The Scope of Real Estate Business Flashcards

What is the business of bringing people together in a real estate transaction?

What is the process of estimating a property's value?

Are appraisers licensed in PA?

Who is a person hired to maintain and manage property on behalf of its owner? what is their basic responsibility

What is the process of splitting a large property into smaller parcels?

In order to be a real estate counselor what are the requirements?

What professional organization's mission is to promote programs and services that enhance the ability of its members to conduct business successfully and ethically and to promote the preservation of the right to own, transfer, and use real property. ----members subscribe to code of ethics and can get professional designations through education

What professional organization's members are known as realists and adhere to a code of ethics? It is dedicated to the equal housing opportunity

What is a place where goods can be bought and sold? It can also by a vast complex, worldwide economic system for moving goods and services around the globe.

What are the two characteristics of real estate that govern the way the market reacts to the pressure of supply and demand?

What means that, no matter how identical they may appear, no two parcels of real estate are ever exactly alike; each occupies its own unique geographical location

What refers to the fact that property cant be relocated to satisfy demand where supply is low nor can buyers always relocate to areas with greater supply

What are the factors the effect supply?

What are the factors that effect demand?

What is it called when merging a variety of residential housing types within one development and the merging of diverse land uses as housing, recreation, and commercial units in one self contained development. These ordinances permit high density living that maxmize open space by reducing lots and streets---no direct ownership, but fee is collected for public areas