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| One who acts as an intermediary on behalf of others for a fee or commission. One who is licensed to list, lease, buy, exchange, auction, negotiate or sell interest in real estate for others for a fee. |
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| The upward and downward fluctuations in business activities generally characterized by four stages; expansion, recession, depression and revival. |
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| The amount of goods people are willing and able to buy at a given price; often coupled with supply. |
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| The possible use of a property that would produce the greatest net income and thereby develop the highest value. |
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| the earth's surface, extending downward to 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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| A place where goods can be bought and sold and value established. |
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| A lack of uniformity; dissimilarity; heterogeneity. Because no two parcels of land are exactly alike, real estate is said to be nonhomogeneic. |
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| Items, called chattel or personalty, that do not fit into the definition of real property; movable objects. Examples would include furniture, clothing, jewelry, money vehicles. |
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| 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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| 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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| The land plus permanent improvements and the interests, benefits and rights inherent in real estate ownership |
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| The personal preference of people for one location over another, not necessarily based on objective facts and knowledge. |
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| 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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