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Florida Real Estate Principles, Practices, and Law > Chapter 1 Terminology > Flashcards

Chapter 1 Terminology Flashcards

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1
Q

absentee owner

A

A property holder who does not reside on the property and who usually relies on a property manager to supervise the investment.

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2
Q

appraisal

A

The process of developing and communicating an opinion of a property’s value based on supportable evidence and approved methods as of a certain date.

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3
Q

appraiser

A

One who is registered, licensed, or certified by the DBPR and provides an estimate of value.

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4
Q

broker’s price opinion

A

A written opinion of the value of real property.

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5
Q

BPO

A

broker’s price opinion

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6
Q

business broker

A

Real estate licensees who engage in the sale, purchase, or lease of businesses.

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7
Q

business opportunity

A

The real estate activity dealing in the sale, purchase, or lease of businesses.

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8
Q

community association manager

A

A person who holds a CAM license to manage community associations of more than 10 units and associations with annual budgets in excess of $100,000.

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9
Q

CAM

A

community association manager

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10
Q

comparative market analysis

A

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.

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11
Q

CMA

A

comparative market analysis

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12
Q

dedication

A

An offer of land for some public use, by an owner, together with acceptance by or on behalf of the public.

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13
Q

farm area

A

A selected geographical area or a group of people from which to solicit real estate business and to which a real estate licensee devotes special attention and study.

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14
Q

follow-up

A

What a sales associate does after a sale to maintain customer contact and goodwill.

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15
Q

multiple listing service

A

An arrangement among members of a real estate board or exchange that allows each member broker to share listings with other members so that greater exposure is obtained and a greater chance of sale will result.

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16
Q

MLS

A

multiple listing service

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17
Q

property management

A

The leasing, managing, marketing, and overall maintenance of property for others.

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18
Q

property manager

A

A person who manages properties for various owners. A property manager’s primary duties are to secure and keep tenants, to provide financial records and accounts, and to provide upkeep and maintenance of the properties.

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19
Q

real estate brokerage

A

A part of the real estate business that is concerned with bringing together buyers and sellers and owners and renters and completing a real estate transaction.

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20
Q

broker

A

An individual or business entity licensed by the DBPR to perform services of real estate for others for compensation.

21
Q

REALTOR

A

A real estate broker who is a member of a local board of REALTORS and is affiliated with the state association (Florida Realtors) and the National Association of REALTORS. The term is not synonymous with “real estate agent”.

22
Q

rental agent

A

A person who, for a fee, acts as an intermediary between a person seeking to lease a housing accommodation and a property owner seeking to acquire a lease for a housing accommodation.

Rental agents who are paid on a transaction basis must be licensed real estate agents. Salaried employees who work in an onsite rental office in a leasing capacity are exempt from a real estate license, provided they are not paid on a transactional basis.

23
Q

subdivision plat map

A

A plan of a tract of land subdivided into lots and showing required or planned amenities.

24
Q

target market

A

A specific group of prospects chosen because of its demographic, financial, and lifestyle characteristics.

25
Q

A property holder who does not reside on the property and who usually relies on a property manager to supervise the investment.

A

absentee owner

26
Q

The process of developing and communicating an opinion of a property’s value based on supportable evidence and approved methods as of a certain date.

A

appraisal

27
Q

One who is registered, licensed, or certified by the DBPR and provides an estimate of value.

A

appraiser

28
Q

A written opinion of the value of real property.

A

broker’s price opinion

29
Q

broker’s price opinion

A

BPO

30
Q

Real estate licensees who engage in the sale, purchase, or lease of businesses.

A

business broker

31
Q

The real estate activity dealing in the sale, purchase, or lease of businesses.

A

business opportunity

32
Q

A person who holds a CAM license to manage community associations of more than 10 units and associations with annual budgets in excess of $100,000.

A

community association manager

33
Q

community association manager

A

CAM

34
Q

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.

A

comparative market analysis

35
Q

comparative market analysis

A

CMA

36
Q

An offer of land for some public use, by an owner, together with acceptance by or on behalf of the public.

A

dedication

37
Q

A selected geographical area or a group of people from which to solicit real estate business and to which a real estate licensee devotes special attention and study.

A

farm area

38
Q

What a sales associate does after a sale to maintain customer contact and goodwill.

A

follow-up

39
Q

An arrangement among members of a real estate board or exchange that allows each member broker to share listings with other members so that greater exposure is obtained and a greater chance of sale will result.

A

multiple listing service

40
Q

multiple listing service

A

MLS

41
Q

The leasing, managing, marketing, and overall maintenance of property for others.

A

property management

42
Q

A person who manages properties for various owners. A property manager’s primary duties are to secure and keep tenants, to provide financial records and accounts, and to provide upkeep and maintenance of the properties.

A

property manager

43
Q

A part of the real estate business that is concerned with bringing together buyers and sellers and owners and renters and completing a real estate transaction.

A

real estate brokerage

44
Q

An individual or business entity licensed by the DBPR to perform services of real estate for others for compensation.

A

broker

45
Q

A real estate broker who is a member of a local board of REALTORS and is affiliated with the state association (Florida Realtors) and the National Association of REALTORS. The term is not synonymous with “real estate agent”.

A

REALTOR

46
Q

A person who, for a fee, acts as an intermediary between a person seeking to lease a housing accommodation and a property owner seeking to acquire a lease for a housing accommodation.

Rental agents who are paid on a transaction basis must be licensed real estate agents. Salaried employees who work in an onsite rental office in a leasing capacity are exempt from a real estate license, provided they are not paid on a transactional basis.

A

rental agent

47
Q

A plan of a tract of land subdivided into lots and showing required or planned amenities.

A

subdivision plat map

48
Q

A specific group of prospects chosen because of its demographic, financial, and lifestyle characteristics.

A

target market

Florida Real Estate Principles, Practices, and Law (4 decks)

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