1. absentee owner
    are owners who buy income property as investments and depend on professionals to manage them.
  2. appraisal
    is an opinion of value of real property.
  3. appraiser
    conducts an independent, impartial, and objective analysis based on research and data pertaining to the value of the specified real property.
  4. 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.
  5. business opportunity
    as the sale or lease of the business and goodwill of an existing business enterprise or opportunity.
  6. comparative market analysis (CMA)
    is a value estimate based on recent sales of similar properties in the same neighborhood.
  7. farm area (2 names)
    concentrating on one type or style of property or on one particular neighborhood or type of property.
  8. dedication
    the transfer of ownership of streets and sidewalks by developer to the city or county that gives the right for public use.
  9. 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.”
  10. Florida REALTORS (FAR)
    • -is the largest trade association in the state.  
    • -it does all of it's business in Florida
  11. Follow-up
    keeping contact with past customers twice a year.
  12. 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.
  13. 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.
  14. Local Board (Association) of REALTORS
    is a local association gives licensee membership in FAR, NAR, MLS and many other benefits.
  15. 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.
  16. 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.
  17. 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.
  18. 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.
  19. real estate brokerage
    is a business in which real estate-related activities are performed under the authority of a licensed real estate broker.
  20. 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.
  21. 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
  22. Uniform Standards of Professional Appraisal Practice (USPAP)
    developed by the Appraisal Foundation
  23. 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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