Karteikarten
Unit 1: The Real Estate Business (Key Terms)
Karten in diesem Stapel (21)
- 1Absentee OwnerA property holder who does not reside on the property, and who usually relies on a property manager to supervise the investment.
- 2AppraisalThe process of developing and communicating an opinion of a property's value based on supportal evidence and approved methods as of a certain date.
- 3AppraiserOne who is registered, licensed, or certified by the DBPR and provides an estimate of the value.
- 4DBPRDepartment of Business and Professional Regulation
- 5BPOBroker's Price Opinion: A written opinion of the value of a real property. Florida real estate licensees are allowed to prepare and charge for BPO's provided that they are not called an appraisal. Price opinions are often requested by relocation companies and lenders involved in short sales of distressed properties
- 6Short SaleA short sale is the sale of a real estate property for which the lender is willing to accept less than the amount still owed on the mortgage.
- 7Business BrokerReal estate licensee who engages in the sale, purchase, or lease of a business.
- 8Business OpportunityThe real estate activity dealing in the sale, purchase or lease of a business.
- 9CAMCommunity Association Manager: 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.
- 10CMAComparative Market Analysis: An informal estimate of market value performed by a real estate licensee for the seller to assist in arriving at an appropriate listing price, or if working with the buyer, an informal estimate of market value to assist the buyer in arriving at an appropriate offering price.
- 11DedicationAn offer of land for some public use, by an owner, together with acceptance by, or on behalf of the public.
- 12Farm AreaA selected geographical area or a group of people from which to solicit real estate business and to which a real estate licensee devotes special attention and study.
- 13Follow-UpWhat a sales associate does after a sale to maintain customer contact and good will.
- 14MLSMultiple Listing Service: 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 and a greater chance of sale will result.
- 15Property ManagementThe leasing, managing, marketing, and overall maintenance of property for others
- 16Property ManagerA person who manages properties for various owners. A property manager's primary duties are to secure and keep tenants, to provide financial records and accounts, and to provide upkeep and maintenance of the properties.
- 17Real Estate BrokerageA part of the real estate business that is concerned with bringing together buyers and sellers and owners and renters to complete a real estate transaction.
- 18REALTOR®A real estate broker who is a member of a local board of REALTORS® and is affiliated with the state association (Florida Realtors®) and the National Association of REALTORS®. The term is not synonymous with Real Estate Agent.
- 19Rental AgentA person who, for a fee, acts as an intermediary between a person seeking to lease a housing accommodation and a property owners seeking to acquire a lease for a housing accommodation. Rental agents who are paid on a transactions basis, must be licensed real estate agents. Salaried employees who work in an onsite rental office in a leasing capacity are exempt from a real estate license, provided that they are not paid on a transactional basis.
- 20Subdivision Plat MapA plan of a tract of land subdivided into lots and showing required or planned amenities.
- 21Target MarketA specific group of prospects chosen because of its demographic, financial, and lifestyle characteristics.