BOB HOGUE SALES ASSOCIATE EXAM
REVIEW Questions With Complete
Solutions RatedA+
the product that real estate licensees market is - correct answer...✔✔information
knowledge of property transfer, knowledge of market conditions, knowledge of how to
market real estate or business
a competent licensed real estate professional must know the economic and legal
intricacies associated with transfers of - correct answer...✔✔title, property taxes,
financing, and local zoning ordinances
to be successful, licenses must know how to - correct answer...✔✔market real estate
and businesses
real estate brokerage - correct answer...✔✔the business of bringing together buyers
and sellers, owners and renters, and of completing real estate transactions
5 sales specialties of real estate - correct answer...✔✔residential, commercial,
industrial, agricultural, business
real estate professionals have found that advertising money is more efficiently spent
and produces better outcomes if efforts are focused on a target market - correct
answer...✔✔target marketing involves expertise in locating prospects
many brokers and sales associates prefer to select one specific portion of a city and
become an expert in that particular portion, called - correct answer...✔✔farm area
property management - correct answer...✔✔professional service conducted by a
person or company hired to maintain and manage property on behalf of the property
owners
property manager - correct answer...✔✔the property owners local representative
rental agents - correct answer...✔✔typically find a tenant for property and collect a fee
absentee owner - correct answer...✔✔a property owner who does not reside on the
property and who often relies on a professional property manager to manage the
investment
AGRADESOLUTIONS
,a property manager who is paid by commission or on a transactional basis must be -
correct answer...✔✔licensed as an active real estate broker
CAM (community association manager) - correct answer...✔✔association consists of
10+ units, or has budget higher than $100,000
appraisal - correct answer...✔✔process of developing and communicating an opinion
about a property's value
FREAB (florida real estate appraisal board) - correct answer...✔✔regulates state
certified and licensed appraisers. federally related transaction
USPAP - correct answer...✔✔uniform standards of professional appraisal practice
florida law requires appraisers, real estate brokers, and sales associates to abide by -
correct answer...✔✔USPAP when conducting appraisals of real property.
CMA - correct answer...✔✔comparative market analysis. sellers often ask real estate
brokers and sales associates what buyers are likely to pay for their property's
BPO - correct answer...✔✔brokers price opinion. a written opinion of the value of real
property
the money you earn is - correct answer...✔✔your brokers
financing - correct answer...✔✔life blood of real estate. business of providing funds that
make real estate transactions possible.
counseling - correct answer...✔✔service of analyzing existing or potential projects and
providing advice to individuals and firms regarding the purchase and use of real estate
investments
3 phases of development and construction - correct answer...✔✔land acquisition,
subdividing and development, recording the subdivision plat map
subdividing - correct answer...✔✔process of converting parcels of land into smaller
units or lots.
development - correct answer...✔✔improving raw land
subdivision plat map - correct answer...✔✔developers submit for new development for
review by the gov
AGRADESOLUTIONS
,dedication - correct answer...✔✔gift of land by an owner. involves streets, sidewalks,
park areas, and other improvements. streets and public areas obligates the local
government to maintain them.
3 categories of residential construction - correct answer...✔✔speculative, custom
homes, tract homes
the local government impacts the real estate business through - correct answer...✔✔
property taxation and regulatory activities
the state government impacts the real estate business - correct answer...✔✔when
ownership to real property is transferred or pledged as collateral for a mortgage
the federal government impacts the real estate business through - correct answer...✔✔
fiscal and monetary policies
NAR - correct answer...✔✔national association of realtors. largest trade organization in
the world. promotes ethics and education in the industry. NAR realtors must complete 3
hours of training every 4 years
florida statute 20 - correct answer...✔✔executive branch of floridas government
florida statute chapter 475 part 1 - correct answer...✔✔pertains to real estate
brokerage, sales associates, schools
florida statute chapter 475 part 2 - correct answer...✔✔pertains to real estate
appraisers and sets forth requirements for licensed and certified appraisers according to
federal statute. FREAB (florida real estate appraisal board) regulates state certified,
licensed and registered trainee appraisers
florida statute chapter 475 part 3 - correct answer...✔✔commercial real estate sales
commision lien act gives broker lien rights for earned commission. applies to
commercial property, NOT residential. Lien is only against the onwers new proceeds
from the sale and does not attach to the commercial real property.
florida statute chapter 475 part 4 - correct answer...✔✔the commercial real estate
leasing commission lien act, gives broker lien rights for earned commission associated
with brokerage agreement to lease commercial real estate
chapter 455 - correct answer...✔✔professions regulated by DBPR (dept business and
professional regulation). discipline a real estate licensee who failed to notify DBPR
within 30 days of conviction, finding of guilt, plea, or adjudication of a crime
florida statute 120 - correct answer...✔✔procedural process for all governmental
entities authorized under the florida constitution.
AGRADESOLUTIONS
, chapter 61J2 - correct answer...✔✔FREC (florida real estate commission) rules
sales associate - correct answer...✔✔person who performs real estate services for
compensation but who does so under the direction, control, or management of a
broker/owner developer
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 brokers license but
chooses to register and work in real estate under the direction of another broker.
an individual typically begins a real estate career in Florida as - correct answer...✔✔a
licensed sales associate. starts with license as voluntary inactive sales associate
owner developer - correct answer...✔✔an unlicensed entity that sells, exchanges, or
leases its own property
becoming a broker requires - correct answer...✔✔additional education, experience,
and passing the broker license exam
license application expires: - correct answer...✔✔2 years after the date the DBPR
receives the application
military veteran and spouse waiver - correct answer...✔✔DBPR has the authority to
waive the initial application, license, and unlicensed activity fees for military vets and
their spouses who apply for a real estate license within 60 months after honorable
discharge
background check of criminal history - correct answer...✔✔a withhold of adjudication
must be disclosed on the application
background check and expungement - correct answer...✔✔process by which the
record of criminal conviction is destroyed or sealed after expiration of time.
when in doubt, always - correct answer...✔✔disclose
a florida real estate licensee who moves out of state and becomes a non florida resident
must notify the commission within - correct answer...✔✔60 days
licensees must notify FREC with a change of mailing address within - correct answer...
✔✔10 days
AGRADESOLUTIONS
