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Unit 1 Key Terms

TermDefinition
broker (1)One who acts as an intermediary on behalf of others for a fee or commission. (2)One who is licensed to list, lease, buy, exchange, auction, negotiate or sell interest in real estate for others for a fee.
business cycles The upward and downward fluctuations in business activities generally characterized by four stages: expansion, recession, depression, and revival.
chattel Items that are movable personal property which can be removed from real property.
demand The amount of goods people are willing and able to buy at a given price.
hereditaments Any interest in real estate capable of being inherited
heterogeneity Describes the quality of real estate that no two parcels of land are exactly the same.
highest and best use The possible use of a property that would produce the greatest net income and thereby develop the highest value.
land The earth's surface extending downward to the center of the earth and upward infinitely into space and including things permanently attached by nature, such as trees and water.
market A place where goods can be bought and sold and value established.
nonhomogeneity A lack of uniformity; dissimilarity; heterogeneity. A quaility of real estate because no two parcels of land are exactly alike.
nonprovisional broker (InNC)A real estate licensee that has completed the 90-hour postlicensing education to remove the provisional license status, also called a full broker
personal property Items of chattels or personalty that are movable and thereforeat do not fit the description of real propery. Ex: clothing, furniture, jewelry, money, vehicles, et cetera.
personalty Items of personal property that are not permanent and so can be removed from real property.
provisional broker A real estate licensee who performs real estate activities under the supervision of a licensed real estate broker-in-charge. Must complete postlicensing courses to remove status.
real estate Land including all things permanently attached to it, whether naturally or artificially.
real propery Land + improvements + rights, benefits, and interest inherent of ownership of said land
situs The personal preference of people for one location over another, not necessarily based on objective facts and knowledge.
supply The amount of goods available in the market to be sold at a given price.
tenements Any structure attached to the land.
Created by: REtestprep
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