Unit 1 Flashcards
What is a broker
a person or company licensed to buy, sell, exchange, or lease real property for others and to charge a fee for these services.
What are the agents working for brokers called
real estate salesperson
sales associate
associate licensee
What is an appraisal
the process of developing an opinion of a property’s market value
What does caveat emptor mean
buyer beware
What are the types of real property
Residential Commercial Mixed-use Industrial Agricultural Special purpose
What is a residential property
all property used for single-family or multifamily housing, whether in urban, suburban, or rural areas;
What is a commercial property
business property, including office space, shopping centers, stores, theaters, hotels, and parking facilities;
What is a mixed use property
property that allows for two or more commercial and residential uses in the same building;
What is a industrial
warehouses, factories, land in industrial districts, and power plants;
What is agricultural property
farms, timberland, ranches, and orchards
What is special purpose property
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
Apartment complex vs an apartment building
a complex is a group of apartment buildings on one property
What is a condominium
a building or complex of buildings containing a number of individually owned apartments or houses.
What are the shared things that the owners of condominiums called and give examples
common elements
like the hallways, laundry rooms etc
What types of ownership are condos
single family
commercial
What other type of housing are condos similar to
cooperatives (co-ops)
What are co-ops
leased property shared by a group of people who have purchased stock in the company owning and running the property
What are Planned unit developments
also called master planned communities
may be only residences or a merger of different types of land uses
has a owners assc. for common areas
What are mixed use developments or highrise developments
same as PUD’s but in a more vertical fashion
What are converted use properties
Converted-use properties are factories, warehouses, office buildings, hotels, schools, churches, and other structures that have been converted to residential use.
What are factory built housing
once called mobile homes
built in a factory
What are some advantages of factory built homes
relatively low production costs
construction is unaffected by the elements
What are modular homes
factory built homes that are assemble in parts at the site of the property
What are some factors that can affect the real estate supply
labor force, construction, and material costs;
government controls and financial policies; and
local government factors.
High transfer costs, such as taxes and construction permit fees could cause what to the supply
discourage development by causing high construction costs and higher rents causing a decrease in supply
What are some factors that affect demand
population,
demographics, and
employment and wage levels.
Nationwide Multistate Licensing System and Registry was created to register
mortgage loan originators
