Appraisal
An estimation of value.
It is done by appraisers using specific techniques.
Done to: obtain a loan, insurance value, divorce settlement or
... [Show More] capital gain.
Broker Price Opinion
An opinion by a local expert of the of the value of a property based upon properties recently sold in the market.
Comparative Market Analysis (CMA)
A method of valuing homes that looks not only at recent home sales, homes in the market and homes that were listed but did not sell.
Real estate brokers use special computer programs, such as the MLS, usually connected to local taxing and recording offices to obtain this information.
Steps for land development
1. Land acquisition
2. Approval by local authorities
3. Subdivision plat map
4. Recording
5. Construction
Types of Residential Home Construction
1. "Spec" homes
2. Tract homes
3. Custom home
"Spec" homes
speculation homes, built without having a specific buyer in mind.
Tract homes
built to a certain set of guidelines used for a particular subdivision
Custom home
built for a specific buyer, usually using an architect and drawings that the buyer has formulated.
Which is the most important issue for a broker acting as a property manager to accomplish?
To get maximum income while preserving the value of the investment
What percent o the nation's economy does real estate make up?
25%
Services that a property manager must perform for the owner are listed in
a property management agreement.
The practice of a real estate sales associate specializing in a particular geographic area is called
farming
Agriculture property in Florida is a property that
has more than 10 acres
Local communities regulate real estate by
creating zoning laws
Putting together two or more parcels of land to make a larger parcel is called
assemblage
One example of a Loan Originator would be a(n)
seller who finances more than two homes in a two year period.
Why does a real estate professional need a license?
He has expert information on real estate that an average layperson does not have.
Dedication most nearly means
giving private land for public use.
Who is involved in financing real estate
Mortgage banker
Mortgage broker
Savings and loan
The act of appraisal can be completed by
an appraiser following the USPAP standards.
It is unethical for an appraiser to accept compensation for performing an assignment when it is contingent upon
the reporting of a pre-determined result.
In Florida, there is a demand for property management services due to the large amount of
absentee owners.
In general, a real estate licensee may NOT accept
compensation for selling ______________ on behalf
of a client.
Securities
The majority of new licensees begin their work in
what market?
Single family residential
An independent contractor licensee earns commission based on
the results of his or her work efforts.
At the end of the year, what form will an independent contractor receive that details his or her compensation for the year?
1099-MISC
Who should always be the one paying commission for a sale?
The broker
When may a person use the term REALTOR®?
only after becoming a member of the National
Association of REALTORS®
The multiple listing service (MLS) was created so that
member brokers could share listings with a blanket
offer of cooperation and c [Show Less]