BOB HOGUE REAL ESTATE CLASS
TEST
Absentee Owner - Correct Answers -A property holder who does not reside on the
property and who usually relies on a property manager to manage the investment.
Appraisal - Correct Answers -The process of developing and communicating an
estimate of a property's
Appraiser - Correct Answers -Appraisers charge a fee based on the time and difficulty of
the appraisal assignment and are not paid commission.
Broker Price Opinion (BPO) - Correct Answers -A broker's written opinion of the value of
a particular property that may not be used in connection with the originating a federally
related loan; not an appraisal.
Business Broker - Correct Answers -Real estate licensees who engage in the sale,
purchase, or lease of businesses.
Business Opportunity - Correct Answers -The sale or lease of an existing business,
including the sale of tangible and intangible assets
Community Association Manager (CAM) - Correct Answers -must hold a CAM license
when the community association consists of more than 10 units or has an annual
budget in excess of $100,000.
Comparative Market Analysis (CMA) - Correct Answers -An informal estimate of market
value performed by a real estate licensee for the seller to assist in arriving at an
appropriate listing price, or if working with the buyer, an informal estimate of market
value to assist the buyer in arriving at an appropriate offering price.
Delication - Correct Answers -The gift of land by an owner, in this case developer, to a
government body for public use. A valid dedication of land from the owner to the
municipality requires both an offer to dedicate (donate) the land and an acceptance by
the municipality.
Farm Area - Correct Answers -one specific portion of a city, where a broker and sales
associate are experts in that particular portion
,Follow-Up - Correct Answers -the sales step in which a salesperson follows up after the
sale to ensure customer satisfaction and repeat business
Multiple Listing Service (MLS) - Correct Answers -database that allows real estate
brokers representing sellers under a listing contract to share information about
properties with real estate brokers who may represent potential buyers
Property Management - Correct Answers -The leasing, managing, marketing, and
overall maintenance of property for others.
Property Manager - Correct Answers -Involves the leasing, managing, marketing, and
maintenance of property
Real Estate Brokerage - Correct Answers -A part of the real estate business that is
concerned with bringing together buyers and sellers and owners and renters and
completing a real estate transaction.
REALTOR® - Correct Answers -a real estate licensee who is a member of the National
Association of REALTORS®.
Rental Agent - Correct Answers -A person who, for a fee, acts as an intermediary
between a person seeking to lease a housing accommodation and a property owner
seeking to acquire a lease for a housing accommodation.
Target Market - Correct Answers -a specific group of prospects chosen because of its
demographic, financial, and lifestyle characteristics
Real estate professionals provide expert information in which three areas? - Correct
Answers -1. Knowledge of property transfer
2. Knowledge of market conditions
3. Knowledge of how to market real estate and businesses
Real estate sales associates involved in sales and leasing specialize in one of which 5
areas? - Correct Answers -1. Residential
2. Commercial
3. Industrial
4. Agricultural
5. Businesses
Florida Real Estate Appraisal Board (FREAB) - Correct Answers -Regulates state
certified and licensed appraisers
Uniform Standards of Professional Appraisal Practice (USPAP) - Correct Answers -
States that it is unethical for an appraiser to accept compensation that is contingent on
the value of the property.
,Mortgage Loan Originator (MLO) - Correct Answers -Anyone who takes residential
mortgage loan applications or offers to negotiate the terms of residential mortgage loan
applications for compensation must be licensed as an MLO
What are the three general phases of development and construction: - Correct Answers
-1. Land Acquisition
2. Subdivision and development
3. Recording the subdivision plat map
Land Acquisitions - Correct Answers -Developers and builders require raw land and
then prepare the site for construction.
Subdividing - Correct Answers -A separation of the land into smaller parcels
Development - Correct Answers -The process of improving raw land so that it can be
put to productive use
Recording the subdivision plat map - Correct Answers -Most local governments require
that developers submit a subdivision plat map of a new development for review by the
planning board.
What are the three general categories of residential construction: - Correct Answers -1.
Speculative (spec) homes
2. Custom homes
3. Tract homes
How is the real estate business regulate or influenced by the local government? -
Correct Answers -Impacts the real estate business through property taxation and
regulatory activities such as occupational licensing, business tax receipts, building
permits, building moratoriums, zoning, and building codes
How is the real estate business regulate or influenced by the state governments? -
Correct Answers -Manages a large amount of land and identifies coastal regions and
other areas that are protected from development. State documentary and intangible
taxes are required when ownership to real property is transferred or pledged as
collateral for a mortgage
How is the real estate business regulate or influenced by the federal governments? -
Correct Answers -Impacts through physical and monetary policies. HUD, FHA, EPA, VA
Broker - Correct Answers -A person who, for another and for compensation or other
consideration (or anticipation of compensation or other consideration), performs real
estate services.
Broker Associate - Correct Answers -A person who holds a broker's license but chooses
to register and work in real estate under the direction of another broker.
, Compensation - Correct Answers -Anything of value or a valuable consideration, directly
or indirectly paid, promised, or expected to be paid or received.
Expungement - Correct Answers -A process by which the record of a criminal conviction
is destroyed or sealed after expiration of time. Expungement is not automatic. Attorneys
charge extra for this process, and applicants should confirm that the matter no longer
apears on ones criminal history.
Florida resident - Correct Answers -For application and licensing purposes, a person
who has resided in Florida continuously for four calendar months or more within the
preceding year.
License - Correct Answers -An individual who has qualified for, and been registered as,
a real estate broker, broker associate, or sales associate.
Mutual recognition agreement - Correct Answers -Recognizes the education and
experience of individuals licensed in another state or nation when the other jurisdiction
has education and experience requirement comparable to Florida requirements. The
agreement applies exclusively to non residents who are licensed in another jurisdiction.
The application requests mutual recognition on the license application and indicates
from which mutual recognition is requested.
nolo contendere (no contest) - Correct Answers -A pleading of no contest by a
defendant; a plea in a criminal action not admitting guilt but subjecting the defendant to
punishment as though it were a guilty plea.
Owner-developer - Correct Answers -An unlicensed entity that sells, exchanges, or
leases its own property.
Prima Facie Evidence - Correct Answers -Requiring no further proof; acceptable on the
face of.
real estate services - Correct Answers -Real estate activities involving compensation for
performing the activities for another.
Reciprocity - Correct Answers -Practice of mutual exchanges of privileges. To qualify for
a reciprocal real estate license, the elidgiable military applicant, spouse, or surviving
spouse must currently hold a valid real estate license issued in another state, US
territory.
Registration - Correct Answers -Authorization by the state to place an applicant on the
register (record) of officially recognized individuals and businesses.
TEST
Absentee Owner - Correct Answers -A property holder who does not reside on the
property and who usually relies on a property manager to manage the investment.
Appraisal - Correct Answers -The process of developing and communicating an
estimate of a property's
Appraiser - Correct Answers -Appraisers charge a fee based on the time and difficulty of
the appraisal assignment and are not paid commission.
Broker Price Opinion (BPO) - Correct Answers -A broker's written opinion of the value of
a particular property that may not be used in connection with the originating a federally
related loan; not an appraisal.
Business Broker - Correct Answers -Real estate licensees who engage in the sale,
purchase, or lease of businesses.
Business Opportunity - Correct Answers -The sale or lease of an existing business,
including the sale of tangible and intangible assets
Community Association Manager (CAM) - Correct Answers -must hold a CAM license
when the community association consists of more than 10 units or has an annual
budget in excess of $100,000.
Comparative Market Analysis (CMA) - Correct Answers -An informal estimate of market
value performed by a real estate licensee for the seller to assist in arriving at an
appropriate listing price, or if working with the buyer, an informal estimate of market
value to assist the buyer in arriving at an appropriate offering price.
Delication - Correct Answers -The gift of land by an owner, in this case developer, to a
government body for public use. A valid dedication of land from the owner to the
municipality requires both an offer to dedicate (donate) the land and an acceptance by
the municipality.
Farm Area - Correct Answers -one specific portion of a city, where a broker and sales
associate are experts in that particular portion
,Follow-Up - Correct Answers -the sales step in which a salesperson follows up after the
sale to ensure customer satisfaction and repeat business
Multiple Listing Service (MLS) - Correct Answers -database that allows real estate
brokers representing sellers under a listing contract to share information about
properties with real estate brokers who may represent potential buyers
Property Management - Correct Answers -The leasing, managing, marketing, and
overall maintenance of property for others.
Property Manager - Correct Answers -Involves the leasing, managing, marketing, and
maintenance of property
Real Estate Brokerage - Correct Answers -A part of the real estate business that is
concerned with bringing together buyers and sellers and owners and renters and
completing a real estate transaction.
REALTOR® - Correct Answers -a real estate licensee who is a member of the National
Association of REALTORS®.
Rental Agent - Correct Answers -A person who, for a fee, acts as an intermediary
between a person seeking to lease a housing accommodation and a property owner
seeking to acquire a lease for a housing accommodation.
Target Market - Correct Answers -a specific group of prospects chosen because of its
demographic, financial, and lifestyle characteristics
Real estate professionals provide expert information in which three areas? - Correct
Answers -1. Knowledge of property transfer
2. Knowledge of market conditions
3. Knowledge of how to market real estate and businesses
Real estate sales associates involved in sales and leasing specialize in one of which 5
areas? - Correct Answers -1. Residential
2. Commercial
3. Industrial
4. Agricultural
5. Businesses
Florida Real Estate Appraisal Board (FREAB) - Correct Answers -Regulates state
certified and licensed appraisers
Uniform Standards of Professional Appraisal Practice (USPAP) - Correct Answers -
States that it is unethical for an appraiser to accept compensation that is contingent on
the value of the property.
,Mortgage Loan Originator (MLO) - Correct Answers -Anyone who takes residential
mortgage loan applications or offers to negotiate the terms of residential mortgage loan
applications for compensation must be licensed as an MLO
What are the three general phases of development and construction: - Correct Answers
-1. Land Acquisition
2. Subdivision and development
3. Recording the subdivision plat map
Land Acquisitions - Correct Answers -Developers and builders require raw land and
then prepare the site for construction.
Subdividing - Correct Answers -A separation of the land into smaller parcels
Development - Correct Answers -The process of improving raw land so that it can be
put to productive use
Recording the subdivision plat map - Correct Answers -Most local governments require
that developers submit a subdivision plat map of a new development for review by the
planning board.
What are the three general categories of residential construction: - Correct Answers -1.
Speculative (spec) homes
2. Custom homes
3. Tract homes
How is the real estate business regulate or influenced by the local government? -
Correct Answers -Impacts the real estate business through property taxation and
regulatory activities such as occupational licensing, business tax receipts, building
permits, building moratoriums, zoning, and building codes
How is the real estate business regulate or influenced by the state governments? -
Correct Answers -Manages a large amount of land and identifies coastal regions and
other areas that are protected from development. State documentary and intangible
taxes are required when ownership to real property is transferred or pledged as
collateral for a mortgage
How is the real estate business regulate or influenced by the federal governments? -
Correct Answers -Impacts through physical and monetary policies. HUD, FHA, EPA, VA
Broker - Correct Answers -A person who, for another and for compensation or other
consideration (or anticipation of compensation or other consideration), performs real
estate services.
Broker Associate - Correct Answers -A person who holds a broker's license but chooses
to register and work in real estate under the direction of another broker.
, Compensation - Correct Answers -Anything of value or a valuable consideration, directly
or indirectly paid, promised, or expected to be paid or received.
Expungement - Correct Answers -A process by which the record of a criminal conviction
is destroyed or sealed after expiration of time. Expungement is not automatic. Attorneys
charge extra for this process, and applicants should confirm that the matter no longer
apears on ones criminal history.
Florida resident - Correct Answers -For application and licensing purposes, a person
who has resided in Florida continuously for four calendar months or more within the
preceding year.
License - Correct Answers -An individual who has qualified for, and been registered as,
a real estate broker, broker associate, or sales associate.
Mutual recognition agreement - Correct Answers -Recognizes the education and
experience of individuals licensed in another state or nation when the other jurisdiction
has education and experience requirement comparable to Florida requirements. The
agreement applies exclusively to non residents who are licensed in another jurisdiction.
The application requests mutual recognition on the license application and indicates
from which mutual recognition is requested.
nolo contendere (no contest) - Correct Answers -A pleading of no contest by a
defendant; a plea in a criminal action not admitting guilt but subjecting the defendant to
punishment as though it were a guilty plea.
Owner-developer - Correct Answers -An unlicensed entity that sells, exchanges, or
leases its own property.
Prima Facie Evidence - Correct Answers -Requiring no further proof; acceptable on the
face of.
real estate services - Correct Answers -Real estate activities involving compensation for
performing the activities for another.
Reciprocity - Correct Answers -Practice of mutual exchanges of privileges. To qualify for
a reciprocal real estate license, the elidgiable military applicant, spouse, or surviving
spouse must currently hold a valid real estate license issued in another state, US
territory.
Registration - Correct Answers -Authorization by the state to place an applicant on the
register (record) of officially recognized individuals and businesses.
