Unit 1 introduction to realstate

Question 1

Brokerage

Answer 1

The business of bringing buyers and sellers or landlords and tenants together in a real estate transaction.

Question 2

Appraisal:

Answer 2

The process of estimating a property’s market value based on established methods and the appraiser’s professional judgment

Question 3

Financing

Answer 3

Professionals in mortgage financing may be loan
originators, processors, underwriters, and their support
services.

Question 4

Subdivision

Answer 4

is the partition of a single parcel
of land into multiple parcels.
Improvements may be onsite such as new
home construction on individual lots or offsite
such as streets, sidewalks, and water
lines

Question 5

Development

Answer 5

is the construction of improvements on

unimproved land.

Question 6

Relocation

Answer 6

Third party relocation companies service corporations and their employees move from one city to another as the result of a job transfer.

Question 7

REO companies

Answer 7

oversee the sale of foreclosed properties on

behalf of mortgage lenders

Question 8

NAR

Answer 8

NATIONAL ASSOCITION REALTOR

Question 9

5 Categories of real state

Answer 9

1-Residential(single family or multi)
2-Commercial(business property)
3-Industrial(Factories)
4-Agricultural
5-Special Purpose(Churches)

Question 10

Apartment Complex

Answer 10

Groups of apartmanents include many type amenities

Question 11

Condominium

Answer 11

Chosen by homeowners who want to own a
property without the typical responsibilities of
homeownership
(HOA

Question 12

Cooperatives:

Answer 12

Apartment style units that share common walls and
facilities within larger building
Unit owners purchase shares of stock in the
corporation not their individual units.

Question 13

Planned Unit Development (PUD):Also called master planned communities

Answer 13

Merges diverse type of uses such as housing,
recreation and commercial units.
 PUDS are planned under special zoning ordinances
 Community Association maintains common areas
with fees paid by community homeowner’s

Question 14

Retirement Communities:

Answer 14

Usually structured as a PUD

Offer older homeowners

Question 15

Highrise Developments:

Answer 15

Called Mixed Use Developments (MUDs)

Combine office space, apartment units, stores, and otherservices in the building

Question 16

housing prices will fall

Answer 16

When the supply of housing increases holding demand

for housing constant

Question 17

When the demand for housing increases, holding the

supply of housing constant

Answer 17

housing prices rise

Question 18

Factors Affecting the Supply of Real Estate

Answer 18

Labor and Construction Costs

Government Controls and Financial Policies

Question 19

Factors Affecting the Demand of Real Estate:

Answer 19

Population and migration
Population demographics
Employment and wage levels