Details Title: Real Estate Chapter 01 Description: Introduction to the Real Estate Business Total Flash Cards: 16 Created: 09/03/2009 11:42:59		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Real Estate & Planning Flashcards
Cards in this set: 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.