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