1-2 Recap Flashcards
(3 cards)
Remember: Licensees help people buy and sell homes. They also help investors find good deals in real estate. Both homeowners and investors are affected by the tax ramifications of buying and selling real estate, so licensees should be able to understand and explain these basic tax ramifications to the buyers and sellers. Licensees should not advise buyers and sellers on the tax law and exactly what they should do, but they should advise the buyers and sellers to seek the advice of a tax adviser or CPA before they make a final decision.
Real estate licensees must have extensive knowledge and expertise in investing, tax laws, and in real estate.
Real estate licensees must have extensive knowledge and expertise in investing, tax laws, and in real estate.
Real estate licensees become experts on specific types of property that then comprise their focus areas, known as farm areas. In short, a broker acts as an intermediary between two or more people to facilitate in the sale, purchase or rental of property. The sales associate works for the broker to provide the same services to sellers and buyers. An essential part of this process involves appraisal; the estimation of the value of a specified property. The Uniform Standards of Professional Appraisal Practice (USPAP) sets the guidelines for completing non-biased and accurate appraisals. Licensed, state-certified, registered appraisers are regulated by the Florida Real Estate Appraisal Board; however, real estate licensees may appraise real property for compensation provided that they do not claim to be certified, licensed or registered appraisers unless they are. They may also conduct comprehensive market analyses (CMAs) to aid in arriving at asking prices as long as they do not call the CMA an appraisal.
Real estate licensees become experts on specific types of property that then comprise their focus areas, known as farm areas. In short, a broker acts as an intermediary between two or more people to facilitate in the sale, purchase or rental of property. The sales associate works for the broker to provide the same services to sellers and buyers. An essential part of this process involves appraisal; the estimation of the value of a specified property. The Uniform Standards of Professional Appraisal Practice (USPAP) sets the guidelines for completing non-biased and accurate appraisals. Licensed, state-certified, registered appraisers are regulated by the Florida Real Estate Appraisal Board; however, real estate licensees may appraise real property for compensation provided that they do not claim to be certified, licensed or registered appraisers unless they are. They may also conduct comprehensive market analyses (CMAs) to aid in arriving at asking prices as long as they do not call the CMA an appraisal.
Important Points to Remember
- A Farm area is a geographical area that a licensee markets their services in
- Property management entails marketing the property, finding tenants, collecting the rent, and maintaining the property
- Appraisal involves estimating the value of real property
