Chapter 1

Question 1

State

Answer 1

-roads, waterways, and other factors that affect multiple political jurisdictions are impacted at the ______ level

Question 2

Local government

Answer 2

-planning and zoning, property taxation, building and health code regulations are controlled by ________
-can also impose a moratorium or temporary delay for a building project

Question 3

Florida Association of Realtors (FAR) benefits

Answer 3

-Business Contacts
-networking opportunities
-educational offerings
-research and legislative representation
-discount programs
-online forums
-technology services

Question 4

National Association of Realtors (NAR)

Answer 4

-Goal of preserving the right of individuals to own real property through an exchange of information

Question 5

Tract building

Answer 5

-When a developer acquires a large tract of land, records a subdivision plat map, and uses a model center from which sales may be made

Question 6

Speculative building

Answer 6

-When a contractor builds a structure before securing a buyer with the hope of selling the finished structure

Question 7

Custom building

Answer 7

-Contractor is employed to build a structure according to the customer’s specification

Question 8

3 general phases of development

Answer 8

-Land acquisition
-Subdividing and development
-Recording of subdivision plat map

Question 9

Mortgage loan originators

Answer 9

-Individuals or businesses that arrange loans between lenders and borrowers although they do not make loans
-Must have separate license issued by the Florida Department of Financial Services

Question 10

Real Estate licensees can perform a valuation for:

Answer 10

-Inheritance
-Divorce
-Sale in cash
-Insurance company

Question 11

Appraisals may be required for:

Answer 11

-Federal income tax claims
-Federal estate taxes
-Protesting real estate tax assessments
-Eminent domain
-Investment planning
-Insurance claims

Question 12

Appraisal

Answer 12

-Process of developing an opinion of value of real property.
-Fees are based on the time, effort, and expense involved for completion of the assignment, not value of property.

Question 13

Counseling

Answer 13

-The service of analyzing existing or potential projects and providing expert advice to members of the public based on their personal judgement.
-Compensated on flat fee

Question 14

CAM license requirements

Answer 14

-Community association employs a property manager who receives compensation for certain management services
-Community association served contains more than 10 units or has an annual budget in excess of $100,000

Question 15

CAM license

Answer 15

-Property managers who are employed and compensated by community associations are required by Florida law to obtain and maintain a ____________ license

Question 16

Responsibilities of Property Management

Answer 16

-Locating Tenants
-Collecting rents
-Handling payment of taxes
-Insurance
-Operating expenses
-Maintaining records
-Scheduling maintenance
-DO NOT write leases

Question 17

Property Management

Answer 17

-Owners who buy income property as investments and depend on professionals to manage them

Question 18

Business Brokerage

Answer 18

-A real estate broker that specializes in the listing and sale of businesses.
-Requires analysis of financial statements and balance sheets.

Question 19

Important Knowledge for Industrial

Answer 19

-Government regulations of land use
-Environmental considerations
-Transportation
-Labor Costs
-Utility charges

Question 20

Industrial Sales or Leasing

Answer 20

-Warehouses
-Manufacturing Facilities

Question 21

Commercial Sales or Leasing

Answer 21

-Apartment Buildings
-Office Buildings
-Shopping Centers

Question 22

Residential Sales or Rentals

Answer 22

-Sale of any improved property of four units or fewer
-Unimproved property intended for four units or fewer
-Agricultural properties of ten acres or less
-Leases with options to purchase all or a portion of improved property of four or fewer units
-Dispositions of business interests involving property of four or fewer units

Question 23

CMA

Answer 23

-a value estimate based on recent sales of similar properties in the same neighborhood

Question 24

BPO

Answer 24

-helping to determine the selling price of the property since the licensee typically has knowledge of the local market

Question 25

Sales Associate

Answer 25

-Works under the direction of a broker or owner-developer providing services to prospective buyers and sellers

Question 26

Separate Licenses Required For:

Answer 26

-Mortgage, Appraisal, Community association management, Insurance

Question 27

Broker

Answer 27

-Intermediary between two or more parties in a real estate transaction