Chapter 1 Review Questions & Practice Exam 45 hr Post licensing Correct 100%

Farming - ANSWER Specilizing n one type of property or on one particular neighborhood is a practice referred to as The sale of any improved residential property 4 units or fewer, including condo units, unimproved property intended for 4 units or fewer, agricultural properties 10 acres or less, leases with options to purchase all or airtime of improved property of 4 or fewer res. Units and disposition of business interest in 4 unit bldg - ANSWER A residential transaction is defined as Industrial sales - ANSWER A business specialization where licensees assist customers in locating and purchasing or leasing warehouse or manufacturing facilities. NAR Realtor - ANSWER A large national organization of real estate professionals whose members are entitled to use the trademark of -----/ NAR Code of Ethics - ANSWER Code established to promote a higher standards of conduct in yhe real estate profession han rhe law provides. Clients and customers the public and other real estate licensees - ANSWER The NAR code ethics and the duties of realtors. Valuation marketing and property transfer - ANSWER Real estate professionals are expected to have expert knowledge in these areas Multiple listing service - ANSWER This system provide a detail database of properties of all kinds which are available for sale or lease and is a critical resource for the success of your business Appraisals must always be performed according to USPAP - ANSWER The following statement regarding property valuation is correct 50 unit motel - ANSWER This is not considered a residential property according to the Florida statutes Florida realtors * - ANSWER This is not a real estate trade organization