Unit 1.1 Flashcards
What is the largest Trade Organization?
The National Association of Realtors (NAR)
Website - www.realtor.org
What does the (NAR) website consist of?
NAR is composed of state, regional, and local associations. NAR also sponsors various affiliated organizations that offer professional designations to brokers, sales persons, appraisers, and others will complete required courses and air is a special interest. Members of NAR are entitled to be known as realtors or realtors associates
Which institutes, societies, and councils is NAR associated with?
Counselors of real estate space (CRE) www.cre.com
Commercial investment real estate institute (CIREI) www.ccim.org
Institute of real estate management (IREM) space www.IREM.org
Realtors Land institute (RLI) www.rliland.com
Certified Real Estate Brokerage Manager (CRB) www.crb.com
Certified Residential Specialist (CRS) www.crs.com
Graduate, Realtor institute (GRI) www.realtor.org
Council of Residential Specialists (CRS) www.crs.com
society of industrial and off Realtors (SIOR) www.sior.com
Women council of Realtors (WCR) www.wcr.org
Ethics
Refers to a system of moral principles, rules, and standards of conduct. These moral principles do two things
they establish standards for integrity and competence in dealing with consumers of an industry’s services
They define a code of conduct for relations within the industry among professionals
Code of Ethics
Is a written system of standards for ethical conduct. The code contain statements design to advise, guide, and regulate behavior. To be effective, A code of ethics must be specific by dictating rules that either prohibit or demands are in behavior by including sanctions for violators, a code of Ethics becomes more effective
What are the national Association of real estate brokers known as?
Realists
Home Ownership
People buy homes for righty of reasons. To many people, homeownership is a sign of financial stability. A home with is an investment that can appreciate in value, especially over many years of ownership. Even when the loan is necessary to be able to afford the purchase of the home, the interest paid on the loan usually is a deduction from federal income tax. Homeownership also offers benefits that may be less tangible but no less valuable,such as pride, security, any sense of belonging to a community.
The single-family detached house
The single-family detached house has been one of the most popular housing types although it has been adapted in urban areas to take the form of the row house that may a wall with an adjoining property. Often, multistory residences in citie are like New York and Chicago have one or more separate living units on each floor, offering the possibility of an owner-occupied building that also provides rental income.
Apartment Building
The apartment building was the response to housing demand in crowded urban areas. Modern highrise structures can offer residents many amenities. In the sub urbs, multifamily housing has taken advantage of greater availability of large tracts of affordable land. An apartment complex is made up of a group of apartment buildings with a varying number of units in each building The buildings may be lowrise or highrise, and the complex may include parking, security, clubhouse, swimming pool, tennis court, and even a golf course
The condominium
The condominium is a popular form of residential ownership, offering the security of owning property without the care and maintenance responsibilities a house demands. It is also a popular ownership option in areas where property values make single-family building ownership inaccessible to many people. A condominium owner owns an individual unit and also shares ownership with other unit owners of common facilities (called common elements), such as halls, elevators, reception area, main entrance security system, and surrounding grounds, which may include a swimming pool, clubhouse, tennis court, or other amenities. Management and maintenance of building exteriors and common facilities are provided by the gov erning association, typically making use of a management company and outside contractors, with expenses paid out of monthly assessments charged to owners. While condos are often apartment-style homes, this ownership form includes sin gle-family and even commercial properties
