45 HOUR POST LICENSE FLORIDA EXAM 3 LATEST VERSIONS 2024 (VERSION A, B AND C) COMPLETE 300
QUESTIONS AND CORRECT DETAILED ANSWERS
Farming - (answer) Concentrating on one type of style of property or on one particular neighborhood
A residential transaction os defined in F.S. 475 as the sale of any: - (answer) - Duplex
- improved residential property of four units or fewer, including condominium units
-unimproved property intended for four units or fewer
- agricultural properties of ten acres or less
- leases with options to purchase all or a portion of improved property of four or fewer residential units
- dispositions of business interests for property of four or fewer residential units
Industrial Properties include _______ and ___________ facilities - (answer) warehouses and
manufacturing
A _________ __________ is a condominium unit that is subdivided into ownership time periods. -
(answer) timeshare property
Timeshare ownership includes the right to use the property for some period-of-time, sometimes
referred to as ___________ _____________. - (answer) interval ownership
absentee owners - (answer) owners who buy income property as investments and depend on
professionals to manage them
Lenders may require an ___________ to determine whether the value of the property being used as
collateral for a loan is adequate. - (answer) appraisal
Appraisals may also be required in connection with _______ _________ ________ ___________,
____________ ____________ __________, _________ ________ _____ ____ _______, _____ _____,
_____ _____, ______ _______,
and in many other circumstances. - (answer) federal income tax claims,
federal estate taxes,
protesting real estate tax assessments,
,45 HOUR POST LICENSE FLORIDA EXAM 3 LATEST VERSIONS 2024 (VERSION A, B AND C) COMPLETE 300
QUESTIONS AND CORRECT DETAILED ANSWERS
eminent domain,
investment planning,
insurance claims,
and in many other circumstances.
An appraisal that is used in federally transaction must be performed by an appraiser who is registered,
licensed, certified under Part II of FS ____, which is administered by the Florida Real Estate Appraisal
Board (FREAB). - (answer) FS 475
A _________ _____ _______ is one in which a loan is made by a federally regulated lending institution
that uses real property. - (answer) federally related transaction
All appraisals, whether performed by a licensed appraiser or a real estate licensee, must be developed
and reported in conformity with the - (answer) Uniform Standards of Professional Appraisal Practice
(USPAP)
A real estate ________ is an expert, whom others seek when they want answers to real estate questions
about such things as avoiding mortgage foreclosure, dealing with predatory lending, handling rental
default, finding suitable income opportunities, or getting a reverse mortgage. - (answer) counselor
Counseling is a - (answer) highly specialized service and requires a greater level of knowledge and
experience than any other of the real estate profession. Must have a detailed knowledge of alternative
investments and strategies.
The largest and most prestigious real estate organization in the world is ________. They work for
legislation enforce professional standards of conduct through its ________. - (answer) 1. The National
Association of Realtors (NAR)
2. Code of Ethics
Who can use the trademark REALTOR® - (answer) Members of NAR and its state divisions may use the
trademark
, 45 HOUR POST LICENSE FLORIDA EXAM 3 LATEST VERSIONS 2024 (VERSION A, B AND C) COMPLETE 300
QUESTIONS AND CORRECT DETAILED ANSWERS
The largest trade association in the state is _________. - (answer) The Florida Association of Realtors
(FAR)
FAR does all its business as _______ ________. - (answer) Florida REALTORS®
_________ are standards for moral conduct with respect to what is considered right and wrong with
certain actions. - (answer) Ethics
An action can be legal, but _______. - (answer) unethical
Ethics tend to hold people accountable to higher standards than _____. - (answer) laws
The first Code of Ethics was adopted by the ______ ______ _____ ________ _______ _______ _____
_________ to establish professional standards of conduct in the real estate profession. - (answer)
National Association of Real Estate Exchanges in 1913
The duties required by the Code of Ethics are: - (answer) 1. Duties to clients and customers
2. Duties to the public in general
3. Duties to other real estate licensees
Required Skills for the Real estate professional are: (3) - (answer) 1. Valuation - Must be able to discern
important differences between properties and know ho to translate those differences into value. Must
be able to conduct a CMA.
2. Marketing - must have an understanding of the tools and technologies available to market a property.
3. Property Transfer - understand how to close a transaction
The MLS affords you the opportunity to - (answer) market your listing to thousands of local REALTORS®
and thousands of REALTORS® statewide.
A Mission Statement is a - (answer) description of a desired outcome that excites, motivates, and helps
you to create a mental picture of your business goal.
QUESTIONS AND CORRECT DETAILED ANSWERS
Farming - (answer) Concentrating on one type of style of property or on one particular neighborhood
A residential transaction os defined in F.S. 475 as the sale of any: - (answer) - Duplex
- improved residential property of four units or fewer, including condominium units
-unimproved property intended for four units or fewer
- agricultural properties of ten acres or less
- leases with options to purchase all or a portion of improved property of four or fewer residential units
- dispositions of business interests for property of four or fewer residential units
Industrial Properties include _______ and ___________ facilities - (answer) warehouses and
manufacturing
A _________ __________ is a condominium unit that is subdivided into ownership time periods. -
(answer) timeshare property
Timeshare ownership includes the right to use the property for some period-of-time, sometimes
referred to as ___________ _____________. - (answer) interval ownership
absentee owners - (answer) owners who buy income property as investments and depend on
professionals to manage them
Lenders may require an ___________ to determine whether the value of the property being used as
collateral for a loan is adequate. - (answer) appraisal
Appraisals may also be required in connection with _______ _________ ________ ___________,
____________ ____________ __________, _________ ________ _____ ____ _______, _____ _____,
_____ _____, ______ _______,
and in many other circumstances. - (answer) federal income tax claims,
federal estate taxes,
protesting real estate tax assessments,
,45 HOUR POST LICENSE FLORIDA EXAM 3 LATEST VERSIONS 2024 (VERSION A, B AND C) COMPLETE 300
QUESTIONS AND CORRECT DETAILED ANSWERS
eminent domain,
investment planning,
insurance claims,
and in many other circumstances.
An appraisal that is used in federally transaction must be performed by an appraiser who is registered,
licensed, certified under Part II of FS ____, which is administered by the Florida Real Estate Appraisal
Board (FREAB). - (answer) FS 475
A _________ _____ _______ is one in which a loan is made by a federally regulated lending institution
that uses real property. - (answer) federally related transaction
All appraisals, whether performed by a licensed appraiser or a real estate licensee, must be developed
and reported in conformity with the - (answer) Uniform Standards of Professional Appraisal Practice
(USPAP)
A real estate ________ is an expert, whom others seek when they want answers to real estate questions
about such things as avoiding mortgage foreclosure, dealing with predatory lending, handling rental
default, finding suitable income opportunities, or getting a reverse mortgage. - (answer) counselor
Counseling is a - (answer) highly specialized service and requires a greater level of knowledge and
experience than any other of the real estate profession. Must have a detailed knowledge of alternative
investments and strategies.
The largest and most prestigious real estate organization in the world is ________. They work for
legislation enforce professional standards of conduct through its ________. - (answer) 1. The National
Association of Realtors (NAR)
2. Code of Ethics
Who can use the trademark REALTOR® - (answer) Members of NAR and its state divisions may use the
trademark
, 45 HOUR POST LICENSE FLORIDA EXAM 3 LATEST VERSIONS 2024 (VERSION A, B AND C) COMPLETE 300
QUESTIONS AND CORRECT DETAILED ANSWERS
The largest trade association in the state is _________. - (answer) The Florida Association of Realtors
(FAR)
FAR does all its business as _______ ________. - (answer) Florida REALTORS®
_________ are standards for moral conduct with respect to what is considered right and wrong with
certain actions. - (answer) Ethics
An action can be legal, but _______. - (answer) unethical
Ethics tend to hold people accountable to higher standards than _____. - (answer) laws
The first Code of Ethics was adopted by the ______ ______ _____ ________ _______ _______ _____
_________ to establish professional standards of conduct in the real estate profession. - (answer)
National Association of Real Estate Exchanges in 1913
The duties required by the Code of Ethics are: - (answer) 1. Duties to clients and customers
2. Duties to the public in general
3. Duties to other real estate licensees
Required Skills for the Real estate professional are: (3) - (answer) 1. Valuation - Must be able to discern
important differences between properties and know ho to translate those differences into value. Must
be able to conduct a CMA.
2. Marketing - must have an understanding of the tools and technologies available to market a property.
3. Property Transfer - understand how to close a transaction
The MLS affords you the opportunity to - (answer) market your listing to thousands of local REALTORS®
and thousands of REALTORS® statewide.
A Mission Statement is a - (answer) description of a desired outcome that excites, motivates, and helps
you to create a mental picture of your business goal.
