Bert Rodgers real estate Flashcards

Bert Rodgers real estate Flashcards BPOBroker price opinion. Used to obtain the probable sales price and marketing time of a property FREABFlorida real estate appraisal board regulates Florida appraisers Real estate brokerEmployed by the public to perform services of real estate as either a transaction broker, single agent or in a no brokerage capacity FREC - Florida real estate commissionRegulatory agency that implements and enforces the state licensing laws Inactive licenseesNot employed or supervised and not working with the public on real estate transactions Function of Department of Business and Professional Regulation Task is to provide efficient and effective regulation of numerous industries Active licenseesSales associates or broker associates supervised by employer, or brokers who chose to supervise themselves and or others Ineffective licensesLicenses that are suspended but not void Department of business and professional regulationFlorida's licensing agency No brokerageWhen a broker is not acting as an agent for others or as a transaction broker, but must still disclose all known facts that materially affect the value of residential real estate property and are not observable by the buyer, and account for all funds entrusted to the broker.Broker associateHas completed broker education and licensing requirements and chooses to work under the supervision of a broker employer or owner employer Mortgage brokerBrings borrowers and lenders together for a fee. Limited to acting as an agent and do not have authority to approve or reject a loan. Not loan money to borrowers. Paid a fee if the loan is approved Owner userThis person holds property as a necessity or convenience for residential, personal, or business use. The property is also being held for long term benefits like appreciation and tax shelter Sales associateMust work under the supervision of broker employer or owner employer Owner employerCan only perform real estate services involving the owner-employers property. Compensation must only come from the owner emloyer DevelopmentInvolves the construction of improvements to parcels

PrincipalAn individual who has entered a single agent relationship with a broker. He is owed fiduciary duties SubdividingConcerts a raw parcel of land into smaller parcels Chapter 475 of the Florida StatuesOutlines requirements necessary to engage in the practice of real estate USPAPUniform standard of professional appraisal practice -beats forth standards for all types of appraisal services Owner investorHolds property for production of long term benefits such as appreciation. Tax shelter, and income from eventual sale of the property Contract constructionImprovements built by a developer, contractor or builder at the customer (property owners) request to his specifications aka custom building Voided licenseExpired or revoked Division of real estateEnforces the rules and regulations imposed by the FREC Real estate counselingProvide skilled. Independent. And professional guidance based on analysis of problems or potential problems relative to real property ownership DREResponsible for examination, licensing, and regulation of more than 300,000 individuals, partnerships, limited liability corporations, real estate schools, and instructors. Provides support for FREC and FREAB CondemnationLegal action used by state governments to take private property Three part development process1. Purchase land 2. Development of land with regards to streets, utilities, sewer, water and drainage and dedication of those site improvements to the public 3. Construction of improvements on the land and selling or marketing of these improvements Mortgage bankersIndividuals, firms or corporations engaged in the business of lending mine on the security of improved real estate.Usually take the title to loans Dbpr responsibilitiesInvestigation. Prosecution of complaints. Administration of licenses. Use of monies Sales associate requirements63 hrs education, 70% pass within two years of course.Must be 18, mentally competent, high school diploma. 75% pass on state test Multiple licensesIssued only when a broker wishes to be a broker for more than one company Single agentBroker owes the principal fiduciary duties of obedience, loyalty, confidentiality, accounting, and full disclosure.Principal usually pays compensation, but any party in the transaction could pay for it Caveat emptorBuyer beware

Speculative contructionImprovement is built by developer, contractors or builder to his specifications, on his land with the goal of selling the land and building. It is ____because the person building is not sure who the purchaser will be. Aka building on spec, spec building and subdivision building AppriasalSupported, defended estimate of the value of property rights as of a given date Group licensesIssued to active sales or roller associates employed by owner employers and enable licenses to work from any of the owner employers properties Comparative marker analysisA report that provides information helpful in establishing a list price for a property. Not as involved as an appraisal Model home constructionBuilder constructing homes from a variety of floor plans which act as examples of what the builder offers the subdivision. Aka tract building Transaction brokerWhen a broker offers limited representation to one or both parties in a residential real estate transaction, but does not represent either in a fiduciary capacity or as a single agent Eminent dlmainGives states power to condemn a property for public use, but pay owner fair market value for any property seized