Chapter 1 Keywords Flashcards
What is an absentee owner?
Owners who buy income property as investment and depend on professionals to manage them
What is an appraisal?
An appraisal is an act of process of developing an opinion of value
Where is appraiser?
It is the one who is expected to perform valuation services competently, and in a manner, there is independent and partial and objective 
What does BPO stand for and what is the definition?
It is broker price opinion, and it is the estimated value of a property as determined by the broker
What is a broker?
It is a person who performed services of real estate as an agent for another, and receives compensation for those services, either directly or indirectly
What is a business broker?
A business broker must have an understanding of corporate finance and knowledge regarding the classes and characteristics of corporate stock, securities and analysis and evaluation capital management and budgeting 
He must also have knowledge regarding business accountant assets and liability, income statements, analysis, balance sheet, cash flow analysis, asset, depreciation, and taxation 
What is business opportunity?
Involves smaller businesses with south prices of $200,000 or less they typically have limited assets. The ownership of such business may also include securities, but many are so proprietorships or partnerships that do not.
What is a cam?
À CAM is a community association manager licensing and is required when the community association employees a property manager who receives compensation for certain management services and the community served contains more more than 10 units or has an annual budget in access of $100,000 F. S. 468.
What is a comparative market analysis CMA
It is a value estimate based on recent cells of similar properties in the same neighborhood
What is a dedication
The ownership of streets and sidewalks is typically conveyed by a developer to the city or county. Upon completion of construction of a subdivision. This transfer of ownership is referred to as dedication and gives the public the right of use.
What is a farm area?
Foreman is finding and specializing in a particular neighborhood or type of property 
What is federally related transaction?
Title XI of FIRREA was directed toward appraisal profession and required that appraisals utilized by federally. Regulated lenders and federally related transactions be developed and reported and conformity with the uniform standard of professional appraisal practice USPAP
FAR Florida Association of realtors
It is one of the number one resources for support and information in a licenses real estate business, and it is a largest trade association in the state
What is the key to maintain in good relationships and obtaining new prospects and real estate?
Consistent and repeated follow up with customers is the key to maintaining good relationships and obtaining new prospects
What is the local board of realtors?
It provides access to the multiple listing service. MLS in addition, it affords and limited networking possibility, and many other benefits. If a realtor elect not to join, they may not identify as a realtor, and do not have access to MLS.
What is MLS? 
Multiple listing service system provides an extensive marketing tool for real estate licenses. I provide the opportunity to market listings 2000s of other local and statewide licenses. In addition to potential buyers around the world. It provides a detailed database of properties of all kind which are available for cell or lease on a local and state level 
What is an MLO?
A mortgage loan originator is an individual or business that arrange loans between lenders and borrowers although they do not make loans MLO‘s are an important source of fund as well. MLO‘s must have a separate license issued by Florida Department of financial services FDFS. 
What is NAR?
National Association of realtors is the nations largest trade and professional association, with the goal of preserving the right of individuals to own wheel property through an exchange of information
What is a member of NAR?
Members are called realtors and include practitioners from all areas of expertise in the real estate profession. The term realtor is a registered trademark of the NAR, and maybe use only by those who are members of the organization.
What is property management?
It is managing income producing properties for absentee owners
What are the responsibilities of a property manager?
The responsibilities include locating tenants, collecting rents, handling the payment of taxes, insurance and schedule on maintenance and all operating expenses. They do not prepare leases, but they assist tenants in completing attorney, prepared leases the function of a good property manager is to protect the owners investment while maximizing profitability for the owner.
What is real estate brokerage?
It is a business in which real estate related activities are performed entered authority of a licensed real estate broker 
What is a residential transaction?
. The sale of an improved residential property of four units or fewer
. Unimproved property intended for four units or fewer.
. Agriculture properties of 10 acres or less
. With options to purchase, all or portion of improve property of or fewer residential units
. Disposition of business interests involving property of four or fewer residential units.
What is a subdivision plat map?
Developers, often acquire land and subdivided into streets, lots and sometimes blocks each street is named, and each block and lot is numbered once approved by the city or county government a subdivision Flat map is recorded.
What is uniform standards of professional appraisal practice USPAP?
Our real estate licensee who wishes to perform an appraisal, must do so under the development and report and requirement of the uniform standards of professional appraisal practice USPAP
