Section 1 TF Quiz

Question 1

A Real Estate brokerage is a business where sales associates provide real estate services to clients for compensation.

Answer 1

A. True
[A] B. False

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[Section 1A, Slide 115] A Real Estate brokerage is a business where a managing broker oversees the Broker Associate/Sales Associates that work for the brokerage and provide real estate services to clients for compensation. Sales associates do not work directly for the client or paid directly by the client.*

Question 2

A farm area is an area/neighborhood picked by a licensee to market to on a very regular basis.

Answer 2

[A] A. True
B. False

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1A - 117

Question 3

Real Estate licensees are allowed to sell a business opportunity only if the real estate is sold along with the business.

Answer 3

A. True
[A] B. False

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[1A - 119] Real estate licensees, per Florida Statutes, are licensed to sell business opportunities as well as handle the sale of the business real estate or lease of the real estate.

Question 4

Rental agents collect a fee for finding a tenant for a landlord while Property Managers do so as well but continue to manage the property once a tenant is found.

Answer 4

[A] A. True
B. False

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[ 1B - 81]

Question 5

Conducting a Real Estate Appraisal is the process of estimating the value of real estate.

Answer 5

[A] A. True
B. False

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[1B - 83]

Question 6

Real estate licensees may not appraise real property per the Florida Real Estate Commission rules.

Answer 6

A. True
[A] B. False

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[1B - 85] Real estate licensees may appraise real property provided they do not represent themselves as state-certified, registered or licensed appraisers.

Question 7

USPAP Ethics rule regarding compensation states that the payment of undisclosed fees, commissions, or things of value in connection with the procurement of an assignment is unethical.

Answer 7

[A] A. True
B. False

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[1B - 87]

Question 8

The phases of development and construction that each project goes through include Land Acquisition, Subdividing and Development, and Recording of the Plat Map.

Answer 8

[A] A. True
B. False

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[1C - 9]

Question 9

Developers often sell land to a governmental body for public use when developing land.

Answer 9

A. True
[A] B. False

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[1C - 98] Developers often dedicate land to a governmental body for public use when developing land.

Question 10

Per Florida Statutes 177.091, plat maps must be recorded into the public records.

Answer 10

[A] A. True
B. False

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[1C - 100]