Modern Real Estate All units

LEARNING OBJECTIVES

When you have completed this unit, you will be able to accomplish the following.

› List the various careers available in the real estate industry.

› Describe the different classifications and characteristics of real property and the types of

housing available for purchase or rental.

› Identify the major goal of fair housing laws.

› Explain the factors of supply and demand in the real estate market.

KEY TERMS

associate licensee broker fair housing

market

real estate licensee sales associate

salesperson

supply and demand

OVERVIEW

Real estate transactions are taking place all around us, all the time. When a business that sells

camping gear leases space in a shopping center, or the owner of an apartment building rents

out a unit to a new tenant, it's a real estate transaction. The most common transaction is the

purchase or rental of a home, whether by a first-time buyer, by someone seeking a larger or

smaller place to live or a second home, or by an investor interested in the property's

income-producing potential. Consumers of real estate services thus include buyers and sellers

of homes, tenants and landlords, investors, and developers. Nearly everyone, at some time, is

involved in a real estate transaction.

All this adds up to big business— simple as well as complex transactions that together involve

trillions of dollars each year in the United States. The services of millions of highly trained

individuals are required: attorneys, bankers, trust company representatives, abstract and title

insurance company agents, architects, surveyors, accountants, tax experts, and many others, in

addition to buyers and sellers. In most of these transactions, the people involved depend on the

skills and knowledge of licensed real estate professionals.

1REAL ESTATE: A BUSINESS OF MANY SPECIALIZATIONS

Learning Objetive Lit the various careers available in the real estate industry.

Despire the sine and complexic of the real estare business, many people think of it as a heres

need ecate bree dod real espare calespeople only Actually, the real estate industry it much

brasder thin that. Appraisal, propery management, financing, subdivision and development,

home inspection, counseling, and educarion are all separate businesses within the neal oure

fickd. To surred in a complex industry, every real estate professional must have a have

knowlade of these specialized areas and how they impact the real estate industry.

Brokerage

Real estate brokerage is the business of bringing people rogether in a real estate transaction.

A licensed real estate broker acts as a point of contact between two or more people in