Учебно-методическое пособие для студентов минск 2010 ббк утверждено на заседании

2. Read the text and complete the chart that follows it.

Real Estate Brokerage

In the real estate business, a broker is defined as any person who is licensed to buy, sell, exchange, or lease real property for others in exchange for a fee. Working on behalf of and licensed to represent the broker is the real estate salesperson.

The person who employs the broker is called a principal; the principal (client) may be a seller, a prospective buyer, an owner who wishes to lease his or her property, or a person who seeks property to rent. The real estate broker acts as an agent of the principal, who usually compensates the broker in the form of a commission, usually an agreed-upon percentage of the sales or rental price. The commission is contingent on the broker's successfully performing the service for which he or she was employed – negotiating a transaction with a prospective purchaser, seller, lessor, or lessee who is ready, willing, and able to complete the contract.

In addition to bringing buyers and sellers together in a typical real estate transaction, brokers often engage in related specializations such as appraisal, property management, and insurance.

Appraisal is the process of estimating the value of a parcel of real estate. The appraiser must have sound judgment¹, experience and a detailed knowledge of the methods of valuation.

A real estate broker who operates an income-producing property on behalf of a principal is a property manager. The property manager is usually responsible for soliciting tenants, collecting rents, altering² or constructing new space for tenants, ordering repairs, and generally maintaining the property. The manager’s basic responsibility is to protect the owner’s investment and maximize the owner’s return on investment.

Among the major services of the real estate broker’s business, insurance is sometimes included. In many offices, the real estate broker is also an insurance broker, particularly if the broker performs property management service. Insurance brokerage, however, is a separate business that requires a separate license.

Notes: judgment¹ – оценка, мнение; alter² – изменять

Vocabulary Focus

3. Match words from each box to make word partnerships.

prospective	solicit	a contract	management
agreed-upon	return	property (2)	broker
income-producing	complete	on investment	percentage
insurance	methods	of valuation	rents
maintain	property	tenants	buyer
collect

Complete these sentences with the word partnerships above.

1. Always be polite to ___ ___. 2. This couple has just ___ __ ___ to buy this house by May 3^rd. 3. The company's failure was mainly due to bad ___ ___. 4. A property manager operates a/an ___ ___ on behalf of a principal. 5. Buying a swap is an obligation to buy a commodity at a/an ___ ___ at some point in the future, regardless of the market price at that time. 6. When the space is to be available, the Property Manager may publicly ___ ___ by advertising the space in the Weekly, Seattle Arts, and other publications. 7. As a landlord trying to ___ ___ on time, make every effort to contact your tenants well in advance and remind them that the rent is due. 8. Even if you use a professional business appraiser, it is helpful to understand the basic ___ __ ___ that may be used to determine a value for your company. 9. A condominium and its board must raise maintenance fees to a level sufficient to ___ ___ and set aside "adequate" reserves. 10. The makers of the film will want to see a decent ___ __ ___. 11. A/An ___ ___ acts as an intermediary between clients and insurance companies.

4. Choose the correct variant.

1. 
   I resisted the urge to call my brokerage/broker and instruct him to sell all my stocks.
   
2. 
   The exact details of the agreement are still under negotiate/negotiation.
   
3. 
   We haven't been able to find a purchase/purchaser for our house yet.
   
4. 
   When land is needed for building a road, the government can buy it by compulsory purchase/purchaser.
   
5. 
   A lessor/lessee is someone who allows someone else to use their house, building, land for a period of time for payment.
   
6. 
   A lessor/lessee is someone who is legally allowed to use a house, building, land for a fixed period of time in return for payment to the owner.
   
7. 
   A dealer came to appraise/appraisal the furniture.
   
8. 
   We undertake regular job appraise/appraisal reviews.
   
9. 
   It would be wise to insure/insurance your property against storm damage.
   
10. 
    The house sale was transacted/transaction in conditions of the greatest secrecy.
    

5. Complete the sentences using the words given in the table below.

facilitate transaction fee license lease compensate estimate tenant value parcel principal rent alter

1. 
   The bank charges a fixed rate for each ___.
   
2. 
   I will have to consult my ___ before I can give you an answer on that.
   
3. 
   Our family owns this ___ of farmland.
   
4. 
   The restaurant is now ___ to sell alcohol.
   
5. 
   It was difficult to ___ how many trees had been destroyed.
   
6. 
   The current structure does not ___ efficient work flow.
   
7. 
   We've had to ___ some of our plans.
   
8. 
   Some lawyers charge exorbitant ___.
   
9. 
   The firm agreed to ___ its workers for their loss of earnings.
   
10. 
    They had to sell their farm at below market ___.
    
11. 
    I pay a higher ___ than the other ___ because my room is bigger.
    
12. 
    The estate contains 300 new homes, about a third of which are ___ to the council.
    

6. Put an appropriate preposition/adverb in the following gaps if necessary.

1. __ behalf __ the company as a whole, I would like to thank you for all your work. 2. Further investment would be contingent __ the company's profit performance. 3. In his spare time, he engages __ voluntary work. 4. The term "broker" can be traced __ to the Norman French word brocour. 5. A broker buys or sells real property for others __exchange __ a fee. 6. Most of the posts would be taken by the short-term unemployed, the group that is actively seeking __ jobs. 7. The property manager is responsible __ protecting the owner’s investment.

Comprehension

7. Expand the following sentences.

1. Brokerage is ……

2. A broker is ……..

3. A principal is …….

4. The work of a broker is to negotiate ……

5. Brokers also engage in related ……

6. Appraisal is ……..

8. Answer the questions.

1. What is the origin of the term ‘broker’?

2. Which specialisations can a real estate broker have?

3. What is the property manager responsible for?

4. What does a real broker need to work as an insurance broker?

9. Make a short summary of the text. See Writing and Speaking Files pp. 207-209, 227-228.

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