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IL-Chap. 1

Intro to Real Estate

QuestionAnswer
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