chpt 1: learning objectives and key terms

Question 1

Absentee Owner

Answer 1

An individual or corporation that owns a particular property without actually occupying it.

Question 2

Appraisal

Answer 2

An estimate of the value of property resulting from an analysis of facts about the property. An opinion of value.

Question 3

Appraiser

Answer 3

One qualified by education, training and experience who is hired to estimate the value of real and personal property based on experience, judgment, facts, and use of formal appraisal process.

Question 4

Broker Price Opinion (BPO)

Answer 4

A broker’s or licensed real estate professional’s opinion of the value of a property.

Question 5

Business Broker

Answer 5

An individual or company that helps facilitate the sale of a business and earn a commission or fee in the process.

Question 6

Business Opportunity

Answer 6

A business investment that allows the buyer to begin a business. It may include real estate along with the business or just the business within a leased space.

Question 7

Community Association Manager (CAM)

Answer 7

A manager of a planned community, such as a condominium or subdivision. In Florida, a licensed CAM is typically hired to manage a community with more than 10 units or has an annual budget of at least $100,000.

Question 8

Comparative Market Analysis (CMA)

Answer 8

An analysis of the competition in the marketplace that a property will face upon sale attempts.

Question 9

Dedication

Answer 9

Commitment to a task or purpose.

Question 10

Farm Area (Target Market)

Answer 10

The area in which a real estate professional concentrates their efforts.

Question 11

Follow-up

Answer 11

Appropriate action taken as a result of information gained.

Question 12

Multiple Listing Service (MLS)

Answer 12

An organization of brokers who have agreed to cooperate with member brokers in marketing listings.

Question 13

Property Management

Answer 13

A branch of the real estate business involving the marketing, operation, maintenance and day-to-day financing of rental properties.

Question 14

Property Manager

Answer 14

An individual or company responsible for the day-to-day functioning of a piece of real estate.

Question 15

Real Estate Brokerage

Answer 15

An organization with at least one Real Estate Broker acting as the agent for others in negotiating the sale or rental of real property for a fee.

Question 16

Subdivision Plat Map

Answer 16

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

Question 17

Uniform Standards of Professional Appraisal Practice (USPAP)

Answer 17

Establishes the requirements for professional appraisal practice.