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Chapter 1: Introduction to Real Estate. 100% Approved comprehension, Rated A

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Chapter 1: Introduction to Real Estate. 100% Approved comprehension, Rated A brokerage - ✔✔business of bringing people together in a real estate transaction broker - ✔✔person or compan... y licensed to buy, sell, exchange, or lease real property for others and charge a fee for these services. licensee - ✔✔person who has passed a state mandated real estate licensing exam and conducts brokerage activities on behalf of, or for the broker. appraisal - ✔✔the process of estimating a property's market value based on established methods and the licensed or certified appraiser's professional judgement. property management - ✔✔person or company hired to maintain and manage property on behalf of its owner to protect the owner's investment and maximize the return on their investment. financing - ✔✔business of providing the funds that make real estate transactions possible. Usually mortgage loans or trust deed loans secured by the property. subdivision and development - ✔✔the division of a single property into smaller parcels -- involves on-site and off-site improvements on the land home inspection - ✔✔professional conducts a visual survey of property's structure, systems, and site conditions then prepares a valuable analytical report to purchaser and homeowner. Counseling - ✔✔individual with industry expertise provides clients with competent independent advice based on sound professional judgement. Education - ✔✔teaches courses in pre-licensing programs of real estate to technical aspects of tax law to practitioners and consumers. Mandates by state licensing laws establish minimum educational requirements for obtaining and keeping a real estate license. Continuing ed courses ensure licensees keep their skills and knowledge current National Association of Realtors - ✔✔largest trade organization serving the real estate business. Sponsors organizations and designations to those who complete specific courses in area of interest. Members subscribe to a Code of Ethics and are entitled to be called REALTORS or REALTOR-ASSOCIATES. See website at www.realtor. org. (NAR) National Association of Real Estate Brokers - ✔✔members are known as Realtists, also adhere to a Code of Ethics, and rose out of civil rights movement as an association of racial minority real estate brokers in response to unfair housing laws. The NAREB is dedicated to equal housing opportunity. Residential (real property type) - ✔✔all property used for single or multi-family housing Commercial (real property type) - ✔✔business property: includes office space, shopping centers, hotels, theaters, parking garages. Mixed-use (real property type) - ✔✔property that allows for two uses: commercial and residential, in the same building. Industrial (real property type) - ✔✔warehouses, factories, power plants, land in industrial districts, etc. Agricultural (real property type) - ✔✔farms, timberlands, ranches, and orchards. Special purpose (real property type) - ✔✔churches, schools, cemeteries, and government-held lands. supply and demand - ✔✔prices for goods and services are determined by s and d. when supply increases and demand is stable prices decline; when supply is stable but demand increases [Show More]

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