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Estate Practice ch1

In Ohio 9th edition

TermDefinition
Real Estate Brokerage is the business of bringing people together in a real estate transcation
Broker is the person or company licensed to buy, sell, exhchange, or lease real property for others and to charge a fee for these services
Salesperson/Sales associate/associate licensee is employed by or associated with the broker to perform brokerage activities on behalf of or for the broker
Real estate licensee is a person who has satisfied the requirements of a licensing agency, as authorized by state legislation
Code of ethics written system of standards for ethical conduct
market is a place where goods are bought and sold
Supply the quantity of goods or services that can be sold a given price
Demand refers to the quantity of goods or services that consumers are willing and able to buy at a given price
Supply and demand Prices and goods and services in the market are established by
Property Manager a person or company hired to maintain and manage property on behalf of the property owner.
appraisal is the process of developing an opinion of a property's market value.
Financing business of providing the funds that make real estate transactions possible.
Subdivision and development dividing a single property into smaller parcels (subdividing) and constructing improvements on the land (developing)
Home Inspection an inspection report will show results of a thorough survey of observable property conditions
Types of real property Residential(multifamily housing), commercial (business), mixed use (allows 2 uses), industrial (warehouses, factories, power plants), Agricultural (farms, ranches, orchards), and Special purpose (privately owned schools, churches, cemeteries, parks)
Factors affecting supply labor force availability, construction and material cost, government controls, and monetary policy (interest rates & money supply)
Factors affecting demand population, demographics, employment and wage levels
Demographics study and description of a population
Created by: bkgee
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