Unit 1 Flashcards
The product that a real estate sales associate must market is ____
Expert Information
The three areas of expertise that areal estate agent brings to the transaction are:
- Knowledge of property transfer
- Knowledge of market conditions
- Knowledge of how to market real estate and business
The business of bringing together buyers and sellers, owners and renters, and or completing real estate transactions is called ____
Real Estate Brokerage
What are the five major real estate specialties?
- Residential
- Commercial
- Industrial
- Agricultural
- Business
Effective advertising involving developing a database of prospects to direct a specific message is called ___
Target Marketing
A ____ is the geographic area of expertise for a real estate broker
Farm Area
_____ ____ Is a professional service conducted by a person or company hired to maintain and manage property on behalf of property owners
Property Management
How do Property Managers and Leasing Agents differ?
Property managers are the owner’s local representative, responsible for maintaining the property and managing the expenses. A leasing agent places a tenant but does not manage the property
What areas are a property manager typically responsible for?
Rent collection, improving tenant relations, and advertising and merchandising the space
When is a property manager required to hold a brokers license?
When they are paid by commission or on a transactional basis
When must a CAM hold a CAM License?
When the community association consists of more than 10 units or has an annual budget in excess of $100,000
What is a CAM?
Community Association Manager
The main charges of a property manager are to protect the owner’s _____ and maximize the owner’s ____
Investment; Return on investment (ROI)
An appraisal is the process of _____
Developing and communicating an estimate of a property values
What is the FREAB
Florida Real Estate Appraisal Board. This body regulates state-certified and licensed appraisers
What is the USPAP
Uniform Standards of Professional Appraisal Practice. It is a set of guidelines to follow when providing appraisal services.
Define CMA
Comparative Market Analysis
Does a CMA have to conform to USPAP Standards?
No
What are two examples of when a BPO may be requested?
Short Sales and relocation companies.
True or False: Sales associates can perform and be compensated for a CMA or BPO.
False- Associates can prepare both reports but cannot be directly compensated for either. The broker must be paid for the report and directly compensate the sales associate
True or False: realtors can act as mortgage loan originators and accept referral fees from lenders
False. They can do neither unless they are also licensed MLO
Define MLO
Mortgage Loan Originator
What are the three general phases of development
- Land acquisition
- subdividing and development
- recording subdivision plat map
a gift of land by owner or developer to a government body for public use is a ____
Dedication
Three main categories of residential construction are:
- Speculative
- Custom
- Tract Homes
A home with a buyer that selects a model type and lot is a ___ home
Tract
____ Homes do not have a buyer prior to construction
Speculative
Permitting, building codes, taxing are typically the business of ___ government
Local
Protection and Preservation of large tracts of land is handled at the ___ level
State
overarching fiscal and monetary policies are determined by agencies of the ___ government
Federal
The Realtor Code of Ethics and Standards of Practice was created by ____
NAR - National Association of Realtors
____ ____ brokerage involves the sale or lease of an existing business
Business Opportunity
