Chp 1 - Introduction To Real Estate Terms

Front 1

one who acts as an intermediary on behalf of others for a fee or commission

Back 1

broker

Front 2

a place where goods can be bought and sold and a price established

Back 2

market

Front 3

a person who performs real estate activities while employed by or associated with a licensed real estate broker

Back 3

salesperson

Front 4

amount of goods available in the market to be sold at a given price

Back 4

supply

Front 5

amount of goods people are willing and able to buy at a given price

Back 5

demand

Front 6

*someone who manages real estate for another person for compensation
*duties include collecting rents, maintaining the property and keeping up all accounting

Back 6

property manager

Front 7

a contract between the owner of income property and a management firm or individual property manager that outlines the scope of the manager's authority

Back 7

management agreement

Front 8

what are 5 categories of real property

Back 8

residential, commercial, industrial, agricultural, special purpose

Front 9

type of property used for single-family or multifamily housing, whether in urban, suburban or rural areas

Back 9

residential

Front 10

type of property used for business, including office space, shopping centers, stores, theatres, hotels, and parking facilities

Back 10

commercial

Front 11

type of property used for warehouses, factories, land in industrial districts and power plants

Back 11

industrial

Front 12

type of property used for farms, timberland, ranches and orchards

Back 12

agricultural

Front 13

type of property used for churches, schools, cemeteries, and government-held lands

Back 13

special-purpose

Front 14

when supply increased and demaind remands stables

Back 14

prices go down

Front 15

when demand increases and supply remains stable

Back 15

prices go up

Front 16

what are the 2 characteristics of land that have the most impact on market value

Back 16

uniqueness and immobility

Front 17

no matter how identical they may appear, no 2 parcels of real estate are exactly alike - this characteristic of land is

Back 17

uniqueness

Front 18

property cannot be relocated to satisfy demand where supply is low; buyers cannot relocate to areas with greater supply - this characteristic of land is

Back 18

immobility

Front 19

4 factors affecting real estate supply

Back 19

labor force
construction costs
government controls
government financial policies

Front 20

a shortage of skilled labor or building materials or increase in cost of materials can decrease the amount of new construction - what 2 factors affecting supply is this

Back 20

labor force
construction costs

Front 21

*Fed establishes discount rate
*local governments
*land-use controls, building codes * zoning ordinances - what 2 factors affecting supply is this

Back 21

government controls
government financial polies

Front 22

what 3 factors affect real estate demand

Back 22

population
demographics
employment & wage levels

Front 23

study & description of a population, ie family size, income, lifestyle

Back 23

demographics

Front 24

*decisions on what to spend on housing closed related to income
*job opportunities are scarce or wage levels low, demand for real estate drops
-what factor of real estate demand is this

Back 24

employment and wage levels