Business Broker Terms in Real Estate Flashcards

Learn about Business Broker Terms in Real Estate with our flashcards. Learn key terms, words, definitions, and much more with our flashcard quizzes. Attempt these simple quizzes for Business Broker Terms in Real Estate ease and grow.

12 cards   |   Total Attempts: 182
  

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