Ch. 1-8 Flashcards
What are property related functions?
creation/improvements management demo investment ownership regulation transfer
What % of our economy is directly/indirectly linked to real estate activity?
25%
What is property transfer?
transfer permanent ownership by deed, will, inheritance
What is needed to know market conditions?
market saturation, how it can be financed, property sales, property value
How do you market real estate?
with pricing, relationships with other agents, service buyers and sellers.
What is farming?
scouting out one particular geographical area and ultimately specializing in that area.
What is a residential property?
home of single family, duplex, triplex, quad or vacant land zoned for <4 units, farm land < 10 acres
What is commercial property?
Income producing property >4 units
What is industrial property
(usually) manufactures or distributes products
What is agricultural property?
> 10 acres
Who can be a property manager?
licensed rel estate brokers
Fiduciary
Act on behalf of someone
What are the property managers duties?
preventative, routine, repair, and construction maintenance
How do you asses property value?
appraisal, brokerage price opinion (BPO), comparative market analysis
Comparative market analysis
recent home sales, homes on market, listed but not sold homes
MLS (multiple listing service)
database of homes >1 year old. Increase seller exposure and buyer options.
Assemblage
developer assembles small pieces of land to create one large
Subdivision plat map
visual of where each lot and street will go. *must allocate land for public use
What are land developer duties?
acquire land, subdivide and develop, plat map and recording, construction
What is the new license application process?
apply for assoc RE1 license, RE11 broker applies for assoc, 30 days to notify of any issues and 90 for approval/deny
Denial of licensure
Failure to pay, fingerprint, or pass exam. Incorrect application or under investigations
Requirements for post license course
required during first license period, 45 class hours with 90% attendance, score 75% or higher
When is a license null and void?
If not met requirements within 2 years
_______ is the executive branch of FL state government
Dept of Business and Professional Regulation