greatest level of knowledge and experience?

Chapter 1 - The Real Estate Business Flashcards Which real estate professional is expected to have the greatest level of knowledge and experience?A real estate counselor Which action can a real estate licensee take to gain access to the mls and become a member of both the far and the near?Join a local association of realtors A real estate appraiser's fee for professional service is based on which of the following?The time and difficulty of the appraisal Which of the following best describes the real estate brokerage business?Service business Which of the following assignaments would be acceptable for a FL real estate licensee who does not represent themselves as an appraiser and follows the uspap An assignment to give an estimate of value for an attorney in a divorce What is a comparative market analysis?A value estimated based on recent sales of similar properties in the same neighborhood.If the sale of a business involves the transfer of ownership of shares of stock, what additional requirement is empower?The real state licensee would be requieres to also have securities licenses The federal, state, and local governments all play a role in the regulation of real estate. In which of the following areas would the local government have the most impact Property taxes, building moratoriums and zoning What does the designation of realtor signify? The designation identifies the real estate professional as a member of the NAR You would expect a real estate licensee to perform all of

the following activities:

• Provide expert knowledge to members of the public in

the performance of specified services of real estate. 2.Follow up with customers and clients after a transaction has been completed. 3. Acting as an intermediary or agent between two or more people in the negotiation of the sale, purchase, or lease of real estate.Responsibilities of a property manager include: 1. Protecting the owners investment and maximizing the profitability of the investment 2. Handling the payment of taxes, insurance, and operating expenses for the property

• Locating tenants, collecting rent, maintaining records,

and scheduling.Which service provided by real estate licensee requieres the most experience?Counseling A developer acquires a large area of land where they build and markets model homes in a new neighborhood. This is an example of Tract building MLOsHave a separate license What does the term "farm area" refer to? A specific geographic area or type of property that is a licensee's specialization

The ownership of streets and sidewalks is typically conveyed by a developer to the city or county upon completion of a subdivision. What is this called?Dedication State level government factors that impact the real estate industry

1. DRI 2. DEP 3. DEO

These are considered commercial properties: 1. A shopping center 2. An office with tenants 3. A high rise building in downtown (improved property with 4- units is considered residential) Which type of valuation must be performed in accordance with the Uniform Standards of Professional App Appraisals in a federally related transaction What does The term "farming" refer to in real estate?Specializing in one geographic area Many real estate licensees engage in "farming". Which best describes what that means?Concentrate on one type of property or in a particular neighborhood.Mortgage loan originators1. Arrange loans between lenders and borrowers 2. They must be licensed by the Florida department of financial services 3.they are and important resource for obtaining funds for real estate purchase Roles of local government that affect real estate industry1. Building and health codes and regulations 2. Property taxation 3. Building moratorium, planning, and zoning An appraiser who is registere, licensed, or certified under FS 471 part 2 must be utilized in which of the following All appraisals A home that is built by a contractor before a buyer for the

home has been secured is an example of:

Speculative building The real estate market is local in nature. What does this mean?Information about real estate can be best found through local sources.Custom buildingA home that is built by a contractor according to the buyers specification Monetary policy and legislation that affects lending institutions are examples of government influence on the real estate industry at what level?Federal A developer contracts to build a home according to the buyer's specifications. This is an example of which type of building?Custom On what is an appraisal fee based?Time, effort and expense involved in conducting the appraisal What is a realtor?A member of the national association of realtors What is the purpose of the National Association of RealtorsPreserve the right of individual to own real property through an exchange of information Which best define appraising?The process of developing an opinion of the value of real property A real estate licensee is expected to have expert knowledge in what three areas?

• Valuation 2. Marketing 3. Property transfer

True statement about InsuranceTo sell insurance a person must have a separate insurance license

Which insurance policies can a real estate licensee offer to the public without additional state licensing?None According to F.S. 475 all of the following are considered residential transactions

• Sale of a lot that is zoned for a single family home 2. A

lease of a unit in a duplex with an option to purchase the unit 3. Thesaurus of 8 acre strawberry field Responsibilities of a property manager1. Collecting rent 2. Overseeing maintenance 3.renting property for an absentee owner Which of the following best describes licensees who are involved in business brokerage They must be able to analyze financial statements and understand balance sheets Real estate licenses are required to be knowledgeable in all of the following areas Marketing, valuation, property transfer When a developer completes construction of a new subdivision, all streets, electric, water, and sewer installation are finished and deeded to the city or county.What is this process called?Dedication What is the nation's largest trade and professional association in the field of real estate?The national association of realtors