Real Esate Unit 1

Front 1

The product that a real estate associate must market is...

Back 1

Expert information

Front 2

List the three areas of expertise that real estate licensees bring to the transaction

Back 2

Knowledge of property transfer

Knowledge of market conditions

Knowledge of how to market real estate and business

Front 3

Define real estate brokerage

Back 3

The business of bringing together buyers and sellers, owners and renters, and of completing real estate transactions

Front 4

What are the 5 sales specialties

Back 4

1. Residential

2. Commercial

3. Industrial

4. Agricultureal

5. Businesses

Front 5

Define property management

Back 5

A professional service conducted by a person or company hired to maintain and manage property on behalf of property owners.

Front 6

Property manager

Back 6

The property owners local representative.

Front 7

Define rental agents

Back 7

They typically find a tenant for property and collect a fee. Act as intermediaries between a potential tennant and the property owner seeking to acquire a tenant.

Front 8

Absentee owner

Back 8

A property owner who does not reside on the property.

Front 9

Real estate sales associates often specialize in a particular geographic area or property type called what?

Back 9

Farm Area

Front 10

What involves developing a database of prospects to direct a specific message?

Back 10

Target Marketing

Front 11

Define a follow-up

Back 11

This is what a sales associate does for buyers and sellers after the sale. This is important because it results in good reputation, future referrals, and word-of-mouth advertising.

Front 12

Define community association manager (CAM)

Back 12

Must hold a license when the community association consists of more than 10 units or has an annual budget in excess of $100,000. Is not required to manage apartment buildings, commercial property, or single-family dwellings.

Front 13

The scope of work a property manager performs is detailed in the _ _.

Back 13

Management agreement

Front 14

Define absentee owner

Back 14

A property owner who does not reside on the property and who often relies on a professional property manager to manage the investment.

Front 15

What do rental agents do?

Back 15

These people typically find a tenant for property and collect a fee; however, property managers continue to manage the property once a tenant is secured.