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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
Q

Home inspectors prepare…

A

An analytical report

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26
Q

Real estate specialty that provides clients with necessary information to make an informed decision

A

Counseling

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27
Q

Does Illinois have a specific “Real Estate Counselor” license?

A

No

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28
Q

Real Estate Counselor is considered as a ___.

A

Broker

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29
Q

Real Estate Counselors must be supervised by a ___.

A

Sponsoring Broker

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30
Q

Helps licensees keep skills & knowledge up to date

A

Education

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31
Q

Minimum & continuing education requirements are established by ___.

A

state

32
Q

Competitive bidding process to transfer property

A

Auctioning

33
Q

Largest professional organization in real estate

A

National Association of Realtors (NAR)

34
Q

What is a Realtor?

A

A member of the National Association of Realtors

35
Q

Realtors must subscribe to a…

A

Code of ethics

36
Q

Single family & Multi-family housing are examples of ___ property.

A

Residential

37
Q

Parking structures are an example of ___ property.

A

Commercial

38
Q

Business property and office spaces are ___ property.

A

Commercial

39
Q

Shopping centers are ___ property

A

Commercial

40
Q

Theaters are ___ property.

A

Commercial

41
Q

Hotels are ___ property.

A

Commercial

42
Q

What are the 5 types of real property?

A

Residential
Commercial
Industrial
Agricultural
Special purpose

43
Q

An apple orchard is an example of ___ property

A

Agricultural

44
Q

A pumpkin patch is an example of ___ property.

A

Agricultural

45
Q

Power plants are an example of ___ property

A

Industrial

46
Q

Factories are an example of ___ property

A

Industrial

47
Q

Warehouses are an example of ___ property

A

Industrial

48
Q

Farms are considered as ___ property

A

Agricultural

49
Q

Government held land is considered as ___ property

A

Special Purpose

50
Q

A local high school is considered as ___ property

A

Special Purpose

51
Q

A public library is ___ property.

A

Special purpose

52
Q

City Hall is ___ property

A

Special purpose

53
Q

Churches and other places of worship are considered ___ property.

A

Special purpose

54
Q

A cemetery is ___ property

A

Special purpose

55
Q

Your local police station is ___ property

A

special purpose

56
Q

O’Hare airport is ___ property

A

special purpose

57
Q

Wrigley Field is ___ property

A

special purpose

58
Q

A hospital is ___ property

A

special purpose

59
Q

A place where goods are bought and sold

A

Market

60
Q

A ___ functions to provides a setting for supply and demand to establish market value

A

market

61
Q

Real estate markets are ___ markets

A

local

62
Q

Increased supply + stable or low demand = ___ prices

A

Lower

63
Q

Increased demand + low supply = ___ prices

A

Higher

64
Q

Two characteristics that influence supply & demand in real estate

A

Uniqueness
Immobility

65
Q

___ refers to the fact that no two properties will ever be exactly alike; all properties have a different location

A

Uniqueness

66
Q

___ refers to the fact that property cannot be relocated to satisfy demand where supply is low

A

Immobility

67
Q

Skilled labor force & cost of construction materials influences ___.

A

Supply

68
Q

Government controls & financial policies influences ___.

A

Supply

69
Q

What 4 factors influence supply in the real estate market?

A

Skilled labor force
Cost of construction materials
Government controls
Government financial policies

70
Q

Local government land use controls influence ___.

A

Supply

71
Q

Local zoning ordinances influence ___.

A

Supply

72
Q

Local building codes influence ___.

A

Supply

73
Q

Which 3 factors influence demand?

A

Population
Demographics
Employment opportunities & wage levels

74
Q

The study & description of a population

A

Demographics

75
Q

___ information contributes to the amount & type of housing needed

A

Demographic

76
Q

___ marketing references specific group in a specific area, property category, or demographic group

A

Niche

77
Q

When job opportunities are scarce or wages are low, demand for real estate ___.

A

Decreases

unit 1: intro to the real estate business (3 decks)

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