Demographics the study and description of population

Modern Real Estate Practice in Illinois 11th Edition (Chapter 1) Flashcards Special Purpose Propertychurches, schools, cemeteries, and government-held lands Sponsoring Brokeremploys licensees Demographicsthe study and description of population SubdivisionSplitting a single property into smaller parcels Industrial PropertyWarehouses, factories, land in industrial districts, and power plants Residential Leasing Agentbring together tenants and prospective rental properties Agricultural Propertyfarms, timberland, ranches, and orchards Real Estate EducationAvailable to practitioners and consumers. Minimum levels are established by the state Uniquenessno matter how similar two parcels of real estate may appear, they never are exactly alike Residential Propertyall property used for single-family or multifamily housing, whether in urban, suburban or rural areas Commercial PropertyBusiness property, including office space, shopping centers, stores, theaters, hotels, and parking facilities Counselingproviding clients with competent independent advice based on sound professional judgment Financingthe business of providing the funds that make real estate transactions possible When supply INCREASES and demand remains

STABLE...

prices go DOWN When demand INCREASES and supply remains

STABLE...

prices go UP Real Estate Licenseeacts as point of contact between 2 or more people in negotiating the sale, purchase or rental of property Home Inspectiona profession that allows practitioners to combine their interest in real estate with their professional skills and training in the construction trades or in engineering.Appraisalthe process of rendering an opinion of a property's market value based on established methods & the appraiser's professional judgment AuctioningA competitive bidding process used to transfer property ImmobilityProperty cannot be relocated to satisfy demand where supply is low, nor do buyers necessarily make relocation decisions based on greater housing supply in certain locale National Association of REALTORS (NAR)The largest real estate organization in the world; NAR members subscribe to a strict code of ethics. Active members are allowed to use the trademarked designation,

REALTOR.

Managing Brokerdesignated to supervise the licensees & run the office; may or may not be the owner MarketA place where goods can be bought and sold and a price established.Property ManagerA person or company hired to maintain and manage property on behalf of the property owner; must protect the owner's investment & maximize the owner's return on his/her investment BrokerageThe business of bringing people together in a real estate transaction.