Real Estate Unit 1

Front 1

Broker

Back 1

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.

Front 2

Real estate salesperson

Back 2

is employed by or associated with the broker to perform brokerage activities on behalf of or for the broker

Front 3

Brokerage

Back 3

Is the business of bringing people together for a real estate transaction

Front 4

Appraisal

Back 4

is the process of developing an opinion of a property's market value, based on established methods and the appraiser's professional judgment.

Front 5

Property manager

Back 5

is a person or company hired to maintain and manage property on behalf of the property owner.

Front 6

Financing/Lender

Back 6

is the business of providing the funds that make real estate transactions possible

Front 7

Subdivision

Back 7

is the dividing of a single property into smaller parcels.

Front 8

Development

Back 8

involves the construction of improvements that benefit the land.

Front 9

Home Inspection

Back 9

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.

Front 10

Counseling

Back 10

involves providing clients with competent independent advice based on sound professional judgment

Front 11

National Association of Realtors

Back 11

The largest trade organization that serves the real estate business.

Front 12

NAR Affliates

Back 12

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)

Front 13

Ethics

Back 13

refers to a system of moral principles, rules, and standards of conduct. These moral principles do two things:

Front 14

Code of ethics

Back 14

is a written system of standards for ethical conduct.

Front 15

Standards of Practice

Back 15

Are Practical applications of the articles of the code

Front 16

Realists

Back 16

Are members of the national Association of real estate brokers

Front 17

Realtors

Back 17

Are Members of NAR

Front 18

6 Types of Real Property

Back 18

1. Residential

2. Commercial

3. Mixed use

4. Industrual

5. Agricultural

6. Special purpose

Front 19

Residential

Back 19

all property used for single-family or multifamily housing, whether in urban, suburban, or rural areas

Front 20

Commercial

Back 20

business property, including office space, shopping centers, stores, theaters, hotels, and parking facilities;

Front 21

Mixed use

Back 21

property that allows for two uses, commercial and residential, in the same building

Front 22

Industrial

Back 22

warehouses, factories, land in industrial districts, and power plants

Front 23

Agricultural

Back 23

farms, timberland, ranches, and orchards; or

Front 24

Special purpose

Back 24

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.

Front 25

Why do people buy homes

Back 25

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

Front 26

condominium

Back 26

Owners own their own unit and share ownership of common areas

Front 27

Cooperative

Back 27

Owners own shares in a corporation that has title to the property

Front 28

Planned Unit Development

Back 28

Owners own their own unit in a development but have no ownership in the common areas

Front 29

Market

Back 29

Is a place where goods can be bought and sold.

Front 30

Supply and demand

Back 30

Prices for goods and services in the market

Front 31

Supply

Back 31

is the quantity of goods or services that can be sold at a given price.

Front 32

Demand

Back 32

refers to the quantity of goods or services that consumers are willing and able to buy at a given price.

Front 33

Uniqueness

Back 33

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.

Front 34

Imbolity

Back 34

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.

Front 35

Factors affecting supply

Back 35

1.Labor force

2. Construction

3. Materials

4. Government controls

5. Financial policies

Front 36

Factors Affecting Demand

Back 36

1. Population

2. Demographics

3. Employment

4. Wage levels

Front 37

Demographics

Back 37

The study and description of a population

Front 38

Converted-use properties

Back 38

are factories, warehouses, office buildings, hotels, schools, churches, and other structures that have been converted to residential use.