Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

WV Pre License Real Estate > Intro Unit 1 > Flashcards

Intro Unit 1 Flashcards

1
Q

Brings together people (buyers and sellers) in a real estate transaction.

A

Broker/Brokerage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Licensed to buy, sell, exchange, or lease real property for others and to charge a fee for those services.

A

Broker/Brokerage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Brings people together (buyers/sellers) in a real estate transaction under the supervision of a broker.

A

Salesperson
Sales associate
Associate licensee
Real estate licensee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

ESTIMATES of a value on a property

A

Appraisal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Maintain and manage a property on behalf of the owner.

Primary goal—> listen to the owner and protect the investment.

A

Property management

Property Manager

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

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.

A

Financing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

The splitting of a single property into smaller parcels.

A

Subdivider/subdivision

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

The construction of IMPROVEMENTS of the land. Putting things on the land. The person who improves the land is the ________.

A

Developer/development

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Conducting a thorough visual survey of a properties structure, systems, and site conditions and preparing an analytical report with the findings.

A

Home Inspection

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

This person counsels people on their large investments.

A

Counselor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Educates on real estate. Like Spruce. Need 7 hours of continued _______ every year.

A

Education.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

6 Types of REAL property

A 
Residential
Commercial
Mixed use
Industrial
Agricultural
Special purpose
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

The type of REAL property that is for single or multi-family use.

A

Residential

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

The type of REAL PROPERTY that is for businesses.

A

Commercial property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

The type of REAL property that allows for 2 uses.

Example: commercial and residential use in one.

A

Multi-use property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

The type of REAL property that includes warehouses, factories, power plants, and land in industrial zoning districts.

A

Industrial property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

This type or REAL property includes farms, timberland, ranches, orchards, etc.

A

Agricultural property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

This type or REAL property includes churches, schools, cemeteries, and government held lands.

A

Special purpose property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

When supply increases, and demand stays stable…..prices______.

A

Decrease

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

When supply stays stable and demand increases, prices __________.

A

Increase.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What are the two CHARACTERISTICS of LAND that have the MOST IMPACT on MARKET VALUE.

A

Uniqueness and immobility.

22
Q

What 3 factors affect SUPPLY

before they affect demand

A

Labor force
Construction costs
Governmental controls/government financial policies/fiscal policy
*anything to do with the government affects SUPPLY

23
Q

What 3 factors affect DEMAND

A

Population
Demographics
Employment and wage benefits

24
Q

Fancy words for real estate salesperson. (all the synonyms)

A

Associate licensee
Real estate licensee
Sales associate
Sales person

25
Q

Someone who acts as an intermediary on behalf of others for a fee or commission…

Think of who brings people together

A

Broker

26
Q

A written set of standards for ethical conduct

A

Code of ethics.

27
Q

A place where foods can be bought and sold at an ESTABLISHED price.

The real price is shown here.

A

Market

28
Q

An interrelated PAIR that affects the COST of goods in a market.

A

Supply and demand.

29
Q

What is a broker/brokerage?

2 separate points

A

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.

30
Q

What is an appraisal?

A

An ESTIMATED value of a property.

31
Q

What does a property manager do and what is their main goal?

A

Someone who maintains and manages a property on behalf of the owner.

Main goal—listen to the owner and protect the investment.

32
Q

What do real estate FINANCERS do? What type of financing do we use in WV?

A

Provide the funds that make real estate transactions possible.

Deed of trust.

33
Q

What is subdivision?

A

Splitting a single property into smaller parcels

34
Q

What is development/what does a developer do?

A

The construction of improvements on the land. You develop the land.

35
Q

What is an improvement in real estate?

A

Something a human being has added to land.

36
Q

What is a home inspection?

A

A thorough visual survey of a properties structure, systems, and site conditions and preparing an analytical report with the findings.

37
Q

What does a real estate counselor do?

A

Counsels people on their large investments

38
Q

What is Residential property?

A

Is it real property for single or multi-family housing

39
Q

What is commercial property?

A

It is real property for business use

40
Q

What is mixed use property?

A

Is it real property that allows for 2 different uses.

41
Q

What is industrial property?

A

It is real property for warehouses, factories, power plants, and land in industrial zoning districts.

42
Q

What is agricultural property?

A

It is real property for farms, timberlands, ranches, orchards,etc.

43
Q

What is special purpose property?

A

It is real property for cemeteries, churches, schools, and government held lands.

44
Q

Uniqueness and Immobility are 2 characteristics of ______ that have the most impact on ______________.

A

Land

Market value

45
Q

Labor force, construction costs, and fiscal policy are factors that affect ________ first.

A

Supply

46
Q

What are other words for fiscal policy?

A

Governmental controls

Government financial policies

47
Q

Population, demographics, and employment/wage benefits are factors that affect ________ first.

A

Demand

48
Q

Anything regarding fiscal policy or the government affects what?

A

Supply

49
Q

What are the Code of Ethics?

A

A written set of standards for ethical conduct.

50
Q

What is the market?

A

A place where goods can be bought and sold at an established price.

51
Q

What is supply and demand?

A

An interrelated pair that affects the cost of goods in a market.

WV Pre License Real Estate (6 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions