Sales, Leasing, & Counseling Flashcards
What are townhouses?
Narrow, and usually vertical multi-floor homes that share one to two walls with adjacent properties but have their own entrances. They are usually smaller than a residential home.
What is a condominium?
Also called a “condo.” A privately owned individual unit within a community of other units. The owner usually owns the interior of the condo and the structural components of exterior walls. Condo owners jointly own shared common areas within the community, such as pools, garages, elevators and outside hallways and gyms, etc. Some condos are found in high-rise buildings, others are detached.
What is a cooperative or co-op?
A corporation owns the entire property, which is usually a building of apartments (also called “co-op”s) and the land beneath it. Co-ops can be made up of any type of building, but most are high-rise buildings. Members are the owners of the individual apartments or units. The company is known as a “co-operative corporation.” The building and units are called co-operatives. Instead of “buying” a residential unit in the “co-op,” an individual must buy shares of stock or membership shares in the corporation. The contract between the buyer and the corporation, binds the owner to comply with the bylaws of the co-operative, to pay the co-op’s monthly fees for operating and maintaining the building, and to pay the buyer’s proportional share of the building’s property taxes.
What is a manufactured home?
A factory-built residence that can be placed on a piece of land.
What is an apartment building?
A building containing more than one dwelling unit
What does the term “dwelling” mean?
Where someone lives.
Define the term “buyer.”
The individual(s) buying or intending to by real estate.
Define the term “seller.”
The individual(s) selling or intending to sale real estate.
What is commercial property?
A property that has the potential to generate profit through either capital gain or rental income.
What is industrial property?
Properties where goods are made, stored and/or shipped.
What is agricultural property?
Property that is used primarily for agricultural purposes, such as farming, harvesting, livestock, etc.
What is business real estate?
It doesn’t necessarily center around property. It focuses on the buying and selling of a business. These transactions can include both tangible and intangible property.
What is tangible property?
Something you can physically touch, such as grass, a real home, etc.
What are some examples of tangible property?
Grass and a real home you can touch.
What are some examples of intangible property?
A business model or restaurant with award-winning recipes you can’t always physically touch.
What does a realtor sale?
Knowledge and expertise of the real estate business.
What are some examples of the “transaction type” specialization?
sales agent, leasing agent, short sales buyer or seller, REO specialist, property manager, etc.
What is the job of an REO specialist in real estate?
Sells homes on the behalf of a bank or asset manager after the property goes into foreclosure.
What is a short sale?
When the homeowner and mortgage company agree to sell the home for less than the amount owed on the mortgage.
What does a neighborhood specialist do?
They become an expert in a particular neighborhood or area. The know answers on schools, school ratings, community, community history, commuting, job opportunities, education, median salary, fluctuation in expenses, things to do, county info, land, development, where to find swimming pools, libraries, stores, markets, shopping, restaurants, sports, parks, entertainment, etc.
What are the types of relationships in real estate?
A fee-based consultant, a commission-based agent, full-time employee, etc.
Many sales associates in real estate will specialize in several different ways at once. Provide an example.
A residential (specialized property type) seller’s agent (specialized client type) specializing in short sales (specialized type of transaction).
T or F. Florida law assumes that businesses are usually connected with some kind of property, whether that be a leased storefront or owned restaurant location downtown.
True
A real estate agent working exclusively with buyers. They have chosen a specialization type that focuses on the:
Client
