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Introduction to Real Estate Business


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Licensee
a person who has satisfied the requirements set forth by a licensing agency or state legislation
Salesperson
is a licensee employed by or associated with the broker; conducts brokerage activities on behalf of
Supply and Demand
established prices for goods and services in the market
Brokerage
the business of bringing people together in a real estate transaction
Appraiser
the process of estimating a property's market value based on established methods and professional
Property Management
a person or company hired to maintaine and manage property on behalf of its owner
Finance
the business of providing the funds that make real estate transactions possible
Subdivision
the dividing of a single property into smaller parcels
Development
the construction of improvements on the land
Off-Site Improvements
are made on public lands to serve the new development
On-Site Improvements
are made on individual parcels
Home Inspection
a profession that allows practitioners the chance to combine their interest in real estate with
Counselor's Role
is to furnish clients with the information needed to make informed decision
Real Estate Education
is available to both practitioners and consumers
National Association of Realtors (NAR)
are composed of state, regional, and local associations; members are known
National Association of Real Estate Brokers (NAREB)
members known as Realtists and are dedicated to equal
Six Categories of Real Property
Residential
Residential Property
all property used for single family or multifamily housing whether in urban, suburban, or
Commercial Property
business property, including office space, shopping centers, stores, theaters, hotels, and
Mixed - use Property
property that allows for two uses, commercial and residential, in the same building
Industrial Property
warehouses, factories, land in industrial districts and power plants
Agricultural Property
farms, timberland, ranches and orchards
Special - purpose Property
churches, schools, cemeteries and government - held lands
Prices go down
when supply increases and demand remains stable
Prices go up
when demand increases and supply remains stable
Two characteristics of land that have the most impact on market value
Uniqueness
Uniqueness
no matter how identical they may appear no two parcels of real estate are exactly alike; each
Immobility
the fact that property cannot be relocated to satisfy demand where supply is low
Factors affecting real estate supply are:
labor force availability
Factors affecting real estate demand are:
population
Demographics
the study and description of a population
Government Controls
environmental restrictions, land use, building codes, zoning
Government Financial Policies
impact interest rates and the money supply
Population
some areas grow faster than others and some decline
Employment and Wage levels
influence housing affordability
Property Management
Management of another's property for compensation
Realtor ®
Member of National Association of REALTORS, adhere to Code of Ethics
Categories of Real Property
Residential, Commercial, Industrial, Agricultural, Special-Purpose
Residential
All property used for single-family or multifamily housing, whether urban, suburban, or rural areas
Agricultural
Farms, timberland, ranches, and orchards
Industrial
Warehouses, factories, land in industrial districts, and power plants
parking facilities
https://farm4.staticflickr.com/3090/2895304631_11f56672bc_m.jpg
Special-Purpose
Churches, schools, cemetaries, and government-held lands
Appraisal
The process of estimating a property's market value, based on established methods and the
Financing
The business of providing the funds that make the real estate transaction possible
Factors affecting supply
Labor force, construction costs, government controls and government financial
Factors affecting demand
Population, demographicsand employment & wage levels
Absentee Owner
A property owner who does not reside on the property and who usually relies on a property manager to
Business Opportunity Brokerage
The marketing and sale of a going concern operation. Florida requires that business
Dedication
: A deliberate transfer of land by its owner for public use and accepted for such use by the public
Farm Area
: A selected and limited geographical district to which a sales associate devotes special attention
Follow-Up
: A post-closing communication initiated by a licensee to maintain customer contact and goodwill
Real Estate Brokerage
: A commercial activity in which the sale, purchase, leasing, rental, exchange or management
Subdivision Plat Map
: The layout of a subdivision showing lots, roads and other infrastructure by the developer
USPAP
: Rules and guidelines that must be followed by any professional conducting an appraisal