Sales, leasing and counseling Flashcards
Real state transactions
for transactions to occur, property is sold and lease
often with help counsel of brokers and sales associates
broker and sale associate
Sales associates work for the broker, but they perform activities and actions on behalf of a buyer or seller.
Brokers on a sale are acting as agents or intermediaries between two (or more!) parties to a transaction.
counseling
But brokers and agents do have much more knowledge of the housing market, title, and conveyance than the average person.
This is the whole reason people seek out brokers and sales associates to help them out.
Additionally, it is much more efficient for many buyers and sellers to utilize a real estate agent rather than spend a lot of time looking up processes and information on the internet.
Sales and leasing
They require knowledge of concepts like:
Title
Market conditions
Mortgages
Negotiations
Taxation
Sale or lease of property can involve a
Listing (or seller’s) agent
Selling (or buyer’s) agent
Landlord’s agent
Leasing agent
Types of realtionships
Buyer and a seller
Broker and sales associate
Sales associate and client
Follow up
A follow-up is the contact a sales associate makes with a buyer or seller after closing a real estate transaction.
5 common types of property you will be selling and leasing
residential
Commercial
Industrial
Agricultural
Business
Types of residential property
Single-family residences
Vacation properties
Multi-family residences
Townhouses
Condominiums
Apartment buildings
Manufactured homes
Residential vs commercial
In other words, the reason you need to distinguish between properties such as single-family residences and storefronts is because the property type determines how a sale is carried out.
Credit card for closing and down payment
hat’s a huge “no-no,” as that changes debt ratio
Commercial real state
Are used for business purposes
Are used to generate revenue
Are typically considered investment properties (more on these later
Types of commercial properties
Office buildings
Retail complexes
Gas stations
Entertainment venues
Restaurants
commercial property revolves around the idea that commercial properties generate revenue for their owners.
Commercial compliance
Larger commercial properties tend to be brokered by real estate companies that focus on this niche of real estate.
license holders wishing to enter into this area of the business need to be willing to pursue the additional, specialized education required to perform competently for their clients.
Industirial Real state
Used for the manufacture of products or materials
Used as distribution facilities
Used as warehouses
While industrial real estate is often purchased as an investment property, the tenants usually have specialized (and costly) needs
types of industrial
Manufacturing plants
Distribution facilities
Warehouses
Storage facilities
Research facilities
Data centers
Agricultural
Properties used for the commercial cultivation of food, feed, and fiber
Commercial ventures used to provide us with fruits, vegetables, livestock, plants, wood products, and other resources that are an essential part of our daily lives
Specialized knowledge is needed for a license holder to operate successfully and competently in the agricultural real estate space
Types of agricultural
Family and commercial farms
Ranches
Orchards
Nurseries and greenhouses
Pastures
Feed lots
Business real state
Does not center around the property, focuses on the buying and selling of the business
Business reals state
Florida assumes that business are usually connected to some kind of property whether that be leased or owned
business brokers
The brokers who facilitate these transactions to sell or lease business in florida
business brokers are unique in
Tangible property, such as grass and a real home you can touch
Intangible property, such as a business model or restaurant with award-winning recipes you can’t always physically touch
business opportunity
In business real state is defined as a real estate transaction involving a business that already exists and includes both tangible and intangible assets.
Special purpose property
Is a property created with a special, and often limited, purpose in mind. For example, a school or a religious building is a special-purpose property.
Churches
Schools
Recreational facilities
Cemeteries
Government-held land
Characteristics of special purpose real state properties
Are often publicly owned
Require substantial reinvestment to convert to another purpose or use
Do not come up for sale as frequently as other property types
Target Marketing
Involves choosing a specific group to focus on offering your skills as a sales associate to and catering your communication, marketing efforts, and skill set to that group
Farming
s a specific area a real estate associate chooses to specialize and become an expert in
Ethics
Accepted at a higher moral level
Government Control
Department of Housing and Urban Development (HUD)
Federal Housing Administration (FHA)
Department of Veterans Affairs (VA)
Environmental Protection Agency (EPA)
Internal Revenue Service (IRS)
State Governments
State governments are the primary regulators of real estate law. They address things such as:
Environmental control of flood zones
Waste disposal
Coastal regions
Recording of property conveyance
Recording of property pledged as collateral
Local governments
Local governments cover real estate on an even smaller scale, addressing issues such as:
Land use control
Taxation
Zoning
Occupational licensing
Building permits
NAR
National Association of REALTORS
MLS - MULTIPLE LISTING SERVICE
is a database in which local member brokers share listings so other brokers can easily find buyers for those properties. Essentially, it’s like a Google search for local properties.
It is important to note that MLS can be accessed by non-realtors in Florida (but not in all states). In Florida, anyone can create an MLS.
LICENSE HOLDER VS REALTON
Realtors are different from other real estate practitioners because the Code of Ethics and Standards of Practice of the National Association of REALTORS® requires a higher standard than the law requires. If you belong to NAR, you gotta follow this code!
DBPR
Florida Department of Business and Professional Regulation
NAR CODE OF ETHICS
Preamble (an introduction)
17 Articles
The first nine Articles are Duties to Clients and Customers
Articles 10 through 14 are Duties to the Public
Articles 15, 16, 17 are Duties to REALTORS®
Golden Rule of Ethics
Treat others the way you wish to be treated
Qualities of realtors
Competency
Perform your duties as a real estate professional with expertise.
Fairness
Be fair and considerate in your dealings with others at all times.
Integrity
Always behave ethically in a manner consistent with the NAR Code of Ethics.
Of course, all license holders should exhibit these qualities. They’re important both in real estate and in life.
