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BOB HOGUE SALES ASSOCIATE EXAM REVIEW EXAM QUESTIONS AND ANSWERS
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BOB HOGUE SALES ASSOCIATE EXAM REVIEW EXAM QUESTIONS AND ANSWERS
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BOB HOGUE SALES ASSOCIATE EXAM REVIEWEXAM QUESTIONS AND ANSWERS
the product that real estate licensees market is - -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 - -title, property taxes,
financing, and local zoning ordinances
-to be successful, licenses must know how to - -market real estate and
businesses
-real estate brokerage - -the business of bringing together buyers and
sellers, owners and renters, and of completing real estate transactions
-5 sales specialties of real estate - -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 - -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 - -farm area
-property management - -professional service conducted by a person or
company hired to maintain and manage property on behalf of the property
owners
-property manager - -the property owners local representative
-rental agents - -typically find a tenant for property and collect a fee
-absentee owner - -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 - -licensed as an active real estate broker
-CAM (community association manager) - -association consists of 10+ units,
or has budget higher than $100,000
, -appraisal - -process of developing and communicating an opinion about a
property's value
-FREAB (florida real estate appraisal board) - -regulates state certified and
licensed appraisers. federally related transaction
-USPAP - -uniform standards of professional appraisal practice
-florida law requires appraisers, real estate brokers, and sales associates to
abide by - -USPAP when conducting appraisals of real property.
-CMA - -comparative market analysis. sellers often ask real estate brokers
and sales associates what buyers are likely to pay for their property's
-BPO - -brokers price opinion. a written opinion of the value of real property
-the money you earn is - -your brokers
-financing - -life blood of real estate. business of providing funds that make
real estate transactions possible.
-counseling - -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 - -land acquisition, subdividing
and development, recording the subdivision plat map
-subdividing - -process of converting parcels of land into smaller units or
lots.
-development - -improving raw land
-subdivision plat map - -developers submit for new development for review
by the gov
-dedication - -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 - -speculative, custom homes, tract
homes
-the local government impacts the real estate business through - -property
taxation and regulatory activities
, -the state government impacts the real estate business - -when ownership
to real property is transferred or pledged as collateral for a mortgage
-the federal government impacts the real estate business through - -fiscal
and monetary policies
-NAR - -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 - -executive branch of floridas government
-florida statute chapter 475 part 1 - -pertains to real estate brokerage, sales
associates, schools
-florida statute chapter 475 part 2 - -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 - -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 - -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 - -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 - -procedural process for all governmental entities
authorized under the florida constitution.
-chapter 61J2 - -FREC (florida real estate commission) rules
-sales associate - -person who performs real estate services for
compensation but who does so under the direction, control, or management
of a broker/owner developer
, -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 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 - -a licensed
sales associate. starts with license as voluntary inactive sales associate
-owner developer - -an unlicensed entity that sells, exchanges, or leases its
own property
-becoming a broker requires - -additional education, experience, and
passing the broker license exam
-license application expires: - -2 years after the date the DBPR receives the
application
-military veteran and spouse waiver - -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 - -a withhold of adjudication must be
disclosed on the application
-background check and expungement - -process by which the record of
criminal conviction is destroyed or sealed after expiration of time.
-when in doubt, always - -disclose
-a florida real estate licensee who moves out of state and becomes a non
florida resident must notify the commission within - -60 days
-licensees must notify FREC with a change of mailing address within - -10
days
-florida resident - -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) - -18
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