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BOB HOGUE SALES ASSOCIATE EXAM REVIEW QUESTIONS WITH COMPLETE ANSWERS
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BOB HOGUE SALES ASSOCIATE EXAM REVIEW QUESTIONS WITH COMPLETE ANSWERS
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BOB HOGUE SALES ASSOCIATE EXAMREVIEW QUESTIONS WITH COMPLETE
ANSWERS
The product that real estate licensees market is - 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 - answer-title, property taxes, financing, and local
zoning ordinances
To be successful, licenses must know how to - answer-market real estate and
businesses
Real estate brokerage - answer-the business of bringing together buyers and sellers,
owners and renters, and of completing real estate transactions
5 sales specialties of real estate - 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 - 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 - answer-farm area
Property management - answer-professional service conducted by a person or
company hired to maintain and manage property on behalf of the property owners
Property manager - answer-the property owners local representative
Rental agents - answer-typically find a tenant for property and collect a fee
Absentee owner - answer-a property owner who does not reside on the property and
who often relies on a professional property manager to manage the investment
A property manager who is paid by commission or on a transactional basis must be -
answer-licensed as an active real estate broker
,Cam (community association manager) - answer-association consists of 10+ units, or
has budget higher than $100,000
Appraisal - answer-process of developing and communicating an opinion about a
property's value
Freab (florida real estate appraisal board) - answer-regulates state certified and
licensed appraisers. Federally related transaction
Uspap - answer-uniform standards of professional appraisal practice
Florida law requires appraisers, real estate brokers, and sales associates to abide by -
answer-uspap when conducting appraisals of real property.
Cma - answer-comparative market analysis. Sellers often ask real estate brokers and
sales associates what buyers are likely to pay for their property's
Bpo - answer-brokers price opinion. A written opinion of the value of real property
The money you earn is - answer-your brokers
Financing - answer-life blood of real estate. Business of providing funds that make real
estate transactions possible.
Counseling - 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 - answer-land acquisition, subdividing and
development, recording the subdivision plat map
Subdividing - answer-process of converting parcels of land into smaller units or lots.
Development - answer-improving raw land
Subdivision plat map - answer-developers submit for new development for review by the
gov
Dedication - 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 - answer-speculative, custom homes, tract
homes
,The local government impacts the real estate business through - answer-property
taxation and regulatory activities
The state government impacts the real estate business - answer-when ownership to
real property is transferred or pledged as collateral for a mortgage
The federal government impacts the real estate business through - answer-fiscal and
monetary policies
Nar - 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 - answer-executive branch of floridas government
Florida statute chapter 475 part 1 - answer-pertains to real estate brokerage, sales
associates, schools
Florida statute chapter 475 part 2 - 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 - 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 - 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 - 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 - answer-procedural process for all governmental entities authorized
under the florida constitution.
Chapter 61j2 - answer-frec (florida real estate commission) rules
Sales associate - 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 - 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 - 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 - answer-a licensed sales
associate. Starts with license as voluntary inactive sales associate
Owner developer - answer-an unlicensed entity that sells, exchanges, or leases its own
property
Becoming a broker requires - answer-additional education, experience, and passing the
broker license exam
License application expires: - answer-2 years after the date the dbpr receives the
application
Military veteran and spouse waiver - 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 - answer-a withhold of adjudication must be
disclosed on the application
Background check and expungement - answer-process by which the record of criminal
conviction is destroyed or sealed after expiration of time.
When in doubt, always - answer-disclose
A florida real estate licensee who moves out of state and becomes a non florida
resident must notify the commission within - answer-60 days
Licensees must notify frec with a change of mailing address within - answer-10 days
Florida resident - answer-person who has resided in fl continuously for a period of 4
calendar months or more within the preceding year regardless of whether the person
resided in a recreational vehicle, hotel, rental unit, or other temporary/permanent
location
Sales associate applicant must be (age) - answer-18
Applicant who has been disbarred or guilty of offenses is not qualified for a real estate
license unless - answer-passage of time, good conduct and reputation, or other
sufficient reasons cause the commission to believe granting the license will not
endanger the interests and welfare of the general public.
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