1.1 Real Estate - A Business of Many Specializations

Special Purpose Property

A catergory of real property created as a result of combing the land and single highest and best use. (Place of Worship; Chruches , sinagod. educational facilites. Governmental buildings.

Real Estate Broker

A person or an organization acting as the agent for others in negotiong the purchase and sale of real property or other commondities for a fee.

Real Estate Sales Person

A person performing any of the acts included in the defintion of a Real estae broker but while associated with an surpervised by a broker.

Residential Property

A type of property that includes one to four dwelling units (Property used for housing).

Mixed- Use Property

Any urban, suburban or village development, or even a single building, that blends a combination of residential, commercial, cultural, institutional, or industrial uses, where those functions are physically and functionally integrated, and that provides pedestrian connections.

*Pop Quiz* The business of bringing buyers and sellers together and assissting in negotiations for the term is known as?

Brokerage

*Pop Quiz* These Real Estate Brokers specialize in the sale and lease of shopping centers and office buildings...

Commercial Brokerage

*Pop Quiz* Property that Produces Rental income or that is used iin business is known as?

Commercial Property

*Pop Quiz* Property that produces rental income or that is used in business is known as?

Commercial Property

Appraisers

Developing an opinionated value of property.Serve as the eyes and ears on the lending Institution(s).

Real Estate Consulting

Furnish clients w/ making decisions.

Title & Abstract

Insuring a good Title to the Buyers of the Real Estate is the business of Title insurance and abstract companies.

Inspector

Looks at property for buyers benefit.Values condition

Apartment Locating

Matches land lords with tenants. Leased Is signed between Land Lords and Real Estate of Texas (TEC) . Has specific advertisement

Financing

Most are plague w/ loan security.

Farm and Ranch Property

Must understand that crops and tinder can affect the sales property. Educated in hunting and gun leases.

Leasing and Property Management

Operate land for owners( ONLY PROPERTY MANAGER ). Protects owners investments and steps in when Owners can't.

Industrial Property

Property that is used by companies or persons for manufactouring, warehousing ,or assemblage of companents. (Facturies, warehouses, manufacturing facilities, any land associated with land or agricultural.)

Commercial Property

Property that produces rental income or that is used in business. Properties with five or more dwelling units . (Non-Residential; Business propertyies , office building,shopping mall. All properties that gets income.)

*Pop Quiz* Government held properties include which of the following ?

Public Parks

*Pop Quiz* A type of proetry that includes one of the four dwelling units is known as

Residential Property

*Pop Quiz* Example of Special purpose property.

Self Storage

Brokerage

The busines of bringing buyers and sellers together and assisting in negotiaons for the terms of sale of Real Estate.

*Pop Quiz* (T/F) Property inspections must be licensed by the Texas Real Estate Commission .

True

Commercial Brokerage

Understanding the income production of standing of zoning laws.

Urban Planner

Work with local government for new streets, land lines , sewer lines , schools parks and libraries.