Brokers price opinion bpo - Study guides, Class notes & Summaries

Reasons for a BPO. 1. The people in the home have asked to refinance the home and the lender does not want to pay for a full appraisal, but they do want to have some assurance that the home is valued at or above what the loan will be. 2. The people in the house are about to be foreclosed on and the lender wants an inexpensive estimate of value. Approaches to value - ANSWER-Cost to replace: a method of estimating the value of a property by determining how much it would cost to replace the bu...

FREC 1 Questions & Answers | 100% Correct Answers | Verified | Latest 2024 Version What does RESPA stand for? What does it mean? - Real Estate Settlement Procedures Act. Getting someone qualified Wha is real estate brokerage? - Real estate brokerage is the business of bringing together buyers and sellers and owners and renters and completing real estate transactions (paid a fee or a commission for services) 5 major sales specialties - "Residential"- 4 or fewer residential units OR a...

Fl Real Estate CH 1-5 Exam Review questions and answers, verified/ Property management, subdivision and development, appraisal, financing, and counseling; are all area of what business - -Real estate business A real estate licensee offers at least which five expertise? - -Details of property transfer, knowledge of market conditions, knowledge of how to market real estate or businesses, knowledge of how to analyze buyer needs, knowledge of laws that pertain to real estate. What are the...

Buyer Representation Agreement - An employment contract obligating a broker to act as a fiduciary to a buyer Implied Agency - Agency as a result of customary, usual or typical conditions Broker - A properly licensed party who serves a principal in an agency relationship- also called an agent Client - A party represented by a broker in an agency relationship - also called a principal Duties of an Agent - An agent owes his client obedience, loyalty, disclosure, confidentiality, accounting a...

At what point do obligations under the Landlord/Tenant Code End: A) The tenant vacates B) The tenant and Landlord resolve disbursement of the security deposit C) The tenant stops paying rent D) The landlord quits A) The tenant vacates What minimum % of condominium owners must vote to change the By-Laws: A) 50% B) 51% C) 65% D) 67% D) 67% An owner has a mortgage for $50,000 at 9% for 30 years with monthly payments of $403 per month. What is true of this loan? A) $135,000 is the interest ...

FLORIDA Real Estate Pre-license Exam Review Questions and answers, VERIFIED/ Real Estate Business - -Is composed of many specialization's: - (1)Details of Property Transfer -Knowledge of: (2)market conditions (3)how to market real estate business (4)how to analyze buyers needs (5)laws that pertain to real estate Real Estate Brokerage - -Is the bringing together of buyers and sellers, owners and renters and completing real estate transactions. ***How can a agent maintain good sta...

Florida Real Estate U Final Exam Answered 2023/2024 An appraisal can be completed by which of the following? A home inspector A real estate broker A licensed appraiser using USPAP standards A mortgage loan originator A licensed appraiser using USPAP standards What is a BPO? Broker Price Opinion Best Practice Organization Best Prospective Offer Beyond Present Opportunities Broker Price Opinion Which of the following is incorrect? Farming methods include Direct Mail and Just Listed P...

Florida Real Estate Sales Associate Preparation use. Test Questions and answers, VERIFIED/ Real estate brokerage - -business of bringing together buyers & sellers, owners & renters, & completing real estate transactions residential - -real estate as 4 or fewer residential units, vacant land zoned for 4 or fewer units, or agricultural property of 10 or fewer acres Division of Real Estate (DRE) - -supports the Commission (FREC). under the Dept. of Business & Professional Regulation (D...

Florida Real Estate Exam Verified Solutions Expert Information ️The Product that a real estate sales associate must market Property Transfer Market Conditions How to market real estate and business ️The three areas of expertise that real estate licensees bring to the transaction - Knowledge of Residential Commercial Industrial Agricultural Businesses ️Five major sales specialties that real estate agents are involved in Specifically marketing to a group of people ex. ...

Kent has knowledge that Brent, another salesperson in the firm, purposefully published a misleading advertisement for a home in West Fork. What does the commission say Kent's duty is in this situation?Report it in writing to the commission. Which of the following costs is eligible for disbursement from the Arkansas Real Estate Recovery Fund?Losses directly related to the transaction In Arkansas, which of the following, when done for others and for compensation, may be done by someone who ...