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19 Cards in this Set
- Front
- Back
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Brokerage
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the business of bringing people together in a real estate transaction.
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Broker
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a person or company licensed to buy, sell, exchange, or lease real property for other and to charge a fee for these services.
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Appraisal
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the process of estimate a property's market value based on established methods and the appraiser's professional judgement.
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Property Manager
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person or company hired to protect an owner's investment and maximize the owner's return on that investment.
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Financing
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the business of providing funds to make real estate transactions.
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Subdivision
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the splitting of a single property into smaller parcels.
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Development
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the construction of improvements on land.
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Home inspection
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a thorough visual survey of a property's structure, systems and site conditions for the purpose of preparing an analytical report valuable to purchasers and home owners.
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NAR
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The National Association of Realtors is the largest real estate organization. Members are called Realtors.
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NAREB
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The National Association of Real Estate Brokers are known as Realists. Arose out of the civil rights movement for fair housing.
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Market
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place where goods can be bought and sold.
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When supply increased and demand is stable
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Prices go down
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When demand increases and supply is stable
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Prices go up.
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Uniqueness
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No 2 parcels of real estate are every exactly alike
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immobility
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property can not be moved to satisfy demand where supply is low.
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The market adjusts _________ to the forces of supply and demand
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slowly
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Factors affecting supply
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labor force
construction costs government controls government financial policies |
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Factors affecting demand
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population
demographics employment and wage levels |
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Types of real property
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Residential
Commercial Industrial Agricultural Special purpose - Church, cemetary |
