Chapter 1 Flashcards
What is a Real Estate Brokerage?
Business in which real estate activities are performed under the authority of a broker
What is farming?
Sticking to one geographical area. Looking for business in one type of home or area
What knowledge does a real estate licensee need to have?
Property Transfer
Marketing
Valuation and Market Conditions
What is considered a residential transaction?
Improved Property containing 4 units or less
Unimproved property intended for 4 units or less
Agricultural properties of 10 acres or less
Do sales associates write leases?
No, only rentals (12 months or less). Can help fill in lease forms
When can real estate licensees give a valuation on a home?
All cash purchase
In the case of a divorce sale
In an inheritance transaction
Not in a federal transaction (like an FHA)
What can the local government do?
Impose building moratoriums
Do mortgage originators need to be licenced?
Yes, by the Florida Department of Financial services (FDFS)
What is custom building?
A builder makes a home based on the specifications of the buyer
What is speculative building?
When a contractor build houses speculating that they will be purchased
What is tract building?
When a developer builds on a large tract of land and sells from model homes
