Specializations Flashcards
Define Lease Agreement
A legal document outlining the terms under which one party agrees to rent property from another party. A lease guarantees the lessee (the renter) use of an asset and guarantees the lessor (the property owner) regular payments from the lessee for a specified number of months or years.
Name three types of land real estate licensees must have knowledge in to specialize in land brokerage?
Farms, ranches, recreational, timberland, and other specialty land properties
Undeveloped tracts of land
Transitional and development land
What are two reasons investor clients are different from regular customer/clients?
They do most of the research on their own.
They make offers on many different properties.
What are a property manager’s four main areas of responsibility?
Financial and Marketing
Facility
Administration and Risk Management
Tenant and Occupancy
The foreclosure process can end in one of four ways:
The borrower pays off the default amount to reinstate the loan during a grace period known as pre-foreclosure.
The borrower sells the property to a third party during pre-foreclosure, allowing the borrower to pay off the loan and avoid having a foreclosure on his or her credit history.
A third party buys the property at a public auction at the end of the pre-foreclosure period.
The lender takes ownership of the property. The lender can take ownership through an agreement with the borrower/owner during pre-foreclosure or by buying back the property at the public auction.
REO or Real Estate Owned properties are generally a good deal for what two types of real estate buyers?
First Time Homebuyer
Investors
What is the main reason a seller would be seek a short sale?
The seller is attempting to negotiate a deal with the lender and avoid foreclosure.
What are the three types of real estate auctions?
Absolute Auction
Minimum Bid Auction
Reserve Auction
What is foreclosure?
When the lien holder takes ownership in a property due to a variety of possible reasons, but most commonly for the lack of payment on a loan
Lease
a legal document outlining the terms under which one party agrees to rent property from another party. A lease guarantees the lessee (the renter) use of an asset and guarantees the lessor (the property owner) regular payments from the lessee for a specified number of months or years.
Leasing Consultant
works on behalf of landlords and property management companies to collect rent and provide customer service for renters and tenants. They also market the rental properties to prospective tenants by giving tours, answering questions and processing applications and lease agreements.
Property Manager
the owner’s partner in maximizing the return on investment of the property. The property manager acts in the best interests of the owner and will oversee four major areas of responsibility
PM Duties
Financial and marketing – performing regular financial reports.
Tenant and occupancy – responding to tenant requests, collecting rent, and continually assessing the tenants’ satisfaction.
Facility – physical management of the structures and outdoor areas as well as maintaining relationships with repair companies.
Administration and risk management – maintaining records for accounting and tax purposes. Recording tenant interactions.
Specializing in resort properties
having greater for area information specific to real estate, market areas, local government, and building codes. Marketing, especially with a website, should be focused on the liberal sharing of this type of information.
Real Estate Investors
Investor clients require various levels of skill and knowledge. Investors who do thorough research and locate properties on their own will likely need a real estate professional only for the offer process.
