Chapter 1 Flashcards
The act of appraisal can be completed by
- anyone who hangs out a sign.
- anyone who calls himself an appraiser.
- anyone with a real estate license.
- an appraiser following the USPAP standards.
an appraiser following the USPAP standards
One example of a Loan Originator would be a(n)
- family member.
- a real estate agent.
- associate lender.
- seller who finances more than two homes in a two year period.
seller who finances more than two homes in a two year period
Florida law requires that you be approved by the state for licensure (through registration and application) _________ they can take the State-licensing exam, which is WHY students are asked to apply for licensure
as early as possible while in the course.
- before
- after
- upon finding a broker
- when
before
Which is the most important issue for a broker acting as a property manager to accomplish?
- To make sure the building is 100% occupied
- To keep the tenants happy and satisfied
- To budget and keep cost down
- To get maximum income in while preserving the value of the investment
To get maximum income in while preserving the value of the investment
Which would NOT usually be involved in financing real estate?
- A mortgage banker
- A mortgage broker
- A savings and loan
- A real estate broker
A real estate broker
The practice of a real estate sales associate specializing in a certain geographic area is called
- farming.
- prospecting.
- soliciting.
- advertising.
farming
It is unethical for an appraiser to accept compensation for performing an assignment when it is contingent upon:
- the appraiser having a real estate license.
- the requirement for a certain type of loan.
- the reporting of a pre-determined result.
- when the appraiser is asked for more comparables by the underwriter.
the reporting of a pre-determined result
Agriculture property in Florida is property that
- has many buildings on it.
- has fewer than 10 acres.
- has fewer than 5 acres.
- has more than 10 acres.
has more than 10 acres
Local communities regulate real estate by
- buying and selling land themselves.
- creating zoning laws.
- annexing nearby towns.
- taxing animals.
creating zoning laws
Services that a property manager must perform for the owner are listed in
- a sales contract.
- a listing contract.
- a uniform management code.
- a property management agreement
a property management agreement
Which statement is TRUE?
- The real estate industry makes up about 25% of the nation’s economy.
- Real estate affects only real estate professionals, buyers, and sellers.
- Real estate only has one direction: buying and selling.
- The real estate industry is not regulated.
The real estate industry makes up about 25% of the nation’s economy.
A home that is specially built for a buyer, using his/her blueprints is called
- a custom home.
- a tract home.
- a spec home.
- an original home.
a custom home
The duties of a property manager include all EXCEPT
- selling the property.
- advertising the property.
- maintaining the property in good repair.
- budgeting expenses for the property.
selling the property
Having a membership in The National Association of REALTORS ® (NAR), Florida Association of REALTORS ® (FAR), and the local Board (association) of REALTORS ®
- is required in order to hold a Florida Real Estate license.
- is required in order to hold a Florida Appraiser’s license.
- has nothing to do with obtaining or maintaining a real estate license.
- is required for anyone wanting to buy or sell real estate.
has nothing to do with obtaining or maintaining a real estate license.
Dedication most nearly means
- concern for others.
- public health issues.
- giving private land for public use.
- donating a hospital to a private charity.
giving private land for public use
