Chapter 1: Introduction to the Real Estate Business

11 terms by MAYHEEZY 

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Property Management

Management of another's property for compensation

Brokerage

Bringing together parties interested in a real estate transaction

Realtor ®

Member of National Association of REALTORS, adhere to Code of Ethics

Categories of Real Property

Residential, Commercial, Industrial, Agricultural, Special Projects

Real Property

Interests, benefits, and rights associated with real estate ownership

Demand

Amount of goods people are willing and able to buy

Salesperson

Performs real estate activities under supervision of licensed real estate broker

Development

Construction of improvements on land, i.e., new homes, water lines

Subdivision

Splitting a single property into smaller parcels

Market

Place where goods are bought and sold, price is established

National Association of Real Estate Brokers (NAREB)

Dedicated to equal housing opportunity, members are REALISTS

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