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FRE - Associate Pre-licence > Chapter 01 - The Real Estate Business (P17) > Flashcards

Chapter 01 - The Real Estate Business (P17) Flashcards

1
Q

Expert knowledge and skills needed to discern property differences and apply that knowledge to property value

A

Real Estate Valuation

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2
Q

Expert knowledge and skills required to handle all aspects of a transaction, effecting transfer of ownership rights

A

Real Estate Property Transfer

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2
Q

Expert knowledge and skills required to market properties efficiently, taking into account changing supply and demand

A

Real Estate Marketing

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3
Q

Florida statute definition of residential sales or rentals [F.S. 475.278(5)(a)]

A
  • Improved residential property of 4 units or fewer
  • Unimproved residential property of 4 units or fewer
  • Agricultural properties of 10 acres or less
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4
Q

Valuation performed by a real estate licensee based on recent sales of similar properties in the same neighborhood

A

Comparative Market Analysis (CMA)

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4
Q

Specialization in one type or style of property or in a particular neighborhood

A

Farming

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5
Q

Location of the neighborhood or type of property in which a real estate licensee specializes

A

Farm Area

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6
Q

Valuation performed by a real estate licensee that is frequently requested by a lender in a short sale

A

Broker Price Opinion (BPO)

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7
Q

Important marketing tool used by real estate licensees to market listings locally, statewide, and even worldwide

A

Multiple Listing Service (MLS)

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8
Q

Possible areas of specialization with a real estate license

A
  • Residential
  • Commercial
  • Industrial
  • Agricultural
  • Business Brokerage
  • Property Management
  • Counseling
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9
Q

Area of real estate specialization related to properties such as apartment buildings, office buildings, and shopping centers

A

Commercial Sales or Leasing

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10
Q

Area of real estate specialization related to properties such as warehouses and manufacturing facilities

A

Industrial Sales or Leasing

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11
Q

Common characteristics of agricultural sales

A

Large tracts of land and significant sums of money

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12
Q

Knowledge and skills required for specialization in commercial sales or leasing

A

Analyzing past and future potential investment income, knowledge of tax laws affecting income and tax consequences of buying and selling

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13
Q

Knowledge and skills required for specialization in agricultural sales

A

Analyzing profitability of current uses and estimating potential of property under consideration

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14
Q

Area of real estate specialization related to the listing and sale of a business

A

Business Brokerage (or Business Opportunities)

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15
Q

Knowledge and skills required for specialization in industrial sales or leasing

A

Knowledge of government regulations of land use, environmental considerations, transportation, labor costs, and utility charges

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16
Q

Term that refers to the value of a business

A

Going Concern Value

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17
Q

Area of real estate specialization related to the management of property for absentee owners

A

Property Management

18
Q

Knowledge and skills required for specialization in the listing and sale of a business (business brokerage)

A

Estimation of the value of the business, analysis of financial statements and balance sheets

19
Q

Additional requirement for sale of a business involving the transfer of ownership if shares of stock are included

A

Securities license

20
Q

Elements of a business’ value

A

Income, Tangible and Intangible Assets, and Goodwill

21
Q

Type of license required to manage and be compensated by a HOA or Condominium Association

A

Community Association Management (CAM) license

22
Q

Area of real estate specialization related to the analysis of existing or potential projects, providing advice based on personal judgement

A

Counseling

23
Q

Area of real estate specialization requiring the greatest level of knowledge and experience

A

Counseling

24
Q

Knowledge and skills required for specialization as a real estate counselor

A

Superior knowledge of real estate investment and alternative investments and strategies

25
Q

Name for members of the National Association of REALTORS (NAR)

A

Realtors

26
Q

The largest trade association in the state of Florida

A

Florida Association of REALTORS (FAR) (FAR does business as Florida REALTORS)

26
Q

Condition under which a licensee may refer to themselves as a REALTOR

A

If the licensee is a member of the National Association of REALTORS (NAR)

27
Q

Method for gaining access to the Multiple Listing Service (MLS)

A

By joining the Local Association of REALTORS

28
Q

Designation awarded by the Institute of Real Estate Management

A

Certified Property Manager

29
Q

Designation awarded by the Commercial Investment Real Estate Institute (CIREI)

A

Certified Commercial Investment Member (CCIM)

30
Q

The area of specialization that includes the process of estimating an objective opinion of value based on research and data

A

Appraisal

30
Q

Areas of specialty related to real estate that require additional licensing

A

Appraisal, Financing, Insurance, Construction and Development

31
Q

The basis on which appraiser fees are paid

A

Time, effort, and expense involved in the assignment (not the property value)

32
Q

Standard by which all appraisals in federally related transactions must be completed

A

Uniform Standards of Professional Appraisal Practice (USPAP)

33
Q

Requirements for appraisals utilized by federally regulated lenders in federally related transactions

A

Requires:
* Licensed, registered, and certified appraiser per F.S. 475, Part II
* Compliance with USPAP

34
Q

Entity defined by F.S. 475, Part 2 for Appraisers

A

Florida Real Estate Appraisal Board (FREAB)

35
Q

Type of insurance often required by the lender as a condition of the loan

A

Homeowners’ insurance, which requires a separate insurance license to sell

36
Q

Phases of development and construction

A
  • Land Acquisition
  • Subdividing and development
  • Recording of the subdivision plat map
37
Q

Term that refers to the transfer of ownership of streets and sidewalks by a developer to the city or county upon completion of construction of a subdivision

A

Dedication

38
Q

Type of residential construction that is built according to the customer’s specifications

A

Custom Building

39
Q

Type of residential construction that is built by a contractor on his or her own land before securing a buyer with the hope of selling the finished structure

A

Speculative Building (“building on spec”)

40
Q

Type of residential construction where the developer utilizes model homes to make sales

A

Tract Building

41
Q

The level of government responsible for planning, zoning, real estate taxes, building and health codes, and building moratoriums

A

Local Government (City or County)

42
Q

The level of government responsible for the national monetary supply and legislation affecting lending and institutions

A

Federal Government

43
Q

The level of government responsible for roads, waterways, and other factors affecting multiple jurisdictions, as well as DRIs, DEP, and DEO

A

State Government

FRE - Associate Pre-licence (19 decks)

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