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FL Real Estate > Chapter 1 - Terms > Flashcards

Chapter 1 - Terms Flashcards

1
Q

____ acts as an agent or intermediary between two or more people in the negotiation of the sale, purchase, or rental of real estate.

A

Broker

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2
Q

____ provides services to prospective buyers and sellers on behalf of the broker

A

Sales associate

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3
Q

Why is real estate ‘local in nature’?

A

Information regarding real estate can best be found through local sources

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4
Q

____ are persons who met the requirements of law and are licensed and permitted to perform specified services in connection with real estate.

A

Licensees (can be brokers or sales associates - both are licensees)

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5
Q

Licensees are expected to have expert knowledge in ____, _____ and ____.

A

(1) Property transfer
(2) Valuation (and market conditions)
(3) Marketing

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6
Q

Concentration on one type or style of property or one particular neighborhood is a practice called _____.

A

Farming

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7
Q

Name the 3 types of property valuation in order of thoroughness (least to most).

A

(1) Comparative Market Analysis (CMA)
(2) Broker Price Opinion (BPO)
(3) Appraisal

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8
Q

Comparative Market Analysis (CMA)

A

value estimate based on recent sales of similar properties in the same neighborhood

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9
Q

Broker Price Opinion (BPO)

A

used in a short sale to help determine the selling price of a property (usually includes neighborhood analysis or comparable properties and local market information)

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10
Q

Appraisals are performed under which requirements?

A

USPAP (Uniform Standards of Professional Appraisal Practice)

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11
Q

____ is a system that provides an extensive marketing tool for real estate licensees.

A

MLS (multiple listing service)

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12
Q

Criteria for a RESIDENTAL transaction

A

(1) Residential properties of 4 units or less

(2) Agricultural property of 10 acres or less

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13
Q

Examples of COMMERCIAL properties

A

(1) Apartment buildings (5 units or more)
(2) Office buildings
(3) Shopping centers

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14
Q

Examples of INDUSTRIAL properties

A

(1) Warehouses

(2) Manufacturing facilities

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15
Q

Business brokers specialize in…

A

listing and sale of buisnesses

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16
Q

Property managers are required to obtain a community association management (CAM) license is they meet what criteria?

A

(1) employed and compensated by a community organization; AND
(2a) Community is greater than 10 units OR
(2b) Annual budget is $100k or more

17
Q

_____ is the service of analyzing existing or potential projects and providing expert advice based on their personal judgement.

A

Counseling

18
Q

_____ is the process of developing an opinion of the value of real property.

A

Appraising

19
Q

What are the license requirements to appraise properties?

A

If a federally regulated transaction - must be certified and licensed under Part II of FS 475
If not a federally regulated transaction - a real estate licensee can perform the appraisal

20
Q

Mortgage lenders vs. Mortgage loan originators

A

Mortgage Lenders: lend money to fund the loans

Loan Originators: arrange loans between lenders and buyers requires a separate license

21
Q

Does selling insurance require a separate license?

A

Yes

22
Q

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 _____.

A

Dedication

23
Q

Custom Building

A

built to the specifications of the buyer/owner

24
Q

Speculative Building

A

built by contractor without a buyer already being engaged

25
Q

Tract Building

A

developer buys large tract of land and uses model homes to sell properties

26
Q

Local Government impact on real estate

A 
Planning and zoning
Property taxation
Building and health codes
Utilities
(local govt can cause delays/moratoriums to building)
27
Q

State Government impact on real estate

A

Developments of Regional Impact (DRI),

Department of Environmental Protection (DEP) Department of Economic Opportunity (DEO)

28
Q

Federal Government impact on real estate

A

lending / lending institutions

FL Real Estate (3 decks)

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