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