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TN Real Estate PreA > Unit 1 > Flashcards

Unit 1 Flashcards

1
Q

Brokerage

A

The business of bringing people together in a real estate transaction.

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2
Q

Broker

A

A person or company licensed to buy, sell, exchange, or lease real property for others and to charge a fee for these services.

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3
Q

Salesperson

A

Employed by or associated with the broker to perform brokerage activities on behalf of or for the broker.

Also referred to as a Sales Associate or Associate Licensee.

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4
Q

Real Estate Licensee

A

A person who has satisfied the requirements of a licensing agency, as authorized by state legislation.

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5
Q

Appraisal

A

The process of developing an opinion of a property’s market value, based on established methods and the appraiser’s professional judgment.

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6
Q

Property Manager

A

A person or company hired to maintain and manage property on behalf of the property owner.

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7
Q

With a commercial leasing company rents space in a mall, or the owner of a building rents an apartment, it’s a

A

Real estate transaction

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8
Q

The most common transaction is the

A

Purchase of a home, whether by a first-time buyer, by someone seeking a larger or smaller place to live or a second home, or by an investor interested in the property’s income-producing potential.

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9
Q

Consumers of real estate services include:

A

Buyers and sellers of homes, tenants and landlords, investors, and developers.

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10
Q

Specialized areas in the real estate business include:

A

Appraisal, property management, financing, subdivision and development, home inspection, counseling, and education.

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11
Q

A licensed real estate broker acts as a point of contact between:

A

Two or more people in negotiating the sale, purchase, or rental of the property.

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12
Q

For most transactions lenders require:

A

A professional appraisal

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13
Q

Appraisers must have a detailed knowledge of:

A

The methods of valuation

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14
Q

The largest trade association of real estate appraisers is:

A

The Appraisal Institute

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15
Q

By hiring a property manager, the owner is relieved of:

A

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.

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16
Q

The basic responsibility of the property manager is to:

A

Protect the owner’s investment and maximize the return on that investment.

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17
Q

Where to find useful resources for both owners and managers:

A

The Building Owners and Managers Association International

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18
Q

Financing

A

The business of providing the funds that make real estate transactions possible.

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19
Q

Most transactions are financed by a loan that is:

A

Secured by a mortgage or deed of trust on the property purchased.

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20
Q

Subdivision

A

The dividing of a single property into smaller parcels.

21
Q

Development

A

Involves the construction of improvements that benefit the land on-site (swimming pools or new homes) or off-site (water lines and storm sewers).

22
Q

Home inspection

A

A profession that combines a practitioner’s interest in real estate with skills and training in the construction trades.

23
Q

Trade groups for home inspection professionals:

A

The American Society of Home Inspectors, and The National Association of Home Inspectors.

24
Q

A professional home inspector conducts a thorough visual survey of a property’s:

A

Structure, systems, and site conditions and prepares an analytical report that is valuable to both purchasers and homeowners.

25
Q

Caveat emptor

A

Buyer beware

26
Q

Contingent

A

Conditioned upon

27
Q

Counseling

A

Involves providing clients with competent independent advice based on sound professional judgment.

28
Q

Real estate education

A

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 the principles of a pre-licensing program to the technical aspects of tax and exchange law.

29
Q

NAR

A

National Association of Realtors is composed of state, regional, and local associations.

30
Q

Members of NAR are entitled to be known as:

A

Realtors or Realtor Associates

31
Q

State licensing laws

A

Establish what activities are illegal and, therefore, prohibited.

32
Q

Ethics

A

Refers to a system of moral principles, rules, and standards of conduct.

33
Q

Code of Ethics

A

A written system of standards for ethical conduct. The code contains statements designed to advise, guide, and regulate behavior.

34
Q

NAREB

A

The National Association of Real Estate Brokers. Members are known as Realtists.
Arose out of the early days of the civil rights movement as an association of racial minority real estate brokers in response to the conditions and abuses that eventually gave rise to fair housing laws.

35
Q

Types of real property

A 
Residential
Commercial
Mixed Use
Industrial
Agricultural
Special Purpose.
36
Q

Residential

A

All properties used for single-family or multi family housing, whether in urban, suburban, or rural areas.

37
Q

Commercial

A

Business property, including office space, shopping centers, stores, theaters, hotel, and parking facilities.

38
Q

Mixed Use

A

Property that allows for two uses, commercial and residential, in the same building.

39
Q

Industrial

A

Warehouses, factories, land in industrial districts, and powerplants.

40
Q

Agricultural

A

Farms, timberland, ranches, and orchards.

41
Q

Special purpose

A

Privately owned properties, such as places of worship, schools, and cemeteries, as well as publicly held properties, such as schools, municipal service buildings, and parks.

42
Q

The market for each type of real property can be divided into three main functions:

A

Buying, selling, and leasing.

43
Q

Types of housing:

A 
Single-family detached house
Apartment building
Condominium
Cooperative
Planned unit development PUD
Mixed use developments or HighRise
Converted use properties
Factory built housing or mobile home or modular home
44
Q

Market

A

A place where goods can be bought and sold.

45
Q

The function of a market:

A

Is to provide a setting in which supply and demand can establish market value, making it advantageous for buyers and sellers to trade.

46
Q

Prices for goods and services in the market are established by the operation of:

A

Supply and demand

47
Q

Supply

A

The quantity of goods and services that can be sold at a given price.

48
Q

Demand

A

Refers to the quantity of goods or services that consumers are willing and able to buy at a given price.

49
Q

Inflation and deflation

A

Prices increasing and prices decreasing

TN Real Estate PreA (2 decks)

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