Introduction Flashcards
the land along with any permanent improvements attached to the land, whether natural or man-made - including water, trees, minerals, buildings, homes, fences, and bridges.
Real Estate
refers to the land and all those items which are attached to the land. It is the physical, tangible entity, together with all the additions or improvements on, above or below the ground.
Real Estate
Types of Real Estate according to the Philippine Context
residential, agricultural, commercial or industrial and also as mineral
is the baseline for all types of real property. typically refers to undeveloped property and vacant land. Developers acquire it and combine it with other properties (called assembly) and rezone it so they can increase the density and increase the value of the property.
Land
consists of housing for individuals, families, or groups of people. This is the most common type of estate and is the asset classAsset ClassAn asset class is a group of similar investment vehicles. Different classes, or types, of investment assets – such as fixed-income investments - are grouped together based on having a similar financial structure. They are typically traded in the same financial markets and subject to the same rules and regulations. that most people are familiar with. Within it, there are single-family homes, apartments, condominiums, townhouses, and other types of living arrangements.
Residential
refers to land and buildings that are used by businesses to carry out their operations. Examples include shopping malls, individual stores, office buildings, parking lots, medical centers, and hotels.
Commercial
refers to land and buildings that are used by industrial businesses for activities such as factories, mechanical productions, research and development, construction, transportation, logistics, and warehousing.
Industrial
is a process that involves the purchase of raw land, rezoning, construction and renovation of buildings, and sale or lease of the finished product to end users.
Development
work with developers to sell the buildings and units they create. These firms earn a commission for creating all marketing material and using their sales agents to sell the inventory of completed units. These firms typically focus on new units.
Sales and Marketing
is a firm that employs a team of real state agents (realtors) who help facilitate a transaction between the buyers and sellers of property. Their job is to represent either party and help them achieve a purchase or sale with the best possible terms.
Brokerage
help real estate owners rent out the units in their buildings. Their jobs include collecting rent, showing units, fixing deficiencies, performing repairs, and managing tenants. They charge a fee, typically a percentage of the rent, to property owners.
Property Management
play a major role in the industry as virtually all properties and developments use leverage (debt) to finance their business. Lenders can include banks, credit unions, private lenders, and government institutions.
Real Estate Lending
There are a variety of real estate professionals who work in the industry and help make it function. The most common examples (other than the ones listed above) are accountants, lawyers, interior designers, stagers, general contractors, construction workers, and tradespeople.
Professional Services
a duly registered and licensed natural person who, for a professional fee, compensation or other valuable consideration, performs or renders, or offers to perform services in estimating and arriving at an opinion of or acts as an expert on real estate values, such services of which shall be finally rendered by the preparation of the report in acceptable written form.
Real Estate Appraiser
a duly registered and licensed natural person who works in a local government unit and performs appraisal and assessment of real properties, including plants, equipment, and machineries, essentially for taxation purposes.
Real Estate Assessor
