Weichert Real Estate School Chapter 1 Flashcards

Weichert Real Estate School Chapter 1 Flashcards ImmobilityIncapable of being moved; fixed in location, such as land.Realtor ®Member of National Association of REALTORS, adhere to Code of Ethics Home InspectionIs the profession that allows practitioners to combine their interests in real estate with their professional skills and training in the construction trades and engineering Property ManagementManagement of another's property for compensation SubdivisionSplitting a single property into smaller parcels FinancingThe business of providing the funds that make the real estate transaction possible SupplyThe amount of goods available in the market to be sold at a given price Factors affecting demandPopulation, demographicsand employment & wage levels BrokerageBringing together parties interested in a real estate transaction Commercial PropertyBusiness property, including office space, shopping centers, stores, theaters, hotels, and parking facilities CounselingInvolves providing clients with competent independent advice based on sound professional judgement DevelopmentConstruction of improvements on land, i.e., new homes, water lines AgriculturalFarms, timberland, ranches, and orchards IndustrialWarehouses, factories, land in industrial districts, and power plants UniquenessMeaning no matter how identical they may appear, no two

parcels of real estate are ever exactly alike: Each occupies

its own unique geographical location Real PropertyInterests, benefits, and rights associated with real estate ownership MarketPlace where goods are bought and sold, price is established DemandAmount of goods people are willing and able to buy Factors affecting supplyLabor force, construction costs, government controls and government financial policies ResidentialAll property used for single-family or multifamily housing, whether urban, suburban, or rural areas AppraisalThe process of estimating a property's market value, based on established methods and the appraiser's professional judgement Special-PurposeChurches, schools, cemetaries, and government-held lands

Categories of Real PropertyResidential, Commercial, Industrial, Agricultural, Special-Purpose SalespersonPerforms real estate activities under supervision of licensed real estate broker