Exam (elaborations)
BOB HOGUE CHAPTER 5 QUESTIONS WITH COMPLETE SOLUTIONS
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BOB HOGUE CHAPTER 5 QUESTIONS WITH COMPLETE SOLUTIONS
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AbsenteesOwners-sans✔✔Aspropertysholderswhosdoessnotsresidesonsthespropertysandswhosusuallysreliessons
aspropertysmanagerstosmanagesthesinvestment.
Appraisals-
sans✔✔Thesprocesssofsdevelopingsandscommunicatingsansestimatesofsasproperty's
Appraisers-
sans✔✔Appraisersschargesasfeesbasedsonsthestimesandsdifficultysofsthesappraisalsassignm
entsandsaresnotspaidscommission.
BrokersPricesOpinions(BPO)s-
sans✔✔Asbroker'sswrittensopinionsofsthesvaluesofsasparticularspropertysthatsmaysnotsbesus
edsinsconnectionswithsthesoriginatingsasfederallysrelatedsloan;snotsansappraisal.
BusinesssBrokers-
sans✔✔Realsestateslicenseesswhosengagesinsthessale,spurchase,sorsleasesofsbusinesses.
BusinesssOpportunitys-
sans✔✔Thessalesorsleasesofsansexistingsbusiness,sincludingsthessalesofstangiblesandsintan
giblesassets
CommunitysAssociationsManagers(CAM)s-
sans✔✔mustsholdsasCAMslicenseswhensthescommunitysassociationsconsistssofsmoresthans
10sunitssorshassansannualsbudgetsinsexcesssofs$100,000.
ComparativesMarketsAnalysiss(CMA)s-
sans✔✔Ansinformalsestimatesofsmarketsvaluesperformedsbysasrealsestateslicenseesforsthes
sellerstosassistsinsarrivingsatsansappropriateslistingsprice,sorsifsworkingswithsthesbuyer,sansin
formalsestimatesofsmarketsvaluestosassiststhesbuyersinsarrivingsatsansappropriatesofferingsp
rice.
Delications-
sans✔✔Thesgiftsofslandsbysansowner,sinsthisscasesdeveloper,stosasgovernmentsbodysforspu
blicsuse.sAsvalidsdedicationsofslandsfromsthesownerstosthesmunicipalitysrequiressbothsansoff
erstosdedicates(donate)stheslandsandsansacceptancesbysthesmunicipality.
FarmsAreas-
sans✔✔onesspecificsportionsofsascity,swheresasbrokersandssalessassociatesaresexpertssinst
hatsparticularsportion
,Follow-Ups-
sans✔✔thessalessstepsinswhichsassalespersonsfollowssupsaftersthessalestosensurescustome
rssatisfactionsandsrepeatsbusiness
MultiplesListingsServices(MLS)s-
sans✔✔databasesthatsallowssrealsestatesbrokerssrepresentingssellerssundersaslistingscontr
actstossharesinformationsaboutspropertiesswithsrealsestatesbrokersswhosmaysrepresentspot
entialsbuyers
PropertysManagements-
sans✔✔Thesleasing,smanaging,smarketing,sandsoverallsmaintenancesofspropertysforsother
s.
PropertysManagers-
sans✔✔Involvessthesleasing,smanaging,smarketing,sandsmaintenancesofsproperty
RealsEstatesBrokerages-
sans✔✔Aspartsofsthesrealsestatesbusinesssthatsissconcernedswithsbringingstogethersbuyerss
andssellerssandsownerssandsrenterssandscompletingsasrealsestatestransaction.
REALTOR®s-
sans✔✔asrealsestateslicenseeswhosissasmembersofsthesNationalsAssociationsofsREALTOR
S®.
RentalsAgents-
sans✔✔Aspersonswho,sforsasfee,sactssassansintermediarysbetweensaspersonsseekingstoslea
sesashousingsaccommodationsandsaspropertysownersseekingstosacquiresasleasesforsashous
ingsaccommodation.
TargetsMarkets-
sans✔✔asspecificsgroupsofsprospectsschosensbecausesofsitssdemographic,sfinancial,sandsl
ifestylescharacteristics
Realsestatesprofessionalssprovidesexpertsinformationsinswhichsthreesareas?s-
sans✔✔1.sKnowledgesofspropertystransfer
2.sKnowledgesofsmarketsconditions
3.sKnowledgesofshowstosmarketsrealsestatesandsbusinesses
Realsestatessalessassociatessinvolvedsinssalessandsleasingsspecializesinsonesofswhichs5sar
eas?s-sans✔✔1.sResidential
2.sCommercial
3.sIndustrial
4.sAgricultural
5.sBusinesses
,FloridasRealsEstatesAppraisalsBoards(FREAB)s-
sans✔✔Regulatessstatescertifiedsandslicensedsappraisers
UniformsStandardssofsProfessionalsAppraisalsPractices(USPAP)s-
sans✔✔Statessthatsitsissunethicalsforsansappraiserstosacceptscompensationsthatsissconting
entsonsthesvaluesofsthesproperty.
MortgagesLoansOriginators(MLO)s-
sans✔✔Anyoneswhostakessresidentialsmortgagesloansapplicationssorsoffersstosnegotiatesth
estermssofsresidentialsmortgagesloansapplicationssforscompensationsmustsbeslicensedsass
ansMLO
Whatsaresthesthreesgeneralsphasessofsdevelopmentsandsconstruction:s-
sans✔✔1.sLandsAcquisition
2.sSubdivisionsandsdevelopment
3.sRecordingsthessubdivisionsplatsmap
LandsAcquisitionss-
sans✔✔Developerssandsbuilderssrequiresrawslandsandsthenspreparesthessitesforsconstructi
on.
Subdividings-sans✔✔Asseparationsofstheslandsintossmallersparcels
Developments-
sans✔✔Thesprocesssofsimprovingsrawslandssosthatsitscansbesputstosproductivesuse
Recordingsthessubdivisionsplatsmaps-
sans✔✔Mostslocalsgovernmentssrequiresthatsdevelopersssubmitsassubdivisionsplatsmapsofs
asnewsdevelopmentsforsreviewsbysthesplanningsboard.
Whatsaresthesthreesgeneralscategoriessofsresidentialsconstruction:s-
sans✔✔1.sSpeculatives(spec)shomes
2.sCustomshomes
3.sTractshomes
Howsissthesrealsestatesbusinesssregulatesorsinfluencedsbystheslocalsgovernment?s-
sans✔✔Impactssthesrealsestatesbusinesssthroughspropertystaxationsandsregulatorysactiviti
esssuchsassoccupationalslicensing,sbusinessstaxsreceipts,sbuildingspermits,sbuildingsmorat
oriums,szoning,sandsbuildingscodes
Howsissthesrealsestatesbusinesssregulatesorsinfluencedsbysthesstatesgovernments?s-
sans✔✔Managessaslargesamountsofslandsandsidentifiesscoastalsregionssandsothersareasst
hatsaresprotectedsfromsdevelopment.sStatesdocumentarysandsintangiblestaxessaresrequire
dswhensownershipstosrealspropertysisstransferredsorspledgedsasscollateralsforsasmortgage
, Howsissthesrealsestatesbusinesssregulatesorsinfluencedsbysthesfederalsgovernments?s-
sans✔✔Impactssthroughsphysicalsandsmonetaryspolicies.sHUD,sFHA,sEPA,sVA
Brokers-
sans✔✔Aspersonswho,sforsanothersandsforscompensationsorsothersconsiderations(orsantici
pationsofscompensationsorsothersconsideration),sperformssrealsestatesservices.
BrokersAssociates-
sans✔✔Aspersonswhosholdssasbroker'sslicensesbutschoosesstosregistersandsworksinsrealses
tatesundersthesdirectionsofsanothersbroker.
Compensations-
sans✔✔Anythingsofsvaluesorsasvaluablesconsideration,sdirectlysorsindirectlyspaid,spromise
d,sorsexpectedstosbespaidsorsreceived.
Expungements-
sans✔✔Asprocesssbyswhichsthesrecordsofsascriminalsconvictionsissdestroyedsorssealedsafte
rsexpirationsofstime.sExpungementsissnotsautomatic.sAttorneysschargesextrasforsthissproce
ss,sandsapplicantssshouldsconfirmsthatsthesmattersnoslongersapearssonsonesscriminalshisto
ry.
Floridasresidents-
sans✔✔Forsapplicationsandslicensingspurposes,saspersonswhoshassresidedsinsFloridasconti
nuouslysforsfourscalendarsmonthssorsmoreswithinsthesprecedingsyear.
Licenses-
sans✔✔Ansindividualswhoshassqualifiedsfor,sandsbeensregisteredsas,sasrealsestatesbroker,s
brokersassociate,sorssalessassociate.
Mutualsrecognitionsagreements-
sans✔✔Recognizesstheseducationsandsexperiencesofsindividualsslicensedsinsanothersstate
sorsnationswhensthesothersjurisdictionshasseducationsandsexperiencesrequirementscompar
ablestosFloridasrequirements.sThesagreementsappliessexclusivelystosnonsresidentsswhosar
eslicensedsinsanothersjurisdiction.sThesapplicationsrequestssmutualsrecognitionsonstheslice
nsesapplicationsandsindicatessfromswhichsmutualsrecognitionsissrequested.
noloscontenderes(noscontest)s-
sans✔✔Aspleadingsofsnoscontestsbysasdefendant;saspleasinsascriminalsactionsnotsadmittings
guiltsbutssubjectingsthesdefendantstospunishmentsassthoughsitsweresasguiltysplea.
Owner-developers-
sans✔✔Ansunlicensedsentitysthatssells,sexchanges,sorsleasessitssownsproperty.
PrimasFaciesEvidences-sans✔✔Requiringsnosfurthersproof;sacceptablesonsthesfacesof.
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