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Florida Real Estate Exam > Unit 1 > Flashcards

Unit 1 Flashcards

1
Q

The product that a real estate sales associate must market is ____

A

Expert Information

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2
Q

The three areas of expertise that areal estate agent brings to the transaction are:

A
  1. Knowledge of property transfer
  2. Knowledge of market conditions
  3. Knowledge of how to market real estate and business
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3
Q

The business of bringing together buyers and sellers, owners and renters, and or completing real estate transactions is called ____

A

Real Estate Brokerage

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4
Q

What are the five major real estate specialties?

A
  1. Residential
  2. Commercial
  3. Industrial
  4. Agricultural
  5. Business
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5
Q

Effective advertising involving developing a database of prospects to direct a specific message is called ___

A

Target Marketing

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6
Q

A ____ is the geographic area of expertise for a real estate broker

A

Farm Area

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7
Q

_____ ____ Is a professional service conducted by a person or company hired to maintain and manage property on behalf of property owners

A

Property Management

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8
Q

How do Property Managers and Leasing Agents differ?

A

Property managers are the owner’s local representative, responsible for maintaining the property and managing the expenses. A leasing agent places a tenant but does not manage the property

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9
Q

What areas are a property manager typically responsible for?

A

Rent collection, improving tenant relations, and advertising and merchandising the space

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10
Q

When is a property manager required to hold a brokers license?

A

When they are paid by commission or on a transactional basis

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11
Q

When must a CAM hold a CAM License?

A

When the community association consists of more than 10 units or has an annual budget in excess of $100,000

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12
Q

What is a CAM?

A

Community Association Manager

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13
Q

The main charges of a property manager are to protect the owner’s _____ and maximize the owner’s ____

A

Investment; Return on investment (ROI)

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14
Q

An appraisal is the process of _____

A

Developing and communicating an estimate of a property values

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15
Q

What is the FREAB

A

Florida Real Estate Appraisal Board. This body regulates state-certified and licensed appraisers

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16
Q

What is the USPAP

A

Uniform Standards of Professional Appraisal Practice. It is a set of guidelines to follow when providing appraisal services.

17
Q

Define CMA

A

Comparative Market Analysis

18
Q

Does a CMA have to conform to USPAP Standards?

A

No

19
Q

What are two examples of when a BPO may be requested?

A

Short Sales and relocation companies.

20
Q

True or False: Sales associates can perform and be compensated for a CMA or BPO.

A

False- Associates can prepare both reports but cannot be directly compensated for either. The broker must be paid for the report and directly compensate the sales associate

21
Q

True or False: realtors can act as mortgage loan originators and accept referral fees from lenders

A

False. They can do neither unless they are also licensed MLO

22
Q

Define MLO

A

Mortgage Loan Originator

23
Q

What are the three general phases of development

A
  1. Land acquisition
  2. subdividing and development
  3. recording subdivision plat map
24
Q

a gift of land by owner or developer to a government body for public use is a ____

A

Dedication

25
Q

Three main categories of residential construction are:

A
  1. Speculative
  2. Custom
  3. Tract Homes
26
Q

A home with a buyer that selects a model type and lot is a ___ home

A

Tract

27
Q

____ Homes do not have a buyer prior to construction

A

Speculative

28
Q

Permitting, building codes, taxing are typically the business of ___ government

A

Local

29
Q

Protection and Preservation of large tracts of land is handled at the ___ level

A

State

30
Q

overarching fiscal and monetary policies are determined by agencies of the ___ government

A

Federal

31
Q

The Realtor Code of Ethics and Standards of Practice was created by ____

A

NAR - National Association of Realtors

32
Q

____ ____ brokerage involves the sale or lease of an existing business

A

Business Opportunity

Florida Real Estate Exam (4 decks)

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