Res. & Com Prop Flashcards
The majority of new licensees begin their work in the____ ____ _____ market. Buying and selling these homes is the typical entry-level position in real estate. Most brokers are recruiting salespersons to work in this area since there are more of these homes than any other type of property.
Single-family residential properties
These can be anything from a simple twin-single or double duplex, to a large apartment building. The typical buyer in this category is an investor rather than a homebuyer.
Multi family residential properties
A form of joint ownership with the owners on the airspace within their specific units and the undivided interest in a specified percentage of the common elements in the _____complex. Associates of this complex enforce the bylaws of the development, assess fees, and arrange for the maintenance of common areas. These can be commercial, retail, or even recreational property.
Condominiums
This building is owned by a non-prophet corporation formed for that purpose. The residents are shareholders in the corporation. These tenants have a proprietary lease for a specific unit in the building and the right to use common elements in the building. These tenants generally have the ability, I shareholders in the corporation, to vote whether or not to allow a particular person to buy into/stay in the building.
Cooperatives/Co-op
These are existing buildings, such as factories, warehouses, office buildings, even all churches and schools that are converted for residential purposes rather than being destroyed.
Converted use properties
Often wrong we called the mobile homes, this type of housing is a growing market in many areas. These homes while constructed in the same manner as trailers, as opposed to conventional on site construction, are usually attached to foundations and considered to be permanent structures.
Manufactured housing
A purchase of undivided interest often in a resort area condominium for a fixed or variable time period.
Timeshares
Offices, stores, hotels and other buildings. Those dealing in these properties are usually not involved in sales and other aspects of brokerage, but also in leasing and leasebacks, property management, appraisal, and even construction or financing.
Commercial properties
Operation of property as a business. Both residential and commercial properties can incur these responsibilities such as renting, collection and maintenance.
Property management
Land and structures, involved in the production, distribution and storage of tangible economic goods. Because there is less demand for only the service is a high level of expertise and experience is required.
Industrial properties
Specialization in this area has been declining due to the widespread sale of farmland for other uses and the smaller number of family-run farms.
Farm properties
