Chapter 1 Vocabulary/Definitions Flashcards
1
Q
Broker
A
One who acts as an intermediary on behalf of others for a fee or commission.
2
Q
Licensee
A
A person who has the skills and knowledge to be licensed in real estate.
3
Q
Market
A
A place where goods can be bought and sold and a price established.
4
Q
Salesperson
A
A person who performs real estate activities while employed by or associated with a licensed real estate broker.
5
Q
Supply and Demand
A
The appraisal principle that follow 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 influences of the marketplace as with any other commodity.
