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13 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Definition of the term brokerage |
The business practice of bringing together parties for a transaction |
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Examples of special use property |
School, Church, Cemetery |
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Functional obsolescence |
Components of a building that are out of date and not in conformity with contemporary construction standards (1 bathroom in a 4 bedroom home) |
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Principal definition |
A consumer of real estate services who has entered an agency relationship with a broker or a licensee employed by the broker |
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Capitalization |
The process of determining the present market value of a property from future income |
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Salesperson's obligation to buyer under every single agency listing |
Inform seller and all potential buyers of any material defects not disclosed by the seller |
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Advantages of a 25-30 year mortgage |
Increased purchasing power |
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Examples of commercial real estate |
Hotels, parking lots, shopping centers |
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What is homeowners insurance |
Insurance to protect owners against fire and other casualties |
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Special agent |
A type of agency in which an agent represents the principal in one specific transaction or business activity. Most common type of agency |
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Methods of the cost approach to estimate value |
A. Quantity Survey Method B. Unit-In-Place Method C. Square Foot Method |
There are 3 methods |
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Steering |
The UNLAWFUL act of keeping a prospective buyer away from an area of a community for reasons other than financial qualifications |
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Characteristics of a contract for a deed |
A. Buyer purchases land through installment through installment payments B. The seller retains ownership C. The seller gives up possession D. Buyer receives an equitable interest E. Buyer receives title when final installment is paid |
It has 5 parts |
