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IL-Chap. 1
Intro to Real Estate
| Question | Answer |
|---|---|
| Brokerage | is the business of bringing people together in a real estate transaction. |
| Real estate licensee | acts as a point of contact between two or more people in negotiating the sale, purchase, or rental of property. |
| Managing broker | may be designated to supervise other licensees and run an office. |
| Sponsoring broker | is ultimately responsible for the actions of all licensees working under the umbrella of that particular firm. All licensees are employed b their sponsoring broker. |
| Leasing agents | bring together tenants and prospective rental properties. |
| Appraisal | is the process of estimating a property's market value based on established methods and the appraiser's professional judgment. Appraisal substantiates sales price and assists lender on max loan amount. |
| Property Management | is a person or company hired to maintain and manage property on behalf of it's owners. PM must protect the owner's investment and max the owner's return on investment. |
| Subdivision & Development | Sub=splitting of a single property into smaller parcels. Dev=involves the construction of improvements on the land. |
| On-site dev improvements | include roads and infrastructure, new buildings, or private wells made on individual parcels. |
| Off-site dev improvements | are water lines and storm sewers are made on public lands to serve he new development. |
| Home Inspection - IL must be licensed | conduct a thorough visual survey of a property's structure, systms and site conditions and prepares an analytical eport that is valuable to both purchasers and homeowners. |
| Counseling | involves providing clients with competent independent advice bsed on sound professional judgment. Must have high degree of industry expertise. |
| Five Categories of Real Estate | Residential, Commercial, Industrial, Agricultural & Special Purpose |
| Residential | all property used for SF or Multi Family housing whether urban, suburban or rual areas |
| Commerical | business property including office space, shopping centers, stores, theaters, hotels and parking facilities |
| Industrial | warehouse, factories, land in industrial districts and power plants |
| Agricultural | farms, timberland, ranches and orachards |
| Special Purpose | churches, schools, cemeteries, and government-held lands |
| Market | a place where goods can be bought and sold |
| Supply & Demand | determines how prices are set. Supply increases & demand remains stable-prices go down. Demand increases and supply remains stable-prices go up. |
| Two Characteristics that govern how market reacts to pressures of supply & demand | Uniqueness=no matter how similar two parcels of real estate may appear, they are never exactly alike. Immobility=property cannot be relocated to satisfy demand where supply is low. For these reasons real estate markets are local markets. |
| Uniqueness & Immobility | two characteristics of land that have the most impact on market value. |
| Factors that affect the supply of real estate | labor force, construction costs, government controls and government financial policies |
| Factors affecting Demand | population, demographics (study and description of population) and employment and wage levels. |
Created by:
Denise Setchel
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