Unit 1 Flashcards
Brokerage
Brokerage is the business of bringing people together in a real estate transaction. A licensed real estate broker acts as a point of contact between two or more people in negotiating the sale, purchase, or rental property. A licensed real estate person is employed by or associated with the broker to perform brokerage activities on behalf or for the broker, and May also be referred to as a sales associate or associate licensee
Broker
A broker is defined as a person or company license to buy, sell,Exchange, or lease real property for others and to charge A fee for the services.
Real Estate Salesperson
A licensed real estate salesperson is employed by or associated with the broker to perform brokerage activities on behalf or for the broker, and May also be referred to as a sales associate or associate licensee
Appraisal
Is the process of developing an opinion of the properties market value, based on an established method and appraisers professional judgment. Although broker should have some understanding of the evaluation process and in some circumstances may even be asked to estimate the price at which a property is likely to sell, lenders require a professional appraisal for most transactions. Appraisers must have did tell knowledge of the methods of valuation. Appraisers must be not only licensed or certified for many federal related transactions but also licensed or certified in many states to be involved in transactions that are not federally related. The appraisal Institute, www.appraisalinstitute.org, is the largest trade association a real estate appraisers
Property Management
Is a person or company hired to maintain and manage property on behalf of the property owner. By hiring a property manager, the owner is relieved of day-to-day management tasks, such as finding new tenants, collecting rents, finishing or altering space for tenants, ordering repairs and generally maintaining the property. The scope of the managers were depends on the terms of the management agreement they employment contract between the owner and the manager. Whatever task or specified, the basic responsibility of the property managers to protect the owners investment and Mike semi’s and return on that investment. Depending on the size of the property and or the scope of the work required, the property manager may need a real estate license or property management life that is not by the state in which the property is located. The building owners and managers Association international, WWW.boma.org provides useful resources for both owners and managers.
Financing
Is the business of providing the funds that make real estate transactions possible. Most transactions are financed by a loan that is secured by a mortgage or deed of trust on the property purchased
Subdivision
Is the dividing of a single property into smaller parcels.
Development
Involves the construction of improvements that benefit the land. These improvements may be there on site or offsite. Off-site improvements, such as water lines and storm sewers, are made on public lands to serve the new development. On site improvements, such as new homes or swimming pools, are made on individual Parcells. While subdivision and development normally are related, they are independent processes that can occur separately
Home Inspection
Is a profession that combines a practitioners interest in real estate with skills and training in the construction trades. Many states have recognize the importance of a thorough home inspection by a competent, weltering inspector by instituting home inspector licensing requirements that include education, training, examinations, and ongoing coursework. The American Society of home inspectors, www.ashi.org and the national Association of home inspectors, wwwnashi.org are both trade groups for home inspection professionals
Home Inspection 2
A professional home inspector conduct a thorough visuals are the property structure, systems, and site conditions of repairs and analytical report that is valuable to bulk purchases and homeowners, then Spector examines the property from the chimney to the basement, being alert to deterioration, water intrusion, mechanical, or other observable problem. Often, the home inspection lead to recommendation for additional examination when warranted by your property condition, such as evidence of mold damage or insect infestation. Cautious consumers, especially those who live in states in which caveat emptor parentheses buyer beware parentheses is allow our rely more and more on the inspectors report to help them make purchase decisions. Frequently, a real estate sales contract will be contingent upon the inspectors report.
Counseling
Counseling involves providing client with competent independent advice based on sound professional judgment. At real estate counselor helps clients choose among the various alternatives involved in purchasing, using, or investing in a property. A counselors role is to furnish client with The information needed to make informed decisions. Professional real estate counselors must have a high degree of industry expertise.
Education
Real estate education is available to both practitioners and consumers. Colleges and universities, private schools, and trade organizations all conduct real estate courses and seminars covering topics from principles of pre-licensing program to the technical aspects of tax and exchange. State licensing laws established the minimum education requirements for obtaining and keeping it real estate license. Continue education helps is sure that the licensees keep their skills and knowledge current
Other Areas
Many other professionals are involved in real estate, including lawyers who specialize in this area of practice, land-use plan is employed by state and local agencies, and tax assessors
