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Real Estate Gold Coast Exam Questions And 100% Correct Answers
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Real Estate Gold Coast Exam Questions And100% Correct Answers
Broker
Acts as an agent or intermediary between two or more parties for the purpose of
negotiating the sale, purchase, or rental of real estate
Sales associate
An individual employed by the broker to provide services to buyers and sellers on behalf
of the broker
Farming
The concentration of attention on one type or style of property or on one particular
neighborhood
Farm area target market
Territory or area in which a real estate licencee focuses their business efforts
Transfer Components
Deeds, mortgages, surveys, appraisals, contracts, title insurance, floodplains, zoning
and building codes
Comparative Market Analysis
An estimate of value based on recent sales of comparable properties within a specific
neighbourhood. (Cannot be called an appraisal)
Broker Price Opinion
includes a neighborhood analysis of comparable properties w/ local and regional market
information (less comprehensive than an appraisal but require more analysis)
,A real estate licensee who desires to prepare an appraisal must do so under the.
development and reporting requirements of the Uniform Standards of Professional
Appraisal Practice (USPAP)
expert knowledge areas required for real estate licensees
property transfer, valuation and marketing conditions, marketing
Residential Transaction
1) Sale of any improved residential property of four units or fewer
2) Unimproved property intended for four units or fewer
3) agricultural properties of ten acres or less
Real Estate licensees must be able to analyze.
The past and future potential income derived from an investment company
Commercial real estate brokers must also have a basic knowledge of.
Tax laws affecting income produced from commercial property and the tax implications
of buying and selling investment property
Industrial properties include what?
Warehouses and manufacturing plants
Industrial sales
Normally are users/owners instead of investors
,Industrial real estate brokers attempt to.
Locate properties that will meet the needs of the future owner. (Knowledge regarding
government regulations of land use, environmental concerns, transportation, labor
costs, and utility charges are crucial)
Business broker
specialises in listing and sale of businesses (business opportunities)
Must be capable of evaluating the value of a business being offered for sale or purchase
List
Absentee owners
Owners that purchase rental property as investments and rely on pros. to manage
Property manager's duties
finding tenants, collecting rent, paying all taxes, insurance and other expenses, keeping
records, and scheduling repairs
Community Association Manager's licence is required CAM
Required when the community association employs a property manager who receives
compensation for certain management services and the community association served
contains more than 10 units or has an annual budget in excess of $100,000
Appraisal fees are based upon
The time, effort and expense involved for completion of the assignment, not on the value
of the property
Contract building
, is 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.
local level regulation
planning and zoning, property taxation, building and health code regulations. Local
government can also impose a Moratorium or temporary delay for a building project
Commission
Florida Real Estate Commission (FREC)
Department
Department of Business and Professional Regulation (DBPR)
Division
Division of Real Estate (DRE)
Requirements for a licensed sales associate seeking broker
Must have been employed with no more, and no less than one actively licensed broker
for at least 24 months during the five years immediately preceding qualification for the
state broker examination
Broker associate
An applicant for a broker license may choose to remain employed in a sales associate
capacity with the current employer following the passing of the state broker
examination
Broker Associate A person qualified to receive a broker license, but who chooses to be
employed subject to the direction, control, and management of an actively licensed
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