Term
| What are the areas of expert knowledge required for all real estate licensees? |
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Definition
Property Transfer
Valuation and Market Conditions
Marketing
Payment of taxes
payment of insurance and other operating expenses
maintaining records
scheduling maintenance
NOT preparing leases |
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Term
| In which areas can a real estate professional especialize in? |
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Definition
Residential Sales or Rentals
Commercial
Industrial
Agricultural
Business Brokerage
Property Management
Counseling |
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Term
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Definition
| A geographic area and property type that a licensee may specialize in. |
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Term
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Definition
| The market area that the licensee has specialized in and has created a future customer potential. |
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Term
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Definition
| The value of a business includes income, tangible and intangible assets and goodwill in addition fot he value of the real property. (Gale burgers sells for $100, Mc Donalds $1,000-MC donald's Going Convern Value = $900 |
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Term
| Responsibilities of a Property Manager |
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Definition
Locating Tenants
collecting rents |
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Term
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Definition
Service of analyzing existing or potentail projects and providing advice to public based on personal judgment.
counselors are compensated on flat fee.
Highly specialized service which requires greater level of knowledge and experience than any other area.
Must also have knowledge of alternative investments and strategies. |
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Term
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Definition
| For federally related projects (which are most of them) appraisals must be compliant with USPAP by registered appraisers, licensed or certified under FS 475. |
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Term
| Appraisal by Real Estate Licensees |
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Definition
Not Federally related
Accordance with USPAP
CMA-comparative marke analysis |
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Term
| Mortgage Loan Originators (MLO) |
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Definition
DO NOT MAKE LOANS
Must have a separate license issued by Dept of Financial Services |
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Term
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Definition
To sell prop insurance you need a separate license.
RE Licensees can not sell prop insurance but must be familiar with aspects of prop insurance. |
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Term
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Definition
| The transfer of ownership of streets and sidewalks to the city upon completion of construction. |
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Term
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Definition
| Contractor builds to customer spec. |
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Term
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Definition
| Contractor builds home the find a buyer. |
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Term
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Definition
| Developer acquires large tract, records subdivision plat map, and sells in model center. |
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Term
| NAR-National Association of Realtors |
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Definition
| NAR Goal is preserving the right of individuals to own real property through an exchange of experience. |
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Term
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Definition
| A registered trademark of the NAR and may only be used my members of NAR. |
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Term
| FAR-Florida Association of REALTORS. |
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Definition
| The FAR does business as Florida REALTORS. |
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Term
| Local level of government |
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Definition
| Responsible for planning and zoning, property taxation, building and health codes and regulations and building moratoriums. THis affects the cost and desirability of real estate. |
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Term
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Definition
| Limits what you can build and when you can build it. i.e.-no rentals. |
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