RECP Module 1 All Answers Correct

RECP Module 1 All Answers Correct Market ️A place where goods can be bought and sold, where a price can be established and where buyers and sellers can trade. Commission ️Means the Indiana Real Estate Commission Real Estate ️Any right, title, or interest in real property License ️Means a broker license is issued by the commission which is not expired, suspended, or revoked Broker ️Means a person who for consideration or a commission sells, buys, trades, exchanges, options, leases, rents, manages, lists, or appraises real estate or negotiates under the auspices of a managing broker Managing Broker ️An Indiana specific term that refers to a broker who the commission holds responsible for the actions of licensees who are affiliated with the managing broker Principal Broker ️The general national term for Managing Broker. The broker who the commission holds responsible for the actions of licensees who are affiliated with the principal broker Developer ️Creates real properties from raw land for sale and construction Property Manager ️Oversees condition and financial performance of properties on behalf of the owners. Asset Manager ️Oversees groups of properties or portfolios Real Estate Investor ️Risks capital to buy, hold, and sell real properties Agricultural Real Esate ️Real property used for farms, timberland, pasture land, ranches, orchards, and so on Commercial Real Estate ️Real property use for offices, shopping centers, stores, executive offices, theaters, hotels, parking facilities, and other business uses. Industrial Real Estate ️Real property use for warehouses, factories, land in industrial districts, research facilities, and so on. Costs ️those expenses necessary to generate and deliver the item to the market Price ️The amount of money or other asset that a buyer has agreed to pay and a seller has agreed to accept in exchange for a good or service. It is a quantification of the value of an item traded. Supply ️The amount of goods available in the market place to be sold at a given time for a given price. In real estate, supply is the amount of property for sale or lease at any given time. Demand ️The amount of goods people are willing and able to purchase at a given price. Real Estate demand is the amount of property buyers and tenants wish to acquire by purchase, lease, or trade at any time. Value ️The worth of an item as determined by its utility, desirability, scarcity, affordability and other components and quantified as price. Purchasing power ️The consumer's ability to pay Buyer's market ️Prices generally drop as supply increases relative to demand Seller's market ️Prices generally increase as supply decreases relative to demand