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Cards In This Set
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Broker
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One who acts as an intermediary on behalf of others for a FEE or COMMISSION. One who is licensed to list, lease, buy, exchange, auction, negotiate, or sell interest in real estate.
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Business Cycles
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Upward and downward fluctuations in business activities. 4 stages: expansion, recession, depression, and revival.
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Chattel
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(aka Personal Property)
Movable objects. Such as furniture, car, chair, etc. |
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Heterogeneity
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Uniqueness of each parcel of land that gives rise to the remedy of specific performance for the breach of a real estate contract.
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Highest and Best Use
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The possible use of a property that would produce the greatest net income and thereby develop the highest value.
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Land
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The earth's surface, extending downward to the center of the earth and upward infinitely into space, including things permanently attached by nature, such as trees and water.
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Market
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A place where goods can be bought and sold and established.
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Nonhomogeneity
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Uniqueness of each parcel of land that gives rise to the remedy of
specific performance for the breach of a real estate contract.
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Personal Property
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(aka Chattel)
Movable objects. Such as furniture, car, chair, etc. |
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Provisional Broker
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A real estate licensee who performs real estate activities under the supervision of a licensed real estate broker-in-charge. Much complete post-licensing courses to remove the provisional license status.
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Real Estate
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Land; a portion of the earth's surface, including all things permanently attached to it, whether naturally or artificially.
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Situs
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The personal preference of people for one location over another, not necessarily based on objective facts and knowledge.
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Supply
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The amount of goods available in the market to be sold at a given price. The term is often coupled with demand.
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Real Property
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The land plus permanent improvements and the interest, benefits, and rights inherent in real estate ownership.
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