Intro Unit 1 Flashcards
Brings together people (buyers and sellers) in a real estate transaction.
Broker/Brokerage
Licensed to buy, sell, exchange, or lease real property for others and to charge a fee for those services.
Broker/Brokerage
Brings people together (buyers/sellers) in a real estate transaction under the supervision of a broker.
Salesperson
Sales associate
Associate licensee
Real estate licensee
ESTIMATES of a value on a property
Appraisal
Maintain and manage a property on behalf of the owner.
Primary goal—> listen to the owner and protect the investment.
Property management
Property Manager
Providing the funds that make real estate transactions possible with a deed of trust or mortgage.
WV does not use mortgages, always a deed of trust.
Financing
The splitting of a single property into smaller parcels.
Subdivider/subdivision
The construction of IMPROVEMENTS of the land. Putting things on the land. The person who improves the land is the ________.
Developer/development
Conducting a thorough visual survey of a properties structure, systems, and site conditions and preparing an analytical report with the findings.
Home Inspection
This person counsels people on their large investments.
Counselor
Educates on real estate. Like Spruce. Need 7 hours of continued _______ every year.
Education.
6 Types of REAL property
Residential Commercial Mixed use Industrial Agricultural Special purpose
The type of REAL property that is for single or multi-family use.
Residential
The type of REAL PROPERTY that is for businesses.
Commercial property
The type of REAL property that allows for 2 uses.
Example: commercial and residential use in one.
Multi-use property
The type of REAL property that includes warehouses, factories, power plants, and land in industrial zoning districts.
Industrial property
This type or REAL property includes farms, timberland, ranches, orchards, etc.
Agricultural property
This type or REAL property includes churches, schools, cemeteries, and government held lands.
Special purpose property
When supply increases, and demand stays stable…..prices______.
Decrease
When supply stays stable and demand increases, prices __________.
Increase.
What are the two CHARACTERISTICS of LAND that have the MOST IMPACT on MARKET VALUE.
Uniqueness and immobility.
What 3 factors affect SUPPLY
before they affect demand
Labor force
Construction costs
Governmental controls/government financial policies/fiscal policy
*anything to do with the government affects SUPPLY
What 3 factors affect DEMAND
Population
Demographics
Employment and wage benefits
Fancy words for real estate salesperson. (all the synonyms)
Associate licensee
Real estate licensee
Sales associate
Sales person
Someone who acts as an intermediary on behalf of others for a fee or commission…
Think of who brings people together
Broker
A written set of standards for ethical conduct
Code of ethics.
A place where foods can be bought and sold at an ESTABLISHED price.
The real price is shown here.
Market
An interrelated PAIR that affects the COST of goods in a market.
Supply and demand.
What is a broker/brokerage?
2 separate points
Someone who brings buyers and sellers together in a real estate transaction.
They are licensed to sell, buy, exchange, or lease res property for others and to charge a fee for those services.
What is an appraisal?
An ESTIMATED value of a property.
What does a property manager do and what is their main goal?
Someone who maintains and manages a property on behalf of the owner.
Main goal—listen to the owner and protect the investment.
What do real estate FINANCERS do? What type of financing do we use in WV?
Provide the funds that make real estate transactions possible.
Deed of trust.
What is subdivision?
Splitting a single property into smaller parcels
What is development/what does a developer do?
The construction of improvements on the land. You develop the land.
What is an improvement in real estate?
Something a human being has added to land.
What is a home inspection?
A thorough visual survey of a properties structure, systems, and site conditions and preparing an analytical report with the findings.
What does a real estate counselor do?
Counsels people on their large investments
What is Residential property?
Is it real property for single or multi-family housing
What is commercial property?
It is real property for business use
What is mixed use property?
Is it real property that allows for 2 different uses.
What is industrial property?
It is real property for warehouses, factories, power plants, and land in industrial zoning districts.
What is agricultural property?
It is real property for farms, timberlands, ranches, orchards,etc.
What is special purpose property?
It is real property for cemeteries, churches, schools, and government held lands.
Uniqueness and Immobility are 2 characteristics of ______ that have the most impact on ______________.
Land
Market value
Labor force, construction costs, and fiscal policy are factors that affect ________ first.
Supply
What are other words for fiscal policy?
Governmental controls
Government financial policies
Population, demographics, and employment/wage benefits are factors that affect ________ first.
Demand
Anything regarding fiscal policy or the government affects what?
Supply
What are the Code of Ethics?
A written set of standards for ethical conduct.
What is the market?
A place where goods can be bought and sold at an established price.
What is supply and demand?
An interrelated pair that affects the cost of goods in a market.
