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Principles of RE

Modern RE Practice - 18th Edition CH 1

QuestionAnswer
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
Created by: LSUTigers