Chapter 1: The Real Estate Business Flashcards
Licensees should have expert knowledge in the follow areas: _______, _______, and ________ ________.
valuation
marketing
property transfer
Real estate markets are _______ in nature.
local
A transaction broker relationship provides _______ representation to a customer.
limited
Brokers work _______ customers.
with
Brokers work _______ principals.
for
In a single agent relationship, brokers have a duty to negotiate the most favorable ______ and _______ for their principal.
price
terms
A no brokerage relationship provides ______ representation for a customer.
no
Brokers, broker associates, and sales associates are regulated by Part ____, Chapter _____ of the Florida Statutes which is administered by the _______.
I
475
FREC
Concentrating on one area or style of property is known as ________.
farming
Residential transactions: the sale of any improved residential property of _____ units or less.
4
Residential transactions: unimproved property intended for _____ units or less
4
Residential transactions: agricultural property of ______ acres or less.
10
Residential transactions: leases with options to purchase all or a portion of improved property of _____ or less residential units.
4
A real estate licensee can perform an appraisal under real estate license law if: it’s not a __________ transaction, the value is less than ____________, and the report is prepared in accordance with __________.
federally-regulated
$250,000
USPAP
Title ___ of ________ created in 1989 is directed toward the appraisal profession.
XI
FIRREA
Sales associates that offer opinions of value do not prepare appraisals, they prepare a ________ _________ _________.
comparitive market analysis
__________ is a highly-specialized service that requires a greater level of knowledge.
Counseling
The __________ of ________ _________ _______ awards the designation “CPM”, Certified Property Manager.
Institute of Real Estate Management
Real estate licensees _______ sell property insurance without a separate license.
cannot
When a contractor is employed by an owner to build on their land, it is called ________ _________.
custom building
When a contractor builds on their own land in hopes of a sale, it’s called _________ __________.
speculative/spec building
__________ _________ is when a developer acquires a large piece of land and builds many units, usually with models.
tract building
A ___________ is a government-imposed ban on building.
moratorium
The whole value of a business is called its ________ _________ ________.
going concern value
