Sales Associate Pre-License / Introduction to the Real Estate Business
Chapter 1 – Course Materials
Download Sales Associate Pre-License Course Materials Here
1 Talk the Talk
Absentee Owner: A property owner who does not reside on the property and who usually relies on a property manager to oversee the investment.
Appraisal: A supported, defended estimate of the value of property rights as of a given date.
Business Opportunity Brokerage: The marketing and sale of a going-concern operation. Florida requires that business brokers have a real estate license to market business opportunities.
Comparative Market Analysis: An informal estimate of market value performed by a real estate licensee 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: A deliberate transfer of land by its owner for public use and accepted for such use by the public.
Farm Area: A selected and limited geographical district to which a sales associate devotes special attention and study.
Follow-Up: A post-closing communication initiated by a licensee to maintain customer contact and goodwill.
Property Management: The process of directing, controlling, operating, and maintaining real estate for a third party.
Real Estate Brokerage: A commercial activity in which the sale, purchase, leasing, rental, exchange or management of real property is conducted by qualified and licensed individuals acting either for themselves or for others for compensation.
Subdivision Plat Map: The layout of a subdivision showing lots, roads, and other structural aspects of importance.
USPAP: Rules and guidelines that must be followed by any professional conducting an appraisal.
2 Areas of Critical Concern
- Describe the various activities of real estate brokerage
- Distinguish among the five major sales specialties
- Identify reasons why property management has grown in importance
- Distinguish between a comparative market analysis and an appraisal
- Understand the licensing requirements of mortgage bankers and mortgage brokers
- Explain the three phases of development and construction
- Distinguish among the three categories of residential construction
3 Please read chapter 1 of your “Sales Associate Pre-License” pdf or book
4 Chapter 1 SUMMARY
- The various activities of a real estate brokerage include sales and leasing, property management, property valuation, financing, and counseling.
- The five major areas of sales specialty include residential, commercial, industrial, agricultural, and businesses.
- Property management has become important in Florida due to an increase in absentee ownership.
- Comparative Market Analysis, although an estimate of a property’s value, differs from a true appraisal in its complexity and depth. Real estate licensees perform CMA’s rather than appraisals.
- Three phases of development and construction involve [1] land acquisition, [2] subdividing and developing, and [3] construction.
- In speculative building, the builder builds a home on his own land in hopes of selling it. In custom building, on the other hand, the builder builds a pre-arranged home on an owner’s property.
5 Chapter 1 video
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