Florida Mutual Recognition UPDATED ACTUAL Questions And Correct
Answers
C
Terms in this set (584)
farming concentration on one style or type of property or on one particular
neighborhood
farm area / target market The area in which a real estate professional concentrates their efforts.
Comparative market analysis (CMA) A value estimate based on recent sales of similar properties in the same
neighborhood
Broker price opinion (BPO) The recommended selling price of a property as determined by a real estate
licensee or other qualified individual. More detailed than a CMA, but still not an
appraisal. Often requested by lenders.
valuation, marketing, and property transfer 3 areas of expertise of a real estate pro
sale (or lease with option to purchase) of: What qualifies as a residential transaction in Florida?
-any improved residential property of 4 units or fewer
-unimproved property intended for 4 or fewer units
-agriculture property of 10 acres or less, and
-dispositions of business interests involving property with
4 or fewer residential units
Knowledge required of commercial licensee analyzing past/future income of investment property (apartments, office
buildings, shopping centers), tax laws re income earned from commercial
property, tax consequences of buying/selling investment property
Knowledge required of industrial licensee government regulations of land use, environmental considerations, transportation,
labor costs, & utility charges
Knowledge required of agricultural licensee analyze current protability, estimate potential profits
, Knowledge required of business opportunity licensee analyzing financial statements and blaance sheets to estimate value of a business.
Also if the transfer involves transfer of stock shares, licensee must have a
securities license
Going concern value The worth of a business, including real estate, income, assets, goodwill, and
earning capacity.
Absentee owner A property holder who does not reside on the property and who usually relies on
a property manager to supervise the investment.
Property manager responsibilties locate tenants, collect rent, handle tax payments, insurance, and other operations
expenses; maintain records, and schedule maintenance
1- manager receives compensation for certain When is a CAM license required?
management services
2- the assn served contains more than 10 units or an
annual budget of $100K+
Real estate counseling analyzing existing or potential projects and providing expert advice based on
personal judgement. Requires the most knowledge and experience of any real
estate profession
appraising the process of developing an opinion of value on real property, with an
independent, impartial, and objective analysis based on research and data
pertaining to the value of the specified real property.
Financial Institutions Reform, Recovery, and Enforcement Legislation passed by Congress in the '80s to correct instability in financial
Act (FIRREA) institutions. Title XI of this Act addresses appraisals.
Uniform Standards of Professional Appraisal Practice A standardized method by which all appraisals should be prepared and reported.
(USPAP)
Mortgage lender The lender that provides funds for loans secured by real estate. Lenders also
manage and review the credit and financial information, the property, and the
loan application process.
Mortgage loan originator individuals or businesses that arrange loans between lenders and borrowers; they
do not make loans; they must have a separate license issued by the Florida
Department of Financial Services (FDFS)
1. Land acquisition 3 phases of development and construction
2. subdividing and development
3. recording the subdivision plat map (plat has to be
made part of the public record before building permits
can be issued)
custom building When a contractor is employed to build a structure according to the customer's
specifications
speculative building when a contractor builds a structure before securing a buyer with the hope of
selling the finished structure.
Answers
C
Terms in this set (584)
farming concentration on one style or type of property or on one particular
neighborhood
farm area / target market The area in which a real estate professional concentrates their efforts.
Comparative market analysis (CMA) A value estimate based on recent sales of similar properties in the same
neighborhood
Broker price opinion (BPO) The recommended selling price of a property as determined by a real estate
licensee or other qualified individual. More detailed than a CMA, but still not an
appraisal. Often requested by lenders.
valuation, marketing, and property transfer 3 areas of expertise of a real estate pro
sale (or lease with option to purchase) of: What qualifies as a residential transaction in Florida?
-any improved residential property of 4 units or fewer
-unimproved property intended for 4 or fewer units
-agriculture property of 10 acres or less, and
-dispositions of business interests involving property with
4 or fewer residential units
Knowledge required of commercial licensee analyzing past/future income of investment property (apartments, office
buildings, shopping centers), tax laws re income earned from commercial
property, tax consequences of buying/selling investment property
Knowledge required of industrial licensee government regulations of land use, environmental considerations, transportation,
labor costs, & utility charges
Knowledge required of agricultural licensee analyze current protability, estimate potential profits
, Knowledge required of business opportunity licensee analyzing financial statements and blaance sheets to estimate value of a business.
Also if the transfer involves transfer of stock shares, licensee must have a
securities license
Going concern value The worth of a business, including real estate, income, assets, goodwill, and
earning capacity.
Absentee owner A property holder who does not reside on the property and who usually relies on
a property manager to supervise the investment.
Property manager responsibilties locate tenants, collect rent, handle tax payments, insurance, and other operations
expenses; maintain records, and schedule maintenance
1- manager receives compensation for certain When is a CAM license required?
management services
2- the assn served contains more than 10 units or an
annual budget of $100K+
Real estate counseling analyzing existing or potential projects and providing expert advice based on
personal judgement. Requires the most knowledge and experience of any real
estate profession
appraising the process of developing an opinion of value on real property, with an
independent, impartial, and objective analysis based on research and data
pertaining to the value of the specified real property.
Financial Institutions Reform, Recovery, and Enforcement Legislation passed by Congress in the '80s to correct instability in financial
Act (FIRREA) institutions. Title XI of this Act addresses appraisals.
Uniform Standards of Professional Appraisal Practice A standardized method by which all appraisals should be prepared and reported.
(USPAP)
Mortgage lender The lender that provides funds for loans secured by real estate. Lenders also
manage and review the credit and financial information, the property, and the
loan application process.
Mortgage loan originator individuals or businesses that arrange loans between lenders and borrowers; they
do not make loans; they must have a separate license issued by the Florida
Department of Financial Services (FDFS)
1. Land acquisition 3 phases of development and construction
2. subdividing and development
3. recording the subdivision plat map (plat has to be
made part of the public record before building permits
can be issued)
custom building When a contractor is employed to build a structure according to the customer's
specifications
speculative building when a contractor builds a structure before securing a buyer with the hope of
selling the finished structure.
