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Real Estate - Ch. 1

Intro to the Real Estate Business

TermDefinition
associate licensee A licensed real estate salesperson who is employed by or associated with the broker to perform brokerage activities on behalf of or for the broker.
broker One who acts as an intermediary on behalf of others for a fee or commission.
fair housing The federal law that prohibits discrimination in housing based on race, color, religion, sex, disability, familial status, and national origin.
market A place where goods can be bought and sold and a price established.
real estate licensee In real estate practice, a person who has the skills and knowledge to be licensed as a real estate agent broker or salesperson.
sales associate/salesperson A person who performs real estate activities while employed by a licensed real estate broker.
supply and demand The appraisal principle that follows the interrelationship of the supply of and demand for real estate. Because this principle is based on economic concepts, this principle recognizes that real property is subject to the influences of the marketplace.
Created by: katiestapley
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