Section 1 Flashcards
The expert information marketed by a broker or sales associate is
a) Knowledge of property transfer
b) Knowledge of market conditions
c) Knowledge of how to market real estate.
acts as an agent or intermediary between two or more people in the negotiation of the sale, purchase or rental of real estate.
broker
works for the broker, providing services to prospective buyers and sellers.
sales associate
Name the five major sales specialties
Residential Commercial Industrial Agricultural Businesses
Even if the real estate is not being sold with the business, in what case is a real estate license NOT required to assist in the sale.
A lawyer writing a contract
the sale of improved residential property of four units or fewer, the sale of unimproved residential property intended for the use of four units or fewer, or the sale of agricultural property of 10 acres or fewer.
residential sale
responsible for the protection of the owner’s investment and maximization of owner’s returns.
property manager
involves contracts to oversee the leasing of property whereas community association managers manage home condominium and homeowner associations.
property management
the process of estimating the value of real estate
Appraising
often used to verify value for a lender or a court proceeding
Real estate appraisal
State-certified, licensed, and registered appraisers are regulated by
Florida Real Estate Appraisal Board
Real estate licensees may appraise real property provided they do not represent themselves as
state-certified, licensed, and registered appraisers
the business of providing funds for a real estate transaction.
finacing
Sources of financing for real estate transactions include
Commercial Banks Mortgage Brokerages Credit Unions Savings Associations Corporations Private Individuals
the service of analyzing existing or potential real estate projects and providing advice utilizing extensive knowledge and expertise.
counseling
The three phases of development and construction involve:
a) Land acquisition
b) Subdividing and development
c) Recording of the subdivision plat map
The first phase of development and construction
Land acquisition
The second phase of development and construction
Subdividing and development
The third phase of development and construction
Recording of the subdivision plat map
Types of residential construction include
a) Spec homes
b) Tract homes
c) Custom homes
When a developer builds a home before finding a buyer, this property is referred to as
a spec home
When a developer builds multiple models, and has buyers choose from the layouts for their new build, this home is referred to as
a tract home
