New RES Chapter 1 Questions and Correct Answers the Latest Update
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Course
RES
Institution
RES
real estate brokerage
business is a business that brings interested parties together to sell, lease, rent or
exchange real property.
broker
acts as an agent or intermediary between two or more people in the negotiation of the
sale, purchase, exchange, or rental of real estate
A sales asso...
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New RES Chapter 1 Questions and Correct
Answers the Latest Update
real estate brokerage
✓ business is a business that brings interested parties together to sell, lease, rent or
exchange real property.
broker
✓ acts as an agent or intermediary between two or more people in the negotiation of the
sale, purchase, exchange, or rental of real estate
A sales associate
✓ (aka Sale Person) works for the broker, providing the services determined by the broker
to prospective buyers, sellers, renters, in a contract to close the real estate deal
Farming
✓ Real estate professionals often specialize in one particular geographic area or property
type
Farm Area
✓ is a geographic area or a specific type of residential property where the associate collects
data and education of that particular area of type of property
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✓ 1. Residential Property
✓ 2. Commercial Property
✓ 3. Industrial Property
✓ 4. Agricultural Property
✓ 5. Business Opportunity
✓ 6. Special Purpose Property
1. Residential property
✓ in Florida is described as any property where a single family may own or reside.
Residential property is defined as single family dwelling, a duplex, a triplex (3 units) or a
quadplex 94 units). It included a vacant land that has been zoned or reserved for 4 units
or less. Residential property also includes units/homes in a condominium, a cooperative,
or a Homeowner's Association utilized for year round or vacation living (also called first
and second homes).
Farm/Agriculture
✓ residential is a family home on less than 10 acres of land.
2. Commercial property
✓ is income producing property such as retail center or an apartment complex of more than
four units. It can also include residences purchased as investments for the purpose of
renting. The real estate professional must be able to convey to their clients and customers
information about how to produce income, maintain the property for tenants or the
owner, and create cash flow to meet the needs of the investor or owner.
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✓ usually consist of manufacturing or distribution facilities such as factory or warehouse. This
involves sites in industrial parks or subdivisions, redeveloped industrial parcels in central
area and undeveloped industrial acreage. An industrial property expert would understand
the transportation needs for the distribution of any goods produced or distributed by that
facility.
4. Agriculture property
✓ is farm or ranch land of more than 10 acres. Agricultural property requires the owner to
file with the state, annually the use of the property for agriculture as taxes applied to
these properties are discounted significally in order to encourage the production of
necessary foods and natural products of consumers.
5. Business Opportunity
✓ consist of an investor purchasing an income producing business. The purchase may include
real estate (property) along with the business or just the business entity and trade fixtures
within a leased space. Knowledge of business practices, specific business loans,
accounting, and the characteristics of valuation as they apply to the business are
necessary.
6. Special Purpose Property
✓ examples would include schools, churches, nursing homes, post offices and hospitals. Many
of these are properties which required re-purposing or a knowledge of the consumer's
desires in order to sell these one-of-a-kind types of property. Each zoning district will look
at the combination of land and improvements with high and best use in mind.
Real Estate Sales Specialties (niches, sub-specialties)
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✓ new construction, luxury property, land & development, (farms, ranches, or equestrian
properties less than 10 acres), green real estate
absentee owner
✓ person who owns but does not reside in the property. Absentee owner management does
not require a license unless the absentee manager arranges for maintenance or repairs on
a property on behalf of the owner.
Property managers
✓ for landlords are license Florida real estate brokers who, under law perform duties and
services on behalf of the owner/landlord.
Property Management Agreement
✓ a property manager defined as one who preserves the value of an investment (by an
owner) while generating income as an agent for the owner. They must be under the
direction and guidance of a real estate broker. (Include functions as budget expenses for
the property, evaluate the rental market, etc listed all in the agreement)
Fiduciary
✓ means a person having duty to act primarily for another's benefit. It involves duties such
as goof faith, trust, special confidence and candor. It is is only a fiduciary relationship
when who you are working for is a Client and not a customer.
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