Lesson 1 Terms Flashcards
(18 cards)
absentee owner
A property owner who does not live on the property and may hire a manager who supervises the property for him or her.
appraisal
The act or process of developing an opinion of property value as of a specific date.
appraiser
An individual qualified by education, training, and experience to estimate the value of real property and personal property.
broker price opinion (BPO)
A written opinion by a real estate licensee to determine the estimated value of real estate.
business opportunity
The purchase, sale or lease of a business.
comparative market analysis (CMA)
An informal estimate of value prepared by a real estate licensee before or in conjunction with obtaining a listing to assist the seller in determining an initial listing price for the property, or in the case of the buyer, an acceptable offer price.
dedication
The gift of land by a property owner to a city or county for public use.
farm area
A geographical area chosen by real estate licensees for the specific purpose of becoming informed experts about the marketability of that particular area
follow-up
The practice of staying in touch with a customer after a sale to foster goodwill and potential referrals.
multiple listing service (MLS)
Is a suite of services that enables real estate licensees to establish contractual offers of compensation (among brokers), facilitates cooperation with other broker participants, accumulates and disseminates information to enable appraisals, and is a facility for the orderly correlation and dissemination of listing information to better serve broker’s clients, customers and the public
property management
The operation of an owner’s property by a professional property manager for compensation. Such operation entails the marketing of a space, advertising and rental activities, collections, recording and remitting of rents, and may include maintenance of the property, tenant relations, hiring of employees, keeping proper accounts and rendering periodic reports to the owner.
real estate brokerage
A part of the real estate business that brings buyers and sellers, owners and tenants together to complete a real estate transaction.
subdivision plat map
A tract plan for the layout of lots and their amenities as part of a subdivision.
USPAP
An annual publication of the Appraisal Foundation to define a set of standards for completing non-biased and accurate appraisals.
subdivision plat map
A tract plan for the layout of lots and their amenities as part of a subdivision.
Real estate
All land and everything permanently attached to it, including both natural and man-made objects (trees, sidewalks, and buildings). Real estate is also known as realty or real property.
Real estate brokerage
A part of the real estate business that brings buyers and sellers, owners and tenants together to complete a real estate transaction.
farm area
A geographical area chosen by real estate licensees for the specific purpose of becoming informed experts about the marketability of that particular area
When a real estate licensee chooses a geographical area as their niche, the licensee will refer to this area as their “farm area.”
