Copyright 2010 by South-Western/Cengage Learning Chapter 7 Business Crime.
© 2009 by South-Western, Cengage Learning SAMIRLANDER Chapter 1.
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Transcript of © 2009 by South-Western, Cengage Learning SAMIRLANDER Chapter 1.
![Page 1: © 2009 by South-Western, Cengage Learning SAMIRLANDER Chapter 1.](https://reader036.fdocuments.us/reader036/viewer/2022062720/56649efc5503460f94c0f077/html5/thumbnails/1.jpg)
© 2009 by South-Western, Cengage Learning
SAMSAMIRLANDERIRLANDER
Chapter 1Chapter 1
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Florida Real Estate:Florida Real Estate: Principles, Practices and Principles, Practices and
License LawLicense Law
Chapter 1Chapter 1
The Real Estate BusinessThe Real Estate Business
© 2009 by South-Western, Cengage Learning
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© 2009 by South-Western, Cengage Learning
Key TermsKey Terms
Absentee owners
Agricultural/farm area
Appraisal
Brokerage
Commercial transaction
Comparative Market Analysis
Dedication
Plat map of subdivision
Real estate brokerage
Residential transaction
Restrictive covenants
USPAP
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© 2009 by South-Western, Cengage Learning
Introduction to the Real Introduction to the Real Estate BusinessEstate Business
Individual housing
Commercial space
Manufacturing space
Institutional needs
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© 2009 by South-Western, Cengage Learning
Other Professions that Rely on Other Professions that Rely on the Real Estate Businessthe Real Estate Business
Real estate agent
Attorney
Certified public
account
Title company
Architect/engineer
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© 2009 by South-Western, Cengage Learning
Real Estate and the Nation’s Real Estate and the Nation’s EconomyEconomy
Compensation% of sales price
Fee for service
Other valuable
consideration
Must be licensedBroker
Sales Associate
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© 2009 by South-Western, Cengage Learning
Real Estate and the Nation’s Real Estate and the Nation’s EconomyEconomy
Florida residential transaction
Transaction broker
No representation / facilitator
Single agentSeller
Buyer
Landlord
Tenant
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© 2009 by South-Western, Cengage Learning
Real Estate and the Nation’s Real Estate and the Nation’s EconomyEconomy
Commercial transactionGreater than 4 units
More than 10 acres
Zoning classifications
Residential transaction as defined by lenders
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© 2009 by South-Western, Cengage Learning
Brokerage Specialty TypesBrokerage Specialty Types
Single familySingle family
Town homesTown homes
MultifamilyCooperativeCondominiumRental
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© 2009 by South-Western, Cengage Learning
Brokerage Specialty TypesBrokerage Specialty Types
OfficeOffice
Retail Retail
Professional/medical
Garage/parking
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© 2009 by South-Western, Cengage Learning
Brokerage Specialty TypesBrokerage Specialty Types
Heavy industrialHeavy industrial
Light manufacturingLight manufacturing
Loft / storageLoft / storage
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© 2009 by South-Western, Cengage Learning
Brokerage Specialty TypesBrokerage Specialty Types
Flex propertiesFlex properties
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© 2009 by South-Western, Cengage Learning
Real Estate BrokerageReal Estate Brokerage
SalesLeasingOwner/
OccupantInvestor
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© 2009 by South-Western, Cengage Learning
Real Estate BrokerageReal Estate Brokerage
ResidentialCommercialIndustrialAgriculturalBusiness
Brokerage
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© 2009 by South-Western, Cengage Learning
Real Estate BrokerageReal Estate Brokerage
Small firm: 1-5
Boutique: 6 – 19
Mid-size: 20 – 100
Large: 100 +
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© 2009 by South-Western, Cengage Learning
Real Estate BrokerageReal Estate Brokerage
Specialty area of expertise
Geographic
Services
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© 2009 by South-Western, Cengage Learning
The Sales Process and the Sales The Sales Process and the Sales LicenseeLicensee
Step 1 – Canvassing for Product
Step 2 – Canvassing for the Product Buyer/User
Step 3 – Showing the
Property
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© 2009 by South-Western, Cengage Learning
The Sales Process and the Sales The Sales Process and the Sales LicenseeLicensee
Step 4 – Submission and Negotiating of the Offer
Step 5 – Execution of a Sales Contract
Step 6 – Closing of the
Sales Contract
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© 2009 by South-Western, Cengage Learning
The Sales Process and the Sales The Sales Process and the Sales LicenseeLicensee
Step 7 – Recording Activities
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© 2009 by South-Western, Cengage Learning
Property ManagementProperty Management
Absentee owners
2 Primary functionsOperations
Financial reportingCash flow operations
Compensation
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© 2009 by South-Western, Cengage Learning
AppraisalAppraisal
Opinion of value based on facts
USPAP: Uniform Standards of Professional Appraisal Practice
Standards for completing assignments
Federally related
transactions
CMA: Competitive Market Analysis
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© 2009 by South-Western, Cengage Learning
Financing and the Real Financing and the Real Property TransactionProperty Transaction
Mortgage Brokers are licensed in Florida
Sales associates should understand the costs
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© 2009 by South-Western, Cengage Learning
Development and ConstructionDevelopment and Construction
Subdividing: division and planning
Zoning permits
Plat map
Dedication
Restrictive covenants
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© 2009 by South-Western, Cengage Learning
Development and ConstructionDevelopment and Construction
Speculative homes
Tract homes
Custom homes
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© 2009 by South-Western, Cengage Learning
Government’s RoleGovernment’s Role
Federal GovernmentInterest rates
Income tax policies
State GovernmentDocumentary stamps on the deed
Documentary stamps on the note
Intangible tax on new mortgage money
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© 2009 by South-Western, Cengage Learning
Government’s RoleGovernment’s Role
Local Government
Property tax
Zoning regulations
Building permits
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© 2009 by South-Western, Cengage Learning
Professional OrganizationsProfessional Organizations
Seminars
Newsletters
Ethics courses
Continuing education
Lobbying services