+
Cards In This Set
| Front | Back |
|
Brokerage
Broker: Salesperson: |
Broker: Person or company liscensed to buy, sell, exchange or lease real property & to charge a fee.
Salesperson: Conducts activities on behalf of broker. (Ch 5.) |
|
Appraisal / Appraised value:
Who is this done for? |
Process of estimating a property's market value, based on established methods and judgement (later)
--> Done for the bank i.e. lenders (Chapter 18) |
|
Assessed value:
Who is this done for? |
Done for the TOWN for tax purposes i.e. to determine how much property tax to charge (in order to cover the total budget for property taxes)
|
|
Market Value:
Done for the? |
This is the actual price value for putting it ont he market. The current buyers (in a 3-6 month period) will determine that.
|
|
CMA - Competitive Market Analysis
|
This is what the broker / salesperson does to come up with a market price. Using comps in similar location / style etc. (more later)
|
|
Property Manager
|
Person or company hired to maintain and manage property on behalf of the owner (more detail Ch. 17)
|
|
Subdivision / Development
|
Subdivision - splitting of a property into smaller parcels.
Development - involves construction of improvements on the land (on or off site) Houses etc. Related but separate processes. |
|
Must join Greater Boston Real Estate Agent Board (GBRAB)
Then you are a member of MAR Then you are a member of NAR |
MAR - Mass Association of Realtors
NAR - National Association of Realtors (NAR composed of --> MAR --> GBRAB) |
|
Types of Real Property:
Residential Commercial Industrial Agricultural Special -Purpose |
Residential
Commercial Industrial Agricultural Special -Purpose: Churches, Schools, Govmt-held, Non-Profit orgs |
|
Uniqueness & Immobility are:
|
The 2 characteristics of LAND that have the most impact onn MARKET VALUE (demand)
|
|
Factors affecting Supply are:
|
Labor Force
Construction Costs Government Controls Government Financial Policies |
|
Factors affecting Demand are:
|
Population
Demographics Employment and Wage levels |
