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Real Estate Chapter 01
Introduction to the Real Estate Business
16
Real Estate & Planning
Graduate
09/03/2009

Additional Real Estate & Planning Flashcards

 


 

Cards

Term
Broker
Definition

Acts as a point of contact between two or more people in negotiating the sale, purchase, or rental of property. Licensed to buy, sell, exchange or lease real property for others  and to charge a fee fore these services.

Term
Brokerage
Definition

The business of bringing people together in a real estate transaction.

Term
Appraisal
Definition
The process of estimating a property's market value, based on established methods and the appraiser's professional judgment. Also refers to the report that sets forth the process of estimation and conclusion of value.
Term
Property Management
Definition

The range of functions concerned with looking after a building, including collection of rents, payment of outgoing, maintenance, including repair, provision of services, insurance and supervision of staff employed for services, together with negotiations with tenants and prospective tenants.

Term
Financing
Definition

The business of providing the funds that make real estate transactions possible.

 

The act of poviding funds for business activities, making purchases, or investing.

Term
Subdivision and Development
Definition
The act of breaking up a property into smaller parcels along with making improvements on the land such as adding water and sewer lines, building homes and so forth.
Term
Home Inspection
Definition
A thorough inspection that evaluates the structural and mechanical conditions of a property.
Term
Counseling
Definition

Involves providing clients with competent independent advice based on sound professional judgement. In real estate this could mean helping clients choose amoung the various alternatives involved in purchasing using or investing in property.

Term
Supply and Demand
Definition
The relationship describing the amount of product available within a market, and the amount of consumers competing for said product.
Term
Residential Property
Definition

Property used for single-family, or multifamily housing, whether in urban, suburban or rural areas. Includes co-ops, condominiums, apartments, townhomes, and single family homes.

Term
Commercial Property
Definition

Business property, including office space, shopping centers, stores, theaters, hotels, and parking facilities.

Term
Industrial Property
Definition

Warehouses, factories, land in industrial districts, and power plants.

Term
Agricultural Property
Definition

Farms, timberland, ranches, orchards, basically any place where you grow stuff for human use or consumption.

Term
Special-Purpose Property
Definition

Churches, schools, cemetaries and government held lands.

 

 

Term
Market
Definition

Group of consumers or organizations that is interested in the product, has the resources to purchase the product, and is permitted by law and other regulations to acquire the product.

Term
Salesperson
Definition

In real estate, conducts brokerage activities on behalf of the broker.

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