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24 Cards in this Set
- Front
- Back
one who acts as an intermediary on behalf of others for a fee or commission
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broker
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a place where goods can be bought and sold and a price established
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market
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a person who performs real estate activities while employed by or associated with a licensed real estate broker
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salesperson
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amount of goods available in the market to be sold at a given price
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supply
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amount of goods people are willing and able to buy at a given price
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demand
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*someone who manages real estate for another person for compensation
*duties include collecting rents, maintaining the property and keeping up all accounting |
property manager
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a contract between the owner of income property and a management firm or individual property manager that outlines the scope of the manager's authority
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management agreement
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what are 5 categories of real property
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residential, commercial, industrial, agricultural, special purpose
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type of property used for single-family or multifamily housing, whether in urban, suburban or rural areas
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residential
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type of property used for business, including office space, shopping centers, stores, theatres, hotels, and parking facilities
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commercial
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type of property used for warehouses, factories, land in industrial districts and power plants
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industrial
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type of property used for farms, timberland, ranches and orchards
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agricultural
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type of property used for churches, schools, cemeteries, and government-held lands
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special-purpose
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when supply increased and demaind remands stables
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prices go down
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when demand increases and supply remains stable
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prices go up
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what are the 2 characteristics of land that have the most impact on market value
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uniqueness and immobility
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no matter how identical they may appear, no 2 parcels of real estate are exactly alike - this characteristic of land is
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uniqueness
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property cannot be relocated to satisfy demand where supply is low; buyers cannot relocate to areas with greater supply - this characteristic of land is
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immobility
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4 factors affecting real estate supply
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labor force
construction costs government controls government financial policies |
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a shortage of skilled labor or building materials or increase in cost of materials can decrease the amount of new construction - what 2 factors affecting supply is this
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labor force
construction costs |
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*Fed establishes discount rate
*local governments *land-use controls, building codes * zoning ordinances - what 2 factors affecting supply is this |
government controls
government financial polies |
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what 3 factors affect real estate demand
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population
demographics employment & wage levels |
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study & description of a population, ie family size, income, lifestyle
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demographics
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*decisions on what to spend on housing closed related to income
*job opportunities are scarce or wage levels low, demand for real estate drops -what factor of real estate demand is this |
employment and wage levels
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