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Unit 1

Definitions

TermDefinition
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