Unit 1 Intro To Real Estate Flashcards Preview

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Flashcards in Unit 1 Intro To Real Estate Deck (16):
1

What is a Appraisal?

Meaning: Appraisal is the process of developing an opinion of a property's market value, based on established methods and the appraiser's professional judgment.

2

What is the responsibility of a Property Manager?

The basic responsibility of a property manager is to protect the owners investment and maximize the return on that investment.

3

Condominium owners share/own which parts of the condo?

A condominium owners owns an individual unit and also shares ownership with other unit owners of common facilities (called common elements) example; clubhouses, swimming pools

4

Supply

When supply increases and demand remains stable, prices will?

Prices will go down.

5

Demand

When demand increases and supply remains stable, prices go?

Prices go up

6

What are the 3 Factors affecting real estate supply?

1. Labor force, construction and material.

2. Government controls & financial polices

3. Local government factors

7

What are 3 Factors affecting real estate Demand?

1. Population

2. Demographics

3. Employment and wage levels.

8

Real estate Broker is who?

A real estate broker is a person or company licensed to buy, sell, exchange or lease property for others for compensation.

9

What is Financing?

Providing funds/loans secured by a mortgage or deed of trust on the property.

10

What is subdivision?

Involves splitting property into smaller parcels (subdividing)

11

What is Development?

Constructing improvements on the land (development)

12

A Home inspection is what?

Home inspection is a thorough survey of property conditions. In the interest of both purchasers and homeowner.

13

Types of real property? (6)

1. Residential
2. Commercial
3. Mixed use
4. Industrial
5. Agricultural
6. Special purpose

14

The real estate market reflects the principles of supply and demand. What are the two influences by these two factors of parcels or real estate?

Uniqueness and immobility

15

What are the factors affecting supply?

Factors affecting supply include
1. Labor force
2. Construction & material cost
3. costs government controls ( environmental, restrictions land-use policies, building codes and zoning)

16

What are the factors affecting demand?

1. Population
2. Demographics
3. Employment wages