Florida Real Estate Exam - Unit 1 - The Real Estate Business

Multiple Listing Service (MLS) {Ans: a subscription database available to real estate professionals allows brokerage offices to share information on listings so that other brokerage offices may cooperate in the transaction by bringing a buyer for the property and share in the commission offered on the purchase & sale of the listed property}Property Management {Ans: involves leasing, collecting rent, monitoring condition and overseeing repairs for property owned by another}Absentee Owner {Ans: a property owner that does not live physically near the subject property often relies on property managers to help manage their real estate investment}Business Opportunity {Ans: sale or lease of any products, equipment, supplies, or services for the purpose of starting a business}Special Purpose Property {Ans: a property that was built for a specific purpose and has unique characteristics (such as unique design, materials, layout) adapted to the use for which it was built types include assisted living facilities, theaters, museums, and hotels}Subdivision Plat Map {Ans: a map of a tract of property that has been divided into individual lots shows the size and location of the lots as well as the roads, sidewalks, easements, utilities, and amenities located within the development must