Azure Tide Realty Florida: Section 1 Flashcards

Azure Tide Realty Florida: Section 1 Flashcards

Appraisala professional opinion of the market value of a property including homes and businesses MLO (Mortgage Loan Origination)The process of working with buyer to process loan applications and negotiate the terms and conditions of a loan between the borrower and the lender.State Governmenta) Document Stampsb) Taxesc) Protected areasd) License Law Business Opportunityinvolves sale or lease of any product, service, equipment, etc. that will enable the purchaser-licensee to begin a business.. It involves not only the sale of the property but ofthe business itself. It may actually be for the sale of a business without the real estate as many businesses operate in locations utilizing a lease Property ManagerFinding tenants to occupy the space, collecting monthly rental payment, maintaining the property and upkeep of the grounds.**Anyone who is paid a commission or is paid on a transactional basis for conducting property management services MUST be LICENSED.Custom Homesbuilt by a developer to the specific requirements of the buyer.USPAPUniform Standards of Professional Appraisal Practice; USPAP are the standards that must be followed for an appraisal. USPAP rules regulate how an appraisal is performed and written Agricultural Real EstateFarming and uses of land for animals, such as cows and horses that are more than 10 acres.Real Estate BrokerageA business where a "managing" broker oversees the Broker Associates/ Sales Associates work for the brokerage and provide real estate services to clients for compensation.All clients and commission technically belong to the brokerage and are the responsibility of the

broker.ex: REMAX, Coldwell Banker, Century 21**A real

estate broker acts as an intermediary between buyers and sellers, landlords and tenants.Absentee OwnerA person or entity who owns a piece of real estate but does not live in it.**Often the person may reside in another state.An absentee owner entity may be a corporation or real estate investment trust (REIT).Commercial Real EstateResidential properties that contain more than 4 individual units as well as property that houses retail, restaurant, professional offices and other businesses that are not

considered manufactured or industrial.Local government affects real estate through: 1)Property Taxation2)Zoning3)Building Codes4)Building Permits5)Occupancy Certificates

Special Purpose Propertya property that is designed specifically for one type of use.Examples of special purpose properties are churches, theaters, and schools.

• Major Types of Real EstateResidentialCommercialIndustrialAgriculturalBusinesses

BPO (Broker's Price Opinion)written estimate of value by a real estate licensee Subdivision Plat MapPlat map shows the subdivision of land into lots and/or tracts. Typical annotation includes a boundary description, lot dimensions, directional bearings, street names, lot numbers, tracts, easements, and right-of-way.CounselingA unique real estate activity involving assisting clients in making strategic investment decisions.Real estate counseling is the service of analyzing existing or potential projects and providing advice to clients who are generally making large scale purchases for investment purposes.Real Estate Counselors require extensive knowledge and expertise.Rental AgentsFind a tenant and collect fee Farm AreaAn area or neighborhood picked by a licensee to market to on a very regular basis; Thus, cultivating buyers and sellers.Dedicationthe voluntary transfer of private property by its owner to the public for some public use, such as for streets or schools.Spec Homeswhen the developer buys lots and constructs homes without having a buyer in mind Community Association Manager (CAM)Manage the workings of community associations.*Ensure that homeowners are complying with the rules of the

association.Ex: approving paint colors, fencing, etc.

CMA (Comparative Market Analysis)an assessment of value that a real estate licensee generally gives when helping a seller determine an appropriate list price. Buyers also request CMA's to assist them in deciding how much to offer on a property. CMA's may be conducted for a fee. CMAs do not need to comply with USPAP standardsas a CMA is not an appraisal.Property ManagementProperty management is the process of "managing" property that is available for lease. Duties of the property manager include maintaining and handling all the activities that are centered around the leasing and care of the piece of real estate property managed.Mortgage Bankersomeone who works for a bank or a lender to write loans for that company.AppraisingThe process of estimating the value of a property.Used

when:A) A buyer is getting a bank loanB) An investor is

considering buying for investing purposesC) legal proceeding; divorce, estates, division of assets

• phases of development and construction that each

project goes through...1)Land Acquisition2)Subdividing3)Development Subdividingwhen a developer acquires a large piece of land and then "subdivides" it into individual lots reserving some land for other purposes such as roads and sidewalks.Appraiserprofessional who has the knowledge and expertise necessary to estimate the value of property.Federal Government1) Department of Housing and Urban Development2) Federals Housing Administration3) Department of Veteran Affairs4) Environmental Protection Agency5) Internal Revenue Service Follow-Upis "touching" farm area individuals monthly or on a regular basis with mailings, emails, door hangers, etc.Land AcquisitionThe process of acquiring the land that will be developed.Industrial Real EstateManufacturing, recycling, distribution and other "industrial" type uses.Tract Homeswhen the developer buys lots and builds a few "model" homes and buyers then pick from among the specific floor plans offered by the developer.Real Estate Developmenta group of similarly constructed buildings placed in an area by a developer.Residential Real Estatesingle-family homes, condominiums, and property which houses UP TO 4 individual units or fewer than 10 acres of land.MLS (Multiple Listing Service)where information about houses for sale listed by real estate agents are compiled into a computer database. The information is shared with other agents through the system.Business BrokersReal estate professionals specializing in selling businesses Business Real EstateA pre-established restaurant, clothing store, gas station and any business that is sold with the assistance of another for compensation.*PRE-ESTABLISHED VIABLE

BUSINESSES*