FLORIDA REAL ESTATE PRE-LICENSE EXAM REVIEW WITH ANSWERS

FLORIDA REAL ESTATE PRE-LICENSE
EXAM REVIEW WITH ANSWERS


Real Estate Business - CORRECT ANSWER-
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Is composed of many specialization's:
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- (1)Details of Property Transfer
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-Knowledge of: k


(2)market conditions k


(3)how to market real estate business
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(4)how to analyze buyers needs k k k k


(5)laws that pertain to real estate
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Real Estate Brokerage - CORRECT ANSWER-
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Is the bringing together of buyers and sellers, owners and renters
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and completing real estate transactions.
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***How can a agent maintain good standing with clients? (After titl
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e closing)*** - CORRECT ANSWER-
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***Follow Up. This will result in a good reputation and FUTURE R
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EFERRALS and word-of-mouth advertising.*** k k k




What are the 5 major sales specialties? (Types of properties/lots)
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- CORRECT ANSWER-Residential. (Remember 4-
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10 Rule: any vacant land zoned for 4 or fewer residential units OR
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kagricultural property of 10 or fewer acres.){A condo is considered
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ka single family home}
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Commercial.
Industrial.
Agricultural.
Business. (Considered "business brokers." ***Presumption in Flo
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rida that businesses include real property***)
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,What is a Farm Area? - CORRECT ANSWER-
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When brokers/sales associate become an expert in one portion o
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f the city.
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What is the difference between a rental agent and a property man
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ager? - CORRECT ANSWER- k k k


Rental Agent: find a tenant & collect fee.
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Property Manager: continue to manage property after tenant is se
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cured.

What is an absentee owner? - CORRECT ANSWER-
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is a property owner who does not reside on property/often relies o
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n professional property manager to manage investment.
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Can a real estate broker / sales associate appraise a property for
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compensation? - CORRECT ANSWER- k k k


Yes, but CANNOT say they are state certified, registered trainee,
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or licensed appraisers.
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When conducting appraisals, must follow what set of guidelines?
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- CORRECT ANSWER-
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Uniform Standards of Professional Appraisal Practice (USPAP) (
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Best Practices) k




What is a brokers price opinion (BPO)? Can a real estate licensee
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s charge for these? - CORRECT ANSWER-
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It is the opinion of value of real property, and yes as long as it is no
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t considered an appraisal.
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***Who does the commission for a BPO, or for any service of real
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estate, go to? k k k


a)broker associate k


b)sales associate k


c)broker - CORRECT ANSWER- k k k


***C. Compensation can not be paid directly to associates.
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, Who may use the term REALTOR? - CORRECT ANSWER-
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REALTOR and real estate licensee are not synonymous. REALT
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ORS are members of a local board of realtors (privately run organ
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ization).

Who created the MLS (Multiple Listing Service) database? -
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CORRECT ANSWER-National Association of Realtors.
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Applicants should be familiar with these laws an rules and their re
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spective subsections: - CORRECT ANSWER- k k k k


(F.S. = Florida Statute)
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F.S. 20 k


F.S. Chapter 475
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k-Part 1. pertains to real estate brokerage
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k-Part 2. pertains to real estate appraisers
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Part 3. Commercial Real Estate SALES Commission Lien Act (Li
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en is only on owners net proceeds)
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Part 4. Commercial Real Estate LEASING Commission Lien Act.
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(Gives broker lien rights) k k k


F.S. 455 k


Chapter 61J2 k




***When going through application process what should applican
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t NOT exclude? - CORRECT ANSWER-
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***Cautioned to complete carefully, and to fully disclose any back k k k k k k k k k


ground criminal history EVEN IF conviction was withheld adjudic
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ation. {It is the applicants responsibility to verify these things}
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***Non-florida-residents are not required to provide: - k k k k k k


CORRECT ANSWER-
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Proof of U.S. citizenship, however must have a social security nu
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mber. (SSN used to see if applicants are in compliance with child
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support obligations) k