Chapter 14 PA Real Estate flashcards

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Flashcards on Chapter 14 PA Real Estate flashcards, created by Laila Enchante on 08/26/2015.
Laila Enchante
Flashcards by Laila Enchante, updated more than 1 year ago
Laila Enchante
Created by Laila Enchante over 7 years ago
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Resource summary

Question Answer
real estate brokerage the process of bringing together parties who are interested in completing a real estate transaction.
a ready, willing and able buyer is a purchaser who is personally and financially prepared to meet the terms and conditions of a seller as identified in a listing agreement
100% Commission is available in many real estate offices today
sherman antitrust act The intent to allow free trade in the business world by encouraging competition and simultaneously preventing monopolies, boycotts, and restraint of trade
price fixing each real estate business to independently establish its own office fees and commissions to prevent an antitrust claim
group boycott Antitrust laws prevent a
tying agreement In a ______ the purchaser of one product or service would automatically be required to buy a second, connected product or service.
6 categories of real estate 1. Residential 2. Commercial 3. Industrial 4. Agricultural 5. Special use 6. Vacation / Recreation
10 types of business involvement with real estate 1. Sales 2.Rental 3. Appraisal 4. Finance 5. Building and Development (subdividing) 6. Insurance 7. Investment 8. Property Inspection 9. Education 10. Environmental Evaluation
3 government involvement with real estate 1. Local, Municipal Government 2. State Government 3. Federal Government
6 of local municipal government 1. Zoning boards 2. Planning commissions 3. Building Inspectors 4. Sewer Authorities 5. Tax Collectors 6. Various laws, ordinances and regulations
4 of state governments 1. State real estate commission 2. Department of Environmental Protection (DEP) 3. Human Relations Commission 4. Various laws and regulations
4 of the federal governments 1. Department of Housing and Urban Development (HUD) 2. Federal Housing Administration (FHA) 3. Environmental Protection Agency (EPA) 4. Various laws and regulations
zoning boards CONTROLS land and building USE
planning commissions Approves Subdivisions
Human Relations Commission Pa Civil Rights Law
National Association of Realtors (NAR) trade organization; ethics and professionalism of its members; members subscribe to a code of ethical standards
Ethics system of principles and rules or values; or standards of practice that exceed the law
The Real Estate Market local in nature
Economic factors supply and demand
Seller's market When the demand increases and supply remains constant, then the price of real estate will normally increase.
Buyer's market when the supply is high and the demand is average to weak, the price of real estate will drop
5 Types of Economic factors 1. Income levels 2. Economic cycles 3. Interest rates on mortgages and loans 4.Inflation 5. Construction costs
4 Economic cycles 1. expansion 2. recession 3. depression 4. equilibrium
Mobile Homes manufactured at a factory; considered personal property; are one story; low pitch roof and a steel superstructure (frame); no longer considered cheap
Modular Homes Manufactured, 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
Homeowners Insurance Protects against loss in event of fire, hail, wind, lightning or other hazards; also may cover medical expenses of someone injured on the property
Homeowners Income Tax Deductions Points 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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