Section 1 Multiple Choice

Question 1

Which real estate specialty handles properties designed for retail locations, restaurants, and professional offices?

Answer 1

1) Residential
[A] 2) Commercial
3) Industrial
4) Agricultural

Question Feedback
[Section 1A, Slides 91 & 92]

Question 2

Real Estate Licensee Lucy decided to target a specific area near her own home and began making consistent marketing touches to cultivate buyers and sellers. What is this process known as?

Answer 2

1) Canvassing
[A] 2) Farming
3) Plottage
4) Blockbusting

Question Feedback
[Section 1A, Slide 67]

Question 3

Nick Slick is a property manager for Tony Tiger. What is Nick’s main objective as a property manager?

Answer 3

1) Obtain a renter for Tony Tiger’s property
2) Advertise that Tony Tiger has a property available for rent
3) Collect rental payments and maintaining escrow accounts per the law
[A] 4) Protect and maintain Tony Tiger’s property while maximizing Tony Tiger’s return on the investment.

Question Feedback
[Section 1B, Slide 16]

Question 4

James owns a 9-acre pumpkin patch that he cultivates with his family each year in the fall. What type of real estate would James own in this scenario?

Answer 4

[A] 1) Residential

2) Commercial
3) Industrial
4) Agricultural

Question Feedback
[Section 1A, Slide 81]

Question 5

When a licensee performs an appraisal, what criteria must be met?

Answer 5

[A]1) Must conform to USPAP, any fee collected must be a flat fee rather than a commission, a licensee must never represent themselves as a certified appraiser.

2) Must not conform to USPAP, any fee collected must be a flat fee rather than a commission, a licensee must never represent themselves as a certified appraiser.
3) Must conform to USPAP, any fee collected must be 2% of the appraisal value, a licensee, must never represent themselves as a certified appraiser.
4) Must conform to USPAP, any fee collected must be a flat fee rather than a commission, a licensee must go through the appropriate appraisal training and licensing procedures.

Question Feedback
[Section 1B, Slide 34 & 35]

Question 6

Generally, real estate agents perform a comparative market analysis for their clients to accomplish which one of the following goals?

Answer 6

[A] 1) Help them determine a price to list when selling a home or a price to offer when buying a home

2) Determine value when working with a relocation company
3) When obtaining an FHA loan
4) When a broker’s price opinion isn’t a viable option to determine value

Question Feedback
[Section 1B, Slide 37]

Question 7

Expert information is the product that a broker, sales associate, or broker associate must market and contribute to a real estate transaction in which one of the following areas?

Answer 7

[A] 1) Knowledge of property transfer
2) Knowledge of estate management
3) Knowledge of residential construction
4) Knowledge of subdividing and development
Question Feedback

[Section 1A, Slide 45]

Question 8

Ray owns a piece of real estate in Florida, but he lives in South Carolina with his family. He has hired a property manager, Jess, to manage the property for him. Ray would be considered what kind of owner?

Answer 8

1) Rental
[A] 2) Absentee
3) Absolute
4) Out-of-State

Question Feedback
[Section 1B, Slide 7]

Question 9

Which of the following is the most common reason that a broker price opinion is used?

Answer 9

1) Help them determine a price to list when selling a home or a price to offer when buying a home
[A] 2) Determine value when working with a relocation company
3) When obtaining an FHA loan
4) When a broker price opinion isn’t a viable option to determine value

Question Feedback
[Section 1B, Slide 40]

Question 10

Which one of the following titles are most appropriate for a real estate licensee who is also a part of the National Association of Realtors?

Answer 10

1) NAR
2) Real Estate Licensee
[A] 3) Realtor®
4) Broker

Question Feedback
[Section 1C, Slide 70-77]

Question 11

State-certified, licensed and registered appraisers are regulated by which of the following?

Answer 11

1) The Florida Real Estate Commission
[A] 2) The Florida Real Estate Appraisal Board
3) Division of Real Estate
4) The Appraiser’s Conference and Standards Commission

Question Feedback
[Section 1B, Slide 33]

Question 12

Mick visited a neighborhood that was being developed by Fred Flintstone. Developer Fred showed Mick several model homes he had built. Mick picked out one that that he liked best to have built for himself. What is this type of construction called?

Answer 12

[A] 1) Tract

2) Spec
3) Custom
4) Dedication

Question Feedback
[Section 1C, Slide 30]

Question 13

How does the state government affect real estate?

Answer 13

1) Property taxation, zoning, building codes, building permits, and occupancy certificates.
[A] 2) Document stamps, taxes, protected areas, and license law.
3) Department of Housing and Urban Development, Federal Housing Administration, Department of Veteran Affairs, Environmental Protection Agency, and Internal Revenue Service.
4) Document stamps, zoning, building codes, taxes, and license law.

Question Feedback
[Section 1C, Slide 52]

Question 14

Which one of the following is not a reason a real estate agent would use the multiple listing service, or MLS?

Answer 14

1) Listing a property
2) Sharing the amount of compensation that will go to the buyers agent after the sale of a property.
[A] 3) To bypass the statute about having to work under an employing broker
4) Searching for homes for prospective buyers.

Question Feedback
[Section 1C, Slide 89-91]