Champions School Ch. 1 - Intro to Real Estate Questions And Answers Graded A+

brokerage - the aspect of the real estate business that pertains to overseeing the needs of the parties and completing a transaction. RMLOs - Are also know as mortgage brokers NAR - The largest trade organization representing real estate professionals Value - A fair return or equivalent in goods, services, or money for something exchanged appraisal - the business of providing a professional opinion of the value of real property mortgage lending - business of providing money to individuals or corporations for the conditional transfer or pledge of real estate as security for payment of a debt Property Management - the management of residential and commercial properties on behalf of the investor-owner of the property. Apartment Locators - work for firms that specialize in locating units for tenants in multi-family complexes Apartment Locators. License or no license? - license Home Inspectors - licensed in Texas by the Texas Real Estate Commission (TREC). The inspectorcandidate must complete a series of courses and pass the state examReal Estate Development - most often involves the acquisition of land for development into residential subdivisions, retail centers and other commercial uses. Oil & Gas Companies - employ a large number of individuals with a real estate background Institute of Real Estate Management (IREM) - An international community of real estate managers dedicated to ethical business practices, maximizing the value of investment real estate, and promoting superior management through education and information sharing. CCIM Institute - Established in 1954 to give commercial real estate practitioners an opportunity to further their business practices through education and networking opportunities. Society of Industrial and Office Realtors (SIOR) - a professional affiliate of the National Association of REALTORS. International Council of Shopping Centers - exists to advance the shopping center industry and to promote its role in the commercial distribution of consumer goods and services B uilding Owners and Managers Association (BOMA) International - building owners, managers, developers, leasing professionals, corporate facility managers, asset managers, and the providers of the products and services needed to operate commercial properties. Indestructibility or durability - Refers to the fact that land cannot be destroyed immobility - state of being unable to move Non-homogeneity - A lack of uniformity; dissimilarity. Because no two parcels of land are exactly alike, real estate is said to be nonhomogeneous.Scarcity - Unlimited wants exceed the limited resources available to fulfill those wants modification - refers to the fact that value is affected by man-made changes to the land fixity - refers to the fact that land, and additions to the land such as buildings, take long periods of time to pay for themselves. situs - Refers to the location of the property or land from an economic, not a geographic, viewpoint