1. Market ANS >> a place where goods can be bought and sold, where a price is
established and buyers/sellers can trade.
2. Commission ANS >> the Indiana Real Estate Commission.
3. Real Estate ANS >> any right, title, or interest in real property; the earth's surface
extend- ing downward to the center of the earth and upward into space, including
all things permanently attached to it, whether by nature or by people.
4. License ANS >> a broker license issued by the commission, which is not
expired sus- pended or revoked.
5. Broker ANS >> a person who (for consideration or commission) sells, buys,
trades, exchanges, options, leases, rents, manages, lists, or appraises real
estate or ne- gotiates under a managing broker.
6. Managing Broker ANS >> a broker who the commission holds responsible for the
actions of licensees who are affiliated with the managing broker.
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, 7. Cost ANS >> those expenses necessary to generate and deliver the item to the
market place.
8. Price ANS >> the amount of money or other asset that a buyer has agreed to pay
and a seller has agreed to accept in exchange for a good or service . It is a
quantification of the value of an item traded.
9. Supply ANS >> the amount of goods available in the market place to be sold at a
given time for a given price; the amount of property for sale or lease at any given
time.
10. Demand ANS >> the amount of goods people are willing and able to purchase at a
given price; the amount of property buyers and tenants wish to acquire by purchase ,
lease or trade at any time.
11. Value ANS >> the worth of an item as determined by its utility , desirability ,
scarcity , affordability, and other components and quantified as price.
12. Purchasing Power ANS >> The worth of an item as determined by its utility ,
desirability
, scarcity , affordability, and other components and quantified as price.
13. Buyers Market ANS >> prices generally drop as supply increases relative to
demand.
14. Sellers Market ANS >> prices generally increase as supply decreases relative
to de- mand.
15. Market Equilibrium ANS >> supply and demand are equal.
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, 16. Personal Property ANS >> items that do not fit into the definition of real
property movable objects; chattels.
17. Bundle of Rights ANS >> ownership of all legal rights to the land, including
possession, control, disposition, and enjoyment.
18. Real Property ANS >> the interests, benefits, and rights inherent in the
ownership of real estate.
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established and buyers/sellers can trade.
2. Commission ANS >> the Indiana Real Estate Commission.
3. Real Estate ANS >> any right, title, or interest in real property; the earth's surface
extend- ing downward to the center of the earth and upward into space, including
all things permanently attached to it, whether by nature or by people.
4. License ANS >> a broker license issued by the commission, which is not
expired sus- pended or revoked.
5. Broker ANS >> a person who (for consideration or commission) sells, buys,
trades, exchanges, options, leases, rents, manages, lists, or appraises real
estate or ne- gotiates under a managing broker.
6. Managing Broker ANS >> a broker who the commission holds responsible for the
actions of licensees who are affiliated with the managing broker.
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, 7. Cost ANS >> those expenses necessary to generate and deliver the item to the
market place.
8. Price ANS >> the amount of money or other asset that a buyer has agreed to pay
and a seller has agreed to accept in exchange for a good or service . It is a
quantification of the value of an item traded.
9. Supply ANS >> the amount of goods available in the market place to be sold at a
given time for a given price; the amount of property for sale or lease at any given
time.
10. Demand ANS >> the amount of goods people are willing and able to purchase at a
given price; the amount of property buyers and tenants wish to acquire by purchase ,
lease or trade at any time.
11. Value ANS >> the worth of an item as determined by its utility , desirability ,
scarcity , affordability, and other components and quantified as price.
12. Purchasing Power ANS >> The worth of an item as determined by its utility ,
desirability
, scarcity , affordability, and other components and quantified as price.
13. Buyers Market ANS >> prices generally drop as supply increases relative to
demand.
14. Sellers Market ANS >> prices generally increase as supply decreases relative
to de- mand.
15. Market Equilibrium ANS >> supply and demand are equal.
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, 16. Personal Property ANS >> items that do not fit into the definition of real
property movable objects; chattels.
17. Bundle of Rights ANS >> ownership of all legal rights to the land, including
possession, control, disposition, and enjoyment.
18. Real Property ANS >> the interests, benefits, and rights inherent in the
ownership of real estate.
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