Intro Unit 1

Question 1

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

Answer 1

Broker/Brokerage

Question 2

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

Answer 2

Broker/Brokerage

Question 3

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

Answer 3

Salesperson
Sales associate
Associate licensee
Real estate licensee

Question 4

ESTIMATES of a value on a property

Answer 4

Appraisal

Question 5

Maintain and manage a property on behalf of the owner.

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

Answer 5

Property management

Property Manager

Question 6

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.

Answer 6

Financing

Question 7

The splitting of a single property into smaller parcels.

Answer 7

Subdivider/subdivision

Question 8

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

Answer 8

Developer/development

Question 9

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

Answer 9

Home Inspection

Question 10

This person counsels people on their large investments.

Answer 10

Counselor

Question 11

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

Answer 11

Education.

Question 12

6 Types of REAL property

Answer 12

Residential
Commercial
Mixed use
Industrial
Agricultural
Special purpose

Question 13

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

Answer 13

Residential

Question 14

The type of REAL PROPERTY that is for businesses.

Answer 14

Commercial property

Question 15

The type of REAL property that allows for 2 uses.

Example: commercial and residential use in one.

Answer 15

Multi-use property

Question 16

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

Answer 16

Industrial property

Question 17

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

Answer 17

Agricultural property

Question 18

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

Answer 18

Special purpose property

Question 19

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

Answer 19

Decrease

Question 20

When supply stays stable and demand increases, prices __________.

Answer 20

Increase.

Question 21

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

Answer 21

Uniqueness and immobility.

Question 22

What 3 factors affect SUPPLY

before they affect demand

Answer 22

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

Question 23

What 3 factors affect DEMAND

Answer 23

Population
Demographics
Employment and wage benefits

Question 24

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

Answer 24

Associate licensee
Real estate licensee
Sales associate
Sales person

Question 25

Someone who acts as an intermediary on behalf of others for a fee or commission... Think of who brings people together

Answer 25

Broker

Question 26

A written set of standards for ethical conduct

Answer 26

Code of ethics.

Question 27

A place where foods can be bought and sold at an ESTABLISHED price. The real price is shown here.

Answer 27

Market

Question 28

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

Answer 28

Supply and demand.

Question 29

What is a broker/brokerage? 2 separate points

Answer 29

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.

Question 30

What is an appraisal?

Answer 30

An ESTIMATED value of a property.

Question 31

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

Answer 31

Someone who maintains and manages a property on behalf of the owner. Main goal—listen to the owner and protect the investment.

Question 32

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

Answer 32

Provide the funds that make real estate transactions possible. Deed of trust.

Question 33

What is subdivision?

Answer 33

Splitting a single property into smaller parcels

Question 34

What is development/what does a developer do?

Answer 34

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

Question 35

What is an improvement in real estate?

Answer 35

Something a human being has added to land.

Question 36

What is a home inspection?

Answer 36

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

Question 37

What does a real estate counselor do?

Answer 37

Counsels people on their large investments

Question 38

What is Residential property?

Answer 38

Is it real property for single or multi-family housing

Question 39

What is commercial property?

Answer 39

It is real property for business use

Question 40

What is mixed use property?

Answer 40

Is it real property that allows for 2 different uses.

Question 41

What is industrial property?

Answer 41

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

Question 42

What is agricultural property?

Answer 42

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

Question 43

What is special purpose property?

Answer 43

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

Question 44

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

Answer 44

Land | Market value

Question 45

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

Answer 45

Supply

Question 46

What are other words for fiscal policy?

Answer 46

Governmental controls | Government financial policies

Question 47

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

Answer 47

Demand

Question 48

Anything regarding fiscal policy or the government affects what?

Answer 48

Supply

Question 49

What are the Code of Ethics?

Answer 49

A written set of standards for ethical conduct.

Question 50

What is the market?

Answer 50

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

Question 51

What is supply and demand?

Answer 51

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