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BOB HOGUE UNIT #1 PRACTICE QUESTIONS WITH CORRECT ANSWERS
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BOB HOGUE UNIT #1 PRACTICE QUESTIONS WITH CORRECT ANSWERS
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BOB HOGUE UNIT #1 PRACTICEQUESTIONS WITH CORRECT ANSWERS
Complex real estate transactions - Answer-Demand the services of licensed real estate
associates, appraisers, attorneys, bankers, title insurance agents, architects, surveyors,
and accountants
Residential real estate v. Commercial real estate - Answer-Residential: often the
greatest source of wealth and savings for individuals
Commercial: addresses the need for retail, office, and manufacturing space
The product that a real estate sales associate must market is _________ ________. -
Answer-Expert Information
The three areas of expertise real estate licensees bring to the transaction relate to
______________, ______________, and ______________ ______________. -
Answer-1. Knowledge of *Property Transfer*
2. Knowledge of *Market Conditions*
3. Knowledge of *How to market real estate and businesses*.
Property Transfer - Answer-transfers of title, property taxes, financing, and local zoning
ordinances.
Marketing Conditions - Answer-Changes in ______________ ______________ are due
to changes in income tax laws, building moratoriums, and fluctuations in supply and
demand.
How to market real estate and businesses - Answer-*Sale presentation* that is *most
effective* when working with a physician relocating to a new city may be completely
different from the approach used to assist the owner of an expanding gourmet coffee
bar in choosing an additional location.
Real Estate Brokerage - Answer-business of bringing together buyers & sellers, owners
& renters, & completing real estate transactions.
Five (5) Components of real estate brokerage - Answer-1. sales and leasing, 2. property
management, 3. appraising, 4. financing, and 5. counseling.
Sales and Leasing - Answer-The broker act as an agent or an intermediary between two
or more people in the *negotiation* of the *sale, purchase, or rental of real estate*.
Five (5) major sales specialties - Answer-1. Residential, 2. Commercial, 3. Industrial, 4.
Agricultural and 5. Businesses
, 1. Residential - Answer-Best access routes and locations of schools, shopping facilities,
and recreation facilities. They must be able to *explain property taxes, homestead
exemptions, restrictive covenants*, and approximate utility costs in the area.
*Restrictive covenants* are binding legal obligations written into the deed of a property
contract, usually by the seller. These covenants can be either simple or complex and
can *levy penalties against buyers who fail to obey them*.
2. Commercial - Answer-Need expertise regarding Income-producing properties,
investment analysis, and the various techniques for increasing after-tax cash flow.
Examples of income-producing commercial properties: - Answer-Improved residential
property of more than four units, retail stores, office buildings, and shopping centers.
3. Industrial - Answer-technical knowledge of the needs of different industries, such as
*transportation requirements, industrial construction methods, and local land-use
restrictions* affecting industrial properties.
4. Agricultural - Answer-Must be familiar with operation of farms and the *economic
problems associated* with the various types of farming. Real estate licensees who
specialize in agricultural real estate are knowledgeable about *farm operations* and the
*federal programs* affecting farm operations.
5. Businesses - Answer-Involves the sale or lease of an existing business, including the
sale of tangible and intangible assets.
Business brokers - Answer-Real estate licensees who engage in the sale, purchase, or
lease of businesses.
There is a presumption in Florida law that businesses will have some sort of real
property involved, either land with physical improvements (such as a building) or a long-
term lease. For this reason, - Answer-In Florida, an active current real estate license is
required to sell or lease business opportunities.
In most states, if real property is an asset of the business: - Answer-A real estate
broker's license is required to sell the business.
Target Marketing - Answer-Involves developing a database of prospects to direct a
specific message.
Understanding the demographic, financial, and lifestyle characteristics of a target
market helps real estate professionals choose personalized messaging and appropriate
advertising media.
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