UNIT 1 “The Real Estate Business” Flashcards
Act as a point of contact between two or more people in negotiating the sale, purchase, or rental of property
Brokerage
A person that has gone through the course tasks and have completed the state exam.
Licensee
The Real Estate Licensing and Registration Act and the State Real Estate Commission’s Rules and Regulations
Laws that govern how licensees offer their services in pennsylvania.
the process of estimating a property’s market value
Appraisal
a person hired to maintain and manage property on behalf of its owner.
Property Manager
business of providing the funds that make real estate transactions possible
Financing
- splitting of a single property into smaller parcels.
- improvements onto the land
Subdivision
&
Development
Process using their expierience in construction to conduct a thorough visual survey of a property’s
Home Inspection
providing clients with competent independent advice based on sound professional judgment.
Counseling
Types of real estate properties?
Residential, Commercial, mixed-use, Industrial, Agricultural, Special use
Composed of state, regional, and local associations. Also sponsors various affiliated organizations that offer professional designations to people who complete required courses in areas of special interest.
Nation Association of Realators (NAR)
Known as realstists… Association of racial minority real estate brokers in response to the conditions that eventually gave rise to fair housing laws.
National Association of Real Estate Brokers (NAREB)
Has completed the requirements of the REALTOR Institute
Graduate of Real Estate Institute (GRI)
Affiliate designation of NAR specializing in residential property
REALATORS
Member of the National Association of REALTORS
Certified Residential Specialist (CRS)
