Colibri FL Real Estate License Ch. 1 Questions and Answers 100% Pass

Colibri FL Real Estate License Ch. 1 Questions and Answers 100% Pass Appraisal - Answer- An estimation of value. It is done by appraisers using specific techniques. Done to: obtain a loan, insurance value, divorce settlement or capital gain. Broker Price Opinion - Answer- An opinion by a local expert of the of the value of a property based upon properties recently sold in the market. Comparative Market Analysis (CMA) - Answer- A method of valuing homes that looks not only at recent home sales, homes in the market and homes that were listed but did not sell. Real estate brokers use special computer programs, such as the MLS, usually connected to local taxing and recording offices to obtain this information. Steps for land development - Answer- 1. Land acquisition 2. Approval by local authorities 3. Subdivision plat map 4. Recording 5. Construction Types of Residential Home Construction - Answer- 1. "Spec" homes 2. Tract homes 3. Custom home "Spec" homes - Answer- speculation homes, built without having a specific buyer in mind. Tract homes - Answer- built to a certain set of guidelines used for a particular subdivision Custom home - Answer- built for a specific buyer, usually using an architect and drawings that the buyer has formulated. Which is the most important issue for a broker acting as a property manager to accomplish? - Answer- To get maximum income while preserving the value of the investment What percent o the nation's economy does real estate make up? - Answer- 25% Services that a property manager must perform for the owner are listed in - Answer- a property management agreement. The practice of a real estate sales associate specializing in a particular geographic area is called - Answer- farming Agriculture property in Florida is a property that - Answer- has more than 10 acres Local communities regulate real estate by - Answer- creating zoning laws Putting together two or more parcels of land to make a larger parcel is called - Answer- assemblage One example of a Loan Originator would be a(n) - Answer- seller who finances more than two homes in a two year period. Why does a real estate professional need a license? - Answer- He has expert information on real estate that an average layperson does not have. Dedication most nearly means - Answer- giving private land for public use. Who is involved in financing real estate - Answer- Mortgage banker Mortgage broker Savings and loan The act of appraisal can be completed by - Answer- an appraiser following the USPAP standards. It is unethical for an appraiser to accept compensation for