Chapter 1: The Real Estate Business

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Author:
lacyelliott
ID:
149726
Filename:
Chapter 1: The Real Estate Business
Updated:
2012-04-23 23:51:41
Tags:
farming tract building
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Description:
Chapter 1
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  1. FARMING
    concentrating on one type or style of propery or on one particular neighborhood
  2. FEDERALLY RELATED TRANSACTION
    a loan imade by a federally regulated lending institiution that uses real propery, which has a transaction value greater that $250,000, as security for a loan
  3. COMPARATIVE MARKET ANALYSIS
    value estimate based on recent sales of similar properties in the same neighborhood
  4. CUSTOM BUILDING
    when a contractor is emplyed by an owener of land to build on that land to the owners specifications
  5. SPECULATIVE BUILDING
    when a contactor builds on his or her own land with the hope of lacating a purchaser after construction has been completed
  6. TRACT BUILDING
    a developer that acquires a large tract of land and builds a model center from which sales may be made
  7. A real estate appraiser's fee for professional service is based on

    a)a percentage of the propery's gross income.
    b)a percentage of the fair market value of the property
    c)the time and difficulty of the appraisal
    d)a percentage of the propery's sales price
    C
  8. The principal in an agency relationship is the

    a) customer.
    b) seller.
    c) employer
    d) buyer
    C.

    Employer
  9. The service provided by real estate brokers that is considered to require the most experience and knowledge is
    a) property management.
    b) counseling
    c) appraising.
    d) agricultural sales
    b

    Counseling

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