Unit 1

The Real Estate Business

Absentee Owner

A property holder who does not reside on the property and who usually relies on a property manager to supervise 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 DBPR, and provides an estimate of value.

(BPO) Broker’s Price Opinion

A written opinion of the value of real property Florida real estate licenses are allowed to prepare and charge for BPO’s provided the BPO is not called and appraisal. Price opinions 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.

Community Association Manager (CAM)

A person who holds a CAM license to manage community associations of more than 10 units and associations with annual budgets in excess of 100K

Comparative Market Analysis (CMA)

An informal estimate of market value performed by a real estate license for the 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, but an owner together with acceptance by or on behalf of the public.

Farm Area

A selected geographical area or a group of people from which to solicit real estate businesses and to which a real estate license devotes special attention and study

Follow-up

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

Multiples Listing Service (MLS)

Property Management

The leasing, managing, marketing and overall maintenance of 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 bringing 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 REALTOR and is affiliated with the state association (Florida REALTOR) and the National Association of Realtors)

Subdivision Plat Map

A plan of a tractor of land subdivided into lots and showering required or planned amenities.

Target Market

A specific group of prospects chosen because of its demographic, financial and lifestyle characteristics.