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Sec 2 Real Estate
| Question | Answer |
|---|---|
| Original implementation of FCRA | 1970 |
| FCRA | Fair credit reporting act |
| Addition of FACTA | 2003 |
| FACTA | Fair and Accurate Credit Transaction Act |
| When was Dodd Frank enacted | 2010 |
| 10 factors that affect real estate industry | 1) infrastructure 2) affordable housing 3) weather/climate risks 4) technology 5) economy 6) Politics 7) capital market risks 8) population migration 9) volatility and confidence 10) public and private indebtedness |
| How has the population shifted in America | From center to west and south |
| Characteristics of sales associate | * must work with a broker * works on behalf of broker for fee/commission * must receive compensation through broker * May be an employee or independent contractor |
| Characteristics of broker | * has a broker license * conducts brokerage activités * can receive compensation directly * responsible for licensee who work under them |
| Five real estate specialties | 1) residential 2) commercial 3) industrial 4) agricultural 5) businesses |
| Residential | Property with four or fewer units Agricultural property w/10 or fewer acres |
| Commerical | Income producing properties and residential property with more than four units |
| Industrial | Factories Warehouse Industrial district |
| Agricultural | Farms Timberland Ranches Orchards |
| Businesses | Sale Purchase Lease of business |
| Home inspector | Provides visual inspection of a property’s structure, systems, and site conditions and provides report to buyer |
| Real estate educator | Educates on law, rules, practices in the area of pre-licensing, ce, and post licensing |
| Urban planner | Makes recommendations to local governments for improvement |
| Title and abstract company | Ensures good title to buyer in a real estate transaction |
| Property manager | Operates properties for others; represent their owner clients interest to achieve best ROI. |
| Appraiser | Estimates property value based on established valuation guidelines |
| Lender/investor | Provides funds for development and purchase of real estate |
| Real estate counselor | Assists clients in making informed real estate decisions. Provide an unbiased advice or guidance |
| Developer | Constructs improvements on land |
| Community association managers | Work with association board not just a single owner |
| Appraisal | An opinion or estimate of a property’s value for a specific purpose, for a specific person, as of a specific date, and based on proven facts |
| Uniform standards of professional appraisal practice | 1 state problem 2 identify data needed 3 gather and analyze data 4 determine highest and best use 5 Est value of land 6 use three approaches to estimate value of property 7 reconcile values to determine final appraisal value 8 report appraisal value |
| Three approaches to estimate value of property | Sales comparison Cost Income |
| General data for apprisal | Economic Demographic Income level Employers moving in/out |
| Specific data for appraisal | Site, positioning on site, improvements |
| Comparative market Analysis | An evaluation that real estate professionals use to determine an appropriate listing price range |
| Brokers price opinion | An opinion of value prepared by a real estate licensee for a small fee; a lender or relocation company generally orders one |
| Underwriting | Process used to decide if a particular loan is likely to be repaid |
| Examples of primary lenders | Savings/loan associations Commercial bank Credit union Mortgage bankers/brokers Insurance companies Investment groups |
| Mortgage banker | In-house loan processors and underwriters Fund loans themselves |
| Mortgage brokers | Work with multiple lenders to find best deal for client |
| CRE designee | Prominent members of the real estate profession who have been recognized for their expertise and ethics in advising client |
| Subdivision plat | A written record of the land divided into lots |
| Development agreement | A contract between the city and the developer thay details how the proposed development will work into (or create if necessary) the infrastructure needed for a successful subdivision |
| Three types of residential construction | Spec homes Tract homes Custom homes |
| Spec homes | Developer builds homes without a buyer in advance of construction |
| Tract homes | Developer may build some model homes. Buyers can then select a floor plan and a lot for their home in the subdivision |
| Custom homes | Buyers or architects provide building plans which a builder will construct under contract for the buyer |
| Regulations affecting real estate | Consumer protection Disclosure |
| Purpose of professional organizations | Help members of real estate professions through specialized education, designations and/or experiences |
| What real estate business professional would you work with if you need an estimate of value for a lender | Real estate appraiser |
| When the owner of the property does not live or manage the property. What kind of owner is this? | Absentee owner |
| An estimate of value as of a specific date and for a specific value | Appraisal |
| One who performs an appraisal | Appraiser |
| An opinion of value prepared by a real estate license similar to a CMA but not as detailed; a lender or relocation company generally orders one. Not an appraisal | Broker price opinion |
| The sale or lease of a business | Business opportunity |
| An opinion of a property’s market price range, and is used to help the seller establish a probable listing or lease price. It is not an appraisal | Comparative market analysis |
| The administration and supervision of real property for others for compensation | Property management |
| The purpose of a ___ is to bring parties together and assist them in a real estate transaction for a fee | Real estate brokerage |
| Property uniquely suited to one or limited use | Special purpose property |
| The federal standards that appraisers must abide when appraising federally related transactions. | Uniform standard of professional appraisal practice |
| A system that pools the listings of all member companies | Multiple listing service |
| Office buildings, shopping centers, and hotels are examples of ____ properties | Commercial |
| Florida defines____ real estate as four or fewer residential units, vacant land zoned for four or fewer units or fewer than 10 acres of agricultural property | Residential |
| Can a new licensee specialize in the sale of farm and ranch property | Yes, a new licensee can specialize in agricultural real estate |
| Arthur specializes in the sale, purchase, and lease of businesses in fl. Does he need a real estate license? | Yes, an active current real estate license is required to sell business opportunities |
| David conducts on behalf of a supervising broker and is paid on a commission basis. He does not receive compensation directly from clients. David must be a what? | A sales associate |
| Orchards and ranches are examples of ___ properties | Agriculture |
| In the real estate business, whose primary role is it to make improvements to land | Real estate developer |
| Florida classifies income producing properties including residential property of more than four units as ___ properties | Commercial |
| Anastasia wants to get her real estate license and bring together buyers and sellers. This means she will be involved in which of the following A agency B appraisal C brokerage D property management | Brokerage |
| Phoebe is a broker who specializes in high rise apt bldgs in metro areas. What type of properties are these | Commercial |
Created by:
Lmpardue88