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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
Area of real estate specialization requiring the greatest level of knowledge and experience
Counseling
24
Knowledge and skills required for specialization as a real estate counselor
Superior knowledge of real estate investment and alternative investments and strategies
25
Name for members of the National Association of REALTORS (NAR)
Realtors
26
The largest trade association in the state of Florida
Florida Association of REALTORS (FAR) (FAR does business as Florida REALTORS)
26
Condition under which a licensee may refer to themselves as a REALTOR
If the licensee is a member of the National Association of REALTORS (NAR)
27
Method for gaining access to the Multiple Listing Service (MLS)
By joining the Local Association of REALTORS
28
Designation awarded by the Institute of Real Estate Management
Certified Property Manager
29
Designation awarded by the Commercial Investment Real Estate Institute (CIREI)
Certified Commercial Investment Member (CCIM)
30
The area of specialization that includes the process of estimating an objective opinion of value based on research and data
Appraisal
30
Areas of specialty related to real estate that require additional licensing
Appraisal, Financing, Insurance, Construction and Development
31
The basis on which appraiser fees are paid
Time, effort, and expense involved in the assignment (not the property value)
32
Standard by which all appraisals in federally related transactions must be completed
Uniform Standards of Professional Appraisal Practice (USPAP)
33
Requirements for appraisals utilized by federally regulated lenders in federally related transactions
Requires: * Licensed, registered, and certified appraiser per F.S. 475, Part II * Compliance with USPAP
34
Entity defined by F.S. 475, Part 2 for Appraisers
Florida Real Estate Appraisal Board (FREAB)
35
Type of insurance often required by the lender as a condition of the loan
Homeowners' insurance, which requires a separate insurance license to sell
36
Phases of development and construction
* Land Acquisition * Subdividing and development * Recording of the subdivision plat map
37
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
Dedication
38
Type of residential construction that is built according to the customer's specifications
Custom Building
39
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
Speculative Building ("building on spec")
40
Type of residential construction where the developer utilizes model homes to make sales
Tract Building
41
The level of government responsible for planning, zoning, real estate taxes, building and health codes, and building moratoriums
Local Government (City or County)
42
The level of government responsible for the national monetary supply and legislation affecting lending and institutions
Federal Government
43
The level of government responsible for roads, waterways, and other factors affecting multiple jurisdictions, as well as DRIs, DEP, and DEO
State Government

FRE - Associate Pre-licence (19 decks)

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