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Bob Hogue Real Estate Class Test QUESTIONS & ANSWERS 100% SOLVED
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Bob Hogue Real Estate Class Test QUESTIONS & ANSWERS SOLVED
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Bob Hogue Real Estate Class TestQUESTIONS & ANSWERS SOLVED
Absentee .Owner .- .(correct .answer) .-
A .property .holder .who .does .not .reside .on .the .property .and .who .usually .relies .on .a .property .manag
er .to .manage .the .investment.
Appraisal .- .(correct .answer) .-
The .process .of .developing .and .communicating .an .estimate .of .a .property's
Appraiser .- .(correct .answer) .-
Appraisers .charge .a .fee .based .on .the .time .and .difficulty .of .the .appraisal .assignment .and .are .not .pai
d .commission.
Broker .Price .Opinion .(BPO) .- .(correct .answer) .-A .broker's .written .opinion .of .the .value .of .a .particular
.property .that .may .not .be .used .in .connection .with .the .originating .a .federally .related .loan; .not .an .a
ppraisal.
Business .Broker .- .(correct .answer) .-
Real .estate .licensees .who .engage .in .the .sale, .purchase, .or .lease .of .businesses.
Business .Opportunity .- .(correct .answer) .-
The .sale .or .lease .of .an .existing .business, .including .the .sale .of .tangible .and .intangible .assets
Community .Association .Manager .(CAM) .- .(correct .answer) .-
must .hold .a .CAM .license .when .the .community .association .consists .of .more .than .10 .units .or .has .an .
annual .budget .in .excess .of .$100,000.
Comparative .Market .Analysis .(CMA) .- .(correct .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.
Delication .- .(correct .answer) .-
The .gift .of .land .by .an .owner, .in .this .case .developer, .to .a .government .body .for .public .use. .A .valid .d
edication .of .land .from .the .owner .to .the .municipality .requires .both .an .offer .to .dedicate .
(donate) .the .land .and .an .acceptance .by .the .municipality.
Farm .Area .- .(correct .answer) .-
one .specific .portion .of .a .city, .where .a .broker .and .sales .associate .are .experts .in .that .particular .porti
on
Follow-Up .- .(correct .answer) .-
the .sales .step .in .which .a .salesperson .follows .up .after .the .sale .to .ensure .customer .satisfaction .and .r
epeat .business
Multiple .Listing .Service .(MLS) .- .(correct .answer) .-
database .that .allows .real .estate .brokers .representing .sellers .under .a .listing .contract .to .share .inform
ation .about .properties .with .real .estate .brokers .who .may .represent .potential .buyers
Property .Management .- .(correct .answer) .-
The .leasing, .managing, .marketing, .and .overall .maintenance .of .property .for .others.
Property .Manager .- .(correct .answer) .-Involves .the .leasing, .managing, .marketing, .and .maintenance .of
.property
Real .Estate .Brokerage .- .(correct .answer) .-
A .part .of .the .real .estate .business .that .is .concerned .with .bringing .together .buyers .and .sellers .and .o
wners .and .renters .and .completing .a .real .estate .transaction.
REALTOR® .- .(correct .answer) .-
a .real .estate .licensee .who .is .a .member .of .the .National .Association .of .REALTORS®.
Rental .Agent .- .(correct .answer) .-
A .person .who, .for .a .fee, .acts .as .an .intermediary .between .a .person .seeking .to .lease .a .housing .acco
mmodation .and .a .property .owner .seeking .to .acquire .a .lease .for .a .housing .accommodation.
Target .Market .- .(correct .answer) .-
a .specific .group .of .prospects .chosen .because .of .its .demographic, .financial, .and .lifestyle .characteristi
cs
Real .estate .professionals .provide .expert .information .in .which .three .areas? .- .(correct .answer) .-
1. .Knowledge .of .property .transfer
2. .Knowledge .of .market .conditions
,3. .Knowledge .of .how .to .market .real .estate .and .businesses
Real .estate .sales .associates .involved .in .sales .and .leasing .specialize .in .one .of .which .5 .areas? .- .
(correct .answer) .-1. .Residential
2. .Commercial
3. .Industrial
4. .Agricultural
5. .Businesses
Florida .Real .Estate .Appraisal .Board .(FREAB) .- .(correct .answer) .-
Regulates .state .certified .and .licensed .appraisers
Uniform .Standards .of .Professional .Appraisal .Practice .(USPAP) .- .(correct .answer) .-
States .that .it .is .unethical .for .an .appraiser .to .accept .compensation .that .is .contingent .on .the .value .of
.the .property.
Mortgage .Loan .Originator .(MLO) .- .(correct .answer) .-
Anyone .who .takes .residential .mortgage .loan .applications .or .offers .to .negotiate .the .terms .of .residen
tial .mortgage .loan .applications .for .compensation .must .be .licensed .as .an .MLO
What .are .the .three .general .phases .of .development .and .construction: .- .(correct .answer) .-
1. .Land .Acquisition
2. .Subdivision .and .development
3. .Recording .the .subdivision .plat .map
Land .Acquisitions .- .(correct .answer) .-Developers .and .builders .require .raw .land .and .then .prepare .the
.site .for .construction.
Subdividing .- .(correct .answer) .-A .separation .of .the .land .into .smaller .parcels
Development .- .(correct .answer) .-
The .process .of .improving .raw .land .so .that .it .can .be .put .to .productive .use
Recording .the .subdivision .plat .map .- .(correct .answer) .-
Most .local .governments .require .that .developers .submit .a .subdivision .plat .map .of .a .new .developme
nt .for .review .by .the .planning .board.
What .are .the .three .general .categories .of .residential .construction: .- .(correct .answer) .-1. .Speculative .
(spec) .homes
2. .Custom .homes
, 3. .Tract .homes
How .is .the .real .estate .business .regulate .or .influenced .by .the .local .government? .- .(correct .answer) .-
Impacts .the .real .estate .business .through .property .taxation .and .regulatory .activities .such .as .occupati
onal .licensing, .business .tax .receipts, .building .permits, .building .moratoriums, .zoning, .and .building .co
des
How .is .the .real .estate .business .regulate .or .influenced .by .the .state .governments? .- .
(correct .answer) .-
Manages .a .large .amount .of .land .and .identifies .coastal .regions .and .other .areas .that .are .protected .fr
om .development. .State .documentary .and .intangible .taxes .are .required .when .ownership .to .real .prop
erty .is .transferred .or .pledged .as .collateral .for .a .mortgage
How .is .the .real .estate .business .regulate .or .influenced .by .the .federal .governments? .- .
(correct .answer) .-Impacts .through .physical .and .monetary .policies. .HUD, .FHA, .EPA, .VA
Broker .- .(correct .answer) .-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 .answer) .-
A .person .who .holds .a .broker's .license .but .chooses .to .register .and .work .in .real .estate .under .the .dir
ection .of .another .broker.
Compensation .- .(correct .answer) .-Anything .of .value .or .a .valuable .consideration, .directly .or .indirectly
.paid, .promised, .or .expected .to .be .paid .or .received.
Expungement .- .(correct .answer) .-
A .process .by .which .the .record .of .a .criminal .conviction .is .destroyed .or .sealed .after .expiration .of .tim
e. .Expungement .is .not .automatic. .Attorneys .charge .extra .for .this .process, .and .applicants .should .con
firm .that .the .matter .no .longer .apears .on .ones .criminal .history.
Florida .resident .- .(correct .answer) .-For .application .and .licensing .purposes, .a .person .who .has .resided
.in .Florida .continuously .for .four .calendar .months .or .more .within .the .preceding .year.
License .- .(correct .answer) .-
An .individual .who .has .qualified .for, .and .been .registered .as, .a .real .estate .broker, .broker .associate, .o
r .sales .associate.
Mutual .recognition .agreement .- .(correct .answer) .-
Recognizes .the .education .and .experience .of .individuals .licensed .in .another .state .or .nation .when .the
.other .jurisdiction .has .education .and .experience .requirement .comparable .to .Florida .requirements. .T
he .agreement .applies .exclusively .to .non .residents .who .are .licensed .in .another .jurisdiction. .The .appli
cation .requests .mutual .recognition .on .the .license .application .and .indicates .from .which .mutual .recog
nition .is .requested.
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