Absentee Owner: - Answer-A property owner who does not reside on the property and who usually relies on a property manager to oversee the investment
Appraisal: - Answer-A supported, defended estimate of the value of property rights as of a given date
Business Opportunity Brokerage: - Answer-T...
REALTOR License Exam Questions and
Answers
Absentee Owner: - Answer-A property owner who does not reside on the property and
who usually relies on a property manager to oversee the investment
Appraisal: - Answer-A supported, defended estimate of the value of property rights as of
a given date
Business Opportunity Brokerage: - Answer-The marketing and sale of a going concern
operation; Florida requires that business brokers have a real estate license to market
business opportunities
Comparative Market Analysis: - Answer-An informal estimate of market value performed
by a real estate licensee for the seller to assist in arriving at an appropriate listing price,
or if working with the buyer, an informal estimate of market value to assist the buyer in
arriving at an appropriate offering price
Dedication: - Answer-A deliberate transfer of land by its owner for public use and
accepted for such use by the public
Farm Area: - Answer-A selected and limited geographical district to which a sales
associate devotes special attention and study
Follow-Up: - Answer-A post-closing communication initiated by a licensee to maintain
customer contact and goodwill
Property Management: - Answer-The process of directing, controlling, operating, and
maintaining real estate for a third party
Real Estate Brokerage: - Answer-A commercial activity in which the sale, purchase,
leasing, rental, exchange, or management of real property is conducted by qualified and
licensed individuals acting either for themselves or for others for compensation
Subdivision Plat Map: - Answer-The layout of a subdivision showing lots, roads, and
other infrastructure by the developer to a local government agency
USPAP: - Answer-Rules and guidelines that must be followed by any professional
conducting an appraisal
FREC - Answer-oversees and regulates the real estate license law and licensed
individuals who participate in the real estate business
, "real estate business" - Answer-a vocation in which real property forms the stock in
trade that is bought, sold, leased, or rented
A professional real estate licensee should possess specialized knowledge in the
following areas: - Answer-1. Property Transfer
2. Market Conditions
3. Sales and Marketing
Property Transfer: - Answer-A licensee needs to understand the details of transferring
legal title from one party to another. An interest in real property can be transferred by
deed, will, lease, or other legal methods. Additionally, a licensee needs to understand
the entire process from creation of a real estate contract through final closing of title.
Market Conditions: - Answer-A licensee should understand current interest rates and
the availability of financing, the relationship between real estate supply and demand in
his or her particular market area, and the history of sold properties. The licensee should
also have an understanding of future market trends that will be the driving force of
tomorrow's sales.
Sales and Marketing: - Answer-Being a professional and effective real estate licensee
requires understanding the significance of past sales of similar properties. By
understanding past sales, licensees can establish a price range that will ideally result in
properties being bought and sold in the shortest amount of time and for the best
possible price. Once a licensee has established the proper market value of a home
(listing price), the next step is to procure a purchaser through the various marketing
techniques available. These techniques include drafting effective advertisements,
participating in the Multiple Listing Service (MLS), offeing open house presentations,
and effective showing of real estate to potential purchasers. There is an old saying in
the real estate business: "You have to circulate to percolate."
5 major areas of sale - Answer-1. residential
2. commercial
3. industrial
4. agricultural
5. businesses
Residential: - Answer-Defined as facilities where people live and reside. The term
"residential property" includes single-family homes, condominiums, duplexes, and
apartment complexes. The majority of real estate licensees specialize in the sale and
purchase of owner-occupied residential properties.
Commercial: - Answer-Practicing in commercial investment real estate usually requires
expert knowledge in investment analysis and cash flows. These properties include
shopping centers, warehouses, office buildings, and others. Licensees should be
cautious about representing themselves as experts in this area unless properly
qualified.
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