Definitions Flashcards
Real estate brokerage
Business of bringing buyers and sellers together to complete real estate transactions.
What is an absentee owner?
A property owner who does not reside on the property and who relies on a professional property manager to manage the investment.
Residential
Chapter 475 FS: residential defined as 4 or fewer residential units, vacant land zoned for 4 or fewer residential units, or agricultural property of 10 or fewer acres.
Agricultural
Chapter 475 FS: agricultural property of more than 10 acres
Property Management
Professional service that maintains and manages property on behalf of property owners.
Property Manager
Local representative if the property’s owner.
Appraisal
Process of estimating the value of real property.
Comparative Market Analysis
A marketing tool and may not be referred to or be represented as an appraisal.
Broker’s Price Opinion
Written opinion of the value of real property.
What is a fixture?
Item that was either real or personal property, but due to and as a result of the nature of its attachment to the property, it therefore forms and becomes part of the real property.
Three factors that determine whether an item is personal property
Attachment
Adaptation
Agreement
Trade fixtures
Items that are attached to or installed in real property for business purposes. These items we considered personal property as long as two conditions are met:
- Items must be removed prior to the end of the lease
- The property must be returned to its original condition when removed.
Fructus naturales
Growing plants that are considered to be part of the land
Fructus Industriales
Growing plants that are cultivated annually
Appurtenances
A right, privilege, or improvement associated with land.
