Chapter 1 Quiz Flashcards
Builder Kathy buys a lot in Regatta Plantation subdivision and builds a single-family house according to plans and specifications she selects. After the house is completed, she sells it to someone who saw the “For Sale” sign posted in the front yard. This type of development/construction is known as:
- Custom
- Tract
- Speculative
- Co-op
Speculative
A supported, defended estimate of a property’s value as of a given date is known as:
- Comparative Market Analysis
- Dedication
- Appraisal
- Mortgage
Appraisal
An individual that owns rental real estate in a location other than where they reside is known as:
- Prospect
- Absentee owner
- Property manager
- Investor
Absentee owner
A local government acquires ownership of streets and other infrastructure (e.g. storm sewers) and thereafter becomes responsible for maintenance of those acquired items through the process of:
- Dedication
- Police Power
- Eminent Domain
- Condemnation
Dedication
Sales associate Tom decides to focus primarily on selling properties located in his own residential neighborhood. He constantly reviews current information about past sales, present homes for sale, and tries to get new clients by sending them direct mail information about the availability of his services. Tom is developing sales and marketing skills through which type of procedure?
- Farming
- Exclusive right to sell
- Mass media
- Multiple listing service
Farming
Which type of government is responsible for enacting zoning laws
- Local
- State
- Federal
- The UN
Local
All of the following are sources of funds available for mortgage lending, except:
- Life Insurance Companies
- Commercial banks
- Credit unions
- Federal Reserve System
Federal Reserve System
The Florida state agency that is primarily involved with issues of real estate development on coastal lands is:
- Department of Business and Professional Regulation
- Federal Real Estate Commission
- Secretary of state
- Department of Environmental Protection
Department of Environmental Protection
If an appraiser was paid on a percentage basis (for example, 1% of the appraised value), how could this result in a conflict of interest?
- The appraiser would only appraise properties that were very expensive
- Payment on a percentage basis could lead to price fixing
- The appraiser might be more inclined to inflate the value of the property to increase the appraisal fee
- Paying an appraiser on a percentage basis is not a conflict of interest
The appraiser might be more inclined to inflate the value of the property to increase the appraisal fee
Laws enacted to protect the public health, safety, or welfare are established through authority known as:
- Caveat Emptor
- Police Powers*
- Res Judicata
- Eminent Domain
Police Powers
A real estate counselor:
- Is typically paid on a commission basis
- Must have a college degree to be qualified
- Acts as a consultant by performing research on the subject real property*
- Usually holds a broker’s license
Acts as a consultant by performing research on the subject real property
Uniform Standards of Professional Appraisal Practice (USPAP) must be adhered to when the appraiser prepares which of the following:
- Appraisal*
- Comparative Market Analysis
- Survey
- Investment Analysis
Appraisal
Is it permissible for a licensed sales associate to perform a CMA for a fee?
- Yes, although it is usually performed as a marketing courtesy
- Yes, provided the sales associate calls it an “appraisal”
- No, the service must be done for free
- No, only licensed appraisers can perform an appraisal for a fee
Yes, although it is usually performed as a marketing courtesy
