In Ohio 9th edition
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Real Estate Brokerage | is the business of bringing people together in a real estate transcation
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| Broker | is the person or company licensed to buy, sell, exhchange, or lease real property for others and to charge a fee for these services
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| Salesperson/Sales associate/associate licensee | is employed by or associated with the broker to perform brokerage activities on behalf of or for the broker
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| Real estate licensee | is a person who has satisfied the requirements of a licensing agency, as authorized by state legislation
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| Code of ethics | written system of standards for ethical conduct
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| market | is a place where goods are bought and sold
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| Supply | the quantity of goods or services that can be sold a given price
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| Demand | refers to the quantity of goods or services that consumers are willing and able to buy at a given price
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| Supply and demand | Prices and goods and services in the market are established by
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| Property Manager | a person or company hired to maintain and manage property on behalf of the property owner.
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| appraisal | is the process of developing an opinion of a property's market value.
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| Financing | business of providing the funds that make real estate transactions possible.
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| Subdivision and development | dividing a single property into smaller parcels (subdividing) and constructing improvements on the land (developing)
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| Home Inspection | an inspection report will show results of a thorough survey of observable property conditions
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| Types of real property | Residential(multifamily housing), commercial (business), mixed use (allows 2 uses), industrial (warehouses, factories, power plants), Agricultural (farms, ranches, orchards), and Special purpose (privately owned schools, churches, cemeteries, parks)
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| Factors affecting supply | labor force availability, construction and material cost, government controls, and monetary policy (interest rates & money supply)
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| Factors affecting demand | population, demographics, employment and wage levels
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| Demographics | study and description of a population
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Created by:
bkgee
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