Unit 1 Key Terms

Question 1

Absentee Owner

Answer 1

a property holder who does not reside on the property and who usually relies on a property manager to supervise the investment

Question 2

Appraisal

Answer 2

the process of developing and communicating an opinion of a property’s value based on supportable evidence and approved methods as of a certain date

Question 3

Appraiser

Answer 3

one who is registered license or certified by the dbpr and provides an estimate of value

Question 4

Brokers Price Opinion (BPO)

Answer 4

a written opinion of the value of real property Florida real estate licensees are allowed to prepare charge for BPO’s provided the BPO is not called on an appraisal. Price opinions are often requested by relocation companies and lenders involved in short sales of distressed properties

Question 5

business broker

Answer 5

real estate licensees who engage in the sale purchase or lease of businesses

Question 6

business opportunity

Answer 6

the real estate activity dealing in the sale purchase or lease of businesses

Question 7

Community Association Manager (CAM)

Answer 7

a person who holds a cam license to manage Community associations of more than 10 units and associations with annual budgets in excess of $100,000

Question 8

comparative market analysis (CMA)

Answer 8

and informal estimate of market value performed by real estate license for the seller to assist in arriving at an appropriate listing price or if working with a buyer and informal estimate of market value to assist the buyer and arriving inappropriate offering price

Question 9

Dedication

Answer 9

An offer of land for some public use, by an owner, together with acceptance by or on behalf of the public

Question 10

Farm area

Answer 10

a selected geographical area or a group of people from which to solicit real estate business and to which a real estate license need devotes special attention and study

Question 11

follow up

Answer 11

what a sales associate does after a sale to maintain customer contact and Goodwill

Question 12

multiple listing service (MLS)

Answer 12

an arrangement among members of a real estate board or exchange that allows each member broker to share listings with other members so that greater exposure is obtained in a greater chance of sale will result

Question 13

Property Management

Answer 13

the leasing, managing, marketing, and overall maintenance of property for others

Question 14

property manager

Answer 14

a person who manages properties for various owners a property managers primary Duties are to secure and keep tenants to provide Financial records and accounts and to provide upkeep and maintenance of the properties

Question 15

real estate brokerage

Answer 15

A part of the real estate business that is concerned with bringing together buyers and sellers and owners and renters and completing a real estate transaction

Question 16

Realtor

Answer 16

a real estate broker who is a member of a local board of realtors and is Affiliated the State Association Florida Realtors and the National Association of Realtors the term is not synonymous with real estate agent

Question 17

rental agent

Answer 17

a person who for a fee acts as an intermediary between a person seeking to lease a housing accommodation and a property owner seeking to choir lease for housing accommodation rental agents were paid on a transaction basis must be licensed real estate agents salary to employees who work in an on-site rental office in a leasing capacity are exempt from real estate license provided they are not paid on transactional basis

Question 18

Subdivision plat map

Answer 18

An engineer’s plan for land use superimposed on a map of the land to be developed.

Question 19

Target Market

Answer 19

A specific group of prospects chosen because of its demographic financial and lifestyle characteristics

Question 20

a property holder who does not reside on the property and who usually relies on a property manager to supervise the investment

Answer 20

Absentee Owner

Question 21

the process of developing and communicating an opinion of a property’s value based on supportable evidence and approved methods as of a certain date

Answer 21

Appraisal

Question 22

one who is registered license or certified by the dbpr and provides an estimate of value

Answer 22

Appraiser

Question 23

a written opinion of the value of real property Florida real estate licensees are allowed to prepare charge for BPO’s provided the BPO is not called on an appraisal. Price opinions are often requested by relocation companies and lenders involved in short sales of distressed properties

Answer 23

Brokers Price Opinion (BPO)

Question 24

real estate licensees who engage in the sale purchase or lease of businesses

Answer 24

business broker

Question 25

the real estate activity dealing in the sale purchase or lease of businesses

Answer 25

business opportunity

Question 26

a person who holds a cam license to manage Community associations of more than 10 units and associations with annual budgets in excess of $100,000

Answer 26

Community Association Manager (CAM)

Question 27

and informal estimate of market value performed by real estate license for the seller to assist in arriving at an appropriate listing price or if working with a buyer and informal estimate of market value to assist the buyer and arriving inappropriate offering price

Answer 27

comparative market analysis (CMA)

Question 28

An offer of land for some public use, by an owner, together with acceptance by or on behalf of the public

Answer 28

Dedication

Question 29

a selected geographical area or a group of people from which to solicit real estate business and to which a real estate license need devotes special attention and study

Answer 29

Farm area

Question 30

what a sales associate does after a sale to maintain customer contact and Goodwill

Answer 30

follow up

Question 31

and Arrangement among members of a real estate board or exchange that allows each member broker to share listings with other members so that greater exposure is obtained in a greater chance of sale will result

Answer 31

multiple listing service (MLS)

Question 32

the leasing, managing, marketing, and overall maintenance of property for others

Answer 32

Property Management

Question 33

a person who manages properties for various owners a property managers primary Duties are to secure and keep tenants to provide Financial records and accounts and to provide upkeep and maintenance of the properties

Answer 33

property manager

Question 34

A part of the real estate business that is concerned with bringing together buyers and sellers and owners and renters and completing a real estate transaction

Answer 34

real estate brokerage

Question 35

a real estate broker who is a member of a local board of realtors and is Affiliated the State Association Florida Realtors and the National Association of Realtors the term is not synonymous with real estate agent

Answer 35

Realtor

Question 36

a person who for a fee acts as an intermediary between a person seeking to lease a housing accommodation and a property owner seeking to choir lease for housing accommodation rental agents were paid on a transaction basis must be licensed real estate agents salary to employees who work in an on-site rental office in a leasing capacity are exempt from real estate license provided they are not paid on transactional basis

Answer 36

rental agent

Question 37

An engineer’s plan for land use superimposed on a map of the land to be developed.

Answer 37

Subdivision plat map

Question 38

A specific group of prospects chosen because of its demographic financial and lifestyle characteristics

Answer 38

Target Market