45 Hour Post License Florida Exam Questions and Answers Latest 2024/2025 (100% Correct)

45 Hour Post License Florida Exam Questions and Answers Latest 2024/2025 (100% Correct) A residential transaction os defined in F.S. 475 as the sale of any: correct answers - Duplex - improved residential property of four units or fewer, including condominium units -unimproved property intended for four units or fewer - agricultural properties of ten acres or less - leases with options to purchase all or a portion of improved property of four or fewer residential units - dispositions of business interests for property of four or fewer residential units absentee owners correct answers owners who buy income property as investments and depend on professionals to manage them All appraisals, whether performed by a licensed appraiser or a real estate licensee, must be developed and reported in conformity with the correct answers Uniform Standards of Professional Appraisal Practice (USPAP) The largest and most prestigious real estate organization in the world is ________. They work for legislation enforce professional standards of conduct through its ________. correct answers 1. The National Association of Realtors (NAR) 2. Code of Ethics The largest trade association in the state is _________ correct answers The Florida Association of Realtors (FAR) The duties required by the Code of Ethics are: correct answers 1. Duties to clients and customers 2. Duties to the public in general 3. Duties to other real estate licensees Required Skills for the Real estate professional are: correct answers 1. Valuation - Must be able to discern important differences between properties and know ho to translate those differences into value. Must be able to conduct a CMA. 2. Marketing - must have an understanding of the tools and technologies available to market a property. 3. Property Transfer - understand how to close a transaction Mission Statement correct answers description of a desired outcome that excites, motivates, and helps you to create a mental picture of your business goal. Industrial Sales or Leasing correct answers include warehouses and manufacturing facilities. Industrial sales and leasing generally involve user/owners, rather than investors. 45 Hour Post License Florida Exam Questions and Answers Latest 2024/2025 |100% Correct Answers The law that specifically regulates real estate licensees, schools, and appraisers is _________ correct answers F.S. 475 The Range Of Penalties for disobeying FS 475 or 455 from lowest to highest is: correct answers Reprimand, fine, probation, suspension, and revocation or denial. Which is the maximum penalty for disobeying laws under FS 455 or FS 475 correct answers Revocation or denial of license If the licensee does not complete the 45 hour course before the expiration date of their first renewal, the license becomes ____ correct answers void and the licensee will be out of business. (have to start over everything) When a sales associate changes employers, they must notify the Commission of the change no later than ________ days after the change by using the form provided by the commission. correct answers 10 Advertisements may not be correct answers fraudulent, false, deceptive, or misleading. Advertising false, inaccurate, misleading or exaggerated information could result in ____________ correct answers the issuance of a citation and a fine of $500 A sales associate who receives a deposit must deliver it to the broker or employer no later than correct answers the end of the business day following the receipt of the item to be deposited A sales associate may not collect money in connection with a real estate transaction except correct answers in the name of the employer (cannot be payed by buyer or seller) A sales associate receives compensation only from his or her ______. A sales associate can however be paid a portion of a commission by a closing agent if such instructions have been provided in writing by the _____. correct answers 1. broker 2. broker Single agents are held accountable for what four specific duties? correct answers 1. Confidentiality 2. Obedience 3. Loyalty 4. Full Disclosure Appraisals utilized by federally regulated lenders in federally related transactions be developed and reported in conformity with the _______ correct answers Uniform Standards of Professional Appraisal Practices (USPAP) Assessed value is correct answers the value assigned by the property appraiser for ad valorem tax purposes What is the difference between price and value? correct answers Price is the amount that is actually paid in a real estate transaction. It may not represent the market value. The Principle of Contribution states that correct answers the value of a component of the property is the amount it increases the total value of the property (ex. renovating the kitchen to increase the asking price) Highest and Best Use Analysis correct answers every property has a single use the produces the greatest income and return. Comparable Sales Approach is used correct answers to estimate the value indicated by the recent sales of comparable properties in the market. Matched Pair Sales Technique correct answers Locating other properties that have been sold in the area, of which, one that has a particular feature you are trying to value and another one that does not. So, if you find a home with a swimming pool that sold for $210,000 and then you find a home that doesn't have a swimming pool, but is very similar, and sold for $200,000 you can assume that the pool was worth $10,000. A ________ is an estimate of value for a property owned by the bank. correct answers Broker Price Opinion Properties owned by a bank due to foreclosure, deed in lieu of foreclosure, or a short sale are called correct answers Real Estate Owned (REO) properties Prospecting is correct answers the process of looking for new business; this process never stops. You should spend a majority of your time prospecting for new business. Consistency of Contacts is when you protect each day and correct answers Prospect to the same people consistently Push Marketing is the traditional form of marketing that is used by real estate professionals which includes: correct answers Mail outs, flyers, newspaper ads, magazine ads, radio, TV, cold calling Pull Marketing is about developing relationships that attract your ideal client to you, which is done by using correct answers Social media Keep your ______ up to date. As your business hows, so will your experience, education, and affiliations. correct answers Personal Profile Three ways to market a property are: correct answers using MLS, Direct mail and email campaigns, and open houses What is one way to prepare a home before putting it on the market? correct answers Brighten rooms by installing high wattage light bulbs and turn them on. Ask relevant questions to gather information about their needs, their timeframe, the price they may have in mind, and their level of _______ and _______. correct answers Motivation and Expectations What questions do you ask a seller? correct answers Why are you moving? When would you like to be in your new home? Do you have to sell your present home to buy a new one? What don't you ask the seller? correct answers Don't ask the seller "what type of buyer are you looking for?" After presenting the CMA, but before giving them your opinion of value, ask them _________. correct answers What price they had in mind. What is an Open Listing? correct answers When an owner agrees to pay a commission to any broker who provides a buyer willing to purchase the property under a price and terms agreeable to the owner. An open listing is a _______ or _______ contract. correct answers One-sided or unilateral In an exclusive agency or exclusive listing correct answers the owner reserves the right to sell the property himself or herself, in which case the owner will owe no commission to the listing broker. An Exclusive Right of Sale Listing correct answers must be in writing and signed. The owner can only list with one broker and the owner agrees to pay the listing broker regardless of who actually finds the buyer. An exclusive right of sale listing is a _______ contract. correct answers Bilateral The primary mortgage market includes the following sources for loans: correct answers Commercial Banks Savings Associations Life insurance companies Mortgage Loan Originators Mortgage Bankers Mortgage loan originator is also known as a correct answers Mortgage broker What do Mortgage loan originators do? correct answers Mortgage loan originators do not make loans. They arrange the loans by taking mortgage applications and searching for lenders who offer the lowest interest rates and easiest borrower qualification. What are mortgage bankers? correct answers Mortgage bankers are financial intermediaries who arrange for the flow of money from investors to borrowers. Mortgage bankers do not have depositors. Fannie Mae is the correct answers largest and oldest secondary mortgage market A loan-to-value ratio is the ratio of correct answers the mortgage principal to the value of the property the borrowers are purchasing. Lenders use LTVs to determine correct answers the maximum amount of their loans Amortized loan correct answers Payment goes first to the interest and then to the principal. Over the life of the loan, the amount that goes towards interest decreases, while the amount of the principal decreases. A common conventional loan is correct answers a fixed-rate 30 year mortgage. Theres always an opportunity to pay the balance down or to refinance for a better rate later. the housing expense ratio (front-end) is correct answers the principal, interest, taxes, and insurance payments (PITI) divided by the borrowers gross monthly income. The Housing Expense ratio should not be greater than correct answers 28% Which mortgage loan program requires little or no down payment and easy qualification requirements and low rates of interest for specified individuals? correct answers VA Loan The provisions of Regulation Z cover correct answers disclosure of costs, the right to rescind the transaction, advertising offers, and noncompliance penalties. The best source for obtaining buyers is your _________. If you have the listings, the buyers will follow. correct answers Listing Inventory Make sure that a buyer is qualified, determine their _______. correct answers Motivation and Expectations. What document does a broker use when seeking a paid commission from a buyer? correct answers Exclusive Buyer Brokerage Agreement