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Florida real estate business Questions Graded A+
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Florida real estate business
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Florida real estate businessFlorida real estate - answerResidential property in Florida is a family home that is a
single family dwelling, a duplex, a triplex (3units) or a quad (4 units) or vacant land that
has been zoned for 4 units or less. Farm/Agriculture residential is a family home on less
than 10 acres land.
Commercial property is income producing property such as a retail center or an
apartment complex of more than four units. The real estate professional must be able to
convey to their clients and customers information about how to produce income, and
create after-tax cash flow.
Industrial property usually manufactures or distributes products such as a factory or
warehouse. This involves sites in industrial parks or subdivisions; redeveloped industrial
parcels in central areas and undeveloped industrial acreage.
Agricultural property is farm or ranch land of more than ten acres.
Business Opportunity consists of an investor purchasing an income producing business.
The purchase may include real estate along with the business or just the business
within a leased space. Knowledge of business practices, specific business loans, and
the characteristics of valuation as they apply to the business.
Special Purpose property examples would be schools, churches, nursing homes, post
offices and hospitals. Each zoning district will look at the combination of land an
improvements with highest and best use in mind.
Residential property - answerin Florida is a family home that is a single family dwelling,
a duplex, a triplex (3units) or a quad (4 units) or vacant land that has been zoned for 4
units or less. Farm/Agriculture residential is a family home on less than 10 acres land.
Commercial property - answeris income producing property such as a retail center or an
apartment complex of more than four units. The real estate professional must be able to
convey to their clients and customers information about how to produce income, and
create after-tax cash flow.
Industrial property - answerusually manufactures or distributes products such as a
factory or warehouse. This involves sites in industrial parks or subdivisions;
redeveloped industrial parcels in central areas and undeveloped industrial acreage.
Agricultural property - answeris farm or ranch land of more than ten acres.
Business Opportunity - answerconsists of an investor purchasing an income producing
business. The purchase may include real estate along with the business or just the
business within a leased space. Knowledge of business practices, specific business
loans, and the characteristics of valuation as they apply to the business.
, Special Purpose property - answerexamples would be schools, churches, nursing
homes, post offices and hospitals. Each zoning district will look at the combination of
land an improvements with highest and best use in mind.
Property Management - answerIn Florida, more than some other states, there is a real
need for property managers because so many owners are absentee owners, persons
who own real estate but do not reside in that real estate. Property managers are
licensed Florida real estate brokers who, under law, perform duties and services on
behalf of the owner. Generally, a property manager is defined as one who preserves the
value of an investment (by an owner) while generating income as an agent for the
owner. The property manager's specific duties will be contained in a Property
Management Agreement.
Services a Property Manager May Provide
The Florida Property Manager may provide many different services for the owner.
Specific duties should be spelled out in a Property Management Agreement and signed
by both parties. A sales associate acting as a Property Manager must be under the
direction and guidance of a real estate broker.
Some Specific functions would be to:
Budget expenses for the property
Evaluate the rental market
Advertise and market the property
Rent the property under the guidelines of the owner
Maintain good relationships with the tenants
Handle any environmental concerns
Adjust the rates with the market and the consent of the owner
Show property/ies
Maintain the property in good repair
Act as a Fiduciary to the owner
Fiduciary means: a person having a duty to act primarily for another's benefit. It involves
duties such as good faith, trust, special confidence and candor. A breach of fiduciary
responsibility would make the fiduciary liable for any damage caused by any such
action.
Do not confuse the duties of a property manager with those of a Community Association
Manager (CAM). CAMs are licensed specialists tasked by the state to manage
Community Associations, Homeowner Associations, and Cooperative Associations in
their day to day business p
Fiduciary - answera person having a duty to act primarily for another's benefit. It
involves duties such as good faith, trust, special confidence and candor. A breach of
fiduciary responsibility would make the fiduciary liable for any damage caused by any
such action.
Community Association Manager (CAM). - answerCAMs are licensed specialists tasked
by the state to manage Community Associations, Homeowner Associations, and
Cooperative Associations in their day to day business practices and the maintenance of
their common areas.
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