Modern Real Estate Practice - 21st Edition UNIT 1 Flashcards

Modern Real Estate Practice - 21st Edition (UNIT 1) Flashcards DevelopementInvolves preparation of a site and construction of structures or other improvements Nationwide Multistate Licensing System and Registry

(NMLS)

Federal law requires mortgage loan originators to qualify for...Highrise developmentsSometimes called 'mixed-use developments (MUDS)', combine office space, stores, theaters, and apartment units into a single vertical community DemandRefers to the quantity of goods or services that consumers are willing and able to buy at a given price Property managerA person or company hired to maintain and manage property on behalf of the property owner CondominiumA popular form of residential ownership, offering the security of owning property without exterior maintenance responsibilities a house Planned unit developementsSometimes called 'master-planned communities (PUDS)', might consist entirely of residences, but they can also serve to merge such diverse land uses as housing, recreation, and commercial units into one self-contained development CounselorTheir role is to furnish clients with the information needed to make informed decisions

• Labor force, construction, and material costs2.

Government controls and financial policies3. Local government factors Factors affecting real estate supply CounselingInvolves providing clients with competent independent advice based on sound professional judgement ImmobilityRefers to the fact that property cannot be relocated to satisfy demand where supply is low, nor can buyers always relocate to areas with greater supply SupplyQuantity of goods or services that can be sold at a given price. It is made up of residential and commercial land and structures AgriculturalFarms, timberland, ranches, and orchards Licensed real estate salespersonEmployed or associated with the broker to perform brokerage activities on behalf of or for the broker. Also called sales associate or associate licensee Converted-use propertiesAre factories, warehouses, office buildings, hotels, schools, churches, and other structures that have been converted to residential use BrokerA person or company licensed to buy, sell, exchange, or lease real property for others and to charge a fee for these

services

Single-family detached houseOne of the most popular housing types, although it has been adapted in urban areas to take the form of the row house that may share a wall with an adjoining property

• Residential2. Commercial3. Mixed-use4. Industrial5.

Agricultural6. Special purpose Six categories of real property Real estate licenseeA person who has satisfied the requirements of a licensing agency, as authorized by state legislation FinancingThe business of providing the funds that make real estate transactions possible IndustrialWarehouses, factories, land in industrial districts, and power plants UniquenessNo matter how identical they may appear, no two parcels of real estate are ever exactly alike; each occupies its own geographic location Mixed-useProperty that allows for two or more commercial and residential uses in the same building Special purposePrivately owned properties, such as places of worship, schools, and cemeteries, as well as publicly held properties, such as schools, municipal service buildings, and parks RentingA way to try out a new area before making a purchase SubdivisionThe dividing of a single property into smaller parcels Tax deductions, exclusion of gain on the sale of the home, and tax credits, when available The buyer of a home can benefit from...ResidentialAll property used for single-family or multifamily housing, whether in urban, suburban, or rural areas Factory-built housingOnce the often derided 'mobile home', the most temporary of residences AppraisalThe process of developing an opinion of a property's market value, based on established methods and the appraiser's professional judgement MarketProvides a setting in which supply and demand can establish market value, making it advantageous for buyers and sellers to trade Real estate brokerageThe business of bringing together in a real estate transaction Apartment buildingThe response to housing demand in crowded urban areas DemographicsThe study and description of a population CooperativeHas units that share common walls and facilities within a larger building

• Population2. Demographics3. Employment and wage

levels Factors affecting real estate demand CommercialBusiness property, including office space, shopping centers, stores, theaters, hotels, and parking facilities

Homeowner's equityThe difference between the market value of the property and the amount still owed on it is...Manufactured homesPermanent installations built to federal specifications, providing principal residences or vacation homes DiscriminationThe provision of housing and related services is prohibited by federal law Home inspectionA profession that combines a practitioner's interest in real estate with skills and training in the construction trades