Chapter 1: The Real Estate Business Flashcards
Real Estate Activities
Create, Improve, Manage, Maintain, Demolish, Own, Regulate, Transfer
Property Type Specializations
Residential, Residential income, Office, Retail, Industrial, Farm & Ranch, Special Purpose, Land
Real Estate Brokerage
Procure a seller or landlord for a buyer or tenant, or a buyer or tenant for an owner or landlord.
Forms of specialization
By property type, geographical area, transaction type, client type, business type, form of client relationship.
By property type
Residential, office, etc.
Geographical area
Southern suburbs, etc.
Transaction Type
Lease
Client Type
multi-marketers, small tenants, etc.
Business Type
restaurants, relocations, etc.
form of client relationship
brokerage, management, etc.
Skills and knowledge
Market conditions, Law, Financing, Marketing, Ethics, Selling, Communications, Computer/Mobile device usage, Social Media, Other skills.
Professional Organizations Purpose
promote interest of practitioners and enhance professional standing.
Principle Organizations
National Association of Realtors - NAR - Affiliated Institutes and Council’s, National Association of Home Builders, American Society of Appraisers, International Association of Assessing Officers, Association of Real Estate License Law Officials. Building Owners and Managers Association, International Council of Shopping Centers, Mortgage Bankers Association of America.
Regulations of Business Practices
All facets are regulated by federal, state, local laws.
Practitioners must understand laws and adapt practices accordingly
Types of laws to understand
License laws, Agency and disclosure laws, contracts, environmental, fair housing, Codes of ethics.
