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Principles of RE
Modern RE Practice - 18th Edition CH 1
Question | Answer |
---|---|
Broker | A person or company licensed to buy, sell, exchange, or lease real property to others and to charge a fee for these services. |
salesperson | A licensee employed by or associated with the broker and conducts brokerage activities on behalf of the broker. |
Market | A place where goods can be bought and sold and a price established. |
Subdivision | Dividing of single property into smaller parcels. |
Development | Construction of improvement on the land. |
6 categories of real property | residential commercial mixed-use industrial agricultural special-purpose |
2 characteristics of land that have the most impact on the market | Uniqueness (non-homogeneity) & Immobility |
Factors affecting real estate supply | Labor force availability construction material costs government controls financial policies |
Factors affecting real estate demand | population demographics employment & wage levels |