Vocabulary Flashcards
A person or entity who owns a piece of real estate but does not live in it. Often the person may reside in another state. An absentee owner entity may be a corporation or real estate investment trust (REIT).
absentee owner
the process of estimating the value of real estate.
appraisal
a professional who has the knowledge and expertise necessary to estimate the value of property.
appraiser
The estimated value of a property as determined by a real estate broker or other real estate licensee working under the direction of a broker.
broker price opinion (BPO)
involves sale or lease of any product, service, equipment, etc. that will enable the purchaser-licensee to begin a business.
business opportunity
an assessment of value that a real estate licensee generally gives when helping a seller determine an appropriate list price.
comparative market analysis (CMA)
Buyers request this to assist them in deciding how much to offer on a property. They may be conducted for a fee, and do not need to comply with USPAP standards as it is not an appraisal.
comparative market analysis (CMA)
the voluntary transfer of private property by its owner to the public for some public use, such as for streets or schools.
dedication
an area/neighborhood picked by a licensee to market to on a very regular basis; thus,cultivating buyers and sellers.
farm area (target market)
“touching” farm area individuals monthly or on a regular basis with mailings, emails, door hangers, etc.
follow-up
process of “managing” property that is available for lease. Duties of the property manager include maintaining and handling all the activities that are centered around the leasing and care of the piece of real estate property managed.
property management
a business where a “managing” broker oversees the Broker Associate/Sales Associates that work for the brokerage and provide real estate services to clients for compensation. All clients and commission technically belong to the brokerage and are the responsibility of the broker.
real estate brokerage
a property that is designed specifically for one type of use. This generally involves a unique design and layout which makes it difficult to use the property for another purpose without a major redesign.
special purpose property
shows the subdivision of land into lots and/or tracts. Typical annotation includes a boundary description, lot dimensions, directional bearings, street names, lot numbers, tracts, easements, and right-of-way.
subdivision plat map
the standards that must be followed for an appraisal. These rules regulate how an appraisal is performed and written.
USPAP (Uniform Standards of Professional Appraisal Practice)
