Exam (elaborations)
FL Real Estate - Unit 1. Questions and Answers 202
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FL Real Estate - Unit 1.
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FL Real Estate - Unit 1absentee owner - answer A property holder who does not reside on the property and
who usually relies on a property manager to supervise the investment.
appraisal - answer The process of developing and communicating an opinion of a
property's value based on supportable evidence and approved methods as of a certain
date.
appraiser - answer One who is registered, licensed, or certified by the DBPR and
provides an estimate of value.
broker's price opinion (BPO) - answer A written opinion of the value of real property.
business broker - answer Real estate licensees who engage in the sale, purchase, or
lease of businesses.
business opportunity - answer The real estate activity dealing in the sale, purchase, or
lease of businesses.
community association manager (CAM) - answer A person who holds a CAM license to
manage community associations of more than 10 units and associations with annual
budgets in excess of $100,000.
comparative market analysis (CMA) - answerAn 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 - answerAn offer of land for some public use, by an owner, together with
acceptance by or on behalf of the public.
farm area - answerA selected geographical area or group of people form which to solicit
real estate business and to which a real estate licensee devotes special attention and
study.
follow up - answerWhat a sales associate does after a sale to maintain customer
contact and goodwill.
multiple listing service (MLS) - answerAn arrangement among members of a real estate
board or exchange that allows each member broker to share listings with other
members so that greater exposure is obtained and a greater chance of sale will result.
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