chapter 1 vocab

Question 1

When goods are bought and sold and a price for the goods is established there is this

Answer 1

market

Question 2

even if two parcels appear identical, they are never exactly alike because of this quality.

Answer 2

Uniqueness

Question 3

person who performs real estate activities, while employed by or associated with, a licensed real estate broker.

Answer 3

salesperson

Question 4

an owner of this type of housing owns an individual unit and also shares ownership of common facilities 

Answer 4

Condominium

Question 5

maintaining and administering another’s property for fee

Answer 5

Property management

Question 6

process of using established methods and good judgment to form an opinion of the value of a property

Answer 6

Appraisal

Question 7

bringing together a parties interested in making a real estate transaction

Answer 7

Brokerage

Question 8

The property of real estate that refers to the fact that property cannot be relocated elsewhere

Answer 8

Immobility

Question 9

Report based on visual survey, the property structure, systems, and site conditions

Answer 9

Home inspection

Question 10

The provision of a dwelling place for purchase or rental, without discrimination based on an individual’s race, color, national origin, religion, sex, familial status, or disability

Answer 10

Fair housing