Chapter 1 Intro To Real Estate Flashcards
Absentee owner
A property owner who does not reside on the property and he usually relies on the property manager to oversee that investment
Appraisal
A supported defended estimate of the value of the property rights of a given date
Business opportunity brokerage
The marketing and sale of a going concern operation. Florida requires that business brokers have a real estate license to market business opportunities
Comparative market analysis
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
Dedication
It’s a deliberate transfer of land by its owner for public use and accepted for such used by the public
Farm area
A selected and limited geographical district to which a sales associate devotes special attention and study
Follow up
A post closing communication initiated by a licensee to maintain customer contact and Goodwill
Property management
The process of directing controlling operating and maintaining real estate for a third-party
Real estate brokerage
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
Subdivision plat map
The layout of a subdivision showing lots, roads and other infrastructure by the developer to a local government
USPAP
Rules and guidelines that must be followed by any professional conducting an appraisal
Property transfer
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
Market conditions
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
Sales and marketing
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
Broker
Supervises and is legally responsible for all actions of the sales associates and office employees
5 major areas of sales
Residential Commercial Industrial Agricultural Businesses
Speculative construction
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
Tract construction
Which involves some input of the buyer for design and layout of a particular floor plan or model previously chosen by the developer
Custom construction
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
Local government
Who implements zoning laws, building codes, and establish property taxes through authority known as Police Powers
State government
Protect our environment and waterfront properties. The Department of Environmental Protection (DEP) is the leading governmental agency in the area
Federal government
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
