Florida Real Estate Lic Exam 1-4 100%
Accurate
The scope of a property manager's functions encompasses more than just rent
collection, maintenance, and repair. - ANSWER TRUE. A property manager must strive
to produce the greatest possible net income over the longest possible time. In doing so,
the property manager often needs to develop plans for modernization, remodeling, or
alteration of existing properties. Property managers also are responsible for improving
tenant relations, as well as for advertising and merchandising.
Real estate professionals who specialize in the sale, purchase, and lease of businesses
must hold a commercial license. - ANSWER FALSE. In Florida, an active real estate
sales associate or broker license is required to market business opportunities. No
license distinction is made regarding the type of real estate.
Absentee owners can be defined as property owners who do NOT reside on the
property and who rely on property managers to supervise the investment - ANSWER
TRUE. Absentee owners are property owners who do not reside on the property and
who usually rely on property managers to supervise the investment
According to Chapter 475, F.S., the definition of residential real estate includes up to
four residential units - ANSWER TRUE. Chapter 475, F.S., defines residential real
estate as four or fewer residential units, vacant land zoned for four or fewer residential
units, or agricultural property of ten or fewer acres.
Subdividing is the process of converting parcels of land into smaller units or lots, while
development is the process of improving raw land so that it can be put to productive
use. - ANSWER TRUE. Subdividing involves converting parcels of land into smaller
units or lots, and development involves improving raw land so that it can be put to
productive use.
The Uniform Standards of Professional Appraisal Practice are standards of practice that
must be followed by appraisers but NOT real estate licensees. - ANSWER FALSE.
Florida law requires appraisers, real estate brokers, and sales associates to abide by
the Uniform Standards of Professional Appraisal Practice when conducting appraisals of
real property.
The three general categories of residential construction include speculative, custom,
and tract - ANSWER TRUE. The categories are speculative (purchasing one or more
lots and constructing homes without first securing buyers), custom (constructing a home
under contract with a buyer, using plans provided by architect or buyer), and tract
(buyer selects a floor plan from a group of several model homes).
, Appraisers are paid a fee, NOT a commission. - ANSWER TRUE. Appraisers are paid a
fee rather than a commission in order to reduce the likelihood of a conflict of interest.
Follow-up refers to returning phone calls to prospective buyers in a timely manner -
ANSWER FALSE. Follow-up is what a sales associate does for buyers and sellers after
the sale (closing) to promote customer loyalty.
The largest trade organization in the world is the Real Estate Professional Society
(REPS). - ANSWER FALSE. The National Association of REALTORS® (NAR) is the
largest trade organization in the world. NAR promotes ethics and education in the real
estate industry.
A marketing tool used by real estate licensees in the process of soliciting for listings that
is intended to help sellers determine an asking price is known as a(n) - ANSWER
COMPARATIVE MARKET ANALYSIS. Real estate licensees may help potential sellers
determine an asking price by preparing a comparative market analysis (CMA). A CMA is
a marketing tool and may not be referred to or be represented as an appraisal.
In which way does state government influence the real estate business? - ANSWER
IDENTIFICATION OF COASTAL REGIONS. Property taxation, occupational licensing,
and zoning are local government influences
Which document would contain information regarding the architectural design standards
that must be used in a particular subdivision? - ANSWER RESTRICTIVE COVENANTS.
Restrictive covenants affect how the land can be used and establish criteria for all
parcels in that subdivision such as minimum square footage, type of construction,
architectural design, and so forth.
A couple tours several model homes in a new subdivision. The couple decides to
purchase one of the available lots and have the builder construct one of the model floor
plans on the lot. Which type of construction is this? - ANSWER TRACT HOME. Tract
homes are a type of speculative building. A new subdivision will typically feature several
model homes. Buyers select a floor plan from the models and a lot on which to have a
home constructed in the new subdivision.
Which property would be defined as agricultural property under Chapter 475 of the
Florida statutes? - ANSWER 15 ACRES OF UNDEVELOPED AGRICULTURAL LAND.
Agricultural property is defined in Chapter 475, F.S., to mean agricultural property of
more than ten acres
Which instrument can be used by a property owner to control how a particular parcel of
real property may be utilized by future property owners? - ANSWER DEED
RESTRICTIONS. Deed restrictions are placed by an owner who has created a
restriction on future owners of the parcel of real estate.
Accurate
The scope of a property manager's functions encompasses more than just rent
collection, maintenance, and repair. - ANSWER TRUE. A property manager must strive
to produce the greatest possible net income over the longest possible time. In doing so,
the property manager often needs to develop plans for modernization, remodeling, or
alteration of existing properties. Property managers also are responsible for improving
tenant relations, as well as for advertising and merchandising.
Real estate professionals who specialize in the sale, purchase, and lease of businesses
must hold a commercial license. - ANSWER FALSE. In Florida, an active real estate
sales associate or broker license is required to market business opportunities. No
license distinction is made regarding the type of real estate.
Absentee owners can be defined as property owners who do NOT reside on the
property and who rely on property managers to supervise the investment - ANSWER
TRUE. Absentee owners are property owners who do not reside on the property and
who usually rely on property managers to supervise the investment
According to Chapter 475, F.S., the definition of residential real estate includes up to
four residential units - ANSWER TRUE. Chapter 475, F.S., defines residential real
estate as four or fewer residential units, vacant land zoned for four or fewer residential
units, or agricultural property of ten or fewer acres.
Subdividing is the process of converting parcels of land into smaller units or lots, while
development is the process of improving raw land so that it can be put to productive
use. - ANSWER TRUE. Subdividing involves converting parcels of land into smaller
units or lots, and development involves improving raw land so that it can be put to
productive use.
The Uniform Standards of Professional Appraisal Practice are standards of practice that
must be followed by appraisers but NOT real estate licensees. - ANSWER FALSE.
Florida law requires appraisers, real estate brokers, and sales associates to abide by
the Uniform Standards of Professional Appraisal Practice when conducting appraisals of
real property.
The three general categories of residential construction include speculative, custom,
and tract - ANSWER TRUE. The categories are speculative (purchasing one or more
lots and constructing homes without first securing buyers), custom (constructing a home
under contract with a buyer, using plans provided by architect or buyer), and tract
(buyer selects a floor plan from a group of several model homes).
, Appraisers are paid a fee, NOT a commission. - ANSWER TRUE. Appraisers are paid a
fee rather than a commission in order to reduce the likelihood of a conflict of interest.
Follow-up refers to returning phone calls to prospective buyers in a timely manner -
ANSWER FALSE. Follow-up is what a sales associate does for buyers and sellers after
the sale (closing) to promote customer loyalty.
The largest trade organization in the world is the Real Estate Professional Society
(REPS). - ANSWER FALSE. The National Association of REALTORS® (NAR) is the
largest trade organization in the world. NAR promotes ethics and education in the real
estate industry.
A marketing tool used by real estate licensees in the process of soliciting for listings that
is intended to help sellers determine an asking price is known as a(n) - ANSWER
COMPARATIVE MARKET ANALYSIS. Real estate licensees may help potential sellers
determine an asking price by preparing a comparative market analysis (CMA). A CMA is
a marketing tool and may not be referred to or be represented as an appraisal.
In which way does state government influence the real estate business? - ANSWER
IDENTIFICATION OF COASTAL REGIONS. Property taxation, occupational licensing,
and zoning are local government influences
Which document would contain information regarding the architectural design standards
that must be used in a particular subdivision? - ANSWER RESTRICTIVE COVENANTS.
Restrictive covenants affect how the land can be used and establish criteria for all
parcels in that subdivision such as minimum square footage, type of construction,
architectural design, and so forth.
A couple tours several model homes in a new subdivision. The couple decides to
purchase one of the available lots and have the builder construct one of the model floor
plans on the lot. Which type of construction is this? - ANSWER TRACT HOME. Tract
homes are a type of speculative building. A new subdivision will typically feature several
model homes. Buyers select a floor plan from the models and a lot on which to have a
home constructed in the new subdivision.
Which property would be defined as agricultural property under Chapter 475 of the
Florida statutes? - ANSWER 15 ACRES OF UNDEVELOPED AGRICULTURAL LAND.
Agricultural property is defined in Chapter 475, F.S., to mean agricultural property of
more than ten acres
Which instrument can be used by a property owner to control how a particular parcel of
real property may be utilized by future property owners? - ANSWER DEED
RESTRICTIONS. Deed restrictions are placed by an owner who has created a
restriction on future owners of the parcel of real estate.
