Basic Real Estate Concepts (Chapter 1)

Front 1

Broker

Back 1

acts as an agent who negotiates the sale, purchase, or rental of property on behalf of others for a fee or commission

Front 2

Business Cycles

Back 2

upward and downward fluctuations in business activity

Front 3

Chattel

Back 3

movable personal property

Front 4

Personal property/personalty

Back 4

all property that does not fit definition of real property, general characteristic of personal property is movability

Front 5

demand

Back 5

amount of goods people are willing and able to buy at a given price; often coupled with supply

Front 6

heterogeneity/non-homogeneity

Back 6

uniqueness of land

Front 7

highest & best use

Back 7

use that will give the owners the greatest actual return on their investment

Front 8

land

Back 8

earth's surface extending downward to the center of the earth and upward to infinity, including things permanently attached by nature, such as trees and water

Front 9

market

Back 9

place where goods are bought and sold, where value for those goods is established, and where it is advantageous for buyers and sellers to trade

Front 10

provisional broker

Back 10

person working on behalf of the broker

Front 11

real estate

Back 11

land at, above, and below the earth's surface, including all things permanently attached to it, whether natural or artificial

Front 12

real property

Back 12

land, everything that is permanently attached to the land, and everything that is appurtenant to (goes with) the land

Front 13

situs

Back 13

location that takes into consideration social factors in addition to economic factors

Front 14

supply

Back 14

amount of goods available in the market to be sold at a given price; often coupled with demand