Unit one: The Real Estate Business Flashcards
In what 3 areas does the real estate professionals provide expert information?
- Knowledge of property transfer
- Knowledge of Market conditions
- Knowledge of how to market real estate and business.
What are the five major sales specialities?
Residential Commercial industrial Agricultural businesses
What is farm area?
refers to a selected area and limited geographic area to which a sales associate devotes a special attention and study.
The method of target marketing is called…
farming
What is property management?
professional service conducted by a person or company hired to maintain & manage property on behalf of property owners.
Absentee owners
po that does not reside and often rely on the property manager to manage the investment.
Appraisal
process of developing and communicating an estimate of a property value.
FREAB
The Florida Real Estate Appraisal Board
Regulates state-certified and licensed appraisers.
The Florida Real Estate Appraisal Board (FREAB)
USPAP
Uniform Standards of Professionals Appraisal Practice
Who/whom needs to abide by the USPAP when conducting appraisals of real property?
FL law requires:
Appraisals, real estate brokers and sale associates
(If not follow, may be subject of disciplinary proceedings and sanctions.
CMA
COMPARATIVE MARKET ANALYSIS
BPO
BROKERS PRICE OPINION: OPINION OF VALUE OF PROPERTY
List the 3 general phases of development and construction
Land acquisition
subdividing & Development
Recording the subdivision
Land acquisition
Developers and builders acquire raw land and then prepare the site of construction.
Subdividing and development
Subdividing is the process of converting parcels of land into smaller unit or lots.
Recording the subdivision plat map
Before work can begin , most local governments require that developers submit a subdivision plat map of a ber development for review by the applicable government planning board (commission)
Dedication
Is a gift of land by owner, in this case a developer, to a government body for a public use.
What are the 3 general categories of residential construction
Speculative (spec) homes
Custom homes
Tract homes
(Spec) homes
Building “on speculation” involves purchasing one or more lots and constructing a home without a buyer in advance of construction (no presale)
Custom homes
A custom builders custom homes under contract with a buyer, often using building plans provided by architects or buyers.
tract homes
similar to spec homes/ a new subdivision will typically feature model homes/ buyers the select their lot on where to build
The real estate business is regulated or influenced by:
Federal state and local governments (PG 10)
- Local governments: impacts REB through property taxation and regulatory activities
- State government: owns and manages land and id coastal regions and other area protected by development
- Federal government: impact the REB through its fiscal and monetary policies.
HUD
Department of housing and Urban Development
FHA
Federal Housing Administration
VA
Department of Veterans Affairs
EPA
Environmental Protection Agency
IRS
Internal Revenue Service
REALTOR
a REALTOR is a realestate licensee who is member of NAR
MLS
MULTIPLE LISTING SERVICE
What is MLS?
data basethat allows real estate brokers representing sellers under a listing contract to shar info about property
