Real Estate Unit 1 Vocabulary Flashcards

Real Estate Unit 1 Vocabulary Flashcards Real Estate licenseeA person who has the skills and knowledge to be licensed as a real estate broker or salesperson.SupplyIn real estate the supply is made up of residential and commercial land and structures.When supply increases and demand remains stable, prices go down.MarketA place where goods can be bought and sold and a price for goods established.Supply && DemandEstablished prices for goods and services in the market. In real estate supple and demand and influenced by the uniqueness and immobility of parcels of real estate.RealtorPerson who adheres to the Code of Ethics of the National Association of REALTORS (NAR).Factors affecting supplyLabor force availabilityConstructionMaterial costsGovernment controls (environmental restrictions, land use policies, building codes, zoning)Monetary policy that impacts interest ratesMoney supply DemandIn real estate the demand is the number of homebuyers and businesses seeking to buy property can vary greatly on general economic conditions.When demand increases and supply remains the same, prices go up.Home inspectionReport based on visual survey of property structure, systems, and site conditions.BrokerageThe bringing together of parties interested in making a real estates transaction.ImmobilityThe property of real estate that refers to the fact that property cannot be relocated elsewhere.UniquenessThe principle of real estate which states that even if two parcels may appear identical, they are never exactly alike.AppraisalProcess of using established methods and good judgment to estimate the value of a property.Factors affecting demandPopulationDemographicsEmployment & wage levels Code of EthicsA written system of standards for ethical conduct.BrokerOne who acts as an intermediary on behalf of others for a fee or commission.Sales Associate (Salesperson)A person who performs real estate activities while employed by a licensed real estate broker.Associate licenseeA licensed real estate salesperson who is employed by or associated with the broker to perform brokerage activities on behalf of or for the broker.