a person or company licensed to buy, sell, exchange, or lease real estate property for others and to charge a fee for these services.

The process of determining a property's market value

the business of providing the funds that make real estate sales transaction possible (Most sales are financed by a loan that is secured by a mortgage or deed of trust on the property purchased)

Individuals involved in financing real estate may work in :

commercial banks, thrifts, and credit unions, as well as mortgage banking and mortgage brokerage companies

The dividing of a single property into smaller parcels

What are some examples of off-site improvements?

water lines, storm sewers on public lands to serve the new development

what are some examples of on-site improvements?

new homes or recreational amenities

what is a home inspector?

a professional who thoroughly checks a property's structure and condition to see if there's any issues such as insect intrusion or mold damage. The home inspector will then prepare an analytical report. A home inspector combines an interest in real estate with skills in the housing trades

what is a real estate counselor?

a real estate counselor is someone who helps clients choose among the various alternatives involved in purchasing. leasing, or investing in property. They give clients information they'll need to make informed decisions

define a real estate professional

someone who brings people together in a real estate transaction

someone who divides a single property into smaller parcels (often done to sell off portions of the land individually or for development purposes)

true or false: a licensee is a person who has satisfied the requirements of the employing broker

false; a licensee is a person who has satisfied the requirements to become licensed as a broker or salesperson

what is a residential property?

property used for single family or multifamily housing, whether it's in urban, suburban, or or rural areas

what are the different types of property?

residential, commercial, mixed use, industrial, agricultural, and special purpose

list consumers of real estate services

buyers and sellers of homes, tenants and landlords, investors, and developers

what is a commercial property?

a business property including an office space, shopping centers, stores, theaters, hotels, and parking facilities

what is a mixed-use property?

property that allows for two or more commercial and residential uses in the same building

what is an industrial property?

property where goods are made, stored, or shipped such as warehouses, factories, land in industrial districts, and power plants

what is an agricultural property?

farms, timberland, ranches, and orchards

what is a special-purpose property?

a property that is suitable for only a certain type of use such as schools, hospitals, religious buildings, cemeteries, etc. special purpose properties are often difficult to repurpose for other uses without significant renovation. they can also be more difficult to appraise due to their limited market demand.

explain the difference between leasing and renting

The main difference is the length of tenancy. A rental agreement is usually short term or month-to-month, while a lease is typically for a longer period of time, usually six months or more.

how can a home appreciate in value?

many years of ownership. Even when a loan is necessary to be able to afford the purchase of a home, the interest paid on the loan may be a useful deduction from federal income tax.

what are the different types of housing?

single-family detached house, apartment building, condominium, cooperative, planned unit developments (PUDs), highrise developments, converted-use properties, factory-built housing

what is an apartment complex?

a group of apartment buildings with a varying number of units in each building

Introduction to the real estate business - unit 1

Authored by Kelly C

Business

Professional Development

Used 3+ times

Introduction to the real estate business - unit 1

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