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Chapter 1
The Real Estate Business
Question | Answer |
---|---|
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 |