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Florida RE exam > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

What is Real Estate Valuation?

A

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

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2
Q

What is Real Estate Marketing?

A

Expert Knowledge and Skills required to market properties efficiently, taking into account changing supply and demand

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3
Q

What is Real Estate Property Transfer?

A

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

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4
Q

What is considered residential under FS 475?

A
  • Improved Residential property of 4 units or less
  • Unimproved residential property for 4 units or less
  • Agricultural properties of 10 acres or less
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5
Q

What is farming?

A

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

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6
Q

What is a farm area?

A

Location of the neighborhood or type of property in which a licensee chose to specialize in

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7
Q

What is a Comparative Market Analysis (CMA)?

A

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

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8
Q

What is a Broker Price Opinion (BPO)?

A

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

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9
Q

What is the Multiple Listing Service (MLS)?

A

Marketing tool used by real estate licensees to market listings locally, statewide, and ever worldwide

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10
Q

What areas can one specialize in with a real estate license?

A
  • Residential
  • Commercial
  • Industrial
  • Agricultural
  • Business brokerage
  • Property Management
  • Counceling
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11
Q

What real estate area does commercial sales or leasing include?

A

Apartment buildings, office buildings, and shopping centers

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12
Q

What real estate area does industrial sales or leasing include?

A

Warehouses and manufacturing facilities

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13
Q

What are some common characteristics of agricultural sales?

A

Large tracts of land and significant sums of money

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14
Q

What knowledge and skills are required for commercial sales and leasing?

A
  • Analyzing past and future potential investment income
  • Knowledge of tax laws affecting income
  • Tax consequences of buying and selling
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15
Q

What knowledge and skills are required for agricultural sales?

A
  • Analyzing profitability of current uses
  • Estimating potential of property under consideration
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16
Q

What knowledge and skills are required for industrial sales and leasing?

A
  • Knowledge of government regulations of land use
  • Environmental considerations
  • Transportation
  • Labor costs
  • Utility Charged
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17
Q

What is a Business Brokerage?

A

Area of real estate specializing in listing and sale of businesses

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18
Q

What is Property Management?

A

Area of real estate specializing in managing a property for an absentee owner

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19
Q

What knowledge and skills are required for listing and sale of businesses (business brokerage)?

A
  • Estimation of value of the business
  • Analysis of financial statements and balance sheets
20
Q

Why would you need a securities license?

A

To sell a business involving the transfer of ownership when shares of stock are included

21
Q

What is a going concern value?

A

value of a business that is still operating

22
Q

What are the elements of a business’ value?

A
  • Income
  • Tangible Assets
  • Intangible Assets
  • Goodwill
23
Q

Which type of license is required in order to manage and be compensated by an HOA or a Condo Association?

A

Community Association Management (CAM) license

24
Q

What is Counceling?

A

Specialization related to the analysis of existing or potential projects, providing advice based on personal judgement

Requires the most knowledge of all the specializations

25
Q

What knowledge and skills are required for becoming a real estate councelor?

A

Superior knowledge of real estate investment and alternative investments and strategies

26
Q

What is the term REALTOR?

A

A name given to the members of the National Association of REALTORS (NAR)

27
Q

Which is the largest trade association in Florifa?

A

Florida Association of REALTORS (FAR), a.k.a. Florida REALTORS

28
Q

How do you gain access to the Multiple Listing Service (MLS)?

A

By joining the Local Association of REALTORS

29
Q

Which designation is awarded by the Institute of Real Estate Management (IREM)?

A

Certified Property Manager

30
Q

Which designation is awarded by the Commercial Investment Real Estate Institute (CIRERI)?

A

Certified Commercial Investment Member (CCIM)

31
Q

Which areas related to real estate require additional licensing?

A
  • Appraisals
  • Financing
  • Insurance
  • Construction
  • Development
32
Q

What is an appraisal?

A

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

33
Q

On what basis are appraisers paid?

A
  • Time
  • Effort
  • Expense involved in the assignment
34
Q

What is Uniform Standards of Professional Appraisal Practice (USPAP)

A

The standards by which all appraisers in federally related transactions must be completed

35
Q

What are the requirements for appraisals used by federally regulated lenders in federally related transactions?

A
  • Licensed, registered, and certified appraiser per FS 475 Part II
  • Compliance with USPAP
36
Q

What is the Florida Real Estate Appraisal Board (FREAB)?

A

Entity defined by FS 475 Part II for Appraisers

37
Q

Which type of insurance is often required by the lender as a condition of the loan?

A

Homeowners insurance
(which would required a separate insurance license to sell)

38
Q

What are the phases of development and construction?

A
  • Land acquisition
  • Subdivision and development
  • Recording of the subdivision plat map
39
Q

What is dedication?

A

Transfer of ownership of streets and sidewalks by a developer to the city upon completion of construction of a subdivision

40
Q

What is custom building?

A

A type of residential construction which is built according to customer’s specification

41
Q

What is speculative building? (Building on spec)

A

Type of residential construction where the land owner builds with the speculation that someone will buy the property

42
Q

What is tract building?

A

Type of residential construction where the developer uses model homes to make sales in a tract of land

43
Q

What is the local government in charge of (city or county)?

A

Responsible for planning, zoning, real estate taxes, building and health codes, an can impose building moratoriums

44
Q

What is the federal government in charge of?

A

Responsible for the national monetary supply and legislation affecting lending institutions

45
Q

What is the state government in charge of?

A

Responsible for roads, waterways, and other factors affecting multiple jurisdictions, as well as DRI’s, DEP, and DEO

Florida RE exam (18 decks)

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