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Flashcards in Chapter 1 & 2 Deck (48)
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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.

What is a broker?

1

a person who has satisfied the requirements set forth by a licensing agency or state legislation.

licensee

2

person who performs real estate activities while employed by or associated with a licensed real estate broker.

salesperson

3

the amount of goods people are willing and able to buy at a given price; often coupled with supply. 7-8

demand

4

the business of bringing people together in a real estate transaction. 4

brokerage

5

the process of estimating a property's market value, based on established methods. 4

appraisal

6

where goods can be bought and sold and a price established.

marketplace

7

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

property manager

9

the appraisal principle that follows the interrelationship of the supply of and demand for real estate. Because appraising is based on economic concepts, this principle recognizes that real property is subject to the influences of the marketplace as with any other commodity. 7-8

supply and demand

9

the amount of goods available in the market to be sold at a given price. The term is often coupled with demand. 7-8

supply

10

the business of providing the funds that make real estate transactions possible. 5

financing

11

the dividing of a single property into smaller parcels.

subdivision

12

acts as a point of contact between two or more people in negotiating the sale purchase, or rental of property.


what is a broker

13

Residential, commercial, mixed use, industrial, agricultural, and special purpose are all categories of:

what a six categories of Real Property.

14

when supply increases and demand remains stable,

prices go down.

15

when demand increases and supply remains stable

prices go up.

16

Realtors

members of the National Association of Realtors. N.A.R.

17

what characteristics of land have the most impact on market value?

uniqueness and immobility

18

labor force availability
construction and material costs
government controls
financial policies

what are factors affecting real estate supply

19

population
demographics
employment and wage levels

factors affecting real estate demand are

20

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

financing

21

acquiring title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of alluvial deposits along the banks of streams

accession

22

the right to use the open space above a property, usually allowing the surface to be used for another purpose

air rights

23

process of converting personal property into real property.

annexation
20

24

a right, privilege, or improvement belonging to, and passing with, the land; "runs with the land." 18

appurtenance

25

people's desire for one area over another, based on a number of factors such as history, reputation, convenience, scenic beauty, and location. 23

area preference

26

the concept of land ownership that includes ownership of all legal rights to the land--possession, control within the law, enjoyment, exclusion, and disposition. 17

bundle of legal rights

27

personal property

chattel

28

growing crops, such as corn, that are produced annually through labor and industry, also called fructus industriales. 20

emblements

29

an item of personal property that has been converted to real property that has been converted to real property by being permanently affixed to the realty. 21

fixture