Ch. 1 Intro to Real Estate Flashcards Preview

Real Estate Financing > Ch. 1 Intro to Real Estate > Flashcards

Flashcards in Ch. 1 Intro to Real Estate Deck (12):
1

broker

a person or company licensed to buy, sell, exchange, or lease real property for others and to charge a fee for these services

2

code of ethics

A written system of standards for ethical conduct

3

market

A place where goods can be bought and sold and a price established

4

salesperson

employed by or associated with the broker to perform brokerage activities on behalf of the or for the broker also referred to as a sales associate or associate licensee

5

supply and demand

The supply is the quantity of goods or services that can be sold at a given price/Demand refers to the quantity of goods or services that consumers are willing and able to buy at a given price

6

financing

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

7

property manager

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

8

subdivision

the dividing of a single property into smaller parcels

9

development

involves the construction of improvements that benefit the land

10

Factors that affect Supply & Demand

Population, Demographics, Employment & Wage Levels

11

Home inspection

inspection report that will show result of a thorough survey of observable property conditions

12

Real estate counseling

independent advice based on sound professional judgement regarding how to buy, sell, or invest in property