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Chapter 1

Basic Real Estate Consepts

QuestionAnswer
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