Champions School Ch. 1 - Intro to Real Estate Flashcards

Champions School Ch. 1 - Intro to Real Estate Flashcards brokeragethe aspect of the real estate business that pertains to overseeing the needs of the parties and completing a transaction.CCIM InstituteEstablished in 1954 to give commercial real estate practitioners an opportunity to further their business practices through education and networking opportunities.Society of Industrial and Office Realtors (SIOR) a professional affiliate of the National Association of

REALTORS.

Apartment Locatorswork for firms that specialize in locating units for tenants in multi-familycomplexes Apartment Locators. License or no license? license mortgage lendingbusiness of providing money to individuals or corporations for the conditional transfer or pledge of real estate as security for payment of a debt Home Inspectorslicensed in Texas by the Texas Real Estate Commission (TREC). The inspector-candidate must complete a series of courses and pass the state exam Institute of Real Estate Management (IREM) An international community of real estate managers dedicated to ethical businesspractices, maximizing the value of investment real estate, and promoting superior managementthrough education and information sharing.Non-homogeneityA lack of uniformity; dissimilarity. Because no two parcels of land are exactly alike, real estate is said to be nonhomogeneous.Property Managementthe management of residential and commercial properties on behalfof the investor-owner of the property.fixityrefers to the fact that land, and additions to the land such as buildings, take long periods of time to pay for themselves.ValueA fair return or equivalent in goods, services, or money for something exchanged Oil & Gas Companiesemploy a large number of individuals with a real estate background Indestructibility or durabilityRefers to the fact that land cannot be destroyed modificationrefers to the fact that value is affected by man-made changes to the land Real Estate Developmentmost often involves the acquisition of land for development into residential subdivisions, retail centers and other commercial uses.RMLOsAre also know as mortgage brokers

situsRefers to the location of the property or land from an economic, not a geographic, viewpoint immobilitystate of being unable to move NARThe largest trade organization representing real estate professionals appraisalthe business of providing a professional opinion of the value of real property ScarcityUnlimited wants exceed the limited resources available to fulfill those wants International Council of Shopping Centers exists to advance the shopping center industry and to promote its role in the commercial distribution of consumer goods and services B uilding Owners and Managers Association (BOMA) International building owners, managers, developers, leasing professionals, corporate facility managers, asset managers, and the providers of the products andservices needed to operate commercial properties.