Chapter 1 Intro To Real Estate

Question 1

Absentee owner

Answer 1

A property owner who does not reside on the property and he usually relies on the property manager to oversee that investment

Question 2

Appraisal

Answer 2

A supported defended estimate of the value of the property rights of a given date

Question 3

Business opportunity brokerage

Answer 3

The marketing and sale of a going concern operation. Florida requires that business brokers have a real estate license to market business opportunities

Question 4

Comparative market analysis

Answer 4

An in formal estimate of market value performed by a real estate license fee for the seller to assist and arriving at an appropriate listing price or if working with the buyer and in formal estimate of market value to us as the buyer and arriving at an appropriate offering price

Question 5

Dedication

Answer 5

It’s a deliberate transfer of land by its owner for public use and accepted for such used by the public

Question 6

Farm area

Answer 6

A selected and limited geographical district to which a sales associate devotes special attention and study

Question 7

Follow up

Answer 7

A post closing communication initiated by a licensee to maintain customer contact and Goodwill

Question 8

Property management

Answer 8

The process of directing controlling operating and maintaining real estate for a third-party

Question 9

Real estate brokerage

Answer 9

A commercial activity in which the sale, purchase, leasing, rental, exchange or management of real property is conducted by a qualified and licensed individuals acting either for themselves or for others for compensation

Question 10

Subdivision plat map

Answer 10

The layout of a subdivision showing lots, roads and other infrastructure by the developer to a local government

Question 11

USPAP

Answer 11

Rules and guidelines that must be followed by any professional conducting an appraisal

Question 12

Property transfer

Answer 12

A licensee needs to understand the details of transferring legal title from one party to another. Real property can be transferred by deed, Will, lisa, or other legal methods

Question 13

Market conditions

Answer 13

A licensee should understand current interest-rate’s and the availability of financing, the relationship between real estate supply and demand and their particular market area, and the history of sold properties

Question 14

Sales and marketing

Answer 14

Understanding the significance of past sales of similar properties. By understanding past sales licensees can establish a price range that will ideally result in properties being bought and sold in the shortest amount of time and for the best possible price

Question 15

Broker

Answer 15

Supervises and is legally responsible for all actions of the sales associates and office employees

Question 16

5 major areas of sales

Answer 16

Residential 
Commercial 
Industrial 
Agricultural 
Businesses

Question 17

Speculative construction

Answer 17

A type of development where in the builder actually owns the land, constructs a house to the builders tastes and satisfaction, and then offers the completed construction for sale to the general public

Question 18

Tract construction

Answer 18

Which involves some input of the buyer for design and layout of a particular floor plan or model previously chosen by the developer

Question 19

Custom construction

Answer 19

A type of development which provides for the builder to consult with a landowner and construct a home in accordance with the land owners wishes and designs

Question 20

Local government

Answer 20

Who implements zoning laws, building codes, and establish property taxes through authority known as Police Powers

Question 21

State government

Answer 21

Protect our environment and waterfront properties. The Department of Environmental Protection (DEP) is the leading governmental agency in the area

Question 22

Federal government

Answer 22

Influence real estate ownership. They include the department of housing and urban development HUD, the department of Veterans Affairs VA, the Federal housing administration FHA, and federal reserve system