Real Estate Business Flashcards
According to Florida law, farm/agricultural property with 10 or fewer acres is considered
Residential
A specific geographic area to which a real estate sales associate focuses his attention and energy is called
Farm area
Offices, shopping centers, and properties with greater than four dwelling units are considered___________ property.
Commercial
Industrial warehouses and factories a considered __________ property.
Industrial
Agricultural property includes farm lands with __________.
Over 10 acres.
An owner who does not reside on the property and who may hire a property manager to manage the property is referred to as_________.
Absentee owner.
Who is permitted to perform an appraisal of a property?
State certified, registered or licensed appraisers only.
An appraiser _________ permitted to receive compensation based on the value of the property.
Is not.
A real estate licensee who performs pricing duties (CMA) but is not an appraiser , _________ required to conform to USPAP.
is not
A mortgage banker is an individual or entity that
Originates mortgage loans
A mortgage broker is an individual or entity that
Brings borrowers and lenders together for a fee.
“Dedication” refers to _________
Donating private land to the government for public use.
If homes in a development are built to the specifications of each individual purchaser, they are referred to as _________ homes.
Custom
If homes in a development are built on “speculation” which means they are built in the expectation of finding buyers after the homes are complete,they are referred to as _______ homes.
Spec
If a residential development has several model homes from which purchasers can choose,the homes are referred to as ______ homes
Tract
