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Real Estate License > Unit one: The Real Estate Business > Flashcards

Unit one: The Real Estate Business Flashcards

1
Q

In what 3 areas does the real estate professionals provide expert information?

A
  1. Knowledge of property transfer
  2. Knowledge of Market conditions
  3. Knowledge of how to market real estate and business.
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2
Q

What are the five major sales specialities?

A 
Residential
Commercial
industrial
Agricultural
businesses
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3
Q

What is farm area?

A

refers to a selected area and limited geographic area to which a sales associate devotes a special attention and study.

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4
Q

The method of target marketing is called…

A

farming

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5
Q

What is property management?

A

professional service conducted by a person or company hired to maintain & manage property on behalf of property owners.

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6
Q

Absentee owners

A

po that does not reside and often rely on the property manager to manage the investment.

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7
Q

Appraisal

A

process of developing and communicating an estimate of a property value.

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8
Q

FREAB

A

The Florida Real Estate Appraisal Board

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9
Q

Regulates state-certified and licensed appraisers.

A

The Florida Real Estate Appraisal Board (FREAB)

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10
Q

USPAP

A

Uniform Standards of Professionals Appraisal Practice

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11
Q

Who/whom needs to abide by the USPAP when conducting appraisals of real property?

A

FL law requires:
Appraisals, real estate brokers and sale associates
(If not follow, may be subject of disciplinary proceedings and sanctions.

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12
Q

CMA

A

COMPARATIVE MARKET ANALYSIS

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13
Q

BPO

A

BROKERS PRICE OPINION: OPINION OF VALUE OF PROPERTY

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14
Q

List the 3 general phases of development and construction

A

Land acquisition
subdividing & Development
Recording the subdivision

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15
Q

Land acquisition

A

Developers and builders acquire raw land and then prepare the site of construction.

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16
Q

Subdividing and development

A

Subdividing is the process of converting parcels of land into smaller unit or lots.

17
Q

Recording the subdivision plat map

A

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)

18
Q

Dedication

A

Is a gift of land by owner, in this case a developer, to a government body for a public use.

19
Q

What are the 3 general categories of residential construction

A

Speculative (spec) homes
Custom homes
Tract homes

20
Q

(Spec) homes

A

Building “on speculation” involves purchasing one or more lots and constructing a home without a buyer in advance of construction (no presale)

21
Q

Custom homes

A

A custom builders custom homes under contract with a buyer, often using building plans provided by architects or buyers.

22
Q

tract homes

A

similar to spec homes/ a new subdivision will typically feature model homes/ buyers the select their lot on where to build

23
Q

The real estate business is regulated or influenced by:

A

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.
24
Q

HUD

A

Department of housing and Urban Development

25
Q

FHA

A

Federal Housing Administration

26
Q

VA

A

Department of Veterans Affairs

27
Q

EPA

A

Environmental Protection Agency

28
Q

IRS

A

Internal Revenue Service

29
Q

REALTOR

A

a REALTOR is a realestate licensee who is member of NAR

30
Q

MLS

A

MULTIPLE LISTING SERVICE

31
Q

What is MLS?

A

data basethat allows real estate brokers representing sellers under a listing contract to shar info about property

Real Estate License (4 decks)

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