Unit 1: Introduction To Tge Real Estate Business Flashcards
What is the business of bringing people together in a real estate transaction called?
Real estate brokerage
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
A sales person is someone who is….
Employed by or associated with the broker to perform brokerage activities on behalf of or for the broker.
A person who has satisfied the requirements of a licensing agency as authorized by State legislation is a…
A real estate licensee
An appraisal is?
The process of developing an opinion of a property’s market value, based on established methods.
A person or company hired to maintain and manage property on behalf of the property owner is a….
property manager
Financing is?
The business of providing the funds that make real estate sales transactions possible.
A profession that combines practitioners interests in real estate with skis & training in the construction trades is a…
Home inspection
What are the six categories of real property?
residential
Commercial
Mixed-use
Industrial
Agricultural
*special purpose
The fair housing act is…..
The illegal discrimination based on ones race, color, national origin, religion, sex, familial status, or disability.
What exists when goods can be bought and sold?
The Market
Prices and goods for services in the market are established by the operation of…
Supply and Demand
What happens when supply increases and demand fails to increase?
Prices go down
What happens when demand increases and supply fails to increase?
Prices go up
What is Uniqueness?
No matter how identical they may appear, no two parcels are the same
