Chapter 1 Introduction Exam - Gold Coast Real Estate Homework |100% Correct Question and Answer|

Chapter 1 Introduction Exam - Gold Coast Real Estate Homework |100% Correct Question and Answer| A contractor who builds on his or her own lot in the hopes of finding a purchaser upon completion is building on (a) Tract (b) Custom (c) Speculative (d) Subdivision *Ans* (c) Speculative A developer acquires a large area of land to be divided up into lots that are sold individually in a large neighborhood. This is an example of which type of building? (a) Tract (b) Custom (c) Speculative d) Subdivision *Ans* (a) Tract A developer contracts to build a home according to the buyer's specifications. This is an example of which type of building? (a) Tract (b) Custom (c) Speculative (d) Subdivision *Ans* (b) Custom A real estate appraiser's fee for professional service is based on which of the following? (a) A percentage of the property's gross income. (b) A percentage of the fair market value of the property. (c) The time and difficulty of the appraisal. (d) A percentage of the property's sales price. *Ans* (c) The time and difficulty of the appraisal. After completion of construction of a subdivision, the streets, sidewalks, and common areas are frequently conveyed to the city or county in a process called: (a) commencement (b) a permit (c) tract (d) dedication *Ans* (d) dedication All of the following are responsibilities of a property manager, EXCEPT: (a) Renting property for an absentee owner (b) Collecting rent (c) Overseeing maintenance (d) Preparing leases *Ans* (d) Preparing leases An appraiser who is registered, licensed, or certified under F.S. 475, Part II, must be utilized in which of the following? (a) All appraisals (b) The appraisal of residential property (c) The appraisal of nonresidential propert