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Bob Hogue Real Estate Class Test QUESTIONS & ANSWERS SOLVED 100% CORRECT!!
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Bob Hogue Real Estate Class Test QUESTIONS & ANSWERS SOLVED 100% CORRECT!!
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Bob Hogue Real Estate Class TestQUESTIONS & ANSWERS SOLVED 100%
CORRECT!!
Absentee Owner - ANS-A property holder who does not reside on the property and who
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usually relies on a property manager to manage the investment.
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Appraisal - ANS-The process of developing and communicating an estimate of a
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property's
b
Appraiser - ANS-Appraisers charge a fee based on the time and difficulty of the
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appraisal assignment and are not paid commission.
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Broker Price Opinion (BPO) - ANS-A broker's written opinion of the value of a particular
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property that may not be used in connection with the originating a federally related loan;
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not an appraisal.
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Business Broker - ANS-Real estate licensees who engage in the sale, purchase, or
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lease of businesses.
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Business Opportunity - ANS-The sale or lease of an existing business, including the
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sale of tangible and intangible assets
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Community Association Manager (CAM) - ANS-must hold a CAM license when the
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community association consists of more than 10 units or has an annual budget in
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excess of $100,000.
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Comparative Market Analysis (CMA) - ANS-An informal estimate of market value
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performed by a real estate licensee for the seller to assist in arriving at an appropriate
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listing price, or if working with the buyer, an informal estimate of market value to assist
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the buyer in arriving at an appropriate offering price.
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Delication - ANS-The gift of land by an owner, in this case developer, to a government
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body for public use. A valid dedication of land from the owner to the municipality
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requires both an offer to dedicate (donate) the land and an acceptance by the
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municipality.
b
,Farm Area - ANS-one specific portion of a city, where a broker and sales associate are
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experts in that particular portion
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Follow-Up - ANS-the sales step in which a salesperson follows up after the sale to
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ensure customer satisfaction and repeat business
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Multiple Listing Service (MLS) - ANS-database that allows real estate brokers
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representing sellers under a listing contract to share information about properties with
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real estate brokers who may represent potential buyers
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Property Management - ANS-The leasing, managing, marketing, and overall
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maintenance of property for others.
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Property Manager - ANS-Involves the leasing, managing, marketing, and maintenance
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of property
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Real Estate Brokerage - ANS-A part of the real estate business that is concerned with
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bringing together buyers and sellers and owners and renters and completing a real
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estate transaction.
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REALTOR® - ANS-a real estate licensee who is a member of the National Association
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of REALTORS®.
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Rental Agent - ANS-A person who, for a fee, acts as an intermediary between a person
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seeking to lease a housing accommodation and a property owner seeking to acquire a
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lease for a housing accommodation.
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Target Market - ANS-a specific group of prospects chosen because of its demographic,
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financial, and lifestyle characteristics
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Real estate professionals provide expert information in which three areas? - ANS-1.
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Knowledge of property transfer
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2. Knowledge of market conditions
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3. Knowledge of how to market real estate and businesses
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Real estate sales associates involved in sales and leasing specialize in one of which 5
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areas? - ANS-1. Residential
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2. Commercial
b
3. Industrial
b
4. Agricultural
b
5. Businesses
b
Florida Real Estate Appraisal Board (FREAB) - ANS-Regulates state certified and
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licensed appraisers
b b
,Uniform Standards of Professional Appraisal Practice (USPAP) - ANS-States that it is
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unethical for an appraiser to accept compensation that is contingent on the value of the
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property.
b
Mortgage Loan Originator (MLO) - ANS-Anyone who takes residential mortgage loan
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applications or offers to negotiate the terms of residential mortgage loan applications
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for compensation must be licensed as an MLO
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What are the three general phases of development and construction: - ANS-1. Land
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Acquisition
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2. Subdivision and development
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3. Recording the subdivision plat map
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Land Acquisitions - ANS-Developers and builders require raw land and then prepare the
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site for construction.
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Subdividing - ANS-A separation of the land into smaller parcels
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Development - ANS-The process of improving raw land so that it can be put to
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productive use
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Recording the subdivision plat map - ANS-Most local governments require that
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developers submit a subdivision plat map of a new development for review by the
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planning board.
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What are the three general categories of residential construction: - ANS-1. Speculative
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(spec) homes
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2. Custom homes
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3. Tract homes
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How is the real estate business regulate or influenced by the local government? - ANS-
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Impacts the real estate business through property taxation and regulatory activities such
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bas occupational licensing, business tax receipts, building permits, building moratoriums,
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bzoning, and building codes b b b
How is the real estate business regulate or influenced by the state governments? -
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ANS-Manages a large amount of land and identifies coastal regions and other areas
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that are protected from development. State documentary and intangible taxes are
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required when ownership to real property is transferred or pledged as collateral for a
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mortgage
b
How is the real estate business regulate or influenced by the federal governments? -
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ANS-Impacts through physical and monetary policies. HUD, FHA, EPA, VA
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Broker - ANS-A person who, for another and for compensation or other consideration
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(or anticipation of compensation or other consideration), performs real estate services.
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, Broker Associate - ANS-A person who holds a broker's license but chooses to register
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and work in real estate under the direction of another broker.
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Compensation - ANS-Anything of value or a valuable consideration, directly or indirectly
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paid, promised, or expected to be paid or received.
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Expungement - ANS-A process by which the record of a criminal conviction is destroyed
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or sealed after expiration of time. Expungement is not automatic. Attorneys charge
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extra for this process, and applicants should confirm that the matter no longer apears
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on ones criminal history.
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Florida resident - ANS-For application and licensing purposes, a person who has
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resided in Florida continuously for four calendar months or more within the preceding
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year.
b
License - ANS-An individual who has qualified for, and been registered as, a real estate
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broker, broker associate, or sales associate.
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Mutual recognition agreement - ANS-Recognizes the education and experience of
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individuals licensed in another state or nation when the other jurisdiction has education
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and experience requirement comparable to Florida requirements. The agreement
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applies exclusively to non residents who are licensed in another jurisdiction. The
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application requests mutual recognition on the license application and indicates from
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which mutual recognition is requested.
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nolo contendere (no contest) - ANS-A pleading of no contest by a defendant; a plea in a
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criminal action not admitting guilt but subjecting the defendant to punishment as though
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it were a guilty plea.
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Owner-developer - ANS-An unlicensed entity that sells, exchanges, or leases its own b b b b b b b b b b b
property.
b
Prima Facie Evidence - ANS-Requiring no further proof; acceptable on the face of.
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real estate services - ANS-Real estate activities involving compensation for performing
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bthe activities for another.
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Reciprocity - ANS-Practice of mutual exchanges of privileges. To qualify for a reciprocal
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real estate license, the elidgiable military applicant, spouse, or surviving spouse must
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currently hold a valid real estate license issued in another state, US territory.
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Registration - ANS-Authorization by the state to place an applicant on the register
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(record) of officially recognized individuals and businesses.
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