chapter one Flashcards
What are three areas a Real estate professional should provide expect information?
Knowledge of property transfers, knowledge of market conditions and knowledge of how to market real estate and real estate businesses.
What is Real Estate Brokerage ?
The business of bringing together buyers and sellers, owners and renters, and of completing real estate transaction.
What are the different components of real estate brokerage?
sales and leasing, property management, appraising, financing, and counseling.
what are the five major sales specialties ?
Residential, commercial, agricultural, businesses, industrial.
Target Marketing
Expertise in locating prospects.
Farm area
selecting one specific portion of a city and becoming and expert in that particular portion
Follow-up
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.
Business Opportunity
involves the sale or lease of an existing business.including the sale of tangible and intangible assets.
Property management
professional service conducted by a person or company hired to maintain and manage the property on behalf of property owners.
Property management
professional service conducted by a person or company hired to maintain and manage the property on behalf of property owners.
the scope of the work the property manager performs is detailed in “?
management agreement.
Property manager
the property owner local representative. primary charge is to protect the owners investment and maximize the owners return on the investment.
Rental agents
finds tenants for property and collect a fee.
Absentee owners
property owner who does not reside on the property and who often relies on professional property manager to manager the investment.
when is a CAM ( Community Association Manager) licenses needed?
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.
Appraisal
Process of developing and communicating an estimate of a property’s value.
What is the FREAB? and what do the do?
The Florida Real Estate Appraisal Board and they are in charge of regulating state-certified and license appraisers.
Who can prepare an appraisal that involves federally related transaction?
only a state certified and licensed appraiser may do so.
How are appraisers paid?
Appraiser charge a fee based on time and difficulty of the assignment…not paid on commission.
What does USPAP stand for?
Uniform Standards of Professional Appraisal Practice.
Can Real estate brokers and sales associate appraise real property for a fee?
Yes but they cannot represent themselves as state-certified or licenses appraisers unless they hold an appraiser license or certifications.
Does Florida law require that appraisers and real estate brokers and sales associate to abide to USPAP when conducting an appraisal on real property?
YES!
CMA Comparative Market Analysis
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.
BPO Brokers Price Opinion
written opinion of the value of real property ( may charge a fee but to the broker)
anyone who takes residential mortgage loan applications or offers to negotiate the terms of residential mortgage loan application for compensation
MLO Mortgage Loan Originator
Tell me three general phases of development and construction.
Land acquisition, subdividing and development and recording of the subdivision plat map.
Dedication
The gift of land by owner/ developer, to a government body for public use.
What are the three categories of residential construction?
Speculative homes(spec) , Custom homes, Tract homes
Speculative (spec) home
Building “on speculation” involves purchasing one or more lots and constructing a home (or homes) without a buyer in advance of construction. (no presale)
Custom Home
a custom home builder constructs homes under contract with a buyer, often using building plans provided by architects or buyer.
Tract Homes
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.
Local government
impacts the real estate business through property taxation
