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17 Cards in this Set
- Front
- Back
- 3rd side (hint)
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What is a brokerage?
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The business of bringing people tobgether in a real estate transaction
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think place
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What is a broker (or designated representative = salesperson or associate broker)?
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A point of contact between two or more people in negotiation the sale, purchase, or rental of a property (residential, commercial, or industrial)
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what will I do, who, types
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What is a salesperson?
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a licensee who sells property out of a sponsoring broker's office.
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what will i have, who will i work for
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Appriasal
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The process of estimating a property's market value. Assists the lender in determining maximum loan amount.
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value
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Property Manager
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A person hired to maintain and manage property on behalf of its owner
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day-to-day management
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Financing
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The business of providing the funds that make real estate transactions possible
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money
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Subdivision
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The process of splitting a single property into smaller parcels.
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divide
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Development
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Involves the construction of improvements on the land
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construction
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Home Inspectors
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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 purchasers and homeowners.
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S.S.S.
structure, systems, site |
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Counseling
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providing clients with competent independent advice based on professional judgement
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independent advice
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What is industrial property?
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warehouses, factories, power plants
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not commercial
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What is special purpose?
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churches, schools, cemeteries, and government land
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exempt property
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What is a market?
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a place where goods can be bought and sold
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If supply increases and demand remains stable....
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....prices go down
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If demand increases and supply remains stable...
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...prices go up
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What are the 2 characteristics that have the most impact on market value?
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Uniqueness - never exactly alike
Immobility - property can't be moved to satisfy demand |
U
I |
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What factors affect the supply side of real estate?
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labor force, construction and material costs, government controls, financial policies
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L
C and M costs G F |
