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38 Cards in this Set
- Front
- Back
Broker |
defined as a person or company licensed to buy, sell, exchange, or lease real property for others and to charge a fee for these services. |
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Real estate salesperson |
is employed by or associated with the broker to perform brokerage activities on behalf of or for the broker |
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Brokerage |
Is the business of bringing people together for a real estate transaction |
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Appraisal |
is the process of developing an opinion of a property's market value, based on established methods and the appraiser's professional judgment. |
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Property manager |
is a person or company hired to maintain and manage property on behalf of the property owner. |
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Financing/Lender |
is the business of providing the funds that make real estate transactions possible |
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Subdivision |
is the dividing of a single property into smaller parcels. |
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Development |
involves the construction of improvements that benefit the land. |
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Home Inspection |
conducts a thorough visual survey of a property's structure, systems, and site conditions and prepares an analytical report that is valuable to both purchasers and homeowners. |
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Counseling |
involves providing clients with competent independent advice based on sound professional judgment |
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National Association of Realtors |
The largest trade organization that serves the real estate business. |
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NAR Affliates |
1.Counselors of Real Estate (CRE) 2.Commercial Investment Real Estate Institute (CIREI) 3.Institute of Real Estate Management (IREM) 4.REALTORS® Land Institute (RLI) 5.Certified Real Estate Brokerage Manager (CRB) 6.Certified Residential Specialist (CRS) 7.Graduate, REALTOR® Institute (GRI) 8.Council of Residential Specialists (CRS) 9.Society of Industrial and Office REALTORS®(SIOR) 10.Women's Council of Realtors (WCR) |
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Ethics |
refers to a system of moral principles, rules, and standards of conduct. These moral principles do two things: |
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Code of ethics |
is a written system of standards for ethical conduct. |
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Standards of Practice |
Are Practical applications of the articles of the code |
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Realists |
Are members of the national Association of real estate brokers |
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Realtors |
Are Members of NAR |
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6 Types of Real Property |
1. Residential 2. Commercial 3. Mixed use 4. Industrual 5. Agricultural 6. Special purpose |
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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 |
business property, including office space, shopping centers, stores, theaters, hotels, and parking facilities; |
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Mixed use |
property that allows for two uses, commercial and residential, in the same building |
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Industrial |
warehouses, factories, land in industrial districts, and power plants |
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Agricultural |
farms, timberland, ranches, and orchards; or |
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Special purpose |
privately owned properties, such as places of worship, schools, and cemeteries, as well as publicly held properties, such as schools, municipal service buildings, and parks. |
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Why do people buy homes |
1. Financial stability 2. Homes appreciate 3. Interest paid on house loan can be a deduction on federal income tax 4. Pride, Security and a sense of belonging to a community |
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condominium |
Owners own their own unit and share ownership of common areas |
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Cooperative |
Owners own shares in a corporation that has title to the property |
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Planned Unit Development |
Owners own their own unit in a development but have no ownership in the common areas |
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Market |
Is a place where goods can be bought and sold. |
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Supply and demand |
Prices for goods and services in the market |
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Supply |
is the quantity of goods or services that can be sold at a given price. |
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Demand |
refers to the quantity of goods or services that consumers are willing and able to buy at a given price. |
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Uniqueness |
means that, no matter how identical they may appear, no two parcels of real estate are ever exactly alike; each occupies its own unique geographic location. |
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Imbolity |
refers to the fact that property cannot be relocated to satisfy demand where supply is low, nor can buyers always relocate to areas with greater supply. |
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Factors affecting supply |
1.Labor force 2. Construction 3. Materials 4. Government controls 5. Financial policies
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Factors Affecting Demand |
1. Population 2. Demographics 3. Employment 4. Wage levels |
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Demographics |
The study and description of a population |
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Converted-use properties |
are factories, warehouses, office buildings, hotels, schools, churches, and other structures that have been converted to residential use. |