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RE -Unit 1 Review > chapter one > Flashcards

chapter one Flashcards

1
Q

What are three areas a Real estate professional should provide expect information?

A

Knowledge of property transfers, knowledge of market conditions and knowledge of how to market real estate and real estate businesses.

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2
Q

What is Real Estate Brokerage ?

A

The business of bringing together buyers and sellers, owners and renters, and of completing real estate transaction.

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3
Q

What are the different components of real estate brokerage?

A

sales and leasing, property management, appraising, financing, and counseling.

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4
Q

what are the five major sales specialties ?

A

Residential, commercial, agricultural, businesses, industrial.

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5
Q

Target Marketing

A

Expertise in locating prospects.

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6
Q

Farm area

A

selecting one specific portion of a city and becoming and expert in that particular portion

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7
Q

Follow-up

A

Happens after a sale, a sales associate contacts the buyer and seller within a reasonable time after the title closing to ensure satisfied buyers and sellers.

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8
Q

Business Opportunity

A

involves the sale or lease of an existing business.including the sale of tangible and intangible assets.

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9
Q

Property management

A

professional service conducted by a person or company hired to maintain and manage the property on behalf of property owners.

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10
Q

Property management

A

professional service conducted by a person or company hired to maintain and manage the property on behalf of property owners.

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11
Q

the scope of the work the property manager performs is detailed in “?

A

management agreement.

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12
Q

Property manager

A

the property owner local representative. primary charge is to protect the owners investment and maximize the owners return on the investment.

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13
Q

Rental agents

A

finds tenants for property and collect a fee.

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14
Q

Absentee owners

A

property owner who does not reside on the property and who often relies on professional property manager to manager the investment.

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15
Q

when is a CAM ( Community Association Manager) licenses needed?

A

When the community association consists of more than 10 units or has an annual budget in excess of $100,000.

not needed to manage apartment buildings, commercial property, or single-family dwellings.

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16
Q

Appraisal

A

Process of developing and communicating an estimate of a property’s value.

17
Q

What is the FREAB? and what do the do?

A

The Florida Real Estate Appraisal Board and they are in charge of regulating state-certified and license appraisers.

18
Q

Who can prepare an appraisal that involves federally related transaction?

A

only a state certified and licensed appraiser may do so.

19
Q

How are appraisers paid?

A

Appraiser charge a fee based on time and difficulty of the assignment…not paid on commission.

20
Q

What does USPAP stand for?

A

Uniform Standards of Professional Appraisal Practice.

21
Q

Can Real estate brokers and sales associate appraise real property for a fee?

A

Yes but they cannot represent themselves as state-certified or licenses appraisers unless they hold an appraiser license or certifications.

22
Q

Does Florida law require that appraisers and real estate brokers and sales associate to abide to USPAP when conducting an appraisal on real property?

A

YES!

23
Q

CMA Comparative Market Analysis

A

to help potential sellers determine an asking price. ( does not have to conform to USPAP) (may charge a fee but must be paid to the broker not directly to the associate.

24
Q

BPO Brokers Price Opinion

A

written opinion of the value of real property ( may charge a fee but to the broker)

25
Q

anyone who takes residential mortgage loan applications or offers to negotiate the terms of residential mortgage loan application for compensation

A

MLO Mortgage Loan Originator

26
Q

Tell me three general phases of development and construction.

A

Land acquisition, subdividing and development and recording of the subdivision plat map.

27
Q

Dedication

A

The gift of land by owner/ developer, to a government body for public use.

28
Q

What are the three categories of residential construction?

A

Speculative homes(spec) , Custom homes, Tract homes

29
Q

Speculative (spec) home

A

Building “on speculation” involves purchasing one or more lots and constructing a home (or homes) without a buyer in advance of construction. (no presale)

30
Q

Custom Home

A

a custom home builder constructs homes under contract with a buyer, often using building plans provided by architects or buyer.

31
Q

Tract Homes

A

Tract building involves construction of model homes in a new subdivision so that the buyer can see the builder’s product and choose a floor plan. the buyer than has a home to built on a lot in the subdivision.

32
Q

Local government

A

impacts the real estate business through property taxation

RE -Unit 1 Review (2 decks)

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