Principles Flashcards
Real Estate, real property or realty
Consists of land and everything that is permanently attached to the land .
Personal Property
Everything that is readily moveable
Immobility
Land cannot be relocated
Indestructibility
Permanence. Land cannot be destroyed
Heterogeneity
No two parcels of land are identical
Homogeneity
Neighborhoods that are made up of similar properties
Scarcity
Its availability or lack of availability
Location
Has the greatest effect on property value.
Highest and Best Use
The use of the land that will preserve the land utility, provide the greatest income, and result in the greatest present value of the land.
Investment
Outlay of money expecting income or profit or the acquisition of properly expecting income or profit.
National Association of REALTORS (NAR)
The largest real estate association
REALTOR
Professional in real estate who subscribes to a strict code of ethics
Association of Real Estate License Law Officials (ARELLO)
The organization was established in 1929 by license law officials on the state commissions to assist one another in creating, administering and enforcing license laws.
Listing Contact
A property owner employs a real estate firm to market a property for a prescribed period of time at a prescribed price and terms.
Leverage
The use of someone else’s money to enhance your own.
