Mind Your Business
Retail, office and industrial properties
What is commercial properties?
Characteristics of real estate can be divided into 2 major categories
What are economic and physical characteristics?
T.R.E.C.
What is the Texas Real Estate Commission
Also known as the “over-supply” phase. Supply catches up with demand and eventually exceeds that demand.
What is Phase 3. Hyper-Supply?
These are the hours needed to obtain a real estate license
What is 180 hours?
People in the real estate business who primarily focus on creating new properties
What are developers?
Relates to how much is available in relation to demand. In other words, it is a concept associated with supply and demand.
What is Scarcity?
N.A.R.
What is the National Association of REALTORS
In this phase the real estate market has recovered. Rental occupancy rates have increased along with rental rates being charged for units. New construction has increased in order to meet the demands for both single-family homes as well as commercial properties. At the high point of the expansion phase, supply and demand are at an equilibrium.
What is Expansion Cycle?
A doctrine that gives the state control of water use and the water supply
What is Doctrine of Prior Appropriation?
Professionals involved in real estate business are most concerned about procuring buyers and sellers for clients.
What are real estate agents and or brokers?
The phrase that real estate is all about “location, location, location.” And there is a lot of truth to that.
What is location?
T.R.E.T.A.
What is the Texas Real Estate Teachers Association?
This phase follows a time of economic recession. It begins with low rental occupancy rates and stagnant new construction activity.
What is Phase 1 Recovery?
Land and everying attached to it.
What is real estate?
Must be sponsored by a broker in order to assist in a transaction of a property
What is a real estate sales agent?
In the Economic Characteristics we use the acronym S.L.I.P. This stand for.
What is Scarcity, Location, Improvments and Permanence of investment?
T.A.R.
What is the Texas Association of REALTORS
Too much growth in phase 3 now leads to over-supply and reduced demand. This will result in significant price drops, high vacancy rates and lower rental rates.
Phase 4. Recession
The right of a property that abuts a strem or river
What is Riparian?
The level of government which is most active in regulating real estate licensee.
What is state government?
We will also accept
what is TREC?
or Texas Real Estate Commission?
Immobile, Non-Homogeneity (Uniqueness), Indestructible
What are Physical Characteristics?
M.L.S.
A measure of supply and demand. By taking the number of homes sold in a month and dividing it by the number on the market, you can find a percentage that determines how quickly homes sell.
Absorption rate?
This level of government controls zoning laws.
What is County and local