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Chapter 1

The real estate business

QuestionAnswer
The real estate industry______ is the largest single industry in the American Economy
What is a real estate professional? individuals and business organizations whose sole enterprise is performing a real estate-related service or function
What are the 6 property related functions that Real estate professionals perform? -creation and improvement, management and maintenance, demolition, investment ownership, regulation, transfer
What are the 2 principle types of real estate professionals who fall under the category of management and maintenance? property managers and asset managers
What do property managers do? oversee specific properties on behalf of the owners. Make sure the condition of the property and its financial performance meet specific standards.
What do asset managers do? oversee groups of properties or portfolios. Their role is to achieve the investment objectives of the wonders as opposed to managing day-to-day operations.
creating real properties from raw land involves what? capital formation, financing, construction contracting, regulatory approvals.
who are the key parties involved in the creation and improvement aspect of real estate? the developer, the land owner, the mortgage lender
Who else is involved in the creation and improvement aspect of real estate? market analyst, architects, engineers, space planners, interior designers, and construction subcontractors
Experts who manage the legal aspect of the development project include: real estate attorneys, title companies, surveyors, property insurance companies, government regulatory officials
Describe demolition experts: Serve to remove properties that are no longer economically viable from the market.
What is investment ownership? real estate investor risks capital in order to buy, hold, and sell real properties.
What are the principal areas of real estate regulation? usage, taxation, housing administration
What are the professional regulatory functions? public planners, zoning administrators, building inspectors, assessors, and administrators
What are some options to 'transfer' real estate bought, sold, assigned, leased, exchanged, inherited,
What are the 3 types of property many real estate professionals specialize in? residential, commercial, investment properties
What is residential property? property owned and used for habitation, classified by how many families they are designed to house.
what is commercial property retail and office properties. Property can generate income from a business's usage
what is investment property? property that is held by its owners for investment purposes.
according to "use" what are the 8 commonly accepted classifications of real properties? residential, residential income, office, retail, industrial, farm and ranch, special purpose, land
What do brokers and agents specialize in? property type, geographical area, type of transaction, type of client, type of relationship
What are the 4 types of properties ? residential agents, commercial agents, industrial agents, land agents
Is it possible for brokers and agents to keep track of every property? No, so they must create an are of geographical specialization, defined by natural and man made barriers.
what are the 4 activities newly licensed realtors engage in? Locating a buyer for a seller, locating a seller for a buyer, locating a tenant for a landlord, Locating a landlord for a tenant
What is the process for a newly licensed real estate agent? 1. get hired by a broker 2. work with them as an assistant 3. help them locate a seller/ buyer
Most agents specialize along specific lines (but are not limited to)? property type, geographical area, type of transaction, type of client, type of relationship.
what are type of transactions? sales, leases, subleases, exchanges, and options.
what are types of clients? buyers, tenants, sellers, and landlords.
what are types of relationships? providing advisory services to clients as well as traditional commission services.
what are skills and knowledge that a real estate agent should posses? market condition knowledge, financing, marketing, ethics, selling, communication, computer skills.
What are some of the benefits of being a member of a trade organization within the real estate industry? Training programs Professional designations Communication channels Enhance one’s business image
The real estate industry is regulated by which level of government? federal, state, and local
what laws are most relevant to agents and brokers? agency, contracts, disclosure, environmental impact, fair housing.
The real estate industry is also regulated by codes of ethical conduct. True or false? True Example: National Association of Realtors Code of Ethics
License laws define what critical aspects of real estate brokerage? procedures for handling escrow deposits and fees, advertising, and guidelines for dealing with clients and customers
What is the state real estate commission responsible for? administering and enforcing state license laws, passing regulations that further refine or clarify state statutes.
What do real estate brokers do? procure a buyer or tenant for an owner or landlord, or vice versa.
What do professional trade organizations do? promote interests of practitioners and enhance their professional standing
Created by: AA412614
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