Chapter 1

Question 1

Real Estate

Answer 1

Land + Improvments

Question 3

Tangible

Answer 3

Has a physical exisitance

Question 4

Intangible

Answer 4

Has no physical existance

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

Question 5

The real estate professional brings to the

transaction expert knowledge regarding?

Answer 5

MVP

Marketing

Valuation

Property Transfer

Question 6

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

real estate market?

Answer 6

Local in nature

Question 7

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

Answer 7

Farming

Question 8

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

Answer 8

1982

Question 9

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

Answer 9

Mortgage Bankers

Question 10

Person who arrange loans between lenders and borrowers

Answer 10

Mortgage Broker

Question 11

Mortgage Brokers need a seperate license?

Yes or No?

Answer 11

Yes they need a separte license issued by the Florida Department

of Financial Services

Question 12

What is Custom Building?

Answer 12

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

on that land to the owners specifications

Question 13

What is Speculative Building?

Answer 13

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

locating a purchaser after construction is compleated.

Question 14

What is Tract Building?

Answer 14

A developer who acquires a large tract ofland and builds a

model center from which sales may be made.

Question 15

What is dedication?

Answer 15

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

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

Question 16

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

buyer upon compleation is building on ____________?

Answer 16

Speculation

Question 17

Mortgage Brokers are licensed by?

Answer 17

The Department of Financial Services

Question 18

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

assets of a business is called ___________ _________ value?

Answer 18

Going Concern Value

Question 19

In their relationships with customers, brokers

a - work for them

b - work with them

c - represent them

d - are always their agent

Answer 19

b - work with them

Question 20

Real estate brokers are not required to be knowladgable about?

a - marketing

b - valuation

c - property transfer

d - accounting

Answer 20

d - accounting

Question 21

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

Answer 21

d - federally related property