Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
44 Cards in this Set
- Front
- Back
- 3rd side (hint)
|
Broker |
person or company licensed to buy, sell, exchange, or lease real property for others for compensation |
|
|
|
Licensed real estate salesperson |
conducts brokerage activities on behalf of the broker |
|
|
|
Real estate licensee |
Person who has satisfied the requirements of a licensing agency , as authorized by the date legislation |
|
|
|
Licensed real estate salesperson |
Employed or associated by broker to perform brokerage activities on behalf of the broker |
|
|
|
Licensed salesperson is also referred to as ______ ______ and _______ _______ |
Sales associate Associate licensee |
|
|
|
Appraisal |
developing an opinion of a property's value |
|
|
|
Property manager |
Hired to maintain and manage property on behalf of property owner |
|
|
|
Financing |
Business of providing funds that make real estate transactions possible |
|
|
|
Federal law requires mortgage loan originators to qualify for the _________ |
NMLS |
|
|
|
NMLS |
National Multistate Licensing System and registry |
|
|
|
Subdivision |
Dividing of a single property into smaller parcels |
|
|
|
Development |
Involves preparation of a site and construction of structures or other improvements |
|
|
|
Types of real property |
•residential •commercial •mixed-use •industrial •agricultural •special purpose |
|
|
|
PUDs |
Planned unit developments |
|
|
|
MUDs |
Mixed used developments |
|
|
|
Fair Housing |
Federal law prohibits discrimination based on race, color, national origin, religion, sex, familial status, or disability |
|
|
|
Market |
When goods can be bought and sold |
|
|
|
Supply and Demand |
price |
supply is the quantity of goods or services that can be sold at a given price; made up of residential and commercial land and structures
Demand refers to the quantity of goods or services that consumers are willing and able to buy at a given price; |
|
|
FHA |
Federal Housing Administration |
|
|
|
Ginnie Mae |
Government National Mortgage Association |
|
|
|
Real estate ______ is one of the primary sources of revenue for local governments |
taxation |
|
|
|
Niche marketing |
A phrase used to refer to the targeted marketing of specific demographic populations |
|
|
|
(Supply and demand) Factors affecting supply: |
•demand •construction cost (labor, materials, fees) •interest rates |
|
|
|
(Supply and demand) Factors affecting demand: |
•demographics •economy •wages |
|
|
|
The fed |
Federal Reserve Board |
|
|
|
Equity |
the difference between the current fair market value of a property and the amount of debt owed against the property. Home’s worth minus what’s owed of mortgage loan |
|
|
|
Profit |
sell price minus purchase price the amount of money that one gains after selling a property, minus the amount of money used to purchase it. |
|
|
|
IRA |
individual retirement account |
|
|
|
Appreciation |
Increasing value |
|
|
|
Depreciation |
Cost recovery |
|
|
|
Land is not considered a ______ asset |
Depreciating |
|
|
|
Leverage |
Use of borrowed money to finance an investment |
|
|
|
Capital gain |
the difference between the purchase price of property and its net selling price purchase price minus net selling price |
|
|
|
Liquidity |
refers to how quickly an asset may be converted into cash |
|
|
|
HOA |
Homeowners Association |
|
|
|
PUDs are sometimes called… |
Master plan communities |
|
|
|
MUDs are also called…. |
Highrise developments |
|
|
|
Converted-use properties |
factories, warehouses, office buildings, hotels, schools, churches, and other structures that have been converted to residential use |
|
|
|
Factory-built housing |
Manufactured homes Modular homes |
|
|
|
Fiduciary duties |
OLD CAR •Obedience •loyalty •disclosure •confidentiality •accounting •reasonable care |
|
|
|
Fiduciary |
Agent |
|
|
|
Who is the customer? |
Third party |
|
|
|
What does the fiduciary owe the customer? |
Honest and fair dealing |
|
|
|
Who is the client or principal? |
agency relationship The one who signs the agency agreement The one we owe the fiduciary duties |
|
