Section 1 Review

Question 1

What are the 3 areas of expert information of a Broker or Sales associate?

Answer 1

a) Knowledge of property transfer,
b) Knowledge of market conditions
c) Knowledge of how to market real estate.

Question 2

What kind of business is a Real Estate Brokerage?

Answer 2

A business in which real estate license-related activities are performed under the authority of a real estate broker.

Question 3

What is the role of a sales associate?

Answer 3

A sales associate works for the broker, providing services to prospective buyers and sellers.

Question 4

What are the five major sales specialties?

Answer 4

a) Residential
b) Commercial
c) Industrial
d) Agricultural
e) Businesses.

Question 5

True or false?

Is a real estate license is required to assist in the sale of a business if no Real Estate is involved?

Answer 5

True

Question 6

What are the 3 types of Residential Property?

Answer 6

1. Improved residential property of four units or fewer
2. unimproved residential property intended for the use of four units or fewer
3. an agricultural property of 10 acres or fewer.

Question 7

What is a property manager’s duty?

Answer 7

To protect the owner’s investment and maximize the owner’s returns

Question 8

What is Appraising and what is it for?

Answer 8

process of estimating the value of real estate often used to verify value for a lender or a court proceeding

Question 9

State-certified, licensed and registered appraisers

are regulated by who?

Answer 9

(FREAB) Florida Real Estate Appraisal Board

Question 10

Can a licensee perform an appraisal?

Answer 10

Yes, but they must follow USPAP standards set by the Appraisal Standards Board provided and they must not represent themselves as state-certified, licensed, and registered appraisers, and compensation must be as a flat fee. Typically licensees use CMA instead.

Question 11

What is USPAP?

Answer 11

The standards that must be followed for an appraisal. Uniform Standards of Professional Appraisal Practice

Question 12

What is Financing?

Answer 12

the business of providing funds for a real estate transaction

Question 13

Who must Mortgage loan originators and mortgage bankers register with

Answer 13

(NMLS) Nationwide Mortgage Licensing System. Must also be state licensed when not working under federally chartered and regulated Institutions

Question 14

What are the three phases of development and construction

Answer 14

a) Land acquisition
b) Subdividing and development
c) Recording of the subdivision plat map.

Question 15

True or false?

Developers often dedicate land to a governmental body for public use.

Answer 15

True

Question 16

What are the 3 Types of residential construction

Answer 16

a) Spec homes (building before a buyer is secured)
b) Tract homes (having the buyer choose from models)
c) Custom homes.

Question 17

What is a BPO - Brokers Price Opinion?

Answer 17

the estimated value of a property as determined by a real estate broker or other real estate licensee working under the direction of a broker

Question 18

What is Dedication in Real Estate?

Answer 18

voluntary transfer of private property by its owner to the public for some public use, such as for streets or schools.

Question 19

What does a Sub-division Plat Map show?

Answer 19

shows the subdivision of lots and/or tracts, boundary description, lot dimensions, directional bearings, street names, lot numbers, tracts, easements, and right-of-way.

Question 20

What is the MLS?

Answer 20

An online database where information about houses for sale listed by real estate agents is compiled. The information is shared with other agents through the system.