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KW
Practice Terms for K and M ch.1 Vocabulary
| Term | Definition |
|---|---|
| Real Estate Brokerage | The business of bringing people together in a real estate transactions conducted by a real estate broker |
| Real Estate Broker | a person or company licensed to buy, sell, exchange, or lease real property for others for compensation |
| Real Estate Sales Person (Sales Associate) | a person who conducts brokerage activities on behalf of the broker |
| Appraisal | the process of developing an opinion of a property's value (typically Market Value) based on established methods and an appraiser's professional judgement. |
| Licensing or certification is required for... | many federally related transactions, and many states require this for other transactions as well. |
| Property Management | a company hired to manage and maintain a property on behalf of a property owner |
| Property manager | maintain and manage a property and protect the owner's investment while maximizing the owner's financial return |
| Management Agreement | the property manager's scope of work set by the property owner. |
| Financing | the business of providing the funds that make real estate transactions possible through loans secured by a mortgage or deed of trust on the property. |
| Financial Provider Examples | Commercial Banks, thrifts (including savings associations), credit unions, mortgage bankers and mortgage brokerage companies. |
| Subdividing | Splitting a single property into smaller parcels |
| Development | Making / constructing improvements on the land |
| Home inspection | shows the results of a thorough survey of observable property conditions. (state license may be required) |
| Real Estate Counseling | Involves independent advice based on sound professional judgement concerning buying , selling or investing in property |
| Discrimination | cannot be based on individual's race, color, national origin, religion, sex, familial status or disability. |
| Six types of Real Property | Residential, commercial, mixed use, industiral, agricultural, and special purpose. |
| Supply and Demand principle | is influenced by the uniqueness and immobility of parcels of real estate |
| When the supply increases relative to demand, prices go ... | down |
| When demand increases relative to supply, prices go .... | up |
| What are the factors that affect the demand for real estate? | Population, demographics, employment and wage levels |
| What benefits can a home buyer benefit from? | tax deductions, exclusion of gain on the sale of the home and tax credits when available. |
| What advantages can occur in real estate investing? | Typically a high rate of return, greater control over the investment, property appreciation over time that leads to equity build up, leveraging of funds to provide greater purchasing powr and tax benefits of depreciation, deductions, among others. |
| Disadvantages of real estate investment are | lack of liquidity, requires active management. |
Created by:
kerry.goode
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