Section 2 - The Real Estate Business in Florida (Flash Cards)
When the owner of the property does not live in or manage the property. Such an owner may hire others to manage the property.
Absentee Owner
An estimate of value as of a specific date and for a specific use
Appraisal
One who performs an appraisal (an estimate of value as of a specific date and for specific use).
Appraiser
An opinion of value prepared by a real estate licensee; similar to comparative market analysis, but not as detailed; a lender or relocation company generally orders the BPO. It is NOT an appraisal.
Broker Price Opinion (BPO)
The sale or lease of a business (when goods or services are exchanged for profit)
Business Opportunity
An opinion of a property’s market price range, and is used to help the seller establish a probable listing or lease price. It is NOT an appraisal.
Comparative Market Analysis (CMA)
Putting in time and effort to a certain task or purpose. Dedication to a real estate career, for example, would mean that an individual would pursue the education and license necessary to become a real estate professional.
Dedication
To focus on a specific area (location or type of consumer) to grow (farm) one’s business
Farm Area (target market)
To continue something already started; often meaning to contact someone with whom you’ve started a business relationship
Follow-Up
The administration and supervision of real property for others for compensation.
Property Management
The purpose of a real estate brokerage is to bring parties together and assist them in a real estate transaction, for a fee.
Real Estate Brokerage
Property uniquely suited to one or limited use
Special-Purpose Property
Uniform Standards of Professional Appraisal Practice (USPAP): The federal standards that appraisers must abide by when appraising federally related transactions
USPAP
multiple listing service (MLS): A system that pools the listings of all member companies
MLS
