Chapter 1: Introduction to the Real Estate Business
Terms
undefined, object
copy deck
- Property Management
- Management of another's property for compensation
- Brokerage
- Bringing together parties interested in a real estate transaction
- Development
- Construction of improvements on land, i.e., new homes, water lines
- Market
- Place where goods are bought and sold, price is established
- Realtor ®
- Member of National Association of REALTORS, adhere to Code of Ethics
- Subdivision
- Splitting a single property into smaller parcels
- Salesperson
- Performs real estate activities under supervision of licensed real estate broker
- Categories of Real Property
- Residential, Commercial, Industrial, Agricultural, Special Projects
- National Association of Real Estate Brokers (NAREB)
- Dedicated to equal housing opportunity, members are REALISTS
- Real Property
- Interests, benefits, and rights associated with real estate ownership