FBLA Real Estate

What is real property?

Land and anything permanently attached to it, such as buildings and fixtures.

What is personal property?

Movable items not permanently attached to land.

What is a fixture?

Personal property that becomes real property when permanently attached.

What is a real estate agent?

A licensed salesperson who works under a broker.

What is a real estate broker?

A licensed professional who can own a firm and supervise agents.

What is a Realtor?

A real estate professional who is a member of the National Association of Realtors.

Name one benefit of joining a real estate organization

Education, ethics standards, networking, or legal support.

What does a property manager do?

Oversees rental properties and handles maintenance and tenants.

What does a leasing agent do?

Finds tenants and manages rental agreements.

What does a mortgage banker do?

Provides loans for property purchases.

What is residential real estate?

Property used for living, such as homes or apartments.

What is commercial real estate?

Property used for business purposes, such as offices or retail.

What are appurtenances?

Rights or improvements attached to land.

What is a lien?

A legal claim against property for unpaid debt.

What are hereditaments?

All inheritable property, including land and rights.

What is land use?

The way land is developed and used.

What affects land use?

Zoning laws, location, demand, and regulations.

What is required to become a licensed real estate professional?

Education, passing an exam, and state approval.

What is the sales comparison approach?

A valuation method using recent similar property sales.

What is the cost approach?

A valuation method based on replacement cost minus depreciation.

What is the income approach?

A valuation method based on income a property generates.

What is the role of a real estate appraiser?

To estimate a property’s market value objectively.

What does a real estate entrepreneur do?

Invests in, develops, or sells property for profit.

What is housing discrimination?

Unfair treatment in housing based on protected characteristics.

Name one protected class under Fair Housing law

Race, color, religion, sex, national origin, disability, or familial status.

What is the Fair Housing Act?

A law that prohibits housing discrimination.

What is a property disclosure?

Required information sellers must reveal about a property.

Name one required property disclosure

Lead-based paint, asbestos, or known defects.

What is zoning?

Laws that regulate how land can be used.

What is a lease?

A legal contract between landlord and tenant.

What is tenancy?

The legal right to occupy property.

What are fiduciary duties?

Legal duties agents owe their clients.

Name one fiduciary duty

Loyalty, obedience, disclosure, confidentiality, accounting, or care.

What is the real estate transaction process?

Listing, offer, contract, financing, and closing.

What is a conventional loan?

A mortgage not insured by the government.

What is an FHA loan?

A government-backed loan with lower down payment requirements.

What is a VA loan?

A mortgage available to eligible military members.

What is a deed?

A legal document that transfers property ownership.

What is a warranty deed?

A deed that guarantees clear title.

What is a quitclaim deed?

A deed that transfers interest without guarantees.

What role do financial institutions play in real estate?

They provide funding and mortgage loans.

What is the secondary mortgage market?

A market where existing mortgages are sold to investors.

Why does the secondary mortgage market matter?

It increases funds available for lending.

What is a real estate investment?

Buying property to earn income or appreciation.

What happens at a real estate closing?

Final documents are signed and ownership transfers.

What is truth in advertising?

Requirement that ads be accurate and not misleading.

Why is ethics important in real estate?

To ensure trust, fairness, and honesty.

What is a seller’s agent?

An agent who represents the seller.

What is a buyer’s agent?

An agent who represents the buyer.

What is dual agency?

One agent represents both buyer and seller.

What is a subagent?

An agent who works for another agent.

What is an agency relationship?

A legal agreement between agent and client.

What is the role of a real estate sales agent?

Market property and guide clients through transactions.

How do commercial agency transactions differ from residential?

They are more complex and involve higher risk.

Name one way to advertise real estate listings

MLS, online platforms, social media, or open houses.