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Bob Hogue Real Estate Class Test|521 Complete Questions and Answers
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Bob Hogue Real Estate Class Test|521 Complete Questions and Answers
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Bob Hogue Real Estate Class Test|521 Complete Questions and
Answers
Absentee Owner - -A property holder who does not reside on the property
and who usually relies on a property manager to manage the investment.
-Appraisal - -The process of developing and communicating an estimate of a
property's
-Appraiser - -Appraisers charge a fee based on the time and difficulty of the
appraisal assignment and are not paid commission.
-Broker Price Opinion (BPO) - -A broker's written opinion of the value of a
particular property that may not be used in connection with the originating a
federally related loan; not an appraisal.
-Business Broker - -Real estate licensees who engage in the sale, purchase,
or lease of businesses.
-Business Opportunity - -The sale or lease of an existing business, including
the sale of tangible and intangible assets
-Community Association Manager (CAM) - -must hold a CAM license when
the community association consists of more than 10 units or has an annual
budget in excess of $100,000.
-Comparative Market Analysis (CMA) - -An informal estimate of market
value performed by a real estate licensee for the seller to assist in arriving at
an appropriate listing price, or if working with the buyer, an informal
estimate of market value to assist the buyer in arriving at an appropriate
offering price.
-Delication - -The gift of land by an owner, in this case developer, to a
government body for public use. A valid dedication of land from the owner to
the municipality requires both an offer to dedicate (donate) the land and an
acceptance by the municipality.
-Farm Area - -one specific portion of a city, where a broker and sales
associate are experts in that particular portion
-Follow-Up - -the sales step in which a salesperson follows up after the sale
to ensure customer satisfaction and repeat business
, -Multiple Listing Service (MLS) - -database that allows real estate brokers
representing sellers under a listing contract to share information about
properties with real estate brokers who may represent potential buyers
-Property Management - -The leasing, managing, marketing, and overall
maintenance of property for others.
-Property Manager - -Involves the leasing, managing, marketing, and
maintenance of property
-Real Estate Brokerage - -A part of the real estate business that is
concerned with bringing together buyers and sellers and owners and renters
and completing a real estate transaction.
-REALTOR® - -a real estate licensee who is a member of the National
Association of REALTORS®.
-Rental Agent - -A person who, for a fee, acts as an intermediary between a
person seeking to lease a housing accommodation and a property owner
seeking to acquire a lease for a housing accommodation.
-Target Market - -a specific group of prospects chosen because of its
demographic, financial, and lifestyle characteristics
-Real estate professionals provide expert information in which three areas? -
-1. Knowledge of property transfer
2. Knowledge of market conditions
3. Knowledge of how to market real estate and businesses
-Real estate sales associates involved in sales and leasing specialize in one
of which 5 areas? - -1. Residential
2. Commercial
3. Industrial
4. Agricultural
5. Businesses
-Florida Real Estate Appraisal Board (FREAB) - -Regulates state certified and
licensed appraisers
-Uniform Standards of Professional Appraisal Practice (USPAP) - -States that
it is unethical for an appraiser to accept compensation that is contingent on
the value of the property.
, -Mortgage Loan Originator (MLO) - -Anyone who takes residential mortgage
loan applications or offers to negotiate the terms of residential mortgage
loan applications for compensation must be licensed as an MLO
-What are the three general phases of development and construction: - -1.
Land Acquisition
2. Subdivision and development
3. Recording the subdivision plat map
-Land Acquisitions - -Developers and builders require raw land and then
prepare the site for construction.
-Subdividing - -A separation of the land into smaller parcels
-Development - -The process of improving raw land so that it can be put to
productive use
-Recording the subdivision plat map - -Most local governments require that
developers submit a subdivision plat map of a new development for review
by the planning board.
-What are the three general categories of residential construction: - -1.
Speculative (spec) homes
2. Custom homes
3. Tract homes
-How is the real estate business regulate or influenced by the local
government? - -Impacts the real estate business through property taxation
and regulatory activities such as occupational licensing, business tax
receipts, building permits, building moratoriums, zoning, and building codes
-How is the real estate business regulate or influenced by the state
governments? - -Manages a large amount of land and identifies coastal
regions and other areas that are protected from development. State
documentary and intangible taxes are required when ownership to real
property is transferred or pledged as collateral for a mortgage
-How is the real estate business regulate or influenced by the federal
governments? - -Impacts through physical and monetary policies. HUD, FHA,
EPA, VA
-Broker - -A person who, for another and for compensation or other
consideration (or anticipation of compensation or other consideration),
performs real estate services.
, -Broker Associate - -A person who holds a broker's license but chooses to
register and work in real estate under the direction of another broker.
-Compensation - -Anything of value or a valuable consideration, directly or
indirectly paid, promised, or expected to be paid or received.
-Expungement - -A process by which the record of a criminal conviction is
destroyed or sealed after expiration of time. Expungement is not automatic.
Attorneys charge extra for this process, and applicants should confirm that
the matter no longer apears on ones criminal history.
-Florida resident - -For application and licensing purposes, a person who has
resided in Florida continuously for four calendar months or more within the
preceding year.
-License - -An individual who has qualified for, and been registered as, a
real estate broker, broker associate, or sales associate.
-Mutual recognition agreement - -Recognizes the education and experience
of individuals licensed in another state or nation when the other jurisdiction
has education and experience requirement comparable to Florida
requirements. The agreement applies exclusively to non residents who are
licensed in another jurisdiction. The application requests mutual recognition
on the license application and indicates from which mutual recognition is
requested.
-nolo contendere (no contest) - -A pleading of no contest by a defendant; a
plea in a criminal action not admitting guilt but subjecting the defendant to
punishment as though it were a guilty plea.
-Owner-developer - -An unlicensed entity that sells, exchanges, or leases its
own property.
-Prima Facie Evidence - -Requiring no further proof; acceptable on the face
of.
-real estate services - -Real estate activities involving compensation for
performing the activities for another.
-Reciprocity - -Practice of mutual exchanges of privileges. To qualify for a
reciprocal real estate license, the elidgiable military applicant, spouse, or
surviving spouse must currently hold a valid real estate license issued in
another state, US territory.
-Registration - -Authorization by the state to place an applicant on the
register (record) of officially recognized individuals and businesses.
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