Sales, Leasing, & Counseling Flashcards
What are townhouses?
Narrow, and usually vertical multi-floor homes that share one to two walls with adjacent properties but have their own entrances. They are usually smaller than a residential home.
What is a condominium?
Also called a “condo.” A privately owned individual unit within a community of other units. The owner usually owns the interior of the condo and the structural components of exterior walls. Condo owners jointly own shared common areas within the community, such as pools, garages, elevators and outside hallways and gyms, etc. Some condos are found in high-rise buildings, others are detached.
What is a cooperative or co-op?
A corporation owns the entire property, which is usually a building of apartments (also called “co-op”s) and the land beneath it. Co-ops can be made up of any type of building, but most are high-rise buildings. Members are the owners of the individual apartments or units. The company is known as a “co-operative corporation.” The building and units are called co-operatives. Instead of “buying” a residential unit in the “co-op,” an individual must buy shares of stock or membership shares in the corporation. The contract between the buyer and the corporation, binds the owner to comply with the bylaws of the co-operative, to pay the co-op’s monthly fees for operating and maintaining the building, and to pay the buyer’s proportional share of the building’s property taxes.
What is a manufactured home?
A factory-built residence that can be placed on a piece of land.
What is an apartment building?
A building containing more than one dwelling unit
What does the term “dwelling” mean?
Where someone lives.
Define the term “buyer.”
The individual(s) buying or intending to by real estate.
Define the term “seller.”
The individual(s) selling or intending to sale real estate.
What is commercial property?
A property that has the potential to generate profit through either capital gain or rental income.
What is industrial property?
Properties where goods are made, stored and/or shipped.
What is agricultural property?
Property that is used primarily for agricultural purposes, such as farming, harvesting, livestock, etc.
What is business real estate?
It doesn’t necessarily center around property. It focuses on the buying and selling of a business. These transactions can include both tangible and intangible property.
What is tangible property?
Something you can physically touch, such as grass, a real home, etc.
What are some examples of tangible property?
Grass and a real home you can touch.
What are some examples of intangible property?
A business model or restaurant with award-winning recipes you can’t always physically touch.
