Chapter 1 Introduction Flashcards
(29 cards)
The principle of real estate which states that even if two parcels may appear identical they are never exactly alike is called
Uniqueness
A person who performs real estate activities while employed by, or associated with, a licensed real estate broker is
Sales person or sales associate
An owner of this type of housing owns an individual unit and also share his ownership of common elements
Condominium
Maintaining and administering another’s property for a fee is called
Property management
The process of using established methods and good judgment to estimate the value of property is called
Appraisal
The property of real estate that refers to the fact that property cannot be relocated elsewhere is
Immobility
A report based on visual survey of property structure systems and site conditions is called a
Home inspection
Bringing together parties interested in making a real estate transaction is a
Brokerage
A person who adheres to the code of ethics of the national Association of realtors is
A Realtor
A person who has satisfied the requirements of a licensing agency as authorized by state legislation is
A real estate licensee
The dividing of a single property into smaller parcels
Subdivision
The construction of improvements that benefit the land is called
Development
Providing clients with competent independent advice based on professional judgment is
Counseling
Refers to a system of moral principles rules and standards of conduct
Ethics
What two things do moral principles do?
They established standards for integrity in competence in dealing with consumers of an industry’s services.
They define a code of conduct for relations within the industry among its professionals
What are the six categories of real property?
Residential, commercial, mixed use, industrial, agricultural and special purpose
Prices for goods and services in the market are established by the operation of
Supply and demand
________ is the quantity of goods or services that can be sold at a given time.
Supply
_______ refers to the quantity of goods or services that consumers are willing and able to buy at a given price.
Demand
When supply increases in demand fails to increase commensurately, prices go _____.
Down
When demand increases and supply fails to increase sufficiently to satisfy that demand prices go _____.
Up
What to characteristics of real estate govern the way the market reacts to the pressures of supply and demand?
Uniqueness and immobility
The study and description of a population is called
Demographics
_______ is the business of providing the funds that make real estate transactions possible through loans secured by a mortgage or deed of trust on the property with funding provided by commercial banks, thrifts, credit unions, mortgage bankers and mortgage brokerage companies.
Financing
