UNIT 1 | Introduction to Real Estate Flashcards
Brokerage
The business of bringing people together in a real estate transaction
Broker
Acts as a point of contact between two or more people in negotiating the sales, purchases, or rental of property
Salesperson, sales associate or associate licensee
Employed by/associated with the broker to perform brokerage activities on behalf or for the broker
Appraisal
Process of developing an opinion of a property’s market value, based on established methods and the appraiser’s professional judgement
Ethics
System of moral principles, rules and standards of conducts
Code of Ethics
Written system of standards for ethical conduct
National Association of Realtors (NAR)
largest organization
REALTOR/REALTOR-ASSOCIATES
Members of NAR
Realtist
Members of NAREB (National Association of Real Estate Brokers)
NAR Affiliates
CRE CIREI IREM RLI CRB CRS GRI CRS SIOR WCR
Types of Real Property (6 Classes)
Residential Commercial Mixed Use Industrial Agriculture Special purpose
Residential
All property used for single-family or multi-family housing, whether in urban, suburban, or rural areas
Commercial
Business property,
office space, shopping centers, stores, theaters, hotels, and parking facilities
Mixed Use
Property that allows for two uses,
Commercial and Residential
in the same building
Industrial
Warehouses,
Factories,
Land in industrial districts, and
Power plants
