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8 Cards in this Set

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What is the difference between a broker and a salesperson?
A broker is typically in charge of the brokerage office, is the person that enters into contracts with buyers and sellers, and is ultimately responsible for the salesperson's acts.

A salesperson works as an employee or independent contractor of the brokerage firm.
What is an appraisal?
An appraiser's opinion of value, based on established methods of valuation and the appraiser's professional judgment.
What is a property manager?
A person hired to maintain and manage property on an owner's behalf.
What is subdivision?
The splitting of a single property into smaller parcels.
What is a seller's market?
A market where demand outpaces supply. Prices will rise.
What is a buyer's market?
A market where supply outpaces demand. Prices will fall.
What are some of the factors affecting supply of real estate?
Labor force (shortage)
Constrcution costs (increase)
Government controls (taxes, zoning)
Financial policies (interest rates, incentives)
What are some of the factors affecting demand of real estate?
Population (increase, decrease)
Demographics (family size, retirees, income, etc.)
Employment (loss, increase)