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11 terms

Chapter 1: Introduction to the Real Estate Business

STUDY
PLAY
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