Florida Real Estate Chapter 1 Review QUESTION AND ANSWERS 100% CORRECT AND VERIFIED

Sales Associate License Qualifications (F.S. 475.17) - Answer- -18 Years of Age -High school diploma -Honest, Trustworthy, of good character and have a reputation for fair dealing -Does NOT have to be a Florida resident or U.S. citizent Custom Building - Answer- Building to the owner's specifications. Farming - Answer- Specializing in one type or style of property, or in a particular neighborhood. Appraising - Answer- The art of estimating value of property, where the fee is based on the time, expense and difficulty resulting in a non-biased defensible opinion of value. Property Management - Answer- Managing property for absentee owners by maximizing profits and preserving the property. Florida Statute 475 - Answer- The Florida statute designated as "The Real Estate License Law." Local Government Regulations - Answer- Planning, zoning, real estate taxes building and health codes. State Government Regulations - Answer- Roads, waterways, state documentary taxes on all property transfers. Federal Government Regulations - Answer- National monetary supply, legislation affecting lending institutions. Dedication - Answer- When a developer conveys the streets and sidewalks in a subdivision to the city. Tract Building - Answer- Developers utilizing model homes to make sales from. Speculative Building - Answer- A contractor builds on his/her own land and looks for a buyer after completing construction. Certified Property Manager - Answer- Designation awarded by the Institute of Real Estate Management (IREM) Federally Related Transaction - Answer- - Requires a licensed, registered appraiser per F.S. 475 part II. - Must comply with Uniform Standards of Professional Appraisal Practice (USPAP). -Transaction value greater than $250,000 -Comply with USPAP Real Estate Speicalization - Answer- Residential, Commercial, industrial, agricultural, business brokerage, property management, appraising and counseling. No Brokerage Relationship - Answer- F.S. 475.278 One of three ways a licensee must offer representation to the public even if they do not wish to be represented. The licensee is not regarded as a representative of the employer. Real Estate Counseling - Answer- Highly specialized service that requires a greater level of knowledge and experience than any other area of real estate. Exemptions from the sales associate license qualifications - Answer- FREC RULE 61 J2- 3.008 -Members of the Florida Bar are exempt from taking the 63-hr pre-license course but must pass the State licensing exam and taking the 45-hr sales post licensing course. -Licensees with a 4 yr degree in real estate are exempt from all "pre" and "post" license courses, but must pass both the State sales associate and broker exam.