Chapter 1 Flashcards
(22 cards)
Absentee Owner
A property holder who does not reside on the property and who usually relies on a property manager to supervise the investment
Agricultural
Defined in Chapter 475, F.S., to mean property zoned as such, consisting of more than 10 acres
Appraisal
The process of developing and communicating an opinion of a property’s value as of a certain date
Broker’s Price Opinion (BPO)
A written opinion of the value of real property. Florida real estate licensees are allowed to prepare and charge for BPOs provided the BPO is not referred to as an appraisal. Price opinions are often requested by relocation companies and lenders involved in short sales of distressed properties
Business Brokers
Real estate licensees who engage in the sale, purchase, or lease of business
Business Opportunity Brokerage
The real estate activity dealing in the sale , purchase or lease of business.
Comparative Market Analysis (CMA)
An informal estimate of market value performed by a real estate licensee for the seller to assist in arriving at an appropriate listing price, or if working with the buyer, an informal estimate of market value to assist the buyer in arriving at an appropriate offering price.
Counselors
Professionals who analyze existing or potential real estate problems and recommend a course of action
Dedication
An offer of land for some public use, by an owner together with acceptance by or on behalf of the public
Deed Restrictions
Provision placed in deeds to control future uses of the property
Farm Area
A selected and limited geographical district to which a sales associate devotes special attention and study; to farm an area or neighborhood.
Follow-up
What sales associate does after a sale to maintain customer contact and goodwill
Multiple Listing Service (MLS)
An arrangement among members of a real estate board or exchange that allows each member broker to share listings with other members so that greater exposure is obtained and a greater chance of sale will result.
Property Mangement
The leasing, managing, marketing, and overall maintenance of property for others.
Property Manager
A person who manages properties for various owners. A property manager’s primary duties are to secure and keep tenants, to provide financial records and accounts, and to provide upkeep and maintenance of the properties.
Real Estate Brokerage
A part of real estate business that is concerned with bringing together buyers and sellers and owners and renters and completing a real estate transaction
Real Estate Business
A commercial activity in which the sale, purchase, leasing, rental exchange, or management of real property is conducted by qualified and licensed parties acting either for themselves or for others for compensation.
Realtor (R)
A real estate broker who is member of a local board of Realtor (R) and is affiliated with the state association (Florida Association of Realtors) and the National Association of Realtors (not synonymous with “real estate agent”)
Residential
Real estate that has four or fewer residential units, vacant land zoned for four or fewer residential units, or agricultural property of ten or fewer acres
Restrictive Covenants
Conditions placed by developers that affect how the land can be used in an entire subdivision
Subdivision Plat Map
A plan of a tract of land subdivided into lots and showing required or planned amenities
Uniform Standards of Professional Appraisal Practice (USPAP)
The set of standards that must be followed when performing appraisal service
