Property Types
This term describes property used for homes and apartments
Residential
How are single homes classified
residential
What is a mortgage
A loan used to purchase property
What do we mean when we say sellers market
A period of economic growth in the real estate market
What does a real estate agent do?
Helps clients buy or sell homes
This asset class includes skyscrapers and professional buildings.
Office Spaces
How are townhouses classified
residential
What are building codes
Regulations governing building construction and safety
What does Vacancy rate mean
Percentage of unoccupied space
What does a real estate appraiser do?
values properties for banks, buyers, and sellers
These type of property is used for business purposes
commercial
Distribution centers fall under what category of commercial properties
Industrial
what is NOI
Revenue - operating expenses
What do we mean when we say buyers market
A period of economic decline in the real estate market
What does a property manager do
Handles day-to-day operations and maintenance of rental properties.
This asset class includes warehouses, garages, and distribution centers.
Industrial
Besides offices, warehouses, and retail spaces what other property can be considered commercial
hotel/resorts
What does the landlord pay with a triple net lease
very minimal repairs in some cases nothing
What's an example where short term lodging would be used
hotels
What's a title examiner
Reviews property records to verify ownership and identify any liens, encumbrances, or legal issues before a real estate transaction.
This property type can be classified under both residential and commercial real estate
How are retail buildings classified
commercial
What type of properties use the gross lease most often
offices
What is Cap rate
NOI / Property value
what's the most common real estate career