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17 Cards in this Set

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  • Back
  • 3rd side (hint)
What is a brokerage?
The business of bringing people tobgether in a real estate transaction
think place
What is a broker (or designated representative = salesperson or associate broker)?
A point of contact between two or more people in negotiation the sale, purchase, or rental of a property (residential, commercial, or industrial)
what will I do, who, types
What is a salesperson?
a licensee who sells property out of a sponsoring broker's office.
what will i have, who will i work for
Appriasal
The process of estimating a property's market value. Assists the lender in determining maximum loan amount.
value
Property Manager
A person hired to maintain and manage property on behalf of its owner
day-to-day management
Financing
The business of providing the funds that make real estate transactions possible
money
Subdivision
The process of splitting a single property into smaller parcels.
divide
Development
Involves the construction of improvements on the land
construction
Home Inspectors
Conduct a thorough visual survey of a property's structure, systems, and site conditions and prepare an analytical report that is valuable to both purchasers and homeowners.
S.S.S.


structure, systems, site
Counseling
providing clients with competent independent advice based on professional judgement
independent advice
What is industrial property?
warehouses, factories, power plants
not commercial
What is special purpose?
churches, schools, cemeteries, and government land
exempt property
What is a market?
a place where goods can be bought and sold
If supply increases and demand remains stable....
....prices go down
If demand increases and supply remains stable...
...prices go up
What are the 2 characteristics that have the most impact on market value?
Uniqueness - never exactly alike
Immobility - property can't be moved to satisfy demand
U
I
What factors affect the supply side of real estate?
labor force, construction and material costs, government controls, financial policies
L
C and M costs
G
F