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fundamentals of real estate > Unit 1: Overview Of Real Estate > Flashcards

Unit 1: Overview Of Real Estate Flashcards

1
Q

Fixture

A

if an item cannot be removed from the property without causing damage to the property.

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2
Q

Economics

A

field of study that analyzes how individuals, business, and governments make choices on allocating limited resources such as land, labour, and capital in order to satisfy apparently unlimited wants

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3
Q

Macroeconomics

A

economy-wide phenomena, such as inflation and unemployment affect society

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4
Q

Microeconomics

A

study individuals, households, and firms make decisions to allocate scarce or limited resources, where goods and services are being bought and sold

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5
Q

Econoic Growth

A

long-term expansion of the productive potential of any economy and it’s often meausred as the percentage change in the gross domestic product (GDP), adjusted for the inflation from one year over an earlier period.

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6
Q

GDP (Gross Domestic Product)

A

measures progress or the rate of expansion of the economys capacity to produce output

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7
Q

Causes Of Economic Growth

A

Natural Resources
Capital
Rate Of Savings
Technological Progress

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8
Q

Benefits Of Economic Growth

A
  • improves standard of living
  • stimulates employment
  • increases government revenue
  • increases capital investment
  • enhances business confidence
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9
Q

Real Estate and It’s Effects On The Economy

A
  • housing starts
  • real estate sales
  • vacancy rates and occupancy rates
  • building permits issued
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10
Q

Housing Starts

A

number of privately owned new houses on which construction has been started in a given period

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11
Q

Real Estate Sales

A

number of real estate sales within a given period is another closely watched indicator affecting a market - driven economy

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12
Q

Vacancy Rates And Occupancy Rates

A

measure the number of available units not occupied against the total number of units available in a building or the amount of rentable space compared to the total space

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13
Q

Building Permits Issued

A

a written document issued by the municipal government granting permission for the construction of a new property or alteration, demolition, renovation, or recolation of an existing property

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14
Q

Factors Of Production

A
  • land
  • labour
  • capital
  • entrepreneurship
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15
Q

Supply

A

amount of a certain good or service the market can offer given a certain price

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16
Q

Supply Line Shift

A

occur when a change in quantity supplied is caused by only a change of price

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17
Q

Shifts

A

occur when there are changes in an influencing facotr other than the price

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18
Q

Factors In Shift Changes

A

a change in

  • costs of production
  • state of technology
  • producers expectations
  • number of suppliers in the market
  • government taxes subsidies
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19
Q

Demand

A

the quantity of a good or service that would be bought at a certain price over a period of time.

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20
Q

Shifts In Demand

A

occur when there is a change in an influencing factor other than the price of the good or service

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21
Q

Factors Of Shifts In Demand

A

a change in

  • consumer expectations
  • number of consumers
  • consumers disposable income or wealth
  • cosumers tastes and preferences
  • substitute or complement products
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22
Q

Market Equilibrium

A

used to refer to a state of balance between supply and demand forces

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23
Q

Market Surplus

A

a state of dis equilibrium where by the quantity supplied exceeds the quantity demanded at the current price

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24
Q

Market Shortage

A

a state of disequilibrium whereby the quantity demanded exceeds the quantity supplied at the current price

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25
Q

Market Indicators

A

measuring economic activity assesses supply and demand through numeric values

26
Q

Business Indicators

A

supply of goods and services to the marketplace is a critical measure of economic output and performance

27
Q

Gross Nation Product

A

measures the total output of an economy

28
Q

Manufacturing

A
  • covers 21 groups that produce goods for both industrial anf consumer use
  • transformation of materials or substances into new products
29
Q

Inventories

A

businesses maintain certain inventory levels to meet unexpected product demand
represent the dollar vaue of businesses raw materials, unfinished and finished ggods that are held in stock
rising and falling inventories indicate the output and employment

30
Q

Consumer Indicators

A
  • retail sales
  • consumer confidence
  • consumer price index
31
Q

Consumer Confidence

A

a degree of optimism that consumers feel about the overall state of economy and their personal financial situation

32
Q

Consumer Price Index (CPI)

A

indicator that measures the change in the consumer prices experienced by canadians

33
Q

Types of Real Estate Markets

A
  • balanced market
  • buyers market
  • sellers market
34
Q

Balanced Market

A

occurs when the supply of available properties and the numebr of potential buyers are somewhat balanced

35
Q

Buyers Market

A

when the inventory of the properties in the market exceeds the number of buyers competing for that inventory

36
Q

Sellers Market

A

exist when the market demand for properties is higher that the available

37
Q

Characterisitcs Of Real Estate Market

A
  • booming local economy
  • properties sell quickly
  • increasing property prices
  • increasing number of buyers
  • smaller inventory of properties for sale
  • limited time given to buyers to make purchase decision
  • affordable mortgage financingrates
38
Q

Characteristics Of Real Market

A
  • local in nature
  • slow to respond
  • not standarized
  • private transactions
39
Q

Physical Characterisitcs of Real Estate

A
  • real estate is unique
  • real state fixed
  • real estate is durable
  • real estate is scarce
40
Q

Demographics

A

study if the characteristics related to human populations

41
Q

Market Bubble

A

characterized by a prolonged and self-sustaining acceleration in the real estate prices, combined with feverish construction, aggressive lending practices, and low interest rates.

42
Q

Market Corrections

A

automatic processes through which the market readjusts from disequilibrium to equilibrium.

43
Q

Self Regulation

A

regulatory model that enables government to delegate it’s authority to a representative body of individuals who will oversee and regulate the practice of their profession or industry.

44
Q

Property Management

A

Leasing, negotiating or approving a lease or rental of real estate, or offering to do so.

45
Q

Mortgage Brokers

A

Solicits a person to borrow or lend money that will be secured by a mortgage

46
Q

Real Estate Appraiser

A

a person who can be defined as the exercise of developing and impartial estimate or opinion of the value of real property

47
Q

Property Inspectors

A

provide and independent and objective analysis of a propertys major systems and components

48
Q

Condominium Document Reviewers

A

are a type of legal property ownership that typically involves ownership of a residential unit and a protion of the propertys common area

49
Q

Real Estate Lawyers

A

Work with clients to conclude real estate trades and mortgage deals

50
Q

REIX

A

Real Estate Insurance Exchange

51
Q

AREA

A

Alberta Real Estate Association

52
Q

CREA

A

Canadian Real Estate Association

53
Q

Real Estate Assurance Fund

A

compensates consumers who suffer financial loss as result of fraud, breach of trust, or a failure to disburse or account for money held by an industry professional with the respect to a trade in real estate or a deal in mortgages.

54
Q

Canadian Condominium Institute

A

national, independent, non-profit organization that operates through chapters across canada

55
Q

Association of Conduminium Managers of Alberta

A

a provincial, non-profit association providing resources and education providing resources and education to it’s members with in the condominium community (corporations, individuals, businesses)

56
Q

ACM

A

Accredited Condominium Manager

57
Q

RCM

A

Registered Condominiums Manager

58
Q

Canadian Home Builders Association (CHBA)

A

member-based alliance of new home builders and related professionals with offices across Canada

59
Q

BOMA

A

Building owners and Managers Association

60
Q

Real Estate Institute of Canada (REIC)

A

national member-based association for professionals that provide real estate designation programs to advance opportunities for individuals in real estate.

61
Q

Insitutue of Real Estate Management (REM)

A

member-based association for real estate managers across all property sectors

62
Q

Society of Industrial and Office REALTORS (SIOR)

A

member-based association with Chapters located throughout the United-States, Canada, and Europe

fundamentals of real estate (1 decks)

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