Chapter 1

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Author:
hettydk
ID:
88296
Filename:
Chapter 1
Updated:
2011-05-29 16:37:14
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real estate operations florida
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Description:
Chapter one Bob hogue
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  1. Absentee owners
    A property holder who does not reside on the property and who usually relies on a property manager to supervise the investment
  2. Agricultural
    Defined in chapter 475 FS to mean property zoned as such, consisting of more than ten acres
  3. Appraisal
    Professional service provided by a registered, licensed, or certified appraiser or real estate licensee to produce an estimate of value
  4. Business Brokers
    REAL ESTATE LICENSEES WHO ENGAGE IN THE SALE. PURCHASE, OR LEASE OF BUSINESSES
  5. Business Opportunity Brokerage
    THE REAL ESTATE ACTIVITY DEALING IN THE SALE, PURCHASE, OR LEASE OF BUSINESSES
  6. Comparative Market Analysis (CMA)
    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 ESTIATE OF MARKET VALUE TO ASSIST THE BUYER IN ARRIVING AT AN APPROPRIATE OFFERING PRICE.
  7. Counselors
    PROFESSIONALS WHO ANALYZE EXISTING OR POTENTIAL REAL ESTATE PROBLEMS AND RECOMMEND A COURSE OF ACTION
  8. Dedication
    AN OFFER OF LAND FOR SOME PUBLIC USE, BY AN OWNER, TOGETHER WITH ACCEPTANE BY OR ON BEHALF OF THE PUBLIC
  9. Farm Area
    A SELECTED AND LIMITED GEOGRAPHICAL DISTRICT TO WHICH A SALES ASSOIATE DEVOTES SPECIAL ATTENTION AND STUDY; TO FARM AN AREA OR NEIGHBORHOOD
  10. FOLLOW-UP
    WHAT A SALES ASSOCIATE DOES AFTER A SALE TO MAINTAIN CUSTOMER CONTACT AND GOODWILL
  11. PROPERTY MANAGEMENT
    THE LEASING, MANAGEING, MARKETING, AND OVERALL MAINTENANCE OF PROPERTY FOR OTHERS
  12. REAL ESTATE BUSINESS
    A COMERCIAL ACTIVITY IN WHICH THE SALE, PURCHASE, LEASING ,RENTAL, EXCHANGE, OR MANAGEMENT OF REAL PROPERTY IS CONDUCTED BY QUALIFIED AND LICENSED PARTIES ACTING EITHER FOR THEMSELVES OR FOR OTHERS FOR COMPENSATION
  13. RESIDENTIAL
    FOUR OR FEWER RESIDENTIAL UNITS, VACANT LAND ZONED FOR FOUR OR REWER RESIDENTIAL UNITS, OR AGRICULTURAL PROPERTY OF TEN OR FEWER ACRES
  14. RESTRICTIVE COVENANTS
    CONDITIONS PLACED BY DEVELOPERS THAT AFFECT HOW THE LAND CAN BE USED IN AN ENTIRE SUBDIVISION
  15. SUBDIVISION PLAT MAP
    A PLAN OF A TRACT OF LAND SUBDIVIDED INTO LOTS AND SHOWING REQUIRED OR PLANNED AMENITIES
  16. DEVELOPER BOB ACQUIRES A TRACT OF LAND THAT HE DIVIDES INTO 25 HOME SITES. PRIOR TO MARKETING THE HOME SITES, BOB MUST SUBMIT THE SUBDIVISION PLAT TO THE

    A. Department of Housing and Urban Development.
    B. Local governmental planning agency.
    C. Florida Real Estate Commission
    D. local building code enforcement department.
    B. local government planning agency
  17. An active real estate licensee is legally entitled to appraise real property for compensation concerning a nonfederally related transaction
    A. as long as she does not represent herself as a state certified or licensed appraiser and complies with USPAP
    B. only if the appraisal is referred to as a comparative marked analysis
    C. provided the compensation is based on a commission agreed on before the appraisal work is done.
    D. provided a licensed or certified appraiser signs the appraisal report.
    A. as long as she does not represent herself as a state certified or licensed appraiser, and complies with USPAP
  18. The field of property management has experienced growth and specialization primarily because of
    A. the deregulation of the real estate industry
    B. the increase in the numbers of licensees specializing in property management
    C. the increase in the number of absentee owners.
    D. higher construction costs that have caused an increase in the number of renters.
    C. The increase in the number of absentee owners
  19. Subdividing is the process of converting parcels of land into smaller units or lots, while development is the process of improving raw land so that it can be put to productive use.

    True
    False
    True
  20. The largest trade organization in the world is the Real Estate Professiona Society ( REPS)
    False
  21. The scope of a property managers functions encompasses more than just rent collection, maintence, and repair.
    True
  22. The uniform Standards of Professional Appraisal Pratice are standards of practice that must be followed by appraisers but NOT by real estate licensees
    • False
    • Florida law requires appraisers, real estate brokers, and sales associates to abide by the Uniform Standards of Professional Appraisal Practice when conducting appraisals of real property
  23. The tree general categories of residential construction include speculative, custom, and tract.
    True
  24. Appraisers are paid a fee because

    A. to accept compensation based on the appraised value is a conflict of interest

    B. custom dictates the method of compensation

    C. the fee would be too high if it were based on a percentage of property value.

    D. only brokers and sales associates are paid commissions for their services.
    A. to accept compensation based on the appraised value is a conflict of interest
  25. When a developer makes lots available for custom building in a newly developed subdivision, the overall purpose of restrictive covenants is to ensure that custom-built homes will

    A. not conflict with local zoning ordinances

    B. not exceed the minimum square footage requirements

    C. conform to standard building codes

    D. not decrease the value of neighboring properties
    D. not decrease the value of neighboring properties
  26. Which type of construction involves building for a specific buyer to his or her specifications?

    A. Tract homes
    B. Spec homes
    C. Custom homes
    D. Model homes
    C.
  27. Sales associate Harry recently bega working at All Action Realty. all Action is not a member of the local association of Realtors. Can Harry join the association?

    A. Yes, harry can join any association of Realtors as an independent member

    B. no, Harry cannot join the association unless All action Realty joins the association

    C. Yes Harry may join the association, However, Harry cannot use the MLS

    D. Yes, Harry can join the association, but he will be charged a nonmember office surcharge.
    B.
  28. In which way does local government affect real estate?

    A. Property taxes

    B. Documentary stamp taxes on deeds

    C. Mortgage interest rates

    D. all of the above
    A.
  29. Broker mike charges a prospective seller $50 for a comparative market analysis. Which statement applies?

    A. Brokers are not permitted to charge for CMAs

    B. This is permissible, provided Mike does not represent the CMA as an appraisal

    C. Broker Mike must be a state-certified or licensed appraiser to do this

    D. The Cma must be signed by a state-certified or licensed appraiser;
    B.

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