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Unit 1: Intro to the Real Estate Business > Unit 1 Notes > Flashcards

Unit 1 Notes Flashcards

1
Q

Who are the consumers of real estate?

A

Buyers and sellers
Tenants and landlords
Investors
Developers

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2
Q

What are the 3 licensing categories in Illinois?

A

Broker
Managing Broker
Leasing Agent

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3
Q

What is the business of bringing people together in a real estate transaction called?

A

Brokerage

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4
Q

Who is the point of contact between two or more people in a real estate transaction?

A

Real Estate Licensee

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5
Q

Who employs all real estate licensees?

A

Sponsoring broker

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6
Q

Who do licensees conduct real estate services on behalf of?

A

Their sponsoring broker

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7
Q

___ broker is designated to supervise licensees.

A

Managing

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8
Q

Who brings together tenants & rental properties in a brokerage?

A

Residential leasing agents

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9
Q

Determining property’s value based on established methods & professional judgment

A

Appraisal

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10
Q

A professional ___ to determine property’s value is required by most lenders to qualify for a mortgage

A

Appraisal

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11
Q

Who maintains and manages property on behalf of property’s owner?

A

Property manager

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12
Q

Property management services must be performed under supervision of…

A

A sponsoring broker

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13
Q

What kind of license is required for a property manager in Illinois?

A

Real Estate

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14
Q

Business of providing funds that make real estate transactions possible

A

Financing

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15
Q

Mortgage loans and trust deed loans secured by the property are relevant to which real estate specialty?

A

Financing

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16
Q

Splitting of a single parcel into smaller parcels

A

Subdivision

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17
Q

Constructing improvements on land

A

Development

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18
Q

Two types of improvements in development

A

Offsite
Onsite

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19
Q

___ improvements are on on public lands

A

Offsite

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20
Q

___ improvements are additions or enhancements within the property

A

Onsite

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21
Q

Water lines and sewers are ___ improvements.

A

Offsite

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22
Q

Roads are ___ improvements

A

Onsite

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23
Q

Buildings and infrastructure are ___ improvements

A

Onsite

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24
Q

Visual survey of property’s structure, systems, and site conditions

A

Home inspection

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25
Home inspectors prepare...
An analytical report
26
Real estate specialty that provides clients with necessary information to make an informed decision
Counseling
27
Does Illinois have a specific “Real Estate Counselor” license?
No
28
Real Estate Counselor is considered as a ___.
Broker
29
Real Estate Counselors must be supervised by a ___.
Sponsoring Broker
30
Helps licensees keep skills & knowledge up to date
Education
31
Minimum & continuing education requirements are established by ___.
state
32
Competitive bidding process to transfer property
Auctioning
33
Largest professional organization in real estate
National Association of Realtors (NAR)
34
What is a Realtor?
A member of the National Association of Realtors
35
Realtors must subscribe to a...
Code of ethics
36
Single family & Multi-family housing are examples of ___ property.
Residential
37
Parking structures are an example of ___ property.
Commercial
38
Business property and office spaces are ___ property.
Commercial
39
Shopping centers are ___ property
Commercial
40
Theaters are ___ property.
Commercial
41
Hotels are ___ property.
Commercial
42
What are the 5 types of real property?
Residential Commercial Industrial Agricultural Special purpose
43
An apple orchard is an example of ___ property
Agricultural
44
A pumpkin patch is an example of ___ property.
Agricultural
45
Power plants are an example of ___ property
Industrial
46
Factories are an example of ___ property
Industrial
47
Warehouses are an example of ___ property
Industrial
48
Farms are considered as ___ property
Agricultural
49
Government held land is considered as ___ property
Special Purpose
50
A local high school is considered as ___ property
Special Purpose
51
A public library is ___ property.
Special purpose
52
City Hall is ___ property
Special purpose
53
Churches and other places of worship are considered ___ property.
Special purpose
54
A cemetery is ___ property
Special purpose
55
Your local police station is ___ property
special purpose
56
O'Hare airport is ___ property
special purpose
57
Wrigley Field is ___ property
special purpose
58
A hospital is ___ property
special purpose
59
A place where goods are bought and sold
Market
60
A ___ functions to provides a setting for supply and demand to establish market value
market
61
Real estate markets are ___ markets
local
62
Increased supply + stable or low demand = ___ prices
Lower
63
Increased demand + low supply = ___ prices
Higher
64
Two characteristics that influence supply & demand in real estate
Uniqueness Immobility
65
___ refers to the fact that no two properties will ever be exactly alike; all properties have a different location
Uniqueness
66
___ refers to the fact that property cannot be relocated to satisfy demand where supply is low
Immobility
67
Skilled labor force & cost of construction materials influences ___.
Supply
68
Government controls & financial policies influences ___.
Supply
69
What 4 factors influence supply in the real estate market?
Skilled labor force Cost of construction materials Government controls Government financial policies
70
Local government land use controls influence ___.
Supply
71
Local zoning ordinances influence ___.
Supply
72
Local building codes influence ___.
Supply
73
Which 3 factors influence demand?
Population Demographics Employment opportunities & wage levels
74
The study & description of a population
Demographics
75
___ information contributes to the amount & type of housing needed
Demographic
76
___ marketing references specific group in a specific area, property category, or demographic group
Niche
77
When job opportunities are scarce or wages are low, demand for real estate ___.
Decreases

Unit 1: Intro to the Real Estate Business (3 decks)

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