Unit 1 Key Terms Flashcards
Broker
A person or company licensed to buy, exchange, or lease real property for others and to charge a fee for these services
Fair housing act
Prohibits discrimination in the provision of housing and housing-related services based on race, color, national origin, religion, sex, familial status, or disability
Fair housing act protects discrimination in…
Buying or renting a home
Getting a mortgage
Seeking housing assistance
Taking part in other housing-related activities
Real estate licensee
A person who has satisfied the requirements of a licensing agency, as authorized by state legislation
Salesperson/sales associate
Is employed by or associated with the broker to perform brokerage activities on behalf of or for the broker
Supply and demand
Property manager
A person or company hired to maintain and manage property on behalf of the property owner
Appraisal
The process if developing an opinion of a property’s market value, based on established methods and the appraiser’s professional judgment
Subdivision
the dividing of a single property into smaller parcels
Development
Preparation if a site and construction of structures or other improvements
Residential estate
All property used for single family or multifamily housing
Commercial estate
Business property, including office space, shopping centers, stores, hotel, apartment buildings
Mixed-use estate
Property that allows for two or more commercial and residential uses in the same building
Industrial estate
Warehouses, factories, power plants, and land in industrial districts
Agricultural
Farms, timberland, ranches, and orchards
Special purpose
Privately owned properties, such as churches, schools, cemeteries, parks, snd municipal service buildings
Apartment complex
Is made up of a group of apartment buildings with a varying number of units in each building
Condo/Condominium
A building or complex of buildings containing a number of individually owned apartments or houses
Apartment building
A large building divided into separate apartments
Co-op
A multi-family piece of real estate in which the business holds the title to the property. Residents gain equity in the building by buying shares in that business. Residents own a share of the property but not the deed itself. (Proprietary lease)
Factory built housing/ manufactured homes
Built entirely in the factory, transported to the site, and installed under federal building code administered by the u.s.
Modular home
A type if factory-built housing in which dome components are assembles at a building site on a prepared foundation.
Market
Exists when goods can be bought and sold
Factors affecting real estate supply
Labor force, availibility, and material costs
