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absentee owner
are owners who buy income property as investments and depend on professionals to manage them.
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appraisal
is an opinion of value of real property.
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appraiser
conducts an independent, impartial, and objective analysis based on research and data pertaining to the value of the specified real property.
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broker price opinion (BPO)
report includes a neighborhood analysis of comparable properties along with local and regional market information. ___are less thorough than and appraisal, but require more analysis than a basic CMA.
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business opportunity
as the sale or lease of the business and goodwill of an existing business enterprise or opportunity.
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comparative market analysis (CMA)
is a value estimate based on recent sales of similar properties in the same neighborhood.
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farm area (2 names)
concentrating on one type or style of property or on one particular neighborhood or type of property.
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dedication
the transfer of ownership of streets and sidewalks by developer to the city or county that gives the right for public use.
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federally related transaction
“any real estate-related financial transaction which — a federal financial institutions regulatory agency or the Resolution Trust Corporation engages in, contracts for, or regulates; and. requires the services of an appraiser.”
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Florida REALTORS (FAR)
- -is the largest trade association in the state.
- -it does all of it's business in Florida
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Follow-up
keeping contact with past customers twice a year.
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Tract Building
is when a developer acquires a large tract of land, records a subdivision plat map, and uses a model center from which sales may be made.
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Build Moratorium
- 1. A time period of delay or postponement in the development housing or commercial structures.
- 2. A temporary halt or suspension to construction, usually to slow or ban the rate of unwanted development within a residential community.
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Local Board (Association) of REALTORS
is a local association gives licensee membership in FAR, NAR, MLS and many other benefits.
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Multiple listing service (MLS)
provides the opportunity to market listings to thousands of other local and statewide licensees in addition to potential buyers around the world. Provides a detailed database of properties of all kinds, which are available for sale or lease on a local and state level, in addition to market data and statistics.
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Mortgage loan originator (MLO)
- under the SAFE Act is an individual who:
- 1) takes a residential mortgage loan application; and
- 2) offers or negotiates the terms of a mortgage loan in exchange for compensation or gain.
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National Association of REALTORS (NAR)
is the nation's largest trade and professional association, with a goal of preserving the right of individuals to own real property through and exchange of information.
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property management
is a professional who manages property for absentee owners. ___ is to protect the owner's investment while maximizing the profitability of the investment for the owner.
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real estate brokerage
is a business in which real estate-related activities are performed under the authority of a licensed real estate broker.
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residential transaction
- -The sale of any improved residential property of four units or fewer,
- -Unimproved property intended for four units or fewer,
- -Agricultural properties of ten acres or less,
- -Leases with options to purchase all or a portion of improved property of four or fewer residential units, and
- -Dispositions of business interests involving property of four or fewer residential units.
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subdivision plat map
- -developers draw to scale land that is subdivided into streets, lots and blocks. Each street is named and each block is numbered.
- -once approved by the city or county government then______is recorded
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Uniform Standards of Professional Appraisal Practice (USPAP)
developed by the Appraisal Foundation
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target market (2 names)
concentrating on one type or style of property or on one particular neighborhood or type of property.
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