demographics study and description of a population family size,

Real Estate Chapter 1 Vocabulary Flashcards demographics(1) study and description of a population(2) family size, lifestyles, ratio of adults to children, age of children, number of retirees, family income, niche marketing immobilityrefers to the fact that property cannot be relocated to satisfy demand where supply is low

on-site improvementsex: new homes or swimming pools, are made on individual

parcels subdivisiondividing of a single property into smaller parcels.

off-site improvementsex: water lines and storm sewers, made on public lands to

serve the new development developmentthe construction of improvements on the land - may be either on-site or off-site.counseling(1) providing clients with competent independent advice based on sound professional judgment(2) helps clients choose among the various alternatives involved in purchasing, using or investing in property mixed-use propertyproperty that allows for two uses, commercial and residential, in the same building property manager(1) a person/company hired to maintain and manage property on behalf of its owner.(2) basic responsibility of the property manager is to protect the owner's investment and maximize the return on that investment.industrial propertywarehouses, factories, land in industrial districts and power plants government controlsenvironmental restrictions, land use, building codes, zoning commercial propertybusiness property, including office space, shopping centers, stores, theaters, hotels and parking facilities residential propertyall property used for single-family or multifamily housing, whether in urban, suburban or rural areas financingthe business of providing the funds that make real estate transactions possible.agricultural propertyfarms, timberland, ranches and orchards market(1) a place where goods can be bought and sold (e.g.

village square)(2) function of a market: to provide a setting

in which supply and demand can establish market value, making it advantageous for buyers and sellers to trade broker(1) acts as a point of contact between two or more people in negotiating the sale, purchase or rental of property.(2) a person/company licensed to buy, sell, exchange, or lease real property for others and to charge a fee for these services.

uniquenessno two parcels of real estate are exactly alike; each occupies its own unique geographic location appraisalthe process of estimating a property's market value, based on established methods and the appraiser's professional judgment.home inspection(1) a growing area of interest both purchasers and homeowners(2) a thorough visual survey of a property's structure, systems, and site conditions and prepare a analytical report that is valuable to both purchasers and homeowners special purpose propertychurches, schools, cemeteries and government-held lands licenseea person who has satisfied the requirements (e.g. course work, passing the real estate exam) set forth by a licensing agency or state legislation.NARNational Association of Realtors - largest professional trade organization serving the real estate business Brokeragethe business of bringing people together in a real estate transaction conducted by a real estate broker and real estate salesperson.