After successfully completing this unit, you will be able to
• describe the various activities of real estate brokerage,
• distinguish among the five major sales specialties,
• identify the role of property managers,
• describe activities that require appraiser services and distinguish among CMA, BPO, and appraisal, explain the appraisal process and the role of the appraiser,
• understand the mortgage process and the role of mortgage loan originator,
• explain the three phases of development and construction, and
• distinguish among the three categories of residential construction.

Key Terms

absentee owner	farm area
appraisal	follow-up
business broker	property management
business opportunity	property manager
community association manager (CAM)	real estate brokerage
comparative market analysis (CMA)	subdivision plat map
dedication	Uniform Standards of Professional Appraisal Practice (USPAP)