Unit 1 Introduction to the Real Estate Business Vocabulary

Associate Licensee

A licensed real estate salesperson who is employed by or associated with the broker to perform brokerage activities on behalf of or for the broker

Broker

Any person or entity issued a broker's real estate license by the Georgia Real Estate Commission pursuant to Real Estate License Law statutes.

Market

A place where goods can be bought and sold and a price established.

Real Estate Licensee

In real estate practice, a person who has the skills and knowledge to be licensed as a real estate broker or salesperson.

Sales Associate

A person who performs real estate activities while employed by a licensed real estate broker.

Salesperson

Any person, other than an associate broker, who acts on behalf of a real estate broker in performing any act authorized to be performed by the broker in this unit.

Supply and Demand

The appraisal principle that follows the interrelationship of the supply of and demand for real estate. Because appraising is based on economic concepts, this principle recognizes that real property is subject to the influences of the marketplace as with any other commodity.

Real Estate Brokerage

the business of bringing people together in a real estate transaction.

Appraisal

the process of developing an opinion of a property's market value, based on established methods and the appraiser's professional judgement

Property Manager

a person or company hired to maintain and manage property on behalf of the property owner.

Financing

the business of providing the funds that make real estate sales transactions possible.

Subdivision

the dividing of a single property into smaller parcels

Development

involves the preparation of a site and construction of structures or other improvements

Home Inspection

a profession that combines a practitioner's interest in real estate with skills and training in the construction trades.

Counseling

involves providing clients with competent independent advice based on sound professional judgement.

Uniqueness

no matter how identical they may appear, no two parcels of real estate are ever exactly alike; each occupies its own unique geographic location

Immobility

the fact that property cannot be relocated to satisfy demand where supply is low, nor can buyers always relocate to areas with greater supply

Demographics

the study and description of a population

Equity

the interest or value that an owner has in property over and above any indebtedness