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31 Cards in this Set

  • Front
  • Back
Why people terminate a lease
-fulfilled
-agreement expires
-Property is destoyed, zoning change or condemnation by eminent domain.
-operation of law (bankruptcy or foreclosure
Specializations within real estate
-Brokerage
-licensee
-Appraisal
-Property Management
-Financing
-Subdivision and development
-Home Inspection
specializations within real estate
counseling
education
financing
providing the funds that make real estate transactions possible
Types of Real Property
residential-all property used for single family or multifamily housing, whether in urban, suburban or rural areas
Commercial
business property including office space, shopping centers, stores, theaters, hotels and parking facilities
Mixed Use
property that allows for two uses commercial and residential in the same building
Industrial
Warehouses, factories, land in industial district and power plants
agricultural
farms, timber land, ranches, and orchards
special purpose
churches, schools, cemeteries and government held land.
Real Property Acronym
MAS RIC
Nnemonic for Specializations
BLAPFS HCEO
market
a place where goods can be bought or sold.
what influences the real estate market?
Principles of supply and demand which are influenced by uniqueness and immobility of parcels of real estate.
Supply of real estate include....
Labor Force availability
Construction and material
Costs
Government Controls-environment restructuring land use
Governemtn financial policies-that impact interest rates and the money supply
licensee
satisfied the requirement set forth by a licensing agency or state legislation.
coursewor or work experience and passing an exam
Real estate salesperson
licensee employed by r associated with the broker
broker
Point of Contact
A broker is defined as a person or company licensed to buy, sell, exhcnage or lease real property for others and to charge a fee for these services
Home Inspection
allows practitioners the chance to combine their interest in real estate with their professional skills and training in these areas.
What is demand in real estate determined by?
Population
Demographics
Employment wage Levels
Counseling
providing clients with competent
independent advice based on sound professional judgement
furnish clients with the information needed to make informed decisions
Home Inspection
Conduct a thorough visual, survey of a property's structure systems and site conditions and prepare an analytical report that is valuable to both purchaser's and home owners
Offsite improvement
water lines and storm sewers, made on public lands to serve the new development
Onsite
New homes or swimming pools are made on individual parcels.
Subdividion and development
Subdivision-dividing of a single property into smaller parcels.
Development involves the construction of improvement on the land.
Property Management
protect owners investment and maximize the return on that investment
Appraisal
Process of estimating a property's market value, based on established methods and the appraiser's professional judgement
Appraisers
must have detialed knowledge of the methods of valuation
appraisers must be licensed or certified to carry out local transaction
Brokerage
bringing people together in a real estate transaction
What role does education play?
Licensee keep their skills and knowledge current.
Counseling
helps clients choose among the various alternatives involved in purchasing using or investing in property