Gold Coast Schools Chapter 1 Real Estate Flash Cards

Gold Coast Schools Chapter 1 Real Estate Flash Cards (2022) Flashcards Multiple Listing Service (MLS)A marketing tool that real estate licensees use to market listings locally, statewide, and even worldwide Area of real estate specialization related to apartment buildings, office buildings, and shopping centers Commercial sales or leasing The process of estimating an objective opinion of value based on research and data Appraisal Common Characteristics of Agricultural Sales Large tracts of land and significant sums of money Designation awarded by the Commercial Investment Real Estate Institute (CIREI) Certified Commercial Investment Member (CCIM) Type of license required for sale of a business involving the transfer of ownership if shares of stock are included Securities License Method for gaining access to the Multiple Listing Service (MLS) By joining the Local Association of REALTORS Designation awarded by the Institute of Real Estate Management (IREM) Certified Property Manager Knowledge and Skills required for commercial sales and leasing Analyzing past and future potential investment income, knowledge of tax laws affecting income and tax consequences of buying and selling Real Estate ValuationExpert knowledge and skills needed to discern property differences and how those differences turn into value Area of real estate specialization related to the analysis of existing or potential projects, providing advice based on personal judgement Counseling Type of residential construction that is built according to the customer's specifications Custom Building The level of government responsible for planning, zoning, real estate taxes, building and health codes, and building moratoriums Local Government (City or County) Area of real estate specialization related to warehouses and manufacturing facilities Industrial sales or leasing Elements of a business valueincome, tangible and intangible assets, and goodwill Type of license required to manage and be compensated by a HOA or Condominium Association Community Association Management (CAM) License Florida Statue definition of residential sales or rentals [F.S.

475.278(5)(A)]

~Improved residential property of 4 units or less~Unimproved residential property for 4 units or less~Agricultural properties of 10 acres or less Standard by which all appraisals in federally related transactions must be completed Uniform Standards of Professional Appraisal Practice

(USPAP)

Term that refers to the transfer of ownership of streets and sidewalks by a developer to the city or county upon

completion of construction of a subdivision Dedication

Type of residential construction that is built by a contractor on his or her own land before securing a buyer with the hope of selling the finished structure Speculative Building ("building on spec") The level of government responsible for roads, waterways, and other factors affecting multiple jurisdictions, as well as DRI's, DEP, and DEO State Government Type of residential construction where the developer utilizes model homes to make sales Tract Building Knowledge and Skills required for Agricultural SalesAnalyzing profitability of current uses and estimating potential of property under consideration Broker's price opinion (BPO)Valuation performed by a real estate licensee that is frequently requested by a lender in a short sale Areas of specialty related to real estate that require a separate license Appraisal, Financing, Insurance, Construction and Development Comparative Market Analysis (CMA)Valuation performed by a real estate licensee based on recent sales of similar properties in the same neighborhood Knowledge and Skills required for a real estate counselorSuperior knowledge of real estate investment and alternative investments and strategies Condition under which a licensee may refer to themselves as a REALTOR Being a member of the (NAR) Real Estate Property TransferExpert knowledge and skill required to handle all aspects of a property transfer transaction, effecting transfer of owner rights Farming / Target MarketSpecialization in one type of style of property and or a particular neighborhood Name for the members of the National Association of

REALTORS (NAR)

REALTOR

The basis on which appraiser fees are paid The time, effort, and expense involved in the assignment.(Not the property value) Entity defined by F.S 475, part 2 for appraisers Florida Real Estate Appraisal Board (FREAB) The largest trade association in the state of FloridaFlorida Association of REALTORS (FAR) "They do not handle as Florida REALTORS" Phases of development and construction~ Land acquisition~ Subdividing and development~ Recording of the subdivision plat map The level of government responsible for the national monetary supply and legislation affecting lending institutions Federal Government Real Estate MarketingExpert knowledge and skill required to market a property efficiently, while into account the changing of supply and demand Knowledge and Skills required for Industrial Sales or Leasing Knowledge of government regulations of land use, environmental considerations, transportation, labor costs, and utility charges Area of real estate specialization related to the listing and sale of a business Business Brokerage (or business Opportunities)

Area of real estate specialization related to the management of property for absentee owners Property Management Knowledge and Skills required for a sale of a businessEstimate Value of the business, analysis of the financial statements and balance sheets Term that refers to the value of a business Going Concern Value Requirements for appraisals utilized by federally regulated lenders in federally related transactions ~Licensed, registered and certified appraiser per F.S 475, part 2~Compliance with USPAP A type of insurance often required by the lender as a condition of the loan Homeowner's insurance, which requires a separate license to sell The areas real estate licensees specialize In Residential, commercial, industrial, agricultural, business brokerage, property management, and counseling