(1) The Real Estate Business Flashcards
A contractor who builds on his or her own lot in the hope of finding a purchaser upon completion is building on
Speculation
When a property owner employs a contractor to build according to their individual speculations is called
Custom Building
When a developer acquires a large tract of land, records a subdivision plat map, and uses a model center from which sales may be made
Tract Building
An estimate of the value of the property developed by a real estate licensee for use in listing or selling property is known as
Comparative Market Analysis
After completion of construction of a subdivision, the streets, sidewalks, and common areas are frequently conveyed to the city or county in a process called
Dedication
Real Estate licensees are expected to be knowledgeable in all of the following:
- Marketing
- Valuation and Marketing Conditions
- Property Transfer
The value of a business, includes it’s income, tangible and intangible assets, and goodwill, in addition to the value of the real property
Going Concern Value
What does the term “farming” refer to in real estate?
Specializing in one geographic area
A real estate appraiser’s fee for professional service is based on?
The time and difficulty of the appraisal
Which service provided by real estate licensees requires the most experience and knowledge
Counseling
The federal state, and local governments all play a role in the regulation or real estate. In which of the following areas would the local governments
Property taxes, building moratoriums, and zoning.
Owners who buy income property as investments and depend on professionals to manage them are called?
Absentee Owners
