Champion School of Real Estate Latest Update 100% Pass

Champion School of Real Estate Latest Update 100% Pass Brokerage The aspect of the real estate business that pertains to overseeing the needs of the parties and completing a transaction Property Managers are generally responsible for the following Day to Day operations, Maintenance and Tenant Relations RMLO Mortgage Brokers are known as NAR The largest trade organization representing real estate professionals is Value A fair return or equivalent in goods, services, or money for something exchanged BOMA Building Owners & Managers Association (oldest organization) Benefits of home ownership Occupancy, Tax Benefits, Pride, Security, Investment Federal Housing Administration In 1934 the US Government's first major direct involvement in the residential finance market Physical Characteristic of Land: Indestructibility or Durability Land cannot be destroyed Physical Characteristic of Land: Immobility Land cannot be moved Physical Characteristic of Land: Nonhomogeneity No two parcels of land are the same Economic Characteristic of Land: Scarcity The theory of Supply & Demand Economic Characteristic of Land: Modification Value is affected by man made changes to the land Economic Characteristic of Land: Fixity Land, and additions to the land such as buildings, take long periods of time to pay for themselves Economic Characteristic of Land: Situs Location of the property or land from an economic, not a geographic viewpoint Supply & Demand When the demand is high and the supply is low, the prices go up. Likewise, prices decline when the supply is high and the demand is low Supply can be restricted by a number of factors including: Land costs, Construction, Taxation, Economics and Local government building codes and zoning ordanances Demand is affected by factors including: Growth in employment, Transportation systems, Personal preference, Availability of credit and Federal government policy Size of the Employment Market The single most important determinant of value in residential real estate Common Law Body of law developed