Exam (elaborations)
Bob Hogue Real Estate Class Test QUESTIONS & ANSWERS SOLVED 100% CORRECT!!
- Course
- Institution
Bob Hogue Real Estate Class Test QUESTIONS & ANSWERS SOLVED 100% CORRECT!!
[Show more]
Content preview
Bob Hogue Real Estate Class TestQUESTIONS & ANSWERS SOLVED 100%
CORRECT!!
Absentee Owner - ANS-A property holder who does not reside on the property and who
b b b b b b b b b b b b b b
usually relies on a property manager to manage the investment.
b b b b b b b b b b
Appraisal - ANS-The process of developing and communicating an estimate of a
b b b b b b b b b b b
property's
b
Appraiser - ANS-Appraisers charge a fee based on the time and difficulty of the
b b b b b b b b b b b b b
appraisal assignment and are not paid commission.
b b b b b b b
Broker Price Opinion (BPO) - ANS-A broker's written opinion of the value of a particular
b b b b b b b b b b b b b b
property that may not be used in connection with the originating a federally related loan;
b b b b b b b b b b b b b b b
not an appraisal.
b b b
Business Broker - ANS-Real estate licensees who engage in the sale, purchase, or
b b b b b b b b b b b b
lease of businesses.
b b b
Business Opportunity - ANS-The sale or lease of an existing business, including the
b b b b b b b b b b b b
sale of tangible and intangible assets
b b b b b b
Community Association Manager (CAM) - ANS-must hold a CAM license when the
b b b b b b b b b b b
community association consists of more than 10 units or has an annual budget in
b b b b b b b b b b b b b b
excess of $100,000.
b b b
Comparative Market Analysis (CMA) - ANS-An informal estimate of market value
b b b b b b b b b b
performed by a real estate licensee for the seller to assist in arriving at an appropriate
b b b b b b b b b b b b b b b b
listing price, or if working with the buyer, an informal estimate of market value to assist
b b b b b b b b b b b b b b b b
the buyer in arriving at an appropriate offering price.
b b b b b b b b b
Delication - ANS-The gift of land by an owner, in this case developer, to a government
b b b b b b b b b b b b b b b
body for public use. A valid dedication of land from the owner to the municipality
b b b b b b b b b b b b b b b
requires both an offer to dedicate (donate) the land and an acceptance by the
b b b b b b b b b b b b b b
municipality.
b
,Farm Area - ANS-one specific portion of a city, where a broker and sales associate are
b b b b b b b b b b b b b b b
experts in that particular portion
b b b b b
Follow-Up - ANS-the sales step in which a salesperson follows up after the sale to
b b b b b b b b b b b b b b
ensure customer satisfaction and repeat business
b b b b b b
Multiple Listing Service (MLS) - ANS-database that allows real estate brokers
b b b b b b b b b b
representing sellers under a listing contract to share information about properties with
b b b b b b b b b b b b
real estate brokers who may represent potential buyers
b b b b b b b b
Property Management - ANS-The leasing, managing, marketing, and overall
b b b b b b b b
maintenance of property for others.
b b b b b
Property Manager - ANS-Involves the leasing, managing, marketing, and maintenance
b b b b b b b b b
of property
b b
Real Estate Brokerage - ANS-A part of the real estate business that is concerned with
b b b b b b b b b b b b b b
bringing together buyers and sellers and owners and renters and completing a real
b b b b b b b b b b b b b
estate transaction.
b b
REALTOR® - ANS-a real estate licensee who is a member of the National Association
b b b b b b b b b b b b b
of REALTORS®.
b b
Rental Agent - ANS-A person who, for a fee, acts as an intermediary between a person
b b b b b b b b b b b b b b b
seeking to lease a housing accommodation and a property owner seeking to acquire a
b b b b b b b b b b b b b b
lease for a housing accommodation.
b b b b b
Target Market - ANS-a specific group of prospects chosen because of its demographic,
b b b b b b b b b b b b
financial, and lifestyle characteristics
b b b b
Real estate professionals provide expert information in which three areas? - ANS-1.
b b b b b b b b b b b
Knowledge of property transfer
b b b b
2. Knowledge of market conditions
b b b b
3. Knowledge of how to market real estate and businesses
b b b b b b b b b
Real estate sales associates involved in sales and leasing specialize in one of which 5
b b b b b b b b b b b b b b
areas? - ANS-1. Residential
b b b b
2. Commercial
b
3. Industrial
b
4. Agricultural
b
5. Businesses
b
Florida Real Estate Appraisal Board (FREAB) - ANS-Regulates state certified and
b b b b b b b b b b
licensed appraisers
b b
,Uniform Standards of Professional Appraisal Practice (USPAP) - ANS-States that it is
b b b b b b b b b b b
unethical for an appraiser to accept compensation that is contingent on the value of the
b b b b b b b b b b b b b b b
property.
b
Mortgage Loan Originator (MLO) - ANS-Anyone who takes residential mortgage loan
b b b b b b b b b b
applications or offers to negotiate the terms of residential mortgage loan applications
b b b b b b b b b b b b
for compensation must be licensed as an MLO
b b b b b b b b
What are the three general phases of development and construction: - ANS-1. Land
b b b b b b b b b b b b
Acquisition
b
2. Subdivision and development
b b b
3. Recording the subdivision plat map
b b b b b
Land Acquisitions - ANS-Developers and builders require raw land and then prepare the
b b b b b b b b b b b b
site for construction.
b b b
Subdividing - ANS-A separation of the land into smaller parcels
b b b b b b b b b
Development - ANS-The process of improving raw land so that it can be put to
b b b b b b b b b b b b b b
productive use
b b
Recording the subdivision plat map - ANS-Most local governments require that
b b b b b b b b b b
developers submit a subdivision plat map of a new development for review by the
b b b b b b b b b b b b b b
planning board.
b b
What are the three general categories of residential construction: - ANS-1. Speculative
b b b b b b b b b b b
(spec) homes
b b
2. Custom homes
b b
3. Tract homes
b b
How is the real estate business regulate or influenced by the local government? - ANS-
b b b b b b b b b b b b b b
Impacts the real estate business through property taxation and regulatory activities such
b b b b b b b b b b b
bas occupational licensing, business tax receipts, building permits, building moratoriums,
b b b b b b b b b
bzoning, and building codes b b b
How is the real estate business regulate or influenced by the state governments? -
b b b b b b b b b b b b b
ANS-Manages a large amount of land and identifies coastal regions and other areas
b b b b b b b b b b b b b
that are protected from development. State documentary and intangible taxes are
b b b b b b b b b b b
required when ownership to real property is transferred or pledged as collateral for a
b b b b b b b b b b b b b b
mortgage
b
How is the real estate business regulate or influenced by the federal governments? -
b b b b b b b b b b b b b
ANS-Impacts through physical and monetary policies. HUD, FHA, EPA, VA
b b b b b b b b b b
Broker - ANS-A person who, for another and for compensation or other consideration
b b b b b b b b b b b b
(or anticipation of compensation or other consideration), performs real estate services.
b b b b b b b b b b b
, Broker Associate - ANS-A person who holds a broker's license but chooses to register
b b b b b b b b b b b b b
and work in real estate under the direction of another broker.
b b b b b b b b b b b
Compensation - ANS-Anything of value or a valuable consideration, directly or indirectly
b b b b b b b b b b b
paid, promised, or expected to be paid or received.
b b b b b b b b b
Expungement - ANS-A process by which the record of a criminal conviction is destroyed
b b b b b b b b b b b b b
or sealed after expiration of time. Expungement is not automatic. Attorneys charge
b b b b b b b b b b b b
extra for this process, and applicants should confirm that the matter no longer apears
b b b b b b b b b b b b b b
on ones criminal history.
b b b b
Florida resident - ANS-For application and licensing purposes, a person who has
b b b b b b b b b b b
resided in Florida continuously for four calendar months or more within the preceding
b b b b b b b b b b b b b
year.
b
License - ANS-An individual who has qualified for, and been registered as, a real estate
b b b b b b b b b b b b b b
broker, broker associate, or sales associate.
b b b b b b
Mutual recognition agreement - ANS-Recognizes the education and experience of
b b b b b b b b b
individuals licensed in another state or nation when the other jurisdiction has education
b b b b b b b b b b b b b
and experience requirement comparable to Florida requirements. The agreement
b b b b b b b b b
applies exclusively to non residents who are licensed in another jurisdiction. The
b b b b b b b b b b b b
application requests mutual recognition on the license application and indicates from
b b b b b b b b b b b
which mutual recognition is requested.
b b b b b
nolo contendere (no contest) - ANS-A pleading of no contest by a defendant; a plea in a
b b b b b b b b b b b b b b b b
criminal action not admitting guilt but subjecting the defendant to punishment as though
b b b b b b b b b b b b b
it were a guilty plea.
b b b b b
Owner-developer - ANS-An unlicensed entity that sells, exchanges, or leases its own b b b b b b b b b b b
property.
b
Prima Facie Evidence - ANS-Requiring no further proof; acceptable on the face of.
b b b b b b b b b b b b
real estate services - ANS-Real estate activities involving compensation for performing
b b b b b b b b b b
bthe activities for another.
b b b
Reciprocity - ANS-Practice of mutual exchanges of privileges. To qualify for a reciprocal
b b b b b b b b b b b b
real estate license, the elidgiable military applicant, spouse, or surviving spouse must
b b b b b b b b b b b b
currently hold a valid real estate license issued in another state, US territory.
b b b b b b b b b b b b b
Registration - ANS-Authorization by the state to place an applicant on the register
b b b b b b b b b b b b
(record) of officially recognized individuals and businesses.
b b b b b b b
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Prose1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75619 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now