Chapter 1

Question 1

Absentee Owner

Answer 1

A property owner who does not reside on the property and who usually relies on a property manager to oversee the investment

Question 2

Appraisal

Answer 2

A supported, defended estimate of the value of property rights as of a given date

Question 3

Business Opportunity Brokerage

Answer 3

The marketing and sale of a going concern operation. Florida requires that business brokers have a real estate license to market business opportunities

Question 4

Comparative Market Analysis

Answer 4

An informal estimate of market value performed by a real estate licensee for the seller to assist in arriving at an appropriate listing price, or if working with the buyer, an informal estimate of market value to assist the buyer in arriving at an appropriate offering price

Question 5

Dedication

Answer 5

A deliberate transfer of land by its owner for public use and accepted for such use by the public

Question 6

Farm Area

Answer 6

A selected and limited geographical district to which a sales associate devotes special attention and study

Question 7

Follow-Up

Answer 7

A post-closing communication initiated by a licensee to maintain customer contact and goodwill

Question 8

Property Management

Answer 8

The process of directing, controlling, operating, and maintaining real estate for a third party

Question 9

Real Estate Brokerage

Answer 9

A commercial activity in which the sale, purchase, leasing, rental, exchange or management of real property is conducted by qualified and licensed individuals acting either for themselves or for others for compensation

Question 10

Subdivision Plat Map

Answer 10

The layout of a subdivision showing lots, roads and other infrastructure by the developer to a local government agency

Question 11

USPAP

Answer 11

Rules and guidelines that must be followed by any professional conducting an appraisal