Term
| Real Estate Sales Process |
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Definition
1) Prospecting for Sellers
2) Prospect for Buyers Flyers/Newspaper Ads MLS
3) Buyer Qualification Sufficient Income Good Credit
4) Qualified buyer makes an offer Culminates in signed contract
5) Loan Application RESPA Documents received w/in 3 days
6) Post contract activities Credit Evaluation Appraisal
7) Title search for buyer that qualifies
8) Closing Buyer signs mortgage and note Seller signs the deed conveying property to buyer
9) Deed and mortgage are recorded
10) Follow-up Contact buyer and seller |
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Term
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Definition
| definded as 4 or fewer residential units, vacant land zoned for 4 or fewer or agricultural of 10 or fewer acres. defined Chapter 475 FS |
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Term
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Definition
| Improved property of more than 4 units, retail stores, office buildings and shopping centers |
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Term
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Definition
Three types of properties:
1)Industrial parks
2)Redeveolped industrial parcels in central areas
3)Industrial acreage |
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Term
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Definition
| Chapter 475 FS agricultural property of more than 10 acres |
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Term
| Businesses/Business Broker |
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Definition
Sale, Purchase and Lease of Businesses.
Business Brokers or Business Opportunity Brokerage
Includes tangible and intangible assets
Businesses will have real property involved, as either land or physical improvements, therefore license is required |
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Term
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Definition
Brokers or Associates select one specific portion of a city or area to become an expert.
Data on all property in that area is kept |
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Definition
| leasing, managing, marketing and overall maintenance of property for others. |
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Term
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Definition
Property owner who does not reside on the property and who often does relies on a professional property manager.
Growth in management due to increase in absentee ownership. |
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Term
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Definition
The process of estimating the value of real property.
An art, not a science.
Brokers and Associates may appraise for compensation, but may not represent themselves as state-certified, registered or licensed unless they hold a license and certification.
Must abide by USPAP
Governed by Florida Real Estate Appraisal Board (FREAB) |
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Term
| Comparative Market Analysis (CMA) |
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Definition
Marketing tool that may not be referred to as an appraisal.
Brokers and Licensees may charge a fee.
Collecting info concerning activity in the area including recent sales of similar properties.
Appraisers charge a fee based on time and difficulity of work, never on commission due to conflict of interest. |
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Definition
regarded as lifeblood of real estate sales.
Licensee may not receive referral fee unless licensed as a mortgage broker. |
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Definition
| Services provided to individuals and firms regarding the purchase and use of real estate investments. |
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Term
| Development and Construction |
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Definition
1) Land Acquisition and Pre Development
2) Sub-Dividing and Development
3) Construction |
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Term
Development and Construction
Land Acquistion and pre-development |
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Definition
Acquire raw land and prepare for construction.
Study Zoning and Land Use Plans
Approval from local muncipality
Costs include engineering plans, attorney fees, surveys and applicaition fees. |
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Term
Development and Construction
Subdividing and development |
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Definition
Subdividing is converting parcels of land into smaller units
Development is the process of improving raw land into productive use. |
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Term
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Definition
| Engineers plan for land use superimposed on a map of the land to be developed. |
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Term
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Definition
The gift of land by an owner to a government body for public use.
Requires offer to dedicate and acceptance by municipality.
Served by Plat approval and recording acceptance. |
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Term
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Definition
| Impose limitations on the use of land in an entire sub. |
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Definition
| Placed by an owner who has created a restriction on future owners of the parcel. |
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Term
Development and Construction
Construction |
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Definition
Building on prepared sites.
Spec - construction of a home without a buyer in advance
Custom - home constructed under contract with a buyer
Tract - spce buildings that feature several models. Buyers select a model and request it be built on a lot in sub. |
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Definition
| Impacts through property taxation and regualtory activities such as occupational licensing, tax receipts, building permits, zoning and building codes. |
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Term
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Definition
owns and manages large amount of property. Identifies coastal regions and other areas that are protected.
State documentary and intangible taxes are required when transferred or mortgaged. |
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Term
| Federal Government Impact |
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Definition
| Fiscal and Monetary policies. |
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Term
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Definition
Realtor is not a real estate licensee.
Realtors are members of a local board of realtors.
Florida Realtors and National Association of Realtors are privately run organizations.
DBPR does not set rules, fees or membership requirements.
NAR controls MLS |
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