Chapter 1: The Real Estate Business

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Author:
jdubbs88
ID:
90940
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Chapter 1: The Real Estate Business
Updated:
2011-06-16 20:38:28
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Real Estate Exam Chapter
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Real Estate Exam Chapter 1 Terms
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  1. Absentee Owner
    Owner of property who does not occupy said property
  2. Property Management
    leasing, maintaining, managing, & marketing property for others
  3. Apprasial
    An opinion of value based on factual analysis-- Estimation of value by disinterested parties of suitable qualifications.

    Real Estate Agents may not present themselves as appraisers unless licensed

    Appraisal must follow USPAP Guidelines
  4. Comparative Market Analysis
    Marketing tool that is prepared for potential buyer or seller based on recent sales of similar properties

    May not be referred to or represented as an apprasial
  5. Counselor
    Designation indicating an extremely high standard and knowledge

    advising individuals & firms regarding the purchase & use of Real Estate investments
  6. Dedication
    Giving (gift) of private property for public use and the acceptance from proper public authority
  7. Deed Restrictions
    Limitations on the use of a property placed in the conveyance of a deed by grantor which binds all future owners
  8. Farm Area
    One portion of the city in which you become an expert

    Farming -- maintaining data on each property within a specific section
  9. Real Estate Process
    • 1. Prospecting Sellers & Listing Properties
    • 2. Prospecting Buyers
    • 3. Buyer Qualification, Sale Presentation & Negotiation
    • 4. Sale Closing
    • 5. Loan Application
    • 6. Post Contract Requirements
    • 7. Loan Approval and Title Search
    • 8. Title Closing
    • 9. Deed & Mortgage are Recorded
    • 10. Follow up
  10. Sales Specialties
    • Residential
    • Commercial
    • Industrial
    • Agricultural
    • Businesses
  11. Residential
    • 4 or fewer residential units
    • vacant land zoned for residential
    • Agricultural property of 10 or fewer acres

    Be able to explain: Property taxes; homestead exemption; restrictive covenants; approx utility costs
  12. Commercial
    Improved residential prop of 4 or more units or income producing property

    Be able to explain: investment analysis; tech for increasing after tax cash flow
  13. Industrial
    Sites in industial parks or subdivisions or industrial acreage

    Be able to explain: technical needs of different industries
  14. Agricultural
    Land which is zoned for agriculture-- used for growing agricultural products or raising livestock

    must be 10 or more acres

    Be able to explain: Operations and economic problems of farms an various types of farming ; federal farming programs
  15. Businesses
    Business Brokers/ Business opportunity Brokerage

    Licensee that engages in the sale, purchase or lease of businesses , including sale of tangible and intangible assets
  16. Development & Construction
    • Land Acquisition
    • Subdividing & Development
    • Construction
  17. Land Acquisition
    Developers and builders acquire raw land & prep site for construction
  18. Subdividing & Development
    Subdividing - process of converting parcels of land into smaller units or lots

    Development- process of improving raw land so it can be put to productive use
  19. Subdivision Plat Maps
    Engineers plan for land used super imposed on a map of the land to be developed.
  20. Restrictive Covenants
    Refer to entire subdivision & impose limitations on use of land
  21. Construction
    • Spec homes- purchasing land & building a home w/o a buyer in advance of construction
    • Custom homes- custom builder constructs homes under contract with builder
    • Tract homes- type of spec home. A new subdivision will feature several model homes & buyers select floor plans

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