The Real Estate Business Flashcards
(23 cards)
Three types of expertise
Knowledge of property transfer
Knowledge of market conditions
Knowledge of how to market real estate and businesses
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.
Business brokers
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
Target market
A specific group of prospects chosen because of its demographic, financial, and lifestyle characteristics
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
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 managers primary duties are to secure and keep tenants, To provide financial records and accounts, and to provide upkeep and maintenance of the properties
Rental agents
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 transaction basis.
Absentee owner
A property holder who does not reside on the property and who usually relies on a property manager to supervise the investment.
Community Association Manager (CAM)
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.
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
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 a buyer, an informal estimate of market value to assist the buyer in arriving at an appropriate offering price.
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 BPO’s provided the BPO is not called an appraisal. Price opinions are often requested by relocation companies and lenders involved in short sales of distressed properties.
USPAP
Uniform Standards of Professional Appraisal Practice
Guidelines to follow when providing appraisal services
Three phases of development and construction.
Land acquisition
Subdividing and development
Recording the subdivision plat map
Subdivision Plat Map
A plan of a tract of land subdivided into lots and showing required or planned amenities
Dedication
An offer of land for some public use, by an owner, together with acceptance by or on behalf of the public.
Three categories of residential construction
Speculative (Spec) homes
Custom homes
Tract homes
REALTOR
Is a real estate licensee who is a member of the National Association of Realtors (NAR), and is affiliated with a state association (Florida REALTOR).
Real estate licensees in Florida are licensed by …
The Florida Department of Business and and Professional Regulation (DBPR).
