3292202
Description
Flashcards by Laila Enchante, updated more than 1 year ago
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Created by Laila Enchante
over 9 years ago
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| Question | Answer |
| real estate brokerage | the process of bringing together parties who are interested in completing a real estate transaction. |
| a ready, willing and able buyer | is a purchaser who is personally and financially prepared to meet the terms and conditions of a seller as identified in a listing agreement |
| 100% Commission | is available in many real estate offices today |
| sherman antitrust act | The intent to allow free trade in the business world by encouraging competition and simultaneously preventing monopolies, boycotts, and restraint of trade |
| price fixing | each real estate business to independently establish its own office fees and commissions to prevent an antitrust claim |
| group boycott | Antitrust laws prevent a |
| tying agreement | In a ______ the purchaser of one product or service would automatically be required to buy a second, connected product or service. |
| 6 categories of real estate | 1. Residential 2. Commercial 3. Industrial 4. Agricultural 5. Special use 6. Vacation / Recreation |
| 10 types of business involvement with real estate | 1. Sales 2.Rental 3. Appraisal 4. Finance 5. Building and Development (subdividing) 6. Insurance 7. Investment 8. Property Inspection 9. Education 10. Environmental Evaluation |
| 3 government involvement with real estate | 1. Local, Municipal Government 2. State Government 3. Federal Government |
| 6 of local municipal government | 1. Zoning boards 2. Planning commissions 3. Building Inspectors 4. Sewer Authorities 5. Tax Collectors 6. Various laws, ordinances and regulations |
| 4 of state governments | 1. State real estate commission 2. Department of Environmental Protection (DEP) 3. Human Relations Commission 4. Various laws and regulations |
| 4 of the federal governments | 1. Department of Housing and Urban Development (HUD) 2. Federal Housing Administration (FHA) 3. Environmental Protection Agency (EPA) 4. Various laws and regulations |
| zoning boards | CONTROLS land and building USE |
| planning commissions | Approves Subdivisions |
| Human Relations Commission | Pa Civil Rights Law |
| National Association of Realtors (NAR) | trade organization; ethics and professionalism of its members; members subscribe to a code of ethical standards |
| Ethics | system of principles and rules or values; or standards of practice that exceed the law |
| The Real Estate Market | local in nature |
| Economic factors | supply and demand |
| Seller's market | When the demand increases and supply remains constant, then the price of real estate will normally increase. |
| Buyer's market | when the supply is high and the demand is average to weak, the price of real estate will drop |
| 5 Types of Economic factors | 1. Income levels 2. Economic cycles 3. Interest rates on mortgages and loans 4.Inflation 5. Construction costs |
| 4 Economic cycles | 1. expansion 2. recession 3. depression 4. equilibrium |
| Mobile Homes | manufactured at a factory; considered personal property; are one story; low pitch roof and a steel superstructure (frame); no longer considered cheap |
| Modular Homes | Manufactured, considered real estate once erected (placed) on the site; come in 2-story, bi-level, split level or multiple units; standard pitched roof and have a wood frame; come in large sections (usually 2-4 sections) and are joined on the foundation |
| Homeowners Insurance | Protects against loss in event of fire, hail, wind, lightning or other hazards; also may cover medical expenses of someone injured on the property |
| Homeowners Income Tax Deductions | Points charged on purchase loan Real Estate Taxes Interest on mortgage loan Loan origination fees Loan prepayment penalties P.R.I.L.L. |
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