Section 1

Question 1

Absentee Owner

Answer 1

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Question 2

Appraisal

Answer 2

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Question 3

Appraiser

Answer 3

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Question 4

Broker Price Opinion (BPO)

Answer 4

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Question 5

Business Opportunity

Answer 5

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Question 6

Comparative Market Analysis (CMA)

Answer 6

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Question 7

Dedication

Answer 7

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Question 8

Farm Area (Target Market )

Answer 8

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Question 9

Follow - Up

Answer 9

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Question 10

Property Management

Answer 10

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Question 11

Real Estate Brokerage

Answer 11

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Question 12

Special Purpose Property

Answer 12

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Question 13

Subdivision Plat Map

Answer 13

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Question 14

USPAP

Answer 14

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Question 15

MLS

Answer 15

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Question 16

2005 - 2007 saw excessive amounts of subprime

Answer 16

referring to credit or loan arrangements for borrowers with a poor credit history, typically having unfavorable conditions such as high interest rates.

Which increased the risk that buyers were likely to default

Question 17

Subprime loans were sold as mortgage backed securities :

Answer 17

Which then had values plummet as homeowners failed to make their mortgage payments

Question 18

Example of a subprime loans

Answer 18

Where buyers didn’t have to provide documentation of their income

They were able to fill out a loan application and claim anything they wanted in order to buy the property - as a result buyers couldn’t afford the loans and defaulted

Question 19

Since the destruction of subprime loans were so severe, it changed the way that loans were processed

Answer 19

Today, the mortgage industry now complies with laws that were passed to keep history from repeating itself.

Since the changes in the Florida industry occurred, it has made it one of the top states people move to, which gives strength to the Florida real estate market

Question 20

Since real estate is a business of many specializations:

Expert information is the product that a broker or a sales associate must market:

Answer 20

Knowledge of property transfer
Knowledge of market conditions
Knowledge of how to market real estate

Question 21

Consumers seek out real estate agents expecting them to have knowledge of the market conditions, about how to successfully market real estate and to be guided in a real estate purchase

Answer 21

Specializing in expert information is the product that a broker or a sales associate contributes to a real estate transaction which includes:

Knowledge of property transfer, knowledge of market
conditions, and knowledge of how to market real estate

Question 22

Real estate licenses must market these skill areas

Answer 22

• Knowledge of property transfer
• Knowledge of market conditions
• Knowledge of how to market real estate

Question 23

“Is it a good time to buy?” is a common question casually put to a real estate licensee .

Answer 23

The public looks to the licensee to guide them in a real estate investment.

Most importantly, consumers expect licensees to have expert knowledge regarding property transfers ensuring their interests are protected