1 The real estate business Flashcards
A competent licensed real-estate professional must know the economic and legal intricacies associated with transfers of title, property taxes, financing, and local zoning ordinances.
Knowledge of property transfer
Property values are affected by changing market conditions. Changes in market conditions are due to changes in income tax laws, building moratoriums, and fluctuations in supply and demand.
Knowledge of market conditions
To be successful, Licensees must know how to market real estate and businesses. The sale presentation that is most effective when working with a physician relocating to a new city may be a completely different approach to help the owner of a coffee shop expanding his business.
Knowledge of how to market real estate and business
The business of bringing together buyers and sellers, owners and renters, and of completing real estate transactions.
Real estate brokerage
This type of associate must be able to explain property taxes, homestead exemptions, restrictive covenants, and approximate utility costs in the area.
Residential sales associates
This type of associate needs expertise regarding income-producing properties, investment analysis, and the various techniques for increasing after-tax cash flow.
Commercial sales associates
Improved residential units of more than 4 units, retail stores, office buildings, and shopping centers.
Commercial properties
This type of associate must have the technical knowledge of the needs of different industries such as transportation requirements, construction methods, and local land use restrictions affecting the property.
Industrial sales associate
This type of associate specializes in the sale of farms and agricultural land.
Agricultural sales associate
This type of sales associate engages in the sale, purchase, or lease of businesses.
Business sales associate
Expertise in locating prospects for property listings and sales in a specifies market.
Target market
Selecting one specific portion of a city and becoming an expert in that specific area.
Farm area
A professional service conducted by a person or company hired to maintain and manage property of behalf of the property owners.
Property management
The property owners local representative.
Property manager
A property owner that does not reside on the property and often relies on a professional property manager to manage the investment.
Absentee Owner
This person is responsible for finding a suitable renter for a property and collecting a fee for the service.
Rental agent
What is a written opinion of the value of real property?
 A brokers price opinion BPO
Collecting information concerning Real Estate activity in the area, including recent sales of similar properties currently for sale in recently sold
 Comparative market analysis CMA
A license that is required when managing mobile home parks planned unit development, homeowners association condominiums in other residential units.
This license must be obtained when the community Association consists of more than 10 units or has an annual budget in excess of $100,000
Community Association manager CAM
Developers and builders, acquire Rall land, and then prepare the site for construction
Land acquisition
The process of converting parcels of land into smaller units or lots
Subdividing
The process of improving Roland so that it can be put to productive use
Development
Ani engineers plans for land, use super imposed on a map of the land to be developed
Subdivision plat map
The gift of land by an owner
Dedication
Purchasing one or more lots in constructing a Home or Homes without a buyer in advance of construction
Speculative Homes
Spec
Hey Home, construct it under contract with a buyer orphan using building plans provided by architects or buyers
Custom homes
Model homes in a new subdivision so that buyers can see the builders product and choose a floor plan
Tract Homes
A real estate licensee who is a member of NAR
A realtor
A database that allows Real Estate brokers representing sellers under a listing contract to share information about properties with Real Estate brokers who may represent potential buyers
Multiple listing service
MLS
