Chapter 1: Introduction to Real Estate Business Flashcards
Absentee Owner
A property owner who does not reside on the property and who usually relies on a property manager to oversee the investment
Appraisal
A supported, defended estimate of the value of property rights as of a given date
Appraiser
Any person who is a trainee, licensed, or certified real estate appraiser
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 informal estimate of market value performed by a real estate licensee for the seller to assist in arriving at an appropriate listing price, or, if working with the buyer, an informal estimate of market value to assist the buyer in arriving at an appropriate offering price
Dedication
A deliberate transfer of land by its owner for public use and accepted for such use 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 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 structural aspects of importance
USPAP
Rules and guidelines that must be followed by any professional conducting appraisal
