Florida Real Estate Exam Chapter 1

Florida Real Estate Exam Chapter 1 RE licensee provide specialized service in 5 areas Details of property transfer Knowledge of market conditions Knowledge of how to market RE or businesses Knowledge of how to analyze buyers needs Knowledge of laws that pertain to RE Sales and leasing RE sales is the lifeblood of the brokering business Follow up Best way to ensure buyers and sellers Sales associates do this AFTER the sale RE sales associates specialize in any of 5 major specialties Residential Commercial Industrial Agricultural Businesses Residential RE Four or fewer residential units, vacant land zoned for four or fewer residential units, or agricultural property of 10 or fewer acres Farm area Brokers and sales associates prefer to select and become an expert on a particular portion of a city or even a demographic area. Property management Leasing, managing, marketing and overall maintenance of property for others. Absentee owner Property owner who does not reside on the property and relays on property management to manage the investment Appraisal Process of estimating the real value of property. It's a professional appraisers opinion concluding with an estimate of the property's worth. An art, not a science. Florida RE Appraisal Board (FREAB) Regulates state certified, licensed, and registered trainee appraisers. A state certified or licensed appraiser must prepare an appraisal that involves a federally related transaction. Appraisers fees Based on time and difficulty of work. Not commission based due to conflict of interest. CMA Comparative Market Analysis prepared by RE licensees to help potential sellers Determine an asking price. Subdivision plat map An engineers plan for land use superimposed on a map of the land to be