Section 1 - Chapter 1 Flashcards Preview

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Flashcards in Section 1 - Chapter 1 Deck (15):
1

brokerage

business of bringing people together in a real estate transaction

2

licensee

point of contact between two parties in negotiating sale or rental of property

3

sponsoring broker

ultimately responsible for actions of all licensees under umbrella of that firm

4

appraisal

process of estimating property's market value based on established methods and appraiser's professional judgement

5

subdivision

splitting of siingle property into smaller parcels

6

development

construction of imporvements on the land

7

types of real property

residentail, commercial, industrial, agricultural, special purpose

8

residential

all property used for single-family or multi-family housing

9

commercial

business property; office space, shopping, theaters, hotels, etc

10

industrial

warehouses, factories, power plants

11

agricultural

farms, ranches, orchards

12

special purpose;

schools, churches, cemetaries, governemnt held lands

13

2 forces that have most impact on land's market value:

uniqueness and immobility

14

factors affecting supply;

labor force, construction costs, government controls, government financial policies

15

factors affecting demand:

population, demographcis, employment and wage levels