Unit 1: Introduction to the Real Estate Business Flashcards
Associate licensee
A licensed real estate salesperson who is employed by or associated with the broker to perform brokerage activities on behalf of or for the broker.
Broker
for compensation or valuable consideration (i) sells or offers for sale, buys or offers to buy, or negotiates the purchase or sale or exchange of real estate
Code of Ethics
A written system of standards for ethical conduct.
Market
A place where goods can be bought and sold and a price established.
Real Estate Licensee
In real estate practice, a person who has the skills and knowledge to be licensed as a real estate broker or salesperson.
Sales Associate
A person who performs real estate activities while employed by a licensed real estate broker.
Salesperson
Any person, other than an associate broker, who acts on behalf of a real estate broker in performing any act authorized to be performed by the broker in this unit.
Supply and Demand
The appraisal principle that follows the interrelationship of the supply of and demand for real estate. Because appraising is based on economic concepts, this principle recognizes that real property is subject to the influences of the marketplace as with any other commodity.
Home Inspection
- Professional evaluates the structural and mechanical condition of the property
- Urge clients to get this to cover avoid liability
Specializations
- Broker
- Salesperson, sales associate, associate licensee
- Appraisal
- Property Manager
- Financing
- Development
- Inspections
- Counselor
Code of Ethics vs. Standards of practice
written system vs. praxis
Types of Residential Property
- Single-family
- Apartment building
- Condominium
- Cooperative
- Planned Unit Development
- Highrise Development/Mixed US Development
- Converted Use Property
- Factory Built Housing
Types of Real Property
Residential Commercial Mixed-Use Industrial Agricultural Special Use
Describe how the Real Estate Market is set up
- Property is unique and immobile
- Supply Factors: construction, government controls, and monetary policy
- Demand Factors: population, demographics, employment, and wage levels
Supply Factors
Labor force
Construction and material costs
Government Controls
Monetary Policy