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Realtor Pre-License > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

Real Estate

A

Land + Improvments

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2
Q
A
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3
Q

Tangible

A

Has a physical exisitance

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4
Q

Intangible

A

Has no physical existance

(Lease, money, stock, promisary note, morgatge, deed)

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5
Q

The real estate professional brings to the

transaction expert knowledge regarding?

A

MVP

Marketing

Valuation

Property Transfer

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6
Q

Real estate can best be found through local sources which makes the

real estate market?

A

Local in nature

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7
Q

Concentrating on one type or style of property is a practice called?

A

Farming

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8
Q

Since when did you need a license in Florida to sell real estate?

A

1982

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9
Q

Lenders that make loans using funds supplied by insurance companies, pension funds

A

Mortgage Bankers

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10
Q

Person who arrange loans between lenders and borrowers

A

Mortgage Broker

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11
Q

Mortgage Brokers need a seperate license?

Yes or No?

A

Yes they need a separte license issued by the Florida Department

of Financial Services

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12
Q

What is Custom Building?

A

When a contractor is employed by an owner of land to build

on that land to the owners specifications

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13
Q

What is Speculative Building?

A

When a contractor builds on his own land with the hope of

locating a purchaser after construction is compleated.

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14
Q

What is Tract Building?

A

A developer who acquires a large tract ofland and builds a

model center from which sales may be made.

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15
Q

What is dedication?

A

The ownership of streets and sidewalks is typically conveyed by a developer

to the city or county upon completion of construction of a subdivision

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16
Q

A contractor who builds on his or her own lot in the hopes of finding a

buyer upon compleation is building on ____________?

A

Speculation

17
Q

Mortgage Brokers are licensed by?

A

The Department of Financial Services

18
Q

The composite value of the real and personal property, plus the intangable

assets of a business is called ___________ _________ value?

A

Going Concern Value

19
Q

In their relationships with customers, brokers

a - work for them

b - work with them

c - represent them

d - are always their agent

A

b - work with them

20
Q

Real estate brokers are not required to be knowladgable about?

a - marketing

b - valuation

c - property transfer

d - accounting

A

d - accounting

21
Q

Appraisers that are registered, licensed or certified must be used in?

a - all apprasales

b - the appraseal of residental property

c - the appraisal of nonresidental property

d - federally related property

A

d - federally related property

22
Q
A

Realtor Pre-License (3 decks)

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