Nebraska Real Estate ( Principle And Practice)

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Broker

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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 Licensee

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A person who has satisfied the requirement of a licensing agency, as authorized by state legislation.

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Appraisal

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

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Property Manager

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A Person or company hired to maintain and manage property on behalf of the property owner.

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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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Subdivision

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The dividing of a single property into smaller parcels.

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Development

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Involves the construction of improvements that benefit the land.

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Home Inspection

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A profession that combines a practitioner's interest in real estate with skill and training in the construction trade.

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Counseling

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Involves providing clients with the competent independent advice based on sound professional judgment.

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Ethics

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Refers to a system of moral principles, rules, and standards of conduct.

They establish standards for integrity and competence in dealing with consumers of an industry's services.

They define a code of conduct for relations within the industry among its professional.

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Code of Ethics

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A written system of standards for ethical conduct.

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Residential

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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, hotel, and parking facilities.

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Mix 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 the industrial districts and the power plants.

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agricultural

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Farms, timberland, ranches, and orchards.

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Special purpose

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Privately owned properties, such as places of worship, schools, and cemeteries, as well as publicly help properties, such as schools, municipal services buildings, and parks.

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Single-Family detached house

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one of the most popular housing types, although it has been adapted in urban areas to take the farm of the row house that may share a wall with an adjoining property.

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Apartment building

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the response to housing demand in crowded urban areas.

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Apartment Complex

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Made up of a group of apartment buildings with a varying number of units in each building.

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Condominium

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Popular form of residential ownership, offering the security of owning property without the are and maintenance responsibilities a house demands.

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Planned unit Developments ( PUDs)

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Might consist entirely of residences, but they can also serve to merge such diverse land uses as housing, recreation, and commercial units into one self-contained development. Are planned under special zoning ordinances.

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Highrise/ Mix-use Developments

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Combine office spaces, stores, theaters, and apartment units into a single vertical community.

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Converted-use Properties

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

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Factory-Built housing

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Most temporary of residences.

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Manufactured homes

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Permanent installations built to federal specifications, providing principal residences or vacation homes.

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Supply and Demand

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Prices for goods and services in the market are established by this operation.

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Uniqueness

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No matter how identical they may appear, no two parcels of real estate are ever exactly alike; each occupies its own special geographic location.

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Immobility

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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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Supply

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These affect this:

Labor Force, construction, and Material Costs

Governmental Controls and Financial Policies

Local Government factors

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Demand

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These are Affected by these:

Population

Demographics

Employment and wage Levels

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Management agreement

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The basic responsibility of the property manager is to protect the owners investment while maximizing the owners financial return.

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Real Estate Brokerage

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The business of bringing people together in a real estate transaction conducted by a real estate broker.

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Salesperson

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who conducts brokerage activities on behalf of the broker.