Absentee Owner
Owners who buy income property as investments and depend on professionals to manage them. (page 4)
Appraisal
An act of assessing
... [Show More] an opinion of value on real property. (page 5)
Appraiser
A practitioner who has the knowledge and expertise necessary to estimate the value of an asset. (page 5)
Broker Price Opinion (BPO)
Helps determine the selling price of the property in a short sale transaction since the licensee typically has knowledge of the local market. The licensee will be asked to take photos of the property and complete a BPO report form provided by the lender. The report includes a neighborhood analysis of comparable properties along with local and regional market information. BPOs are less thorough than an appraisal, but require more analysis than a basic CMA. (page 3)
Business Opportunity
The listing and sale of businesses by a real estate broker (page 4)
Comparative Market Analysis (CMA)
Typically prepared by real estate licensees, a CMA is a value estimate based on the recent sales of similar properties in the same neighborhood. (page 2)
Dedication
The ownership of streets and sidewalks is typically conveyed by a developer to the city or county upon completion of construction of a subdivision. This transfer of ownership is referred to as dedication and gives the public the right of use. (page 7)
Farm Area
aka Target Market. Finding and specializing in a particular neighborhood or type of property. Considered to be one of the best ways to succeed in the RE business. (page 2)
Federally Related Transaction
A transaction in which a loan is made by a federally regulated lending institution that uses real property. (page 6)
Florida REALTORS (FAR)
One of the number one resources for support and information in a licensee's real estate business. This organization offers complete access to all of the necessary real estate forms, help with technology, legal advice, Florida market studies, educational tools and services, and much more. (page 8)
Follow-up
Referrals from past customers are an important source of future business, so consistent and repeated follow up with customers is key to maintaining good relationships and maintaining new prospects. (page 2)
Local Board (Association) of REALTORS
Provides access to the MLS, affords unlimited networking possibilities, specialty education, local market research, technology, websites, school information, and code of ethics enforcement and arbitration. (page 8)
Multiple Listing Service (MLS)
A system that provides an extensive marketing tool for real estate licensees. The MLS provides the opportunity to market listings to thousands of other local and statewide licensees in addition to potential buyers around the world. It 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. Real estate licensees must be knowledgable and proficient in the use of the MLS and all it has to offer. (page 3)
Mortgage Loan Originator (MLO)
Individuals or businesses that arrange loans between lenders and borrowers; although they do not make loans, mortgage loan originators are an important source of funds as well. They must have a separate license issued by the Florida Department of Financial Services (FDFS). (page 6)
National Association of Realtors (NAR)
The nation's largest trade and professional association, with a goal of preserving the right of individuals to own real property through an exchange of information. (page 7)
Property Management
Locating tenants, collecting rents, handling the payment of taxes, insurance, and other operating expenses, maintaining records, and scheduling maintenance. Property managers do not write (prepare) leases, but they may assist prospective tenants in completing attorney-prepared leases. The function of good property management is to protect the owner's investment while maximizing the profitability of the investment for the owner. (page 5)
Real Estate Brokerage
A business in which real estate-related activities are performed under the authority of a licensed real estate broker. The broker acts as an agent or intermediary between two or more people in the negotiation of the sale, purchase, or rental of real estate. (page 2) [Show Less]