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Chapter 14 PA Real Estate flashcards
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- 1real estate brokeragethe process of bringing together parties who are interested in completing a real estate transaction.
- 2a ready, willing and able buyeris a purchaser who is personally and financially prepared to meet the terms and conditions of a seller as identified in a listing agreement
- 3100% Commissionis available in many real estate offices today
- 4sherman antitrust actThe intent to allow free trade in the business world by encouraging competition and simultaneously preventing monopolies, boycotts, and restraint of trade
- 5price fixingeach real estate business to independently establish its own office fees and commissions to prevent an antitrust claim
- 6group boycottAntitrust laws prevent a
- 7tying agreementIn a ______ the purchaser of one product or service would automatically be required to buy a second, connected product or service.
- 86 categories of real estate1. Residential
2. Commercial
3. Industrial
4. Agricultural
5. Special use
6. Vacation / Recreation - 910 types of business involvement with real estate1. Sales 2.Rental
3. Appraisal 4. Finance
5. Building and Development (subdividing)
6. Insurance 7. Investment
8. Property Inspection 9. Education
10. Environmental Evaluation - 103 government involvement with real estate1. Local, Municipal Government
2. State Government
3. Federal Government - 116 of local municipal government1. Zoning boards
2. Planning commissions
3. Building Inspectors
4. Sewer Authorities
5. Tax Collectors
6. Various laws, ordinances and regulations - 124 of state governments1. State real estate commission
2. Department of Environmental Protection (DEP)
3. Human Relations Commission
4. Various laws and regulations - 134 of the federal governments1. Department of Housing and Urban Development (HUD)
2. Federal Housing Administration (FHA)
3. Environmental Protection Agency (EPA)
4. Various laws and regulations - 14zoning boardsCONTROLS land and building USE
- 15planning commissionsApproves Subdivisions
- 16Human Relations CommissionPa Civil Rights Law
- 17National Association of Realtors (NAR)trade organization; ethics and professionalism of its members; members subscribe to a code of ethical standards
- 18Ethicssystem of principles and rules or values; or standards of practice that exceed the law
- 19The Real Estate Marketlocal in nature
- 20Economic factorssupply and demand
- 21Seller's marketWhen the demand increases and supply remains constant, then the price of real estate will normally increase.
- 22Buyer's marketwhen the supply is high and the demand is average to weak, the price of real estate will drop
- 235 Types of Economic factors1. Income levels
2. Economic cycles
3. Interest rates on mortgages and loans
4.Inflation
5. Construction costs - 244 Economic cycles1. expansion
2. recession
3. depression
4. equilibrium - 25Mobile Homesmanufactured at a factory; considered personal property; are one story; low pitch roof and a steel superstructure (frame); no longer considered cheap
- 26Modular HomesManufactured, considered real estate once erected (placed) on the site; come in 2-story, bi-level, split level or multiple units; standard pitched roof and have a wood frame; come in large sections (usually 2-4 sections) and are joined on the foundation
- 27Homeowners InsuranceProtects against loss in event of fire, hail, wind, lightning or other hazards; also may cover medical expenses of someone injured on the property
- 28Homeowners Income Tax DeductionsPoints charged on purchase loan
Real Estate Taxes
Interest on mortgage loan
Loan origination fees
Loan prepayment penalties
P.R.I.L.L.
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- Fichas sobre Chapter 14 PA Real Estate flashcards, creado por Laila Enchante el 26/08/2015.
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- Laila Enchante
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