an Agent Specialize in? (5)

A 
Property Type
Geographic Area
Type of Transaction
Type of Client
Type of Relationship
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14
Q

Services of a R.E. Brokerage? (5)

A 
Comparative Market Analysis (CMA)
Database Search
Networking
Prospect Screening
Site Analysis
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15
Q

What Knowledge is needed for an Agent? (8)

A 
Local Market
Real Estate Principle & Law
Financing
Value Estimation
License Laws
Investment Principles
Closing Procedures
Real Estate Math
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16
Q

What skills are needed for an Agent? (8)

A 
Client Screening
Financial Qualification
Marketing Practice
Ethics
Liability Management
Time Management
Computer Operations
Communications
17
Q

Some Professional Organizations (6)

A 
Association of Realtors
BOMA
IREM
ICSC
NAIOP
SIOR
18
Q

How is Real Estate Regulated? (7)

A 
Licensing
Business practices
Financing
Recording
Insuring
Use
Environment Protection

Real Estate (4 decks)

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