Flashcards in Chapter 1 & 2 Deck (48)
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?
a person who has satisfied the requirements set forth by a licensing agency or state legislation.
person who performs real estate activities while employed by or associated with a licensed real estate broker.
the amount of goods people are willing and able to buy at a given price; often coupled with supply. 7-8
the business of bringing people together in a real estate transaction. 4
the process of estimating a property's market value, based on established methods. 4
where goods can be bought and sold and a price established.
a person or company hired to maintain and manage property on behalf of its owner.
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
the amount of goods available in the market to be sold at a given price. The term is often coupled with demand. 7-8
the business of providing the funds that make real estate transactions possible. 5
the dividing of a single property into smaller parcels.
acts as a point of contact between two or more people in negotiating the sale purchase, or rental of property.
what is a broker
Residential, commercial, mixed use, industrial, agricultural, and special purpose are all categories of:
what a six categories of Real Property.
when supply increases and demand remains stable,
prices go down.
when demand increases and supply remains stable
prices go up.
members of the National Association of Realtors. N.A.R.
what characteristics of land have the most impact on market value?
uniqueness and immobility
labor force availability
construction and material costs
what are factors affecting real estate supply
employment and wage levels
factors affecting real estate demand are
the business of providing the funds that make real estate transactions possible.
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
the right to use the open space above a property, usually allowing the surface to be used for another purpose
process of converting personal property into real property.
a right, privilege, or improvement belonging to, and passing with, the land; "runs with the land." 18
people's desire for one area over another, based on a number of factors such as history, reputation, convenience, scenic beauty, and location. 23
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
growing crops, such as corn, that are produced annually through labor and industry, also called fructus industriales. 20