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This is the business of bringing people together in a real estate transaction for a fee
What is Brokerage?
These are the interests, benefits, and rights that are legally associated with real estate ownership.
What is Real Property?
This professional’s primary responsibility is to protect the owner’s investment while maximizing their financial return.
What is a Property Manager?
This principle states that when the supply of a commodity increases relative to demand, prices will drop.
What is Supply and Demand?
A person or company licensed to buy, sell, exchange, or lease real property for others for compensation.
Who is a Real Estate Broker?
These two physical characteristics of real estate govern the way the market reacts to the pressures of supply and demand.
What are Uniqueness and Immobility?
These are three of the four government controls that can affect the supply of real estate.
What are environmental restrictions, land use policies, building codes, and zoning? (User needs to name three)
Population, demographics, and employment/wage levels are the three primary factors that affect this side of the economic equation.
What is Demand?
This is a person who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.
What is a REALTOR®?
This term describes the use of borrowed funds to finance an investment, giving the buyer greater purchasing power.
What is Leverage?
These are two of the primary disadvantages of real estate as an investment, often cited as the trade-off for high returns.
What are lack of liquidity and the requirement for active management?
To avoid paying capital gains tax on a primary residence sale, a homeowner must have lived in and owned the home for this specific amount of time.
What is at least two of the past five years?
This specific physical characteristic of land means that no two parcels of real estate are exactly the same.
What is Uniqueness (or Nonhomogeneity)?
While population and demographics affect demand, these two financial factors are listed in your notes as primary drivers of supply.
What are construction costs and monetary policy (interest rates)?
First-time homebuyers may make a penalty-free withdrawal of up to this amount from an IRA for a down payment.
What is $10,000?
This is the maximum amount of profit a married couple filing jointly can exclude from capital gains tax when selling their principal residence.
What is $500,000?
Your notes list these four specific "Government Controls" as factors that directly affect the supply of real estate.
What are environmental restrictions, land use policies, building codes, and zoning?
A first-time homebuyer using IRA funds for a down payment must spend those funds within this many days to avoid a penalty.
What is 120 days?
While a broker is a person or company licensed to buy/sell for others, this is the term for a licensee who performs those activities specifically on behalf of that broker.
What is a Salesperson (or Sales Associate/Associate Licensee)?
This specific real estate specialization involves providing clients with competent independent advice and guidance based on professional judgment.
What is Counseling?
While mortgage interest is deductible, the "Tax Cuts and Jobs Act of 2017" limited the deduction of state and local real estate taxes to this specific combined annual amount.
What is $10,000?
This specialization is defined as the process of developing an opinion of a property's market value based on established methods and professional judgment.
What is Appraisal?
These are the two inherent physical characteristics of real estate that prevent the market from being able to adjust quickly to changes in supply and demand.
What are Uniqueness and Immobility?
To calculate the "gain" on a home sale for tax purposes, you must subtract the purchase price and any cost of improvements from this specific figure.
What is the Adjusted Basis (or Sales Price minus Adjusted Basis)?
The end of a metes-and-bounds land description is always a...?
What is a point of beginning