Weichert Real Estate School Chapter 1

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Property Management
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Management of another’s property for compensation
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Brokerage
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Bringing together parties interested in a real estate transaction
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Realtor ®
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Member of National Association of REALTORS, adhere to Code of Ethics
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Categories of Real Property
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Residential, Commercial, Industrial, Agricultural, Special-Purpose
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Real Property
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Interests, benefits, and rights associated with real estate ownership
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Demand
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Amount of goods people are willing and able to buy
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Salesperson
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Performs real estate activities under supervision of licensed real estate broker
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Development
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Construction of improvements on land, i.e., new homes, water lines
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Subdivision
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Splitting a single property into smaller parcels
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Market
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Place where goods are bought and sold, price is established
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Residential
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All property used for single-family or multifamily housing, whether urban, suburban, or rural areas
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Agricultural
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Farms, timberland, ranches, and orchards
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Supply
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The amount of goods available in the market to be sold at a given price
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Industrial
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Warehouses, factories, land in industrial districts, and power plants
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Commercial Property
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Business property, including office space, shopping centers, stores, theaters, hotels, and parking facilities
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Special-Purpose
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Churches, schools, cemetaries, and government-held lands
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Appraisal
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The process of estimating a property’s market value, based on established methods and the appraiser’s professional judgement
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Financing
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The business of providing the funds that make the real estate transaction possible
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Home Inspection
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Is the profession that allows practitioners to combine their interests in real estate with their professional skills and training in the construction trades and engineering
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Counseling
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Involves providing clients with competent independent advice based on sound professional judgement
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Uniqueness
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Meaning no matter how identical they may appear, no two parcels of real estate are ever exactly alike: Each occupies its own unique geographical location
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Immobility
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Incapable of being moved; fixed in location, such as land.
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Factors affecting supply
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Labor force, construction costs, government controls and government financial policies
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Factors affecting demand
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Population, demographicsand employment & wage levels

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