the duties of a property manager include all except:
selling the property
which is the most important issue for a broker acting as a property manager to accomplish?
to get maximum income in while preserving the value of investment
what percentage does the real estate industry make up of the nations economy?
25%
it is unethical for an appraiser to accept compensation for performing an assignment when it is contingent upon:
the reporting of a predetermined result
the act of an appraisal can be completed by:
an appraiser following the USPAP standards
the practice of a real estate sales associate specializing in a certain geographic area is called:
farming
which person would NOT usually be involved in financing real estate
real estate broker
services that a property manager must perform for the owner are listed in:
a property management agreement
agriculture property in FL is property that:
has more than 10 acres
a real estate professional needs a license because:
he has expert info on real estate that an avg. person does not have
local communities regulate real estate by:
creating zoning laws
assemblage
putting tg two or more parcels of land to make a larger piece
custom home
a home that is specifically built for buyer, using his blueprints
are zoning laws commonly an area of federal govt?
no
dedication means:
giving private land for public use
in Fl there is a demand for property management services due to the large amount of:
absentee owners
how many members are on the Florida Real Estate Appraisal Board?
9
FREAB
florida real estate appraisal board
a seller who finances more than one home in a two year period would be known as what?
a loan originator
having a membership in The National Association of REALTORS is
voluntary as these organizations are trade groups
services a property manager may provide are:
budget expenses, evaluate the rental market, advertise property, maintain good relationships, handle environmental concerns, adjust the rates, show properties
role of local govt:
zoning laws, occupancy permits, taxation of real property, business permits for real estate professionals
role of state govt:
recording of deed, transfers of property, estate taxes and rules regarding inheritance
role of federal govt:
oversee federal agencies like HUD and FHA and VA, laws like Federal fair housing and Real estate settlement procedures act, taking land for national parks wildlife and wetland areas, environmental rules and regulations, inhertiance tax
HUD
Dept of Housing and Urban Devleopment
VA
veterans administration
FHA
federal housing administration
spec homes
built w out having a specific buyer in mind; sometimes used as displays or for those who need a house in a hurry
help keep construction crews busy during off peak time
tract homes
built to a certain set of guidelines; used for a particular subdivision; very similar in design and square footage is usually the same in each house
land acquisition
when a developer buy undeveloped land to build homes or commercial ventures
subdividing
occurs when a residential sub divider takes over the property and divides it into the size lots he wishes; usually hires a subdivision planner with county restrictions in mind
Dodd Frank Act 2012
changed criteria to establish extensive reqs. applicable to mortgage lending industry
sources of financing to the buyer:
banks, savings and loans, credit unions, mortgage bankers and brokers, insurance companies, sellers of the property
CMA
comparative market analysis
comparative market analysis
final approach to determining the value of a property by looking at recent home sales, homes currently on the market, and homes that were listed but didnt sell
can be used to determine the price the buyer wishes to offer for the property
MLS
multiple listing service; helps obtain info used for CMA
how must an appraiser be paid? on what terms?
on a fee per-job basis; NOT a percent of the value of the property
what logo always needs to be displayed in a rental office?
the equal opportunity housing logo
what are the 4 types of maintence a property manager needs to know?
preventative maintenance, routine, repair, and construction
does the property manager have a fiduciary relationship with the tenant?
no
preventative maintenance
work done before expensive repair work is needed
ex: caulking windows, changing furnace filters
routine maintenance
consists of lawn mowing, cleaning carpets, and other day to day things to keep property in order
repair maintenance
fixing broken water heaters, dishwashers, etc
construction maintenance
total remodel or addition
ex: a clubhouse or pool
what is the primary responsibility or the property manager?
to protect the owners investment and maximize their returns
fiduciary
a person having a duty to act primarily for another benefit
involves good faith, trust, and special confidence
farming
real estate professionals specialize in one particular geopgraphic area
farm area
real estate brokerage
business which brings interested parties tg to sell, lease, and rent or exchange real property
residential property
family home that is a single family swelling, a duplex, triplex, or quadplex or vacant land that has been zoned for 4 units or less
commercial property
income producing property such as a retail center or apartment complex or more than 4 units
industrial property
manufactures and distributes products such as a factory or warehouse; includes industrial parks or subdivisions
agricultural property
farm or ranch land of more than 10 acres
business opprotunity property
consists of an investor purchasing an income producing business; can be the estate along with the business or just the business in a leased space
special purpose property
schools, churches, nursing homes, etc
absentee owners
people who own real estate but dont reside in that real estate
property managers
lciensed florida brokers who under law perform duties and services on behalf of the owner (absentee owners)
the American economy is:
housing led and housing fed