©THEBRIGHT EXAM STUDY SOLUTIONS 8/26/2024 11:32 AM
Unit 1 Bob Hogue Real Estate Exam
Questions With Correct Answers
Complex real estate transactions - answer✔✔Demand the services of licensed real estate
associates, appraisers, attorneys, bankers, title insurance agents, architects, surveyors, and
accountants
Residential real estate v. Commercial real estate - answer✔✔Residential: often the greatest
source of wealth and savings for individuals
Commercial: addresses the need for retail, office, and manufacturing space
The product that a real estate sales associate must market is _________ ________. -
answer✔✔Expert Information
The three areas of expertise real estate licensees bring to the transaction relate to
______________, ______________, and ______________ ______________. - answer✔✔1.
Knowledge of *Property Transfer*
2. Knowledge of *Market Conditions*
3. Knowledge of *How to market real estate and businesses*.
Property Transfer - answer✔✔transfers of title, property taxes, financing, and local zoning
ordinances.
Marketing Conditions - answer✔✔Changes in ______________ ______________ are due to
changes in income tax laws, building moratoriums, and fluctuations in supply and demand.
How to market real estate and businesses - answer✔✔*Sale presentation* that is *most
effective* when working with a physician relocating to a new city may be completely different
from the approach used to assist the owner of an expanding gourmet coffee bar in choosing an
additional location.
Real Estate Brokerage - answer✔✔business of bringing together buyers & sellers, owners &
renters, & completing real estate transactions.
, ©THEBRIGHT EXAM STUDY SOLUTIONS 8/26/2024 11:32 AM
Five (5) Components of real estate brokerage - answer✔✔1. sales and leasing, 2. property
management, 3. appraising, 4. financing, and 5. counseling.
Sales and Leasing - answer✔✔The broker act as an agent or an intermediary between two or
more people in the *negotiation* of the *sale, purchase, or rental of real estate*.
Five (5) major sales specialties - answer✔✔1. Residential, 2. Commercial, 3. Industrial, 4.
Agricultural and 5. Businesses
1. Residential - answer✔✔Best access routes and locations of schools, shopping facilities, and
recreation facilities. They must be able to *explain property taxes, homestead exemptions,
restrictive covenants*, and approximate utility costs in the area.
*Restrictive covenants* are binding legal obligations written into the deed of a property contract,
usually by the seller. These covenants can be either simple or complex and can *levy penalties
against buyers who fail to obey them*.
2. Commercial - answer✔✔Need expertise regarding Income-producing properties, investment
analysis, and the various techniques for increasing after-tax cash flow.
Examples of income-producing commercial properties: - answer✔✔Improved residential
property of more than four units, retail stores, office buildings, and shopping centers.
3. Industrial - answer✔✔technical knowledge of the needs of different industries, such as
*transportation requirements, industrial construction methods, and local land-use restrictions*
affecting industrial properties.
4. Agricultural - answer✔✔Must be familiar with operation of farms and the *economic
problems associated* with the various types of farming. Real estate licensees who specialize in
agricultural real estate are knowledgeable about *farm operations* and the *federal programs*
affecting farm operations.
5. Businesses - answer✔✔Involves the sale or lease of an existing business, including the sale of
tangible and intangible assets.
Business brokers - answer✔✔Real estate licensees who engage in the sale, purchase, or lease of
businesses.
There is a presumption in Florida law that businesses will have some sort of real property
involved, either land with physical improvements (such as a building) or a long-term lease. For
this reason, - answer✔✔In Florida, an active current real estate license is required to sell or lease
business opportunities.
