Florida Real Estate Sales Associate State Exam Preparation Questions and Answers

Spec Home a contractor who builds on their own lot in the hope of finding a purchaser upon completion. Residential Transaction The sale of any improved residential property of four units or fewer, unimproved property intended for four unit or fewer, Agricultural properties of ten acres of less, Leases with option to purchase all of a portion of improved property of four or fewer residential units, Dispositions of business interests involving property of four or fewer residential units REALTOR a registered trademark of the National Association of REALTORS (NARS) and my be used only by member of the organization Broker Acts as an agent or intermediary between two or more people in the negotiation of the sale, purchase, or rental of real estate. Title XI of FIRREA The portion of the Federal Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) was directed toward the appraisal profession and required that appraisals utilized by federally regulated lenders in federally related transactions be developed and reported in conformity with the USPAP. Uniform Standards of Professional Appraisal Practice (USPAP) Developed by the appraisal foundation. Appraisals used in federally related transaction must be prepared in compliance with USPAP by appraisers registered, licensed, or certified under part II of FS 475 Real Estate Licensee required to have expert knowledge in Property Transfer Valuation and Market Conditions Marketing Allowed to perform Valuations under the real estate license law if the valuation is not to be used in a federally regulated transaction Counseling the service of analyzing existing or potential projects and providing expert advice to members of the public based on their personal judgment.