Unit 1 Intro to Real Estate Business Flashcards
What is a brokerage?
The business of bringing people together in a RE transaction.
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 services.
What is a licensee?
A person who has satisfied the requirements set forth by a licensing agency or state legislation.
What is an appraisal?
The process of developing an option of property’s market value based on established methods. (Professional judgement)
What is a property manager?
A person or company hired to maintain and manage property on behalf of its owner, and to protect the owners investment and maximize the return on that investment.
What is a home inspection?
A person who conducts a thorough visual survey of a property’s structure, systems, and site conditions.
What is financing?
The business of providing funds that make real estate transactions possible.
What is a subdivision?
The dividing of a single property into smaller parcels.
What is a development?
The preparation of a site and construction of structures or other improvements.
What is counseling?
Provides clients with competent independent advice based on sound professional judgement.
What are the 6-types of Real Property?
Residential, Commercial, Mixed-Use, Industrial, Agricultural, Special Purpose.
What is a market?
A place where goods can be bought and sold.
When do prices go up?
When demand increases and supply goes down.
When do prices go down?
When supply increases and demand goes down.
What are three markets of Real Property?
Buying, Selling, Leasing
What are the two characteristics of real estate that govern supply and demand?
Uniqueness and
immobility of land.
What is uniqueness?
No matter how similar, every property is different.
What is immobility?
The fact that property can not be moved.
What factors affect supply?
1-Labor Force, Construction, and material costs.
2-Governmental Controls (federal and local) and financial policies (interest rates)
What factors affect demand?
1-Population
2-Demographics
3-Employment and wage levels
What is the difference between PUD and MUD?
Planned Unit Development - A self contained development
Mixed Unit Development - vertical community
What are the 7-protected classes in Federal Fair Housing ?
1-Race 2-Color 3-National Origin 4-Religion 5-Sex 6-Familial Status 7-Disability
Rachel Challenges Nathan to Run in the State Farm Debate
Who is a salesperson?
A real estate licensee that is employed by or associated with a broker to perform brokerage activities on behalf of the broker. aka. Sales Associate or Associate Licensee
What is a home inspection?
A profession that combines practitioners interest in real estate with construction trade. Conducts a thorough visual survey of a property structure systems and site conditions provides an analytical report.
What are the 9 types of housing?
1-Single Family Detached 2-Apartment Building 3-Condominium 4-Cooperative 5-PUD 6-MUD 7-Converted-use properties 8-Factory built housing 9 -Modular Home
