Unit 1-The Real Estate Business

Question 1

What are the 5 Sales Specialties in RE?

Answer 1

1-Residential
Know access routes
explain property tax, utilities,
homestead, covenants

2-Commercial
Income producing properties
Contacts w/financial institutions, and
Mortgage lenders

3-Industrial

4-Agricultural

5- Business-Business Brokers
License required to sell/lease business opportunities in FL

Question 2

Can a licensee Appraise Property?

Answer 2

YES! -if it is not a FEDERALLY RELATED transaction (financed)

Question 3

What is a DEDICATION?

Answer 3

A GIFT of land by owner to a government body for private use

Question 4

What is APPRAISING?

Who may perform an APPRAISAL?

Answer 4

The process of developing and communicating an opinion about a property’s value

Only a LICENSED APPRAISER may perform an appraisal for FEDERALLY RELATED transactions.

Question 5

What are the three areas of expertise for a Real Estate Licensee?

Answer 5

• Knowledge of Property Transfer
• knowledge of Market Conditions
• knowledge of marketing business of RE