Population demographics and wage levels have an important effect on

monetary policy
construction rates
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Terms in this set (21)
the business of bringing people together in a real estate transaction
broker acts as a point of contact between two or more people in
negotiating the sale, purchase, or rental of property
a broker is a licensee employed by a sponsoring broker
a broker conducts brokerage activities on behalf of the sponsoring
broker, who is ultimately responsible for the broker's acts
A managing broker manages individual offices and licensees.
Property managementa person or company is hired to maintain and manage property on behalf of its owner basic responsibility of the property manager is to protect the owner's investment and maximize the owner's return on the investmentFinancingthe business of providing the funds that make real estate transactions possibleSubdivisionthe splitting of a single property into smaller parcelsDevelopmentinvolves the construction of improvements on landHome inspectionallows practitioners to combine their interest in real estate with their professional skills and training in the construction trades. In Illinois requires a separate license.Counselinginvolves providing clients with independent advice based on professional judgment gives clients the information needed to make informed decisionsReal Estate Educationavailable to both practitioners and consumers state licensing laws establish the minimum educational requirements for obtaining and keeping a real estate license courses for pre-licensing or continuing education purposes can only be offered by licensed schools and licensed instructorsAuctioninguses an open and competitive bidding process to transfer property ownershipTypes of Real PropertyResidential Commercial Industrial Agricultural Special PurposeFactors Affecting SupplyLabor force Construction costs Government controls Financial policiesFactors Affecting DemandPopulation Demographics Employment and wage levels