Introduction to Real Estate Business Flashcards
Brokerage
The business of bringing people together in a real estate transaction
Broker
a person negotiating the sale, purchase or rental of a property
Salesperson
employed by or associated with the broker to perform brokerage activities on behalf of or for the broker
Real Estate Licensee
a person who has satisfied the requirements of a licencing agency
Appraisal
the process of developing an opinion of a property’s market value based on established methods and the appraiser’s professional judgement
Property Manager
person or company hired to maintain and manage property on behalf of the property owner
Financing
the business of providing the funds that make real estate sales transactions possible
Subdivision
the dividing of a single property into smaller parcels
Development
the preparation of a site and construction of structures or other improvements
Home Inspection
a profession that combines a practitioner’s interest in real estate with skills and training in the construction trades
Residential Property
all property used for single-family or multi-family housing
Commercial Property
business property including office space
Mixed-Use Property
property that allows for two or more commercial and residential uses in the same building
Industrial Property
warehouses, factories, land in industrial districts etc
Agricultural Property
farms, timberland etc
Special Purpose
privately owned properties, such as places of worship
Planned Unit Developments
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
Mixed Use Developments
highrise developments that combine office space, stores theaters etc into a single vertical community
Converted Use Properties
factories and other structures that have been converted to residential use
Factory Built Housing
mobile homes or manufactured homes; can also be modular homes that are pre built
Market
goods can be bought and sold
Supply
quantity of goods or services that can be sold at a given price
Demand
quantity of goods or services that consumers are willing and able to buy at a given price
Factors that Affect Supply
labor force, availability & material costs plus governmental controls and monetary policy
Factors that Affect Demand
population, demographics, employment and wage levels
Equity
the difference between the market value of the property and the amount still owed on it
