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Unit 1
Definitions
| Term | Definition |
|---|---|
| absentee owner | A property holder who does not reside on the propert and who usually relies on a property manager to supervise the investment |
| appraisal | Process of developing and communicating an opinion of a property's value based on supportable evidence and approved methods as of a certain date |
| appraiser | One who is registered, licensed, or certified by the DBPR and provides an estimate of value |
| broker's price opinion (BPO) | Written opinion of value of real property.FL real estate licensees are allowed2 prepare &charge for BPOs provided the BPO not called an appraisal. Price opinions often requested by relocation companies&lenders involved in short sales ofdistressed propert. |
| business broker | Real estate licensees who engage in the sale, purchase, or lease of business |
| business opportunity | Real estate activity dealing in the sale, purchase, or lease of business |
| community association manager (CAM) | Person who holds a CAM license to manage community associations of more than 10 units and associations with annual budgets in excess of $100,000 |
| comparative market analysis (CMA) | Informal estimate of market value performed by a r/e licensee for the seller 2 assist in arriving at a approp. listing price, or if working with the buyer, an informal estimate of market value to assist the buyer in arriving at an approp. offering price |
| dedication | An offer of land for some public use, by an owner, together with acceptance by or on behalf of the public |
| farm area | Selected geographical area or a group of people from which to solicit real estate business and to which a r/e licensee devotes special attention and study |
| follow-up | What a sales associate does after a sale to maintain customer contact and goodwill |
| multiple listing service (MLS) | Arrangement among members of a r/e board or exchange that allows each member broker to share listings with other members so that greater exposure is obtained for greater chance of sale |
| property management | Leasing, managing, marketing, and overall maintenance of property for others |
| property manager | Person who manages properties for various owners. Primary duties to secure and keep tenants, provide financial records and accounts, provide upkeep and maintenance of properties |
| real estate brokerage | Part of the real estate business that is concerned with bringing together buyers and sellers and owners and renters and completing a real estate transaction |
| REALTOR | R/e broker who is a member of a local board of REALTORS and is affiliated with the state association(Fl Realtors) and the National Association of REALTORS. Term no synonymous with "real estate agent" |
| subdivision plat map | Plan of a tract of land subdivided into lots and showing required of planned amenities |
| target market | A specific group of prospects chosen because of its demographic, financial, and lifestyle characteristics |
Created by:
happythivo
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