Unit 1 introduction to realstate Flashcards Preview

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Flashcards in Unit 1 introduction to realstate Deck (19)
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1
Q

Brokerage

A

The business of bringing buyers and sellers or landlords and tenants together in a real estate transaction.

2
Q

Appraisal:

A

The process of estimating a property’s market value based on established methods and the appraiser’s professional judgment

3
Q

Financing

A

Professionals in mortgage financing may be loan
originators, processors, underwriters, and their support
services.

4
Q

Subdivision

A
is the partition of a single parcel
of land into multiple parcels.
Improvements may be onsite such as new
home construction on individual lots or offsite
such as streets, sidewalks, and water
lines
5
Q

Development

A

is the construction of improvements on

unimproved land.

6
Q

Relocation

A

Third party relocation companies service corporations and their employees move from one city to another as the result of a job transfer.

7
Q

REO companies

A

oversee the sale of foreclosed properties on

behalf of mortgage lenders

8
Q

NAR

A

NATIONAL ASSOCITION REALTOR

9
Q

5 Categories of real state

A
1-Residential(single family or multi)
2-Commercial(business property)
3-Industrial(Factories)
4-Agricultural
5-Special Purpose(Churches)
10
Q

Apartment Complex

A

Groups of apartmanents include many type amenities

11
Q

Condominium

A

Chosen by homeowners who want to own a
property without the typical responsibilities of
homeownership
(HOA

12
Q

Cooperatives:

A

Apartment style units that share common walls and
facilities within larger building
Unit owners purchase shares of stock in the
corporation not their individual units.

13
Q

Planned Unit Development (PUD):Also called master planned communities

A

Merges diverse type of uses such as housing,
recreation and commercial units.
 PUDS are planned under special zoning ordinances
 Community Association maintains common areas
with fees paid by community homeowner’s

14
Q

Retirement Communities:

A

Usually structured as a PUD

Offer older homeowners

15
Q

Highrise Developments:

A

Called Mixed Use Developments (MUDs)

Combine office space, apartment units, stores, and otherservices in the building

16
Q

housing prices will fall

A

When the supply of housing increases holding demand

for housing constant

17
Q

When the demand for housing increases, holding the

supply of housing constant

A

housing prices rise

18
Q

Factors Affecting the Supply of Real Estate

A

Labor and Construction Costs

Government Controls and Financial Policies

19
Q

Factors Affecting the Demand of Real Estate:

A

Population and migration
Population demographics
Employment and wage levels