Unit 1 Key Terms

Question 1

Broker

Answer 1

A person or company licensed to buy, exchange, or lease real property for others and to charge a fee for these services

Question 2

Fair housing act

Answer 2

Prohibits discrimination in the provision of housing and housing-related services based on race, color, national origin, religion, sex, familial status, or disability

Question 3

Fair housing act protects discrimination in…

Answer 3

Buying or renting a home
Getting a mortgage
Seeking housing assistance
Taking part in other housing-related activities

Question 4

Real estate licensee

Answer 4

A person who has satisfied the requirements of a licensing agency, as authorized by state legislation

Question 5

Salesperson/sales associate

Answer 5

Is employed by or associated with the broker to perform brokerage activities on behalf of or for the broker

Question 6

Supply and demand

Question 7

Property manager

Answer 7

A person or company hired to maintain and manage property on behalf of the property owner

Question 8

Appraisal

Answer 8

The process if developing an opinion of a property’s market value, based on established methods and the appraiser’s professional judgment

Question 9

Subdivision

Answer 9

the dividing of a single property into smaller parcels

Question 10

Development

Answer 10

Preparation if a site and construction of structures or other improvements

Question 11

Residential estate

Answer 11

All property used for single family or multifamily housing

Question 12

Commercial estate

Answer 12

Business property, including office space, shopping centers, stores, hotel, apartment buildings

Question 13

Mixed-use estate

Answer 13

Property that allows for two or more commercial and residential uses in the same building

Question 14

Industrial estate

Answer 14

Warehouses, factories, power plants, and land in industrial districts

Question 15

Agricultural

Answer 15

Farms, timberland, ranches, and orchards

Question 16

Special purpose

Answer 16

Privately owned properties, such as churches, schools, cemeteries, parks, snd municipal service buildings

Question 17

Apartment complex

Answer 17

Is made up of a group of apartment buildings with a varying number of units in each building

Question 18

Condo/Condominium

Answer 18

A building or complex of buildings containing a number of individually owned apartments or houses

Question 19

Apartment building

Answer 19

A large building divided into separate apartments

Question 20

Co-op

Answer 20

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)

Question 21

Factory built housing/ manufactured homes

Answer 21

Built entirely in the factory, transported to the site, and installed under federal building code administered by the u.s.

Question 22

Modular home

Answer 22

A type if factory-built housing in which dome components are assembles at a building site on a prepared foundation.

Question 23

Market

Answer 23

Exists when goods can be bought and sold

Question 24

Factors affecting real estate supply

Answer 24

Labor force, availibility, and material costs

Question 25

Factors affecting real estate supply

Answer 25

Govornment controls and financial policies

Question 26

affect real estate supply

Answer 26

Local government factors

Question 27

Factors affecting real estate demand

Answer 27

Population
Demographics
Employment and wage levels