Basic Real Estate Consepts
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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| 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
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| Business Cycle | The upward and downward fluctuations in business activities generally characterized by four stages: expansion, recession, depression, and revival
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| Chattel | Items, called chattels, that do not fit into the definition of real property; movable objects like; furniture, clothing, jewelry, money, vehicles, etc.
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| Demand | The need or desire for possession or ownership backed by the financial means to satisfy that need.
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| heterogeneity | The quality or state of being heterogeneous.
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| Highest and best use | The possible use of a property that would produce the greatest net income and thereby develop the highest value
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| 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
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| Market | A place where goods can be bought and sold and establish value
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| Nonhomogeneity | A lack of uniformity; dissimilarity; heterogeneity. Because no two parcels of land are exactly alike, real estate is said to be nonhomogenity
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| 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.
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| 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
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| 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
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| Real Property | defined as the land, everything that is permanently attached to the land (or goes with) the land
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| Situs | The personal preference of people for one location over another, not necessarily based on objective facts and knowledge
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| Supply | The amount of goods available in the market to be sold at a given price. The term is often coupled with demand'
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
whitwill
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