Champions - Principles of Real Estate 2 - Chapter 4 Specializations

Champions - Principles of Real Estate 2 - Chapter 4 Specializations Flashcards Real Estate OwnedWhen a lending institution becomes the owner of a property through a foreclosure, the property becomes an asset of the company Foreclosure SpecialistSome license holders specialize in listing and selling properties prior to being ___, often leading to a short sale Residential Mortgage Loan Originatorwho originate loans for federally regulated depository institutions or their subsidiaries must be registered.All other ___ must be licensed as (RMLO).Farm and Ranch Brokeragenature of this specialization generally requires the broker to service a wide geographic area Resort Managementarranging rental agreements for short or long-term tenants in the absence of the individual property owner, or for a larger group that owns ____ condominiums and houses for rental.Real Estate Auctioneercall at a real estate auction may do so without needing to be licensed Real Estate DevelopmentDevelopers locate and acquire property for either commercial or residential development.Commercial developers tend to specialize in a particular type of property such as multifamily, office building, or retail space.Residential developers subdivide larger tracts of land into smaller parcels for resale to individuals or builders.Residential developers also generally build the infrastructure of the subdivision, including sewer, water, and roads.Land Brokeragesale of unimproved property Property ManagerProtects and enhances the value of a property while generating income on behalf of the owner Real Estate AppraiserSpecialist who estimates the value of properties for owners, lenders, and taxing authorities Selling AgentWorks with a seller to list property with a brokerage firm Investment Real EstateThe primary distinction between an ____ client and any other is that the buyer is generally not the end-user of the property Leasingspecialization within the real estate brokerage business in which ____ agents may represent residential or commercial landlords and tenants Short Saleone in which a property with the consent of the lender, is sold by an owner/borrower at a price that is not sufficient to pay off the existing mortgage

Commercial Real Estateoften defined as any real estate that is not residential. ___ agents specialize in a wide range of properties bought and sold by investors and business entities Listing AgentWorks with a seller to list property with a brokerage firm Home InspectorExamines a home and prepare a report that lists deficiencies in a property