term1 Definition1term2 Definition2term3 Definition3
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Brokerage
The business of bringing two or more people together in a real estate transaction
Broker
A person or company licensed to buy, sell, exchange, or lease real estate for others and charge for services
Salesperson/sales associate
A person who performs real estate activities while employed by a licensed broker
Associate license
Licensed real estate sales person who is employed or associates with a broker to perform activities on behalf of the broker
Real estate licensee
A person who has skills and knowledge to be licensed as a real estate broker or salesperson
Appraisal
The process of developing an opinion of a property’s market value based on established methods & the appraiser’s professional judgement
- appraiser must be federally certified & some states require certification
Property management
The maintenance and management of property on behalf of property owner
- protect the owner’s investment to maximize owner’s return
Financing
The business of providing funds that make real estate transactions possible
Subdivision & Development
Subdivision: dividing a single property into smaller parcels
Development: involves preparation of a site and construction of structures or other improvements — on-site e or off-site
- on-site: new homes, recreational amenities, etc. are made on individual parcels
- off-site: water lines, storm sewers, etc. are made on public lands to serve new development
*** subdivision & development normally related, but can occur separately.
Single-family
Home that stands alone, detached
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