M1U1S1 Flashcards
The 6 characteristics of the real estate market are?
- the location is fixed 2. there is no standard product 3. the real estate market is local .4. the real estate market is not standardized. 5. slow adjustment of demand and supply 6. real estate transactions are private
6 forces that influence the real estate market
- Changes in family composition 2. Marriages have a seasonal factor 3. Communal living trends 4. Immigration 5. Employment insurance 6. Mortgage availability
What is organized real estate? Name 3 major players
It refers to 3 volunteer organizations who since the late 1940s have brought about structure, standards, and accepted practices to the business for trading in real estate. 1. People who make up the local boards, MREA, CREA
Discuss the mandate of The Manitoba Securities Commission?
To protect real estate consumers by various means.
Describe the major differences between The Manitoba Real Estate Association and The Manitoba Securities Commission.
MREA concentrates on real estate education, political action, the realtor security program, member benefits, and support services for realtors. MSC regulates the real estate industry in Manitoba in accordance with the provisions of the real estate brokers act, many of which are attributed to consumer protection.
What does the term Realtor refer to?
Industry members who are members of CREA
What is a broker?
A person, other than an authorized official or a registered salesman, who, in Manitoba for a reward, or promise thereof negotiates or attempts or offers to negotiate, for another or others any trade in real estate wherever situated.
What is an authorized official?
An official named in the certificate of registration of a broker. They are appointed by and employed by a broker and named on the employing broker’s certificate.
What is a salesman?
An individual other than an authorized official who was employed or engaged by a broker to take part on behalf of the broker in any of the activities mentioned in the definition of a broker.
List 7 areas of real estate specialization from which an industry member may choose
- residential real estate 2. condominium sales 3. commercial sales 4. rural and recreational sales 5. property management 6. appraisal 7. mortgage financing
CPI stands for?
Consumer Price Index
Statistical information provided by boards must include what?
Average listing to selling price ratio, cancelled sales, average price.
