Introduction to Real Estate Business

Question 1

Brokerage

Answer 1

The business of bringing people together in a real estate transaction

Question 2

Broker

Answer 2

a person negotiating the sale, purchase or rental of a property

Question 3

Salesperson

Answer 3

employed by or associated with the broker to perform brokerage activities on behalf of or for the broker

Question 4

Real Estate Licensee

Answer 4

a person who has satisfied the requirements of a licencing agency

Question 5

Appraisal

Answer 5

the process of developing an opinion of a property’s market value based on established methods and the appraiser’s professional judgement

Question 6

Property Manager

Answer 6

person or company hired to maintain and manage property on behalf of the property owner

Question 7

Financing

Answer 7

the business of providing the funds that make real estate sales transactions possible

Question 8

Subdivision

Answer 8

the dividing of a single property into smaller parcels

Question 9

Development

Answer 9

the preparation of a site and construction of structures or other improvements

Question 10

Home Inspection

Answer 10

a profession that combines a practitioner’s interest in real estate with skills and training in the construction trades

Question 11

Residential Property

Answer 11

all property used for single-family or multi-family housing

Question 12

Commercial Property

Answer 12

business property including office space

Question 13

Mixed-Use Property

Answer 13

property that allows for two or more commercial and residential uses in the same building

Question 14

Industrial Property

Answer 14

warehouses, factories, land in industrial districts etc

Question 15

Agricultural Property

Answer 15

farms, timberland etc

Question 16

Special Purpose

Answer 16

privately owned properties, such as places of worship

Question 17

Planned Unit Developments

Answer 17

might consist entirely of residences, but they can also serve to merge such diverse land uses as house, recreation and commercial into a self contained development

Question 18

Mixed Use Developments

Answer 18

highrise developments that combine office space, stores theaters etc into a single vertical community

Question 19

Converted Use Properties

Answer 19

factories and other structures that have been converted to residential use

Question 20

Factory Built Housing

Answer 20

mobile homes or manufactured homes; can also be modular homes that are pre built

Question 21

Market

Answer 21

goods can be bought and sold

Question 22

Supply

Answer 22

quantity of goods or services that can be sold at a given price

Question 23

Demand

Answer 23

quantity of goods or services that consumers are willing and able to buy at a given price

Question 24

Factors that Affect Supply

Answer 24

labor force, availability & material costs plus governmental controls and monetary policy

Question 25

Factors that Affect Demand

Answer 25

population, demographics, employment and wage levels

Question 26

Equity

Answer 26

the difference between the market value of the property and the amount still owed on it