Champions School of Real Estate-Principles of Real Estate I Exam with 100% correct solutions

Champions School of Real Estate-Principles of Real Estate I Exam with 100% correct solutions 3 Physical Characteristics of Land - answerIndestructibility or durability Immobility Non homogeneity Mortgage Lending - answerbusiness of providing money to individuals or corporations for the conditional transfer or pledge of real estate as security for payment of a debt RMLO - answerResidential Mortgage Lenders Originator Property Management - answerManagement of residential and commercial properties on behalf of owner/investor Apartment Locators - answerLocates rentals of tenants in multi-family complexes. Has knowledge of amenities of all complexes in the market area. Paid a fee by apartment complex for referals Home Inspectors - answerInspects properties for habitability including HVAC, Plumbing, electrical and construction methods Real Estate Development - answerInvolves the acquisition of land for development into residential subdivisions, retail center and commercial uses Oil and Gas Landman - answerNegotiates oil and gas leases with mineral owners. Title work to determine mineral ownership TREC - answerTexas Real Estate Commision Education Standards Advisory Cmte - answer12 members-7 brokers, 4 education board members, 1 public member. Reviews and revises curriculum standards, course requirements. NAR-National Association of Realtors - answerLargest professional organization for RE profs. Divided into State and Local boards. Operates the MLS IREM-Institute of RE Mgmt - answerIntl cmte of RE managers. CCIM-Certified Commercial Investment Memeber - answerEst 1954. Furthers business practices through education and networking SIOR-Society of Industrial and office realtors - answerProfessional affiliate of the NAR. Specializes in industrial, office, sales managers, executive manager or advisory service ICSC-International Council of Shopping Centers - answerPurpose is to advance the shopping center industry. Promotes commercial distribution of consumer goods and service BOMA-Building Owners and Managers Assoc - answerMember are building owners, managers, developers, leasing professionals, corporate facility managers, asset managers, and providers of products and services to operate commercial properties Land is developed... - answerby appearance, location and scenic value Land is described... - answerby utility and suitability for a specific use Land and Real Estate property - answermust be described in a distinguishable manner from personal property. 4 Economic Characteristics of Land - answerScarcity Modification Fixity Situs Indestructibility or durability - answerLand cannot be destroyed Immobility - answerland cannot be moved, owner must go to the land Non-homogeneity - answerno 2 parcels of land is the same. Scarcity - answersupply and demand. Shortage of what people want price goes up; less land price increases, more land price decreases Modification - answervalue is affected by man-made changes to the land itself or offsite improvements Fixity - answerland and addition to land take a long time to pay for themselves. Situs - answerLocation of property or land from and economic not geographic viewpoint value - answerfair return in goods, services or money for something exchanged. The monetary worth of something. Real Estate Value - answerdetermined by personal preference which is subjective Supply and demand - answerhigh demand=low inventory, price