Industry Flashcards

1
Q

What are the different types of property

A

Residential

Commercial

Industrial

Agricultural

Business opportunity

Special purpose

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2
Q

What is residential property

A

Family homes single two quad or

Vacant land zoned for four units or less

Farm/agriculture residential less than 10 acres

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3
Q

What is commercial property

A

Income producing property such as retail center or apartment complex of more than four units.

Professional must be able to convey to their clients information about how to produce income and create after-tax cash flow

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4
Q

What is industrial

A

Manufacturers or distributors such as factory or warehouse

Sites in industrial parks or subdivisions, redeveloped industrial parcels in central areas and undeveloped industrial acreage

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5
Q

What is agricultural property

A

Farm or ranch land of more than 10 acres

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6
Q

What is business opportunity

A

Investor purchases and income producing business

Maybe real estate along with the business or just the business within least space

Knowledge of business practices, specific business loans, and the characteristics of valuation as they apply to the business is necessary

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7
Q

What is special purchase property

A

Schools, churches, nursing homes, post office is and hospital

Districts look at combination of land and improvements with highest and best use in mind

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8
Q

What are the types of maintenance a property manager needs to be familiar with

A

Preventive such as caulking windows changing filters

Routine such as lawn mowing

Repair such as broken water heater

Construction such as total remodel or addition

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9
Q

What is the summary of the property manager’s role

A

Preserve the owners investment.

Maximize the owners returns

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10
Q

What is it called when a real estate professional specializes in a certain area

A

Farming

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11
Q

Where is the specific role of the property manager described

A

In the property manager agreement

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12
Q

How big is the real estate industry versus the economy

A

25%

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13
Q

What is it called when an individual sets up real property for public use such as streets, parks, schools

A

Dedication

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14
Q

What are the three types of homes

A

Spec

Tract

Custom

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15
Q

What are the three methods to value a home

A

Appraisal

Broker price opinion

Competitive market analysis

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16
Q

What is the organization which regulates

A

Uspap

Uniform standards of professional appraisal practice

17
Q

What types of situations require an appraisal

A

Loans, capital gains, divorces

18
Q

How does the broker come up with the broker price opinion

A

Based on properties recently sold in the market

19
Q

How is a CMA created

A

A competitive market analysis uses

  • recent home sales
  • homes currently on the market
  • Homes that were listed but did not sell

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20
Q

What are the rules for doing a

A

Use current information preferably one-year-old ass

Use the same neighborhood, model and type of home

Use at least three comparables

21
Q

What is it called when you’re guessing the possible days a house will be on the market

A

Absorption analysis

22
Q

What information goes into creating an absorption analysis

A

Current properties on market an average days on market

23
Q

What are the four stages of large land development

A

Land acquisition

Subdividing and development

Subdivision plat map and recording

Construction

24
Q

What is the term for buyer beware

A

Caveat emptor

25
Q

What is an arms length transaction

A

Both sides informed and knowledgeable about what they’re buying and selling

Equal footing

Each own self interest