POST LICENSE QUESTIONS AND ANSWERS
Farming - Answers :concentrate on one type of property or area
Residential Transaction - Answers :4 units or less
ten acres or less
4 or fewer units
appraisal - Answers :federally related transaction must be preformed by an appraiser
FS 475
loan made by a federally regulated lending company
USPAP
NAR - Answers :National Association of Realtors
Largest and most prestigious real estate organization in the world
Code of Ethics - Answers :made to establish professional standards
3 duties of the Code of Ethics - Answers :1 - duties to clients and customers
2- duties to the public in general
3- duties to other real estate licensees
Mission Statement - Answers :description of a desired outcome to build a goal
FS 475 - Answers :law that specifically regulates
1. real estate licensees
2. schools
3. appraisers
Range of penalties - Answers :Reprimand
fine
probation
suspension
revocation (NOT)
denial
what happens if you do not complete your post license course on time - Answers :null
and void
how many days do you need to give notice to the DBPR when changing employer -
Answers :10 days
if a sales associate receives a deposit, when do you need to deliver it to your broker? -
Answers :end of the business day
Single Agent Relation Ship Duties - Answers :Confidentially
, Obedience
Loyalty
Full Disclosure
Title XI of FIRREA - Answers :appraisals must be done by professionals for federally
regulated transactions
Investment Value - Answers :value for a particular property for a particular investor
principle of contribution - Answers :value of a component of the property is the amount it
increase the total value of the property
change in value from an improvement makes to a property
Highest and Best Use - Answers :existing improvements contribute to the value or if
they should be removed to permit more profit
comparable sales approach - Answers :estimate the value indicated by recent sales
comparable in the market
principal of substitution
BPO - Answers :Broker Price Opinion
estimate value of a property owned by the bank
AVM: automated valuation model is typically used to get the value of the home
Pull Marketing is NOT - Answers :Radio Ads
Marketing Plans do NOT include - Answers :client testimonials
What do lenders use to determine the max amount of their loans? - Answers :LTV
Ratios
Fully amortized/Fixed-Rate Loans - Answers :After each month, interest is reduced and
the principal is increased
Conventional Loans - Answers :fixed rate 30 year
payment is stable and able to pay the balance or refinance
VA LOANS - Answers :little or no down payment
Truth in Lending Act, Title 1 - Answers :Regulation Z
lenders must disclose to the buyers the true cost of obtaining credit
What is the best source to obtain buyers? - Answers :listing inventory
Exclusive Buyer Brokerage Agreement - Answers :to make sure you receive
compensation for your work
Farming - Answers :concentrate on one type of property or area
Residential Transaction - Answers :4 units or less
ten acres or less
4 or fewer units
appraisal - Answers :federally related transaction must be preformed by an appraiser
FS 475
loan made by a federally regulated lending company
USPAP
NAR - Answers :National Association of Realtors
Largest and most prestigious real estate organization in the world
Code of Ethics - Answers :made to establish professional standards
3 duties of the Code of Ethics - Answers :1 - duties to clients and customers
2- duties to the public in general
3- duties to other real estate licensees
Mission Statement - Answers :description of a desired outcome to build a goal
FS 475 - Answers :law that specifically regulates
1. real estate licensees
2. schools
3. appraisers
Range of penalties - Answers :Reprimand
fine
probation
suspension
revocation (NOT)
denial
what happens if you do not complete your post license course on time - Answers :null
and void
how many days do you need to give notice to the DBPR when changing employer -
Answers :10 days
if a sales associate receives a deposit, when do you need to deliver it to your broker? -
Answers :end of the business day
Single Agent Relation Ship Duties - Answers :Confidentially
, Obedience
Loyalty
Full Disclosure
Title XI of FIRREA - Answers :appraisals must be done by professionals for federally
regulated transactions
Investment Value - Answers :value for a particular property for a particular investor
principle of contribution - Answers :value of a component of the property is the amount it
increase the total value of the property
change in value from an improvement makes to a property
Highest and Best Use - Answers :existing improvements contribute to the value or if
they should be removed to permit more profit
comparable sales approach - Answers :estimate the value indicated by recent sales
comparable in the market
principal of substitution
BPO - Answers :Broker Price Opinion
estimate value of a property owned by the bank
AVM: automated valuation model is typically used to get the value of the home
Pull Marketing is NOT - Answers :Radio Ads
Marketing Plans do NOT include - Answers :client testimonials
What do lenders use to determine the max amount of their loans? - Answers :LTV
Ratios
Fully amortized/Fixed-Rate Loans - Answers :After each month, interest is reduced and
the principal is increased
Conventional Loans - Answers :fixed rate 30 year
payment is stable and able to pay the balance or refinance
VA LOANS - Answers :little or no down payment
Truth in Lending Act, Title 1 - Answers :Regulation Z
lenders must disclose to the buyers the true cost of obtaining credit
What is the best source to obtain buyers? - Answers :listing inventory
Exclusive Buyer Brokerage Agreement - Answers :to make sure you receive
compensation for your work
