Definitions Flashcards
Real Estate
Any leasehold or fee or estate in land; excludes mineral leases, interests
The land and all natural and artificial improvements permanently attached to it (real property)
Real Estate Broker
A person, licensed by the state, is permitted to perform certain listed activities related to real estate transactions.
A broker’s license is required in order to perform these activities for another person for a fee.
Can work independently or employ other agents
Real Estate Salesperson
A licensed person who is allowed to perform certain real estate activities but only under the supervision of a real estate broker
Pass the required classes and exam in the state they work
May also be called Real Estate Agent and/or licensee
Comparative Marketing Analysis (CMA)
An estimate of a home’s value based on recently sold, similar properties in the immediate area
Conducted by Real Estate agents and brokers to help sellers set listing prices for their homes
Broker Price Opinion (BPO)
Similar to a CMA
Order form from a bank- fill out their bank information about the property
NOT AN APPRAISAL
You can get paid
Never used for the origination of a loan- whether it’s a 1st loan or a 2nd loan
BPO’s cannot be used for a new loan in Mississippi
Standards/guidelines used are from The National Association of Broker Price Opinion Professionals
Realtor
An agent who is a member of the National Association of Realtors (NAR)
As a member, you subscribe to the standards of the association and its code of ethics
NAR holds us to a higher standard
Membership in the NAR also comes with access to real estate market data, and transaction management services including the MLS
Trademarked
Question: Is a real estate salesperson/agent/licensee also a Realtor?
NO
they have to be members of the National Association of Realtors (NAR) to be known as a Realtor
Puffing
