FLORIDA REAL ESTATE - UNIT 1 KEY TERMS QUESTIONS AND ANSWERS 100% PASS

FLORIDA REAL ESTATE - UNIT 1 KEY TERMS QUESTIONS AND ANSWERS 100% PASS ABSENTEE OWNER - Correct Answer ️️ -property owner who does not reside on the property & who often relies on a professional property manager to manage the investment APPRAISAL - Correct Answer ️️ -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 - Correct Answer ️️ -One who is registered, licensed, or certified by the DPBR and provides an estimate of value. BPO - Correct Answer ️️ -Broker's Price Opinion - A written opinion of the value of real property. Florida real estate licensee's are allowed to prepare and charge for BPOs provided the BPO is not called an appraisal.Price options are often requested by relocation companies and lenders involved in short sales of distressed properties. BUSINESS BROKER - Correct Answer ️️ -Real Estate licensees who engage in the sale, purchase or lease of businesses. BUSINESS OPPORTUNITY - Correct Answer ️️ -The real estate activity dealing in the sale, purchase or lease of businesses.