BOB HOGUE SALES ASSOCIATE EXAM REVIEW ||
QUESTIONS AND ANSWERS 100% VERIFIED!!
the product that real estate licensees market is correct answers information
knowledge of property transfer, knowledge of market conditions, knowledge of how to
market real estate or business
a competent licensed real estate professional must know the economic and legal intricacies
associated with transfers of correct answers title, property taxes, financing, and local zoning
ordinances
to be successful, licenses must know how to correct answers market real estate and
businesses
real estate brokerage correct answers the business of bringing together buyers and sellers,
owners and renters, and of completing real estate transactions
5 sales specialties of real estate correct answers residential, commercial, industrial,
agricultural, business
real estate professionals have found that advertising money is more efficiently spent and
produces better outcomes if efforts are focused on a target market correct answers target
marketing involves expertise in locating prospects
many brokers and sales associates prefer to select one specific portion of a city and become
an expert in that particular portion, called correct answers farm area
property management correct answers professional service conducted by a person or
company hired to maintain and manage property on behalf of the property owners
property manager correct answers the property owners local representative
rental agents correct answers typically find a tenant for property and collect a fee
absentee owner correct answers a property owner who does not reside on the property and
who often relies on a professional property manager to manage the investment
a property manager who is paid by commission or on a transactional basis must be correct
answers licensed as an active real estate broker
CAM (community association manager) correct answers association consists of 10+ units, or
has budget higher than $100,000
appraisal correct answers process of developing and communicating an opinion about a
property's value
FREAB (florida real estate appraisal board) correct answers regulates state certified and
licensed appraisers. federally related transaction
,USPAP correct answers uniform standards of professional appraisal practice
florida law requires appraisers, real estate brokers, and sales associates to abide by correct
answers USPAP when conducting appraisals of real property.
CMA correct answers comparative market analysis. sellers often ask real estate brokers and
sales associates what buyers are likely to pay for their property's
BPO correct answers brokers price opinion. a written opinion of the value of real property
the money you earn is correct answers your brokers
financing correct answers life blood of real estate. business of providing funds that make real
estate transactions possible.
counseling correct answers service of analyzing existing or potential projects and providing
advice to individuals and firms regarding the purchase and use of real estate investments
3 phases of development and construction correct answers land acquisition, subdividing and
development, recording the subdivision plat map
subdividing correct answers process of converting parcels of land into smaller units or lots.
development correct answers improving raw land
subdivision plat map correct answers developers submit for new development for review by
the gov
dedication correct answers gift of land by an owner. involves streets, sidewalks, park areas,
and other improvements. streets and public areas obligates the local government to maintain
them.
3 categories of residential construction correct answers speculative, custom homes, tract
homes
the local government impacts the real estate business through correct answers property
taxation and regulatory activities
the state government impacts the real estate business correct answers when ownership to real
property is transferred or pledged as collateral for a mortgage
the federal government impacts the real estate business through correct answers fiscal and
monetary policies
NAR correct answers national association of realtors. largest trade organization in the world.
promotes ethics and education in the industry. NAR realtors must complete 3 hours of
training every 4 years
florida statute 20 correct answers executive branch of floridas government
,florida statute chapter 475 part 1 correct answers pertains to real estate brokerage, sales
associates, schools
florida statute chapter 475 part 2 correct answers pertains to real estate appraisers and sets
forth requirements for licensed and certified appraisers according to federal statute. FREAB
(florida real estate appraisal board) regulates state certified, licensed and registered trainee
appraisers
florida statute chapter 475 part 3 correct answers commercial real estate sales commision lien
act gives broker lien rights for earned commission. applies to commercial property, NOT
residential. Lien is only against the onwers new proceeds from the sale and does not attach to
the commercial real property.
florida statute chapter 475 part 4 correct answers the commercial real estate leasing
commission lien act, gives broker lien rights for earned commission associated with
brokerage agreement to lease commercial real estate
chapter 455 correct answers professions regulated by DBPR (dept business and professional
regulation). discipline a real estate licensee who failed to notify DBPR within 30 days of
conviction, finding of guilt, plea, or adjudication of a crime
florida statute 120 correct answers procedural process for all governmental entities authorized
under the florida constitution.
chapter 61J2 correct answers FREC (florida real estate commission) rules
sales associate correct answers person who performs real estate services for compensation but
who does so under the direction, control, or management of a broker/owner developer
broker correct answers a person who for another, and for compensation or other consideration
(or anticipation of compensation or other consideration) performs real estate services
broker associate correct answers a person who holds a brokers license but chooses to register
and work in real estate under the direction of another broker.
an individual typically begins a real estate career in Florida as correct answers a licensed
sales associate. starts with license as voluntary inactive sales associate
owner developer correct answers an unlicensed entity that sells, exchanges, or leases its own
property
becoming a broker requires correct answers additional education, experience, and passing the
broker license exam
license application expires: correct answers 2 years after the date the DBPR receives the
application
, military veteran and spouse waiver correct answers DBPR has the authority to waive the
initial application, license, and unlicensed activity fees for military vets and their spouses
who apply for a real estate license within 60 months after honorable discharge
background check of criminal history correct answers a withhold of adjudication must be
disclosed on the application
background check and expungement correct answers process by which the record of criminal
conviction is destroyed or sealed after expiration of time.
when in doubt, always correct answers disclose
a florida real estate licensee who moves out of state and becomes a non florida resident must
notify the commission within correct answers 60 days
licensees must notify FREC with a change of mailing address within correct answers 10 days
florida resident correct answers person who has resided in FL continuously for a period of 4
calendar months or more within the preceding year regardless of whether the person resided
in a recreational vehicle, hotel, rental unit, or other temporary/permanent location
sales associate applicant must be (age) correct answers 18
applicant who has been disbarred or guilty of offenses is not qualified for a real estate license
unless correct answers passage of time, good conduct and reputation, or other sufficient
reasons cause the commission to believe granting the license will not endanger the interests
and welfare of the general public.
a student failing the end of course exam must wait correct answers 30 days before retaking
2 exemptions of prelicensing correct answers 4 year or higher real estate degree, licensed
attorney
if you hold a 4 year real estate degree, you are exempt from correct answers prelicense course
1, 2, and post license. NOT CONTINUING EDUCATION
if you are a florida licensed attorney you are exempt from correct answers prelicensing course
1
passing score of license exam correct answers 75
new sales associates must change their license to correct answers active status before
operating as a sales associate. submitting DBPR from RE:11
new licensees must not begin working until correct answers the DBPR indicates the license
has been changed to active status under the proper broker/brokerage entity
post licensing education correct answers effect of placing all initial licensees in a conditional
(probationary) status because failure to complete post licensing edu requirement will cause
license to become null and void.
