ASREB (Arizona School of Real Estate and Business)
Chapter foundational questions with complete answers
2025/2026
Which service provided by real estate licensees requires the most experience and
knowledge?
a. Property management
b. Counseling
c. Appraising
d. Agricultural sales - correct answer b
An appraiser who is registered, licensed, or certified under F.S. 475, Part II, must be
utilized in which of the following?
a. All appraisals
b. Comparative market analysis (CMA)
c. Broker price opinion (BPO)
d. Valuation in non-federally related transactions - correct answer a
A contractor who builds his or her own lot in the hope of finding a purchaser upon
completion is building on _______. - correct answer spec
One type of a residential sales transaction involves the sale of any improved residential
property of ____ units or less. - correct answer four
The term ____ is a registered trademark of the National Association of REALTORS®
and may be used only by members of the organization. - correct answer REALTOR®
Most real estate licensees are involved in ______ brokerage. - correct answer
residential
Property management has grown as a service of real estate primarily because of an
increase in _______ ________. - correct answer absentee ownership
, The portion of the Federal Financial Institutions Reform, Recovery and Enforcement Act
that requires the use of state-licensed or state-certified appraisers in federally related
transactions is _______. - correct answer Title XI
An estimate of the value of property developed by a real estate licensee for use in listing
or selling property is known as a ______. - correct answer CMA (comparative market
analysis)
Mortgage loan originators are licensed in Florida by the ____ _____ _____ _____
_____. - correct answer Florida Department of Financial Services (FDFS)
The category of construction that applies when a property owner employs a contractor
to build according to their individual specifications is called ____ _____. - correct
answer custom building
After completion of the construction of a subdivision, the streets, sidewalks, and
common areas are frequently conveyed to the city or county in a process called
_______. - correct answer dedication
Appraising is the process of developing an ____ of value. - correct answer opinion
The three areas of expertise real estate licensees bring to the transaction relate to
____, _____, and ____. - correct answer property transfer, marketing, valuation
Valuing a business requires an analysis of ____ _____ and ____ ___. - correct answer
balance sheets and financial statements
The composite value of the real and personal property, plus the intangible assets of a
business, is called _______ ____ _____. - correct answer going concern value
A real estate _____ is a business in which real estate related activities are performed
under the authority of a licensed real estate broker. A sales associate works for the
Chapter foundational questions with complete answers
2025/2026
Which service provided by real estate licensees requires the most experience and
knowledge?
a. Property management
b. Counseling
c. Appraising
d. Agricultural sales - correct answer b
An appraiser who is registered, licensed, or certified under F.S. 475, Part II, must be
utilized in which of the following?
a. All appraisals
b. Comparative market analysis (CMA)
c. Broker price opinion (BPO)
d. Valuation in non-federally related transactions - correct answer a
A contractor who builds his or her own lot in the hope of finding a purchaser upon
completion is building on _______. - correct answer spec
One type of a residential sales transaction involves the sale of any improved residential
property of ____ units or less. - correct answer four
The term ____ is a registered trademark of the National Association of REALTORS®
and may be used only by members of the organization. - correct answer REALTOR®
Most real estate licensees are involved in ______ brokerage. - correct answer
residential
Property management has grown as a service of real estate primarily because of an
increase in _______ ________. - correct answer absentee ownership
, The portion of the Federal Financial Institutions Reform, Recovery and Enforcement Act
that requires the use of state-licensed or state-certified appraisers in federally related
transactions is _______. - correct answer Title XI
An estimate of the value of property developed by a real estate licensee for use in listing
or selling property is known as a ______. - correct answer CMA (comparative market
analysis)
Mortgage loan originators are licensed in Florida by the ____ _____ _____ _____
_____. - correct answer Florida Department of Financial Services (FDFS)
The category of construction that applies when a property owner employs a contractor
to build according to their individual specifications is called ____ _____. - correct
answer custom building
After completion of the construction of a subdivision, the streets, sidewalks, and
common areas are frequently conveyed to the city or county in a process called
_______. - correct answer dedication
Appraising is the process of developing an ____ of value. - correct answer opinion
The three areas of expertise real estate licensees bring to the transaction relate to
____, _____, and ____. - correct answer property transfer, marketing, valuation
Valuing a business requires an analysis of ____ _____ and ____ ___. - correct answer
balance sheets and financial statements
The composite value of the real and personal property, plus the intangible assets of a
business, is called _______ ____ _____. - correct answer going concern value
A real estate _____ is a business in which real estate related activities are performed
under the authority of a licensed real estate broker. A sales associate works for the
