Florida Real Estate - Unit 1 Key Terms

Florida Real Estate - Unit 1 Key Terms ABSENTEE OWNER property owner who does not reside on the property & who often relies on a professional property manager to manage the investment APPRAISAL The 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 DPBR and provides an estimate of value. BPO Broker's Price Opinion - A written opinion of the value of real property. Florida real estate licensee's are allowed to prepare and charge for BPOs provided the BPO is not called an appraisal.Price options are often requested by relocation companies and lenders involved in short sales of distressed properties. BUSINESS BROKER Real Estate licensees who engage in the sale, purchase or lease of businesses. BUSINESS OPPORTUNITY The real estate activity dealing in the sale, purchase or lease of businesses. CAM Community Association Manager - A person who holds a CAM license, to manage community associations of more than 10 units and associations with annual budgets of more than $100 Grand. CMA Comparative Market Analysis - An informal estimate of market value performed by a real estate licensee for a seller to assist in arriving at an appropriate listing price, or if working with the buyer, an informal estimate of market value to assist the buyer in arriving at an appropriate 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 A selected geographical area or a group o people from which to solicit real estate business and to which a real estate licensee devotes special attention and study. FOlLOW-UP What a sales associate does after a sale to maintain customer contact and goodwill MLS Multiple Listing Service - An arrangement among members of a real estate board or exchange that allows each member broker to share listings with other members so that greater exposure is obtained and a grater chance of sale will result. PROPERTY MANAGEMENT The leasing, managing, marketing, and overall maintenance or property for others. PROPERTY MANAGER A person who manages properties for various owners. A property manager's primary duties are to secure and keep tenants, to provide financial records and accounts, and to provide upkeep and maintenance of the properties. REAL ESTATE BROKERAGE A part of the real estate business that is concerned with ringing together buyers and sellers and owners and renters and completing a real estate transaction. REALTOR A real estate broker who is a member of a local board of REALTORS and is affiliated with the state association (Florida Realtors) and the National Association of REALTORS. The term is not synonymous with "Real Estate Agent" RENTAL AGENT A person who, for a fee, acts as an intermediary between a person seeking to lease a housing accommodation and a property owner seeking to acquire a lease for a housing accommodation. Rental agents who are paid on a transaction basis must be licensed real estate agents. salaried employees who work in an onsite rental office in a leasing capacity, are exempt from a real estate license, provided they are not paid n a transactional basis. SUBDIVISION PLAT MAP A plan of a tract of land subdivided into lots and showing required or planned ameneities. TARGET MARKET A specific group of prospects chosen because of its demographic