Unit 1-The Real Estate Business Flashcards Preview

FL REAL ESTATE -39th Edition 2016 > Unit 1-The Real Estate Business > Flashcards

Flashcards in Unit 1-The Real Estate Business Deck (5)
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1

What are the 5 Sales Specialties in RE?

1-Residential
Know access routes
explain property tax, utilities,
homestead, covenants

2-Commercial
Income producing properties
Contacts w/financial institutions, and
Mortgage lenders

3-Industrial

4-Agricultural

5- Business-Business Brokers
License required to sell/lease business opportunities in FL

2

Can a licensee Appraise Property?

YES! -if it is not a FEDERALLY RELATED transaction (financed)

3

What is a DEDICATION?

A GIFT of land by owner to a government body for private use

4

What is APPRAISING?

Who may perform an APPRAISAL?

The process of developing and communicating an opinion about a property's value

Only a LICENSED APPRAISER may perform an appraisal for FEDERALLY RELATED transactions.

5

What are the three areas of expertise for a Real Estate Licensee?

-Knowledge of Property Transfer

-knowledge of Market Conditions

-knowledge of marketing business of RE