Aceable Agent FL Section 1 Questions and
Answers Updated 2026/2027 Version |
Verified Answers
1. Federal government regulates: - ANSWER Broad issues: Gen. land
usage, Discrimination, monetary and fiscal practices, natural disaster
reaction
HUD, FHA, VA, EPA, IRS
2. State government regulates: - ANSWER Environmental control of flood
zones, waste disposal, coastal regions, recording of property conveyance and
property pledged as collateral
3. Local government regulates: - ANSWER Land use control, taxation,
zoning, occupational licensing, permits,
4. NAR - ANSWER The National Association of Realtors. Only licensees
who are members of local real estate boards are entitled to use the trademark
name "REALTOR". Code of Ethics
5. MLS - ANSWER Multiple listing service - a 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
6. NAR Code of Ethics - ANSWER Treat all parties fairly and honestly.
Mission: "Golden Rule" Competency, Fairness, Integrity.
Preamble + 17 articles. 1-9 duties to customers, 10 - 14 duties to public, 15 -
17 duties to Realtors
7. Seller's Market - ANSWER Few houses; lots of buyers. Buyer unlikely to
get closing costs paid by seller or any bargains.
8. Buyer's Market - ANSWER Many houses; few buyers. Prices more
negotiable.
9. Real estate brokerage - ANSWER business of bringing together buyers &
sellers, owners & renters, & completing real estate transactions
10. Property types - ANSWER Residential, commercial, industrial,
agricultural, business
11. Commercial Real Estate - ANSWER generate revenue for owners;
Offices, retail, gas stations, entertainment, restaurants
12. NAR Code of Ethics and Standards of Practice - ANSWER Article
clarification (not all). Gives an example of how article has been applied
13. Property Manager responsibility - ANSWER to realize the highest return
possible on the owner's investment; Landlord, Marketing, relationships
(tenants), rent collection
14. Absentee owner - ANSWER A property holder who does not reside on
the property
15. Community Association Manager - ANSWER acts on behalf of a broker
to manage one or more community associations: mobile home parks,
planned unit developments, HOAs, cooperatives, timeshares, condominiums.
Must have a CAM license if 11 units & budget $100,000; no license for
apartments, commercial property or single-family units.
16. Appraisals - ANSWER official valuation of a property's value: impartial,
specific property & date, supported by market information
17. Appraiser - ANSWER FL does NOT require licensure. Real estate
licensee may appraise unless falderal-related transactions (loans); licensed
(education, experience, & exam) required for federal transactions
18. Uniform Standards of Professional Appraisal Practice (USPAP) - ANSWER
Must be followed by person, licensed or not, providing an appraisal.
Agency charged with regulation/ethical code
19. Comparative/Competative Market Analysis (CMA) - ANSWER Also
called the market comparison approach, a method of valuing a property
abased on the prices of recent sales of similar properties.
If charge a fee, must be paid to broker.
20. Broker's Price Opinion (BPO)/Broker's Opinion of Value (BOV) -
ANSWER broker's opinion of a piece of real property, given in writing.
Estimation of property value may be shorter/less formal than CMA. More in
commercial real estate than residential. Used in foreclosure (cheaper).
Sale associates may perform for compensation under supervision of broker
& compensation given to broker.
21. Mortgage Loan Originator (MLO) - ANSWER Institution or individual
that takes borrower through the process. MLO License needed.
22. Industrial Real Estate - ANSWER investment properties with highly
specialized needs; manufacturing, distribution, warehouses, storage,
research, data centers
23. Business Real Estate - ANSWER Buying and selling of a business; usu
connected to a property. Tangible & intangible assets
24. Special-Purpose Real Estate - ANSWER special, limited purpose
property: churches, school, recreational facilities, cemeteries, government
held land
25. Target Marketing: Farming - ANSWER a specific area chosen to
specialize and become an expert in
26. Ethics - ANSWER dictate what is considered acceptable at a higher level
Content preview
Aceable Agent FL Section 1 Questions and
Answers Updated 2026/2027 Version |
Verified Answers
1. Federal government regulates: - ANSWER ✅ Broad issues: Gen. land
usage, Discrimination, monetary and fiscal practices, natural disaster
reaction
HUD, FHA, VA, EPA, IRS
2. State government regulates: - ANSWER ✅ Environmental control of flood
zones, waste disposal, coastal regions, recording of property conveyance and
property pledged as collateral
3. Local government regulates: - ANSWER ✅ Land use control, taxation,
zoning, occupational licensing, permits,
4. NAR - ANSWER ✅ The National Association of Realtors. Only licensees
who are members of local real estate boards are entitled to use the trademark
name "REALTOR". Code of Ethics
5. MLS - ANSWER ✅ Multiple listing service - a 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
6. NAR Code of Ethics - ANSWER ✅ Treat all parties fairly and honestly.
Mission: "Golden Rule" Competency, Fairness, Integrity.
