Chapter 1- The Real Estate Business Flashcards

1
Q

Agricultural

A

To mean property zoned as such, consisting of more than 10 acres.

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2
Q

Appraisal

A

Professional service provided by a registered, licensed, or certified appraiser or real estate licensee to produce an estimate value.

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3
Q

Business broker

A

Real estate licensees who engage in the sale, purchase, or lease of business.

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4
Q

Business opportunity brokerage

A

The real estate activity dealing in the sale, purchase, or lease of business.

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5
Q

Comparative market analysis (CMA)

A

And in formal estimate of market value performed by a real estate licensee for the seller to assist in arriving at an appropriate listing price, or if working with the buyer, and in formal estimate of market value to assist the buyer in arriving at an appropriate offering price

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6
Q

Counselors

A

Professional to analyze existing or potential real estate problems and recommend a course of action.

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7
Q

Deed restrictions

A

Provision placed in deeds to control future uses of the property.

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8
Q

Dedication

A

An offer of land for some public use, by an owner, together with acceptance by or on behalf of the public.

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9
Q

Farm area

A

A selected and geographical district to which a sales associate devote special attention and study; to farm in area or neighborhood.

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10
Q

Follow up

A

What a sales associate does after a sale to maintain customer contact and goodwill.

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11
Q

MLS

A

Multiple listing service – in 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 greater chance of sale will result.

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12
Q

Property management

A

The leasing, managing, marketing, and overall maintenance of property for others.

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13
Q

Real estate business

A

A commercial activity in which the sale, purchase, leasing, rental, exchange, or management of real property is conducted by qualified and licensed parties acting either for themselves or for others for compensation.

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14
Q

Residential

A

The sale of improved residential property of four or fewer units, the sale of unimproved residential property intended for use as four or fewer units, or the sale of agricultural property of 10 or fewer acres.

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15
Q

Restrictive covenants

A

Conditions placed by developers that affect how the land can be used in an entire subdivision.

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16
Q

Subdivision plat map

A

A plan of a tract of land subdivided into lots and showing required or planned amenities.

17
Q

USPAP

A

A set of guidelines ( standard of practice) to follow when providing appraisal services.

18
Q

Absentee owner

A

A property holder who does not reside on the property and who usually relies on a property manager to supervise the investment.