The Real Estate Business Flashcards
Absentee Owner
An individual or corporation that owns a particular property without actually occupying it
Appraisal
An estimate of the value of property resulting from an analysis of facts about the property. An opinion of value.
Appraiser
One qualified by education, training and experience who is hired to estimate the value of real and personal property based on experience, judgment, facts, and use of formal appraisal process.
Broker Price Opinion (BPO)
A broker’s or licensed real estate professional’s opinion of the value of a property.
Business Opportunity
A business investment that allows the buyer to begin a business. It may include real estate along with the business or just the business within a leased space.
Comparative Market Analysis (CMA)
An analysis of the competition in the marketplace that a property will face upon sale attempts.
Dedication
Commitment to a task or purpose.
Farm Area (Target Market)
The area in which a real estate professional concentrates
their efforts.
Follow Up
Appropriate action taken as a result of information gained.
Property Management
A branch of the real estate business involving the marketing, operation, maintenance and day-to-day financing of rental properties.
Real Estate Brokerage
An organization with at least one Real Estate Broker acting as the agent for others in negotiating the sale or rental of real property for a fee.
Special Purpose Property
A property designed for a special purpose such as a church, school or hospital.
Subdivision Plat Map
A plan of a tract of land subdivided into lots and showing required or planned amenities.
Uniform Standard of Professional Appraisal Practice (USPAP)
Establishes the requirements for professional appraisal practice.
Multiple Listing Service (MLS)
An organization of brokers who have agreed to cooperate with member brokers in marketing listings.
