MREP Unit 1 Flashcards
broker
defined as a person or company licensed to buy, sell, exchange, or lease real property for others and to charge a fee for these services.
salesperson, sale associate, associate licensee
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 licensing agency, as authorized by state legislation
property manager
a person or company hired to maintain and manage prop- erty on behalf of the property owner.
Financing
the business of providing the funds that make real estate transactions possible.
subdivision
the dividing of a single property into smaller parcels.
Development
involves the construction of improvements that benefit the land.
Home inspection
a profession that combines a practitioner’s interest in real estate with skills and training in the construction trades.
Counseling
involves providing clients with competent independent advice based on sound professional judgment
code of ethics
a written system of standards for ethical conduct
RESIDENTIAL property
all property used for single-family or multifamily housing,
whether in urban, suburban, or rural areas
commercial property
business property, including office space, shopping centers,
stores, theaters, hotels, and parking facilities
mixed use property
property that allows for two uses, commercial and residential, in
the same building;
industrial property
warehouses, factories, land in industrial districts, and power
plants;
agricultural property
farms, timberland, ranches, and orchards
