Licensing Exam Questions And Answers
| Verified
Property Manager CORRECT ANSWERS Hired by property owner to market, maintain,
and oversee the day-to-day of the property. Often Rental.
Absentee Owner CORRECT ANSWERS Property owner who does not occupy the
property.
Property Manager Responsibility CORRECT ANSWERS realize the highest return
possible on the owner's investment.
Market Analysis CORRECT ANSWERS report that analyzes and assess the property,
region, and neighborhood
Fair Marketing CORRECT ANSWERS Organizations cant pick and choose their tenants
based on factors like race or gender (Equal Housing)
industrial property CORRECT ANSWERS Warehouses, factories, Industry
Special-Purpose Property CORRECT ANSWERS Church, School, Cemetery
residential property CORRECT ANSWERS single-family or multifamily housing
Commercial Property CORRECT ANSWERS land and buildings that produce income
Management Fees CORRECT ANSWERS price an owner pays the manager or
management company
Percentage Fee CORRECT ANSWERS fee paid to the manager based on the effective
gross income of the building. ex - rent and other revenue streams.
EGI CORRECT ANSWERS Effective Gross Income
Flat Fee CORRECT ANSWERS based on commission, fixed fee paid per unit, not
based on a percentage of the income.
Rental Agents CORRECT ANSWERS finding tenants for units and handling leasing
affairs. Type of Property Manager.
CMA CORRECT ANSWERS Comparative Market Analysis
BOV CORRECT ANSWERS Broker opinion of value
, Appraisal CORRECT ANSWERS official valuation of property's value. Impartial. Date
specific.
per FL a real estate licensee can appraise for? CORRECT ANSWERS non-federal
transactions
Certified Appraiser appraises? CORRECT ANSWERS federally-related transactions
1987 CORRECT ANSWERS Appraisal Foundation Certification became a must
USPAP CORRECT ANSWERS Uniform Standards of Professional Appraisal Practice
What does USPAP do? CORRECT ANSWERS oversee, regulated, and promote real
estate appraisals and appraisal practices. It is unethical for an appraiser to accept
compensation based on the value of the property
AQB CORRECT ANSWERS Appraiser Qualifications Board
FREAB CORRECT ANSWERS Florida Real Estate Appraisal Board
what can be appraised? CORRECT ANSWERS single-family homes, Apartments,
Condos, Offices, Shopping centers, farms, commercial buildings
Comparative Market Analysis (CMA) CORRECT ANSWERS report that compares
prices of recently sold or listed homes in order to estimate the market value of a similar
property located in the same area.
CMA is not CORRECT ANSWERS an appraisal
CMA v. Appraisal (Differences) CORRECT ANSWERS Appraisals are formal and
detailed, fee, special certification, and required by a lender. CMAs are free, can be done
by agents.
CMA v. Appraisal (Similarities) CORRECT ANSWERS used to arrive at fair market
value, use sales comparison approach
BPO/BOV CORRECT ANSWERS Broker's Price Opinion
Broker's Opinion of Value
Broker Price Opinion (BPO) CORRECT ANSWERS A broker's written opinion of the
value of a particular property. Least accurate.
BPO Rules CORRECT ANSWERS Not represented as appraisals, can be done for fee
under the supervision of a broker, fee given to the broker, USPAP does not apply.
| Verified
Property Manager CORRECT ANSWERS Hired by property owner to market, maintain,
and oversee the day-to-day of the property. Often Rental.
Absentee Owner CORRECT ANSWERS Property owner who does not occupy the
property.
Property Manager Responsibility CORRECT ANSWERS realize the highest return
possible on the owner's investment.
Market Analysis CORRECT ANSWERS report that analyzes and assess the property,
region, and neighborhood
Fair Marketing CORRECT ANSWERS Organizations cant pick and choose their tenants
based on factors like race or gender (Equal Housing)
industrial property CORRECT ANSWERS Warehouses, factories, Industry
Special-Purpose Property CORRECT ANSWERS Church, School, Cemetery
residential property CORRECT ANSWERS single-family or multifamily housing
Commercial Property CORRECT ANSWERS land and buildings that produce income
Management Fees CORRECT ANSWERS price an owner pays the manager or
management company
Percentage Fee CORRECT ANSWERS fee paid to the manager based on the effective
gross income of the building. ex - rent and other revenue streams.
EGI CORRECT ANSWERS Effective Gross Income
Flat Fee CORRECT ANSWERS based on commission, fixed fee paid per unit, not
based on a percentage of the income.
Rental Agents CORRECT ANSWERS finding tenants for units and handling leasing
affairs. Type of Property Manager.
CMA CORRECT ANSWERS Comparative Market Analysis
BOV CORRECT ANSWERS Broker opinion of value
, Appraisal CORRECT ANSWERS official valuation of property's value. Impartial. Date
specific.
per FL a real estate licensee can appraise for? CORRECT ANSWERS non-federal
transactions
Certified Appraiser appraises? CORRECT ANSWERS federally-related transactions
1987 CORRECT ANSWERS Appraisal Foundation Certification became a must
USPAP CORRECT ANSWERS Uniform Standards of Professional Appraisal Practice
What does USPAP do? CORRECT ANSWERS oversee, regulated, and promote real
estate appraisals and appraisal practices. It is unethical for an appraiser to accept
compensation based on the value of the property
AQB CORRECT ANSWERS Appraiser Qualifications Board
FREAB CORRECT ANSWERS Florida Real Estate Appraisal Board
what can be appraised? CORRECT ANSWERS single-family homes, Apartments,
Condos, Offices, Shopping centers, farms, commercial buildings
Comparative Market Analysis (CMA) CORRECT ANSWERS report that compares
prices of recently sold or listed homes in order to estimate the market value of a similar
property located in the same area.
CMA is not CORRECT ANSWERS an appraisal
CMA v. Appraisal (Differences) CORRECT ANSWERS Appraisals are formal and
detailed, fee, special certification, and required by a lender. CMAs are free, can be done
by agents.
CMA v. Appraisal (Similarities) CORRECT ANSWERS used to arrive at fair market
value, use sales comparison approach
BPO/BOV CORRECT ANSWERS Broker's Price Opinion
Broker's Opinion of Value
Broker Price Opinion (BPO) CORRECT ANSWERS A broker's written opinion of the
value of a particular property. Least accurate.
BPO Rules CORRECT ANSWERS Not represented as appraisals, can be done for fee
under the supervision of a broker, fee given to the broker, USPAP does not apply.
