Champions School of Real Estate-Principles of Real Estate I Exam 2023-24
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Course
CHAMPIONS OF REAL ESTATE
Institution
CHAMPIONS OF REAL ESTATE
Physical Characteristics of Land - ANSWER Indestructibility or durability
Immobility
Non homogeneity
Mortgage Lending - ANSWER business of providing money to individuals or
corporations for the conditional transfer or pledge of real estate as security for payment
of a debt
RMLO - ANSWER Resid...
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Champions School of Real Estate-Principles of Real
Estate I Exam 2023
3 Physical Characteristics of Land - ANSWER Indestructibility or durability
Immobility
Non homogeneity
Mortgage Lending - ANSWER business of providing money to individuals or
corporations for the conditional transfer or pledge of real estate as security for payment
of a debt
Property Management - ANSWER Management of residential and commercial
properties on behalf of owner/investor
Apartment Locators - ANSWER Locates rentals of tenants in multi-family complexes.
Has knowledge of amenities of all complexes in the market area. Paid a fee by
apartment complex for referals
Home Inspectors - ANSWER Inspects properties for habitability including HVAC,
Plumbing, electrical and construction methods
Real Estate Development - ANSWER Involves the acquisition of land for development
into residential subdivisions, retail center and commercial uses
Oil and Gas Landman - ANSWER Negotiates oil and gas leases with mineral owners.
Title work to determine mineral ownership
NAR-National Association of Realtors - ANSWER Largest professional organization for
RE profs. Divided into State and Local boards. Operates the MLS
IREM-Institute of RE Mgmt - ANSWER Intl cmte of RE managers.
CCIM-Certified Commercial Investment Memeber - ANSWER Est 1954. Furthers
business practices through education and networking
,SIOR-Society of Industrial and office realtors - ANSWER Professional affiliate of the
NAR. Specializes in industrial, office, sales managers, executive manager or advisory
service
ICSC-International Council of Shopping Centers - ANSWER Purpose is to advance the
shopping center industry. Promotes commercial distribution of consumer goods and
service
BOMA-Building Owners and Managers Assoc - ANSWER Member are building
owners, managers, developers, leasing professionals, corporate facility managers, asset
managers, and providers of products and services to operate commercial properties
Land is developed... - ANSWER by appearance, location and scenic value
Land is described... - ANSWER by utility and suitability for a specific use
Land and Real Estate property - ANSWER must be described in a distinguishable
manner from personal property.
4 Economic Characteristics of Land - ANSWER Scarcity
Modification
Fixity
Situs
Indestructibility or durability - ANSWER Land cannot be destroyed
Immobility - ANSWER land cannot be moved, owner must go to the land
Non-homogeneity - ANSWER no 2 parcels of land is the same.
Scarcity - ANSWER supply and demand. Shortage of what people want price goes up;
less land price increases, more land price decreases
Modification - ANSWER value is affected by man-made changes to the land itself or
offsite improvements
Fixity - ANSWER land and addition to land take a long time to pay for themselves.
Situs - ANSWER Location of property or land from and economic not geographic
viewpoint
value - ANSWER fair return in goods, services or money for something exchanged.
The monetary worth of something.
, Real Estate Value - ANSWER determined by personal preference which is subjective
Supply and demand - ANSWER high demand=low inventory, price increases
Low Demand=high inventory, price decreases
Supply is restricted by - ANSWER Land costs
construction
taxation
economics
building and zoning ordinances
Growth policies of cities
Demand is affected by - ANSWER Growth in employment
transportation systems
personal preference
availability in credit
Federal Govt policy
Value is affected by - ANSWER Federal income Tax policy
supply of money
monetary policy of fed reserve
interest rates
Local economic cycles and RE values are affected by - ANSWER Availability of
employment
population trends
availability of trained workforce
local govt policy
Agency Law - ANSWER Relationship between parties to a transaction-salesperson,
brokers and others.
Level of service provided by presence or lack of agency agreement with broker
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