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56 Cards in this Set
- Front
- Back
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Related fields in real estate |
Finance, appraisal, property management, development, construction, real estate title, trade associations, education, government work |
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Farming |
Concentrating on a type of property or a particular neighborhood - “a specializing” |
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Residential properties |
Single-family Multi-family Condominiums Cooperatives Converted-use Manufactured Timeshare |
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Single-family |
House |
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Multi-family |
Double or duplex Large apartment buildings Buyers are investors |
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Condominiums |
Buyers buy a specific unit & have group ownership of common areas (roads, pools) |
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Cooperatives |
“Co-op” building owned by a non-profit corp. residents are share holders w a lease. Have common grounds. |
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Converted-use properties |
Existing buildings that are converted into residential (schools, factories, offices) |
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Manufactured housing |
Build-a-homes that they attach to a foundation |
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Timeshare |
Ownership of a property for a fixed variable of time (1 wk in resort) |
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Property types |
Commercial Industrial Farm Vacant land sales |
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Commercial properties |
Retail or hotels Realtors work w leasing, leasebacks, property management, construction, financing |
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Industrial properties |
Land or buildings that involve the production, distribution and storage of economic goods |
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Farm property |
Farmland |
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Vacant land sales |
Specialized real estate workers in zoning, land characteristics, water issues, environmental impact, workers must be well versed in laws that govern unsubdivided land |
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Independent contractor |
Sales equal money Written contract 1099 - misc |
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Employee |
Gets a W-2 Works with commercial, property management and development |
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Real estate insurance |
Errors and omissions insurance Protects licensee working within their field |
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National association of REALTORS (r) (NAR) |
Must join local real estate board and be licensed Benefit- part of multiple listing service (MLS) platform updated regularly with new listings |
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Influences on the real estate market |
PEGS Physical, economic, governmental, social |
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Physical influences on the real estate market |
Location, desirability, uniqueness |
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Economic influences on the real estate market |
Supply and demand, interest, inflation |
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Governmental influences on the real estate market |
Taxes, loan programs |
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Social influences on the real estate market |
Demographics, population, trends |
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Sellers market |
More buyers than sellers |
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Buyers market |
More sellers than buyers |
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Decreased interest rates |
Higher demand for property |
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Increased interest rates |
Lower demand for property |
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Fiscal property |
Governments plan for spending, taxation, and debt management Government budgets and how they plan to spend it The goal is to increase economy and decrease unemployment |
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Monetary policy |
Government control over supply and cost of money |
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Federal reserve |
Manages monetary policy and commercial bank regulation Goal is to increase employment, economic growth, price stability and interest rate Federal government doesn’t set interest rates |
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Monetary policies that regulate the flow of money |
DORM |
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DORM |
Discount rate, open market operations, Reserve requirements, moral suasion |
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Discount rate |
Rate that the federal reserve charges to lend money to member banks Increase discount rate equals increased interest |
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Open market operations |
Federal reserve buys or sells government bonds to control the supply and demand |
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The federal open market committee meets to discuss? |
Present and future state of the economy and where they want interest rates to be |
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Reserve requirements |
Percentage of deposits the federal reserve requires commercial banks to maintain |
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When the federal reserve increases reserve requirements= |
Less money to lend High interest |
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Moral suasion |
Federal ability to influence public and financial markets perception of credit “Image” -if they don’t do it, I won’t |
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Broker |
Someone who sells, list, leases, exchanges, negotiate or otherwise deals in real estate of others or represents publicly that they do |
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Brokerage |
Business that brings together buyers, sellers and or lessess or lessors of real estate |
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Brokerage |
Business that brings together buyers, sellers and or lessess or lessors of real estate |
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Cost of money |
Interest rate that people or businesses pay to use someone else’s money |
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Brokerage |
Business that brings together buyers, sellers and or lessess or lessors of real estate |
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Cost of money |
Interest rate that people or businesses pay to use someone else’s money |
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Economic base |
Main business or industry in an area that supports and sustains a community |
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Errors and omissions |
Protects licenses from liability due to mistakes |
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Independent contractor person |
Person who contracts to do a job for another but maintains control over how the task is carried out |
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Inflation |
Increase in cost of goods or services Too many people wanting to few goods |
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Licensee |
Person licensed to practice real estate |
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Licensee |
Person licensed to practice real estate |
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Non-homogeneity |
Idea that each piece of land, building, house is unique |
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Real estate cycles |
Swings in real estate activity |
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Salesperson |
Real estate licensee who is associated with broker and performs on behalf of broker |
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Salesperson |
Real estate licensee who is associated with broker and performs on behalf of broker |
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Scarcity |
Idea that there is a limited supply compared to demand |
