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Chapter 1 - Chapter 1 Introduction to the Real Estate...

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Chapter 1: Introduction to the Real Estate Business - Consumers of real estate services: buyers and sellers of homes, tenants and landlords, investors, and developers. - Every real estate professional must have basic knowledge of: appraisal, property management, financing, subdivision and development, counseling, and education. - Brokerage: the business of bringing people together in a real estate transaction - Broker: acts as a point of contact between two or more people in negotiating the sale, purchase, or rental of property. o A person or company licensed to buy, sell, exchange, or lease real property for others and to charge a fee for these services. - Sales agent (salesperson): a licensee employed by or associated with the broker as an independent contractor. o Conducts brokerage activities on behalf of the broker. o But, broker is responsible for the salesperson’s acts. - Appraisal: process of estimating a property’s value (usually market value), based on established methods and the appraiser’s professional judgment. - Home inspection: visual examination of the components of a residential building, including (among other items) the plumbing system, electrical system, structural components, foundation, roof, and the heating and cooling system.
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