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Chapter 1
Basic Real Estate Consepts
| Question | Answer |
|---|---|
| Broker | One who acts as an intermediary on behalf of others for a fee or commission; licensed to list, lease, buy, exchange, auction, negotiate or sell interest in real estate for others for a fee |
| Business Cycle | The upward and downward fluctuations in business activities generally characterized by four stages: expansion, recession, depression, and revival |
| Chattel | Items, called chattels, that do not fit into the definition of real property; movable objects like; furniture, clothing, jewelry, money, vehicles, etc. |
| Demand | The need or desire for possession or ownership backed by the financial means to satisfy that need. |
| heterogeneity | The quality or state of being heterogeneous. |
| 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 o the center of the earth and upward infinitely into space, including things permanently attached by nature, such as trees and water |
| Market | A place where goods can be bought and sold and establish value |
| Nonhomogeneity | A lack of uniformity; dissimilarity; heterogeneity. Because no two parcels of land are exactly alike, real estate is said to be nonhomogenity |
| Personal Property or Personalty | Items, called chattels, that do not fit into the definition of real property; movable objects like; furniture, clothing, jewelry, money, vehicles, etc. |
| Provisional Broker | A real estate licensee who performs real estate activities under the supervision of a licensed real estate broker-in-charge. Must complete post-licensing courses to remove the provisional license status |
| Real Estate | Land; a portion of the earth's surface extending downward to the center of the earth and upward infinitely into space, including all things permanently attached to it, whether naturally or artificially |
| Real Property | defined as the land, everything that is permanently attached to the land (or goes with) the 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. The term is often coupled with demand' |
Created by:
whitwill
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