Gold Coast School Real Estate Questions Ch.1-19

Gold Coast School Real Estate Questions Ch.1-19 1. The real estate market is local in nature what does that mean? - Information about real estate can best be found through local sources, which makes the real estate market local in nature 2. You would expect a real estate licensee to perform all of the following activities, EXCEPT: A. Providing expert knowledge about construction methods and materials B. Providing expert knowledge to members of the public in the performance of specified services of real estate C. Following up with customers and clients after a transaction has been completed D. Acting as an intermediary, or agent, between two or more people in the negotiation of the sale, purchase, or lease of real estate - A. Providing expert knowledge about construction methods and materials 3. A real estate licensee is expected to have expert knowledge in what three areas? A. Valuation, marketing, and property transfer B. Mortgages, property taxes, and homeowners' insurance policies C. Residential real estate, commercial real estate, and surveys D. Area schools, local crime rates, and proximity to potential employers - A. Valuation, marketing, and property transfer 4. What is a comparative market analysis? A. A comparison of assessed values in the same neighborhood B. A value estimate based on recent sales of identical properties in the same neighborhood C. A value estimate based in recent sales of similar properties in the same neighborhood D. An appraisal of the value of a property - C. A value estimate based in recent sales of similar properties in the same neighborhood 5. Which type of valuation must be performed in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP) A. Appraisal in a federally-related transaction B. Broker price opinion (BPO) C. Comparative market analysis (CMA) D. None of the above - A. Appraisal in a federally-related transaction 6. Many real estate licensees engage in "farming". Which of the following best describes what that means? A. They conduct open houses on weekends B. They use marketing vehicles such as direct mailing and advertisements in real estate magazines C. They concentrate on the sale of agricultural properties D. They concentrate on one type of property or in a particular neighborhood - D. They concentrate on one type of property or in a particular neighborhood All of the following would be considered commercial property, EXCEPT A. an office building that accommodates three tenants B. A high-rise apartment building in the downtown area of the city C. A shopping center that adjoins a residential neighborhood D. A large house that has been subdivided into four apartments - D. A large house that has been subdivided into four apartments If the sale of a business involves the transfer of ownership of shares of stock, what additional requirement is imposed? A. The real estate licensee must be associated with a brokerage firm B. A brokerage firm must be brought in to handle the transaction C. The real estate licensee must have a securities license D. The real estate licensee must have experience as a stockbroker - C. The real estate licensee must have a securities license Which real estate professional is expected to have the greatest level of knowledge and experience? - a real estate counselor all of the following are responsibilities of a property manager, EXCEPT A. Handling the payment of taxes, insurance, and operating expenses for the property B. Evaluating the investment value of the property C. Locating tenants, collecting rents, maintaining records, and scheduling maintenance D. Protecting the owner's investment and maximizing the profitability of the investment - B. Evaluating the investment value of the property According to F.S. 475, all of the following transactions are considered residential transactions, EXCEPT: A. A lease on a unit in a duplex, with an option to purchase the unit B. The sale of a 10-unit apartment building C. The sale of an eight-acre strawberry farm D. The sale of a lot that is zoned for a single-family home - B. The sale of a 10-unit apartment building Which of the following best defines appraising? A. The process of determining the amount of equity in real property B. The process of establishing the asking price of real property C. The process of establishing the firm value of real property D. The process of developing an opinion of the value of real property - D. The process of developing an opinion of the value of real property On what is an appraisal fee based? A. An average of the fees charged for appraisals of similar properties B. The time, effort, and expense involved in conducting the appraisal C. The value of the property D. The amount of time the appraiser spends, according to the prevailing hourly rate in the area - B. The time, effort, and expense involved