Arkansas Real Estate Study Set

Brokerage The business of bringing people together in Real Estate transaction Broker A person or company licensed to buy, sell, exchange, or lease real property Appraisal Process of developing opinion of a property market value based on established methods and the professional judgment Property Manger Person or Company hired to maintain and manage property on behalf of the property owner Home Inspection A profession that combines a practitioners interest in real estate with skills and training in the construction trades (mostly a visible inspection) Code of Ethics A written system of standards of ethical conduct (code we have to go by as and Real Estate agent) Planned Unit Developments (PUDs) sometimes called master planned communities might consist entirely of residences but they can also serve to merge such diverse land use. Owners do not have direct ownership interest in the common areas. Mixed Use Developments (MUDs) High rise developments combine office space, stores, theaters, and apartments units into a single vertical community. An abandoned warehouse may be transformed into luxury condominium units The words Land, Real Estate, and Real Property are often used interchangeably to most people they mean the same thing Land Defined as the earth's surface extending downward to the center of the earth and upward to infinity Real Estate Land plus all human made improvements to the land that are permanently attached Real Property The interest's benefits and rights that are automatically included in the ownership of real estate Appurtenance/Easement A right or privilege associated with the property although not necessarily a physical part of it