Chapter 1 Terminology Flashcards
(48 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.
appraisal
The process of developing and communicating an opinion of a property’s value based on supportable evidence and approved methods as of a certain date.
appraiser
One who is registered, licensed, or certified by the DBPR and provides an estimate of value.
broker’s price opinion
A written opinion of the value of real property.
BPO
broker’s price opinion
business broker
Real estate licensees who engage in the sale, purchase, or lease of businesses.
business opportunity
The real estate activity dealing in the sale, purchase, or lease of businesses.
community association manager
A person who holds a CAM license to manage community associations of more than 10 units and associations with annual budgets in excess of $100,000.
CAM
community association manager
comparative market analysis
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.
CMA
comparative market analysis
dedication
An offer of land for some public use, by an owner, together with acceptance by or on behalf of the public.
farm area
A selected geographical area or a group of people from which to solicit real estate business and to which a real estate licensee devotes special attention and study.
follow-up
What a sales associate does after a sale to maintain customer contact and goodwill.
multiple listing service
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.
MLS
multiple listing service
property management
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 the real estate business that is concerned with bringing together buyers and sellers and owners and renters and completing a real estate transaction.
broker
An individual or business entity licensed by the DBPR to perform services of real estate for others for compensation.
REALTOR
A real estate broker who is a member of a local board of REALTORS and is affiliated with the state association (Florida Realtors) and the National Association of REALTORS. The term is not synonymous with “real estate agent”.
rental agent
A person who, for a fee, acts as an intermediary between a person seeking to lease a housing accommodation and a property owner seeking to acquire a lease for a housing accommodation.
Rental agents who are paid on a transaction basis must be licensed real estate agents. Salaried employees who work in an onsite rental office in a leasing capacity are exempt from a real estate license, provided they are not paid on a transactional basis.
subdivision plat map
A plan of a tract of land subdivided into lots and showing required or planned amenities.
target market
A specific group of prospects chosen because of its demographic, financial, and lifestyle characteristics.
