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Chapter 1

The Real Estate Business

QuestionAnswer
Real estate professionals are... individuals and business organizations whose sole enterprise is performing a real estate-related service or function
What are the real estate activities? creation, improvement, management, maintenance, demolition, ownership, regulation and transfer
What are the PROPERTY TYPE specializations? residential, residential income, office, retail, industrial, farm and ranch, special purpose, land
RESIDENTIAL PROPERTY: property that is owned and used for habitation
COMMERCIAL PROPERTY: generally refers to retail and office properties, but may also include industrial real estate. the term "commercial" relates to the fact that the property can potentially generate income from a business's usage.
INVESTMENT PROPERTY: refers to any property that is held by its owners for investment purposes
Residential real estate brokerage involves... finding a buyer for a seller, finding a seller for a buyer; finding a tenant for a landlord, finding a landlord for a tenant
Brokers and agents tend to specialize along the lines of... property type, geographical area, transaction type, client type, relationship type
What skills and knowledge should professionals have? market conditions, law, financing, marketing, ethics, selling communications, computer basics and other skills
Professional trade organizations... promote the interests of practitioners and enhance their professional standings
All facets of the industry are regulated by... federal, state and local laws; agents must understand relevant laws and adapt business practices accordingly
Real estate license laws are... the primary body of laws governing the licensure and conduct of real estate brokers and agents
License laws are administered and enforced by... the state real estate comission
Created by: alli-bohanon
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