REE3043 Exam Questions With Correct Answers

EXAM STUDY MATERIALS July 30, 2024 11:26 AM REE3043 Exam Questions With Correct Answers ___________ bring buyers and sellers together and earn a percentage of the contract price - answer✔✔brokers Brokers and salesperson also do leasing such as office, retail, industrial and for apartments - answer✔✔true _____________________ the first license one would obtain. can work a whole career without getting a broker' s license - answer✔✔salesperson license salesperson splits commission with broker - answer✔✔true When you have a salesperson license you have to work under a broker - answer✔✔true Commission must be paid to the __________ who then pays salesperson - answer✔✔true _________________________ sales persons and brokers act as transactional agents, they represent the transaction buyer and seller - answer✔✔transaction broker How to get a salesperson license - answer✔✔36 hour course pass school goldcoast exam pass s tate exam In florida, salesperson and broker licenses have to renew every - answer✔✔2 years Renewal License requirements Salesperson - answer✔✔14 hours every 2 years 45 hours for salesperson in first two years Renewal License requirements Broker - answer✔✔60 hours includes 14 hours 14 hours in 2nd renewal simply someone who belongs to a board to realtors must be licensed to be in board EXAM STUDY MATERIALS July 30, 2024 11:26 AM if licensed, you do not have to be in board 900 +/ - yearly dues to facili tate sales by offering the MLS to members - answer✔✔realtor When seller hires firm, they are hiring the broker - answer✔✔all offers must be presented to seller buyers of property can also hire brokers - answer✔✔true Sales person is an _________ and an ____ _____ of the broker. - answer✔✔employee agent Sales person cannot do anything to harm the broker - answer✔✔true There is a __________ relationship between property owner and broker - answer✔✔fiduciary __________________ one who manages property for the ben efit of another - answer✔✔property manager a property manager's objective is to maximize - answer✔✔the long term economic value of the property Property manager top designation ____________ - answer✔✔certified property manager CPM Administrative tasks - collecting rents, prepare monthly reports (who paid who didn't, what isn't) and record keeping - answer✔✔property manager tasks need to know the marketing advantages/disadvantage of property have low cost and low maintenance amenities that competitors dont h ave - answer✔✔marketing strategy ______________ want similar type of tenants: families w, children. seniors, college students etc - answer✔✔tenant selection _______________________________ may want to add amenities, make sure everything looks good and is k ept up to date - answer✔✔physical management of facilities ___________________ outlines the authority given to the property manager by the owner - answer✔✔management agreement