FLORIDA Real Estate Pre-license Exam Review Questions and Answers New (2024/2025) Solved 100% Correct

What types of agents can one be in a agency relationship? - ️️Universal General (Sales-Associate) Special Agent What is a brokers price opinion (BPO)? Can a real estate licensees charge for these? - ️️It is the opinion of value of real property, and yes as long as it is not considered an appraisal. If a student fails course pre-licensure exam, how long must one wait until one can retake the exam? How many times can one re-test before having to retake the entire course? - ️️Applicant must wait 30 days, and is allowed to re-test one time before having to retake the course. What are the 5 major sales specialties? (Types of properties/lots) - ️️Residential. (Remember 4-10 Rule: any vacant land zoned for 4 or fewer residential units OR agricultural property of 10 or fewer acres.){A condo is considered a single family home} Commercial. Industrial. Agricultural. Business. (Considered "business brokers." ***Presumption in Florida that businesses include real property***) Real Estate Business - ️️Is composed of many specialization's: - (1)Details of Property Transfer -Knowledge of: (2)market conditions (3)how to market real estate business (4)how to analyze buyers needs (5)laws that pertain to real estate Real Estate Brokerage - ️️Is the bringing together of buyers and sellers, owners and renters and completing real estate transactions. ***How can a agent maintain good standing with clients? (After title closing)*** - ️️***Follow Up. This will result in a good reputation and FUTURE REFERRALS and word-of-mouth advertising.***What is a Farm Area? - ️️When brokers/sales associate become an expert in one portion of the city. What is the difference between a rental agent and a property manager? - ️️Rental Agent: find a tenant & collect fee. Property Manager: continue to manage property after tenant is secured. What is an absentee owner? - ️️is a property owner who does not reside on property/often relies on professional property manager to manage investment. Can a real estate broker / sales associate appraise a property for compensation? - ️️Yes, but CANNOT say they are state certified, registered trainee, or licensed appraisers. When conducting appraisals, must follow what set of guidelines? - ️️Uniform Standards of Professional Appraisal Practice (USPAP) (Best Practices) ***Who does the commission for a BPO, or for any service of real estate, go to? a)broker associate b)sales associate c)broker - ️️***C. Compensation can not be paid directly to associates. Who may use the term REALTOR? - ️️REALTOR and real estate licensee are not synonymous. REALTORS are members of a local board of realtors (privately run organization). Who created the MLS (Multiple Listing Service) database? - ️️National Association of Realtors. Applicants should be familiar with these laws an rules and their respective subsections: - ️️(F.S. = Florida Statute) F.S. 20 F.S. Chapter 475 -Part 1. pertains to real estate brokerage -Part 2. pertains to real estate appraisers -Part 3. Commercial Real Estate SALES Commission Lien Act (Lien is only on owners net proceeds) -Part 4. Commercial Real Estate LEASING Commission Lien Act. (Gives broker lien rights) F.S. 455 Chapter 61J2 ***When going through application process what should applicant NOT exclude? - ️️***Cautioned to complete carefully, and to fully disclose any background criminalhistory EVEN IF conviction was withheld adjudication. {It is the applicants responsibility to verify these things} ***Non-florida-residents are not required to provide: - ️️Proof of U.S. citizenship, however must have a social security number. (SSN used to see if applicants are in compliance with child support obligations) ***Real Estate applicants approved for licensure under mutual recognition are exempt from: - ️️Pre-license course