BOB HOGUE REAL ESTATE- END OF
CHAPTER QUESTIONS & ANSWERS
A map that indicates the size and location of individual lots, streets, and public utilities
within a new development is called
an elevation.
an architectural drawing.
a subdivision plat map.
a topography map. - Correct Answers -a subdivision plat map
Which term best describes a property owner who is NOT a resident of the property?
Rental agent
Property manager
Absentee owner
- Tenant - Correct Answers -absentee owner
What type of license or other credential is required for an individual to engage in the
sale, purchase, or lease of businesses for others?-
A) Member of national association of business brokers
b) Business broker license
C) Real estate license
D) Commercial business license - Correct Answers -Real estate license
The five major sales specialties do NOT include
a. residential.
B. businesses.
C) mixed-use property.
D) industrial. - Correct Answers -C) mixed-use property.
Which statement concerning broker's price opinions (BPOs) is TRUE? • A) A broker's
license is required to conduct a BPO. & •
B) The payment for a BPO must be paid to the broker and not directly to the sales
associate who prepared the BPO. C) A BPO is also called an appraisal of real property.
D) All BPOs must conform to Uniform Standards of Professional Appraisal Practice
(USPAP). - Correct Answers -B. The payment for a BPO must be paid to the broker and
not directly to the sales associate who prepared the BPO.
,The sales associate who worked with the buyers in the transaction sets up an
appointment with the buyers to visit them six weeks after the sale. The sales associate
routinely makes a visit after the title closing to thank the buyers for choosing her real
estate company and to extend an offer to help with the buyers' future real estate needs.
What type of service is the sales associate providing?
A) Delayed customer contact
B) Follow-up
C) Door-to-door sales
D) Final walk-through and property inspection - Correct Answers -B) Follow-up
developer transfers privately owned streets in a subdivision to the city with the
agreement that the city will maintain the streets in the future. This process is called
A) eminent domain.
B) entrepreneurship.
C) land acquisition.
D) dedication - Correct Answers -D) dedication
A couple tours several model homes in a new subdivision. The couple decides to
purchase one of the available lots and have the builder construct one of the model floor
plans on the lot.Which type of construction is this.
Tract home
Contract home
Modular home
Custom home - Correct Answers -Tract Home
A marketing tool used by real estate licensees in the process of soliciting for listings that
is intended to help sellers determine an asking price is called
a federally related transaction.
an appraisal.
an appraisal report.
a comparative market analysis. - Correct Answers -a comparative market analysis.
What type of relationship is said to exist between price and supply?
A) Inverse
B All of these
C) Unrelated
D) Positive - Correct Answers -The answer is inverse. Price and supply are inversely
(oppositely) related. When supply goes down, prices go up. When supply goes up,
prices go down.
Which characteristic is NOT a physical characteristic of real estate?
A) Real estate is nonhomogeneous.
B) Land is immobile.
C) The market is slow to respond to change in supply and demand.
,D) Land is durable. - Correct Answers -The answer is the market is slow to respond to
change in supply and demand. When the equilibrium between supply and demand is
upset, it can be years before the imbalance is corrected.
What is a building's vacancy rate if 621 units are rented in a 690-unit building?
А) 10%
B) 75%
C) 90%
D) 25% - Correct Answers -The answer is 10%. 690 total units - 621 rented units = 69
vacant units. 69 units ÷ 690 total
units = .10 or 10% vacancy rate.
An individual who takes residential mortgage loan applications or offers to negotiate the
terms of residential mortgage loan applications for compensation must hold which
license?
A) Business broker.
B) Mortgage loan originator.
C Financial counselor.
D) Mortgage counselor - Correct Answers -B) Mortgage loan originator.
Which term may only be used by members affiliated with the NAR?
A) Real estate sales associate
B) REALTOR®
C) Real estate broker.
D) Licensed real estate sales associate - Correct Answers -B) REALTOR®
An individual who, for a fee, finds tenants for available properties in a community
A) a landlord
B) a rental agent.
c) a property manager.
d)an absentee owner. - Correct Answers -B) a rental agent.
A developer of a new residential subdivision hires a sales staff to sell homes. The sales
staff receives a base salary plus 1% of the sale price of each home they sell. Are the
people who sell these homes for the developer required to hold real estate licenses?
A) No, the sales staff is paid a salary so they are not required to hold real estate
licenses.
• B) Yes, the sales staff must hold real estate licenses because they are partially
compensated based on actual sales.
C) Yes, all individuals who sell real property for owner-developers must hold a real
estate license regardless of the compensation structure.
D) No, owner-developers are not regulated by the real estate license law. - Correct
Answers -Yes, the sales staff must hold real estate licenses because they are partially
compensated based on actual sales.
, An individual who received a four-year degree in real estate from a state university is
NOT exempt from which license requirement?
A) State license exam
b) FREC Course Il for brokers
C) FREC Course I for sales associates
D) Post-license education. - Correct Answers -A) State license exam
Which individual is NOT exempt from holding a Florida real estate license?
A) State-certified and licensed real estate appraisers licensed under Chapter 475, Part
II
B) A person who sells cemetery lots
C)A salaried employee who works as a manager of a condominium complex and rents
individual units for periods of one year or less
D) Certified public accountant (CPA) who is employed by a real estate corporation and
receives a salary plus bonuses based on real estate transactions - Correct Answers -D)
Certified public accountant (CPA) who is employed by a real estate corporation and
receives a salary plus bonuses based on real estate transactions
Which individual must hold a Florida real estate license?
A) Lawyer who receives a share of the commission for each transaction resulting from
the referral of a client to a local brokerage office
B) Individual who sells cemetery lots
C) Individual who rents lots in a mobile home park
D) Salesperson who works for a real estate developer and is paid a salary - Correct
Answers -A) Lawyer who receives a share of the commission for each transaction
resulting from the referral of a client to a local brokerage office
A sales associate applicant must comply with which
A) Possess a U.S. social security number.
В ) Be a Florida resident.
C) Complete at least two years of college.
D) Be a U.S. citizen - Correct Answers -A) Possess a U.S. social security number.
Attorneys who are active members in good standing of The Florida Bar are exempt from
which education requirement? A) 45-hour post-licensing education for sales associates.
B) Sales associate state license exam.
C )FREC Course II for brokers.
D) FREC Course I for sales associates - Correct Answers -D) FREC Course I for sales
associates
An applicant has been issued a broker's license. The broker licensee does not want to
own her own real estate brokerage business. The licensee went to work selling real
estate under another broker. She is BEST described as a.
A) broker.
B) sales associate.
C) staff worker.
CHAPTER QUESTIONS & ANSWERS
A map that indicates the size and location of individual lots, streets, and public utilities
within a new development is called
an elevation.
an architectural drawing.
a subdivision plat map.
a topography map. - Correct Answers -a subdivision plat map
Which term best describes a property owner who is NOT a resident of the property?
Rental agent
Property manager
Absentee owner
- Tenant - Correct Answers -absentee owner
What type of license or other credential is required for an individual to engage in the
sale, purchase, or lease of businesses for others?-
A) Member of national association of business brokers
b) Business broker license
C) Real estate license
D) Commercial business license - Correct Answers -Real estate license
The five major sales specialties do NOT include
a. residential.
B. businesses.
C) mixed-use property.
D) industrial. - Correct Answers -C) mixed-use property.
Which statement concerning broker's price opinions (BPOs) is TRUE? • A) A broker's
license is required to conduct a BPO. & •
B) The payment for a BPO must be paid to the broker and not directly to the sales
associate who prepared the BPO. C) A BPO is also called an appraisal of real property.
D) All BPOs must conform to Uniform Standards of Professional Appraisal Practice
(USPAP). - Correct Answers -B. The payment for a BPO must be paid to the broker and
not directly to the sales associate who prepared the BPO.
,The sales associate who worked with the buyers in the transaction sets up an
appointment with the buyers to visit them six weeks after the sale. The sales associate
routinely makes a visit after the title closing to thank the buyers for choosing her real
estate company and to extend an offer to help with the buyers' future real estate needs.
What type of service is the sales associate providing?
A) Delayed customer contact
B) Follow-up
C) Door-to-door sales
D) Final walk-through and property inspection - Correct Answers -B) Follow-up
developer transfers privately owned streets in a subdivision to the city with the
agreement that the city will maintain the streets in the future. This process is called
A) eminent domain.
B) entrepreneurship.
C) land acquisition.
D) dedication - Correct Answers -D) dedication
A couple tours several model homes in a new subdivision. The couple decides to
purchase one of the available lots and have the builder construct one of the model floor
plans on the lot.Which type of construction is this.
Tract home
Contract home
Modular home
Custom home - Correct Answers -Tract Home
A marketing tool used by real estate licensees in the process of soliciting for listings that
is intended to help sellers determine an asking price is called
a federally related transaction.
an appraisal.
an appraisal report.
a comparative market analysis. - Correct Answers -a comparative market analysis.
What type of relationship is said to exist between price and supply?
A) Inverse
B All of these
C) Unrelated
D) Positive - Correct Answers -The answer is inverse. Price and supply are inversely
(oppositely) related. When supply goes down, prices go up. When supply goes up,
prices go down.
Which characteristic is NOT a physical characteristic of real estate?
A) Real estate is nonhomogeneous.
B) Land is immobile.
C) The market is slow to respond to change in supply and demand.
,D) Land is durable. - Correct Answers -The answer is the market is slow to respond to
change in supply and demand. When the equilibrium between supply and demand is
upset, it can be years before the imbalance is corrected.
What is a building's vacancy rate if 621 units are rented in a 690-unit building?
А) 10%
B) 75%
C) 90%
D) 25% - Correct Answers -The answer is 10%. 690 total units - 621 rented units = 69
vacant units. 69 units ÷ 690 total
units = .10 or 10% vacancy rate.
An individual who takes residential mortgage loan applications or offers to negotiate the
terms of residential mortgage loan applications for compensation must hold which
license?
A) Business broker.
B) Mortgage loan originator.
C Financial counselor.
D) Mortgage counselor - Correct Answers -B) Mortgage loan originator.
Which term may only be used by members affiliated with the NAR?
A) Real estate sales associate
B) REALTOR®
C) Real estate broker.
D) Licensed real estate sales associate - Correct Answers -B) REALTOR®
An individual who, for a fee, finds tenants for available properties in a community
A) a landlord
B) a rental agent.
c) a property manager.
d)an absentee owner. - Correct Answers -B) a rental agent.
A developer of a new residential subdivision hires a sales staff to sell homes. The sales
staff receives a base salary plus 1% of the sale price of each home they sell. Are the
people who sell these homes for the developer required to hold real estate licenses?
A) No, the sales staff is paid a salary so they are not required to hold real estate
licenses.
• B) Yes, the sales staff must hold real estate licenses because they are partially
compensated based on actual sales.
C) Yes, all individuals who sell real property for owner-developers must hold a real
estate license regardless of the compensation structure.
D) No, owner-developers are not regulated by the real estate license law. - Correct
Answers -Yes, the sales staff must hold real estate licenses because they are partially
compensated based on actual sales.
, An individual who received a four-year degree in real estate from a state university is
NOT exempt from which license requirement?
A) State license exam
b) FREC Course Il for brokers
C) FREC Course I for sales associates
D) Post-license education. - Correct Answers -A) State license exam
Which individual is NOT exempt from holding a Florida real estate license?
A) State-certified and licensed real estate appraisers licensed under Chapter 475, Part
II
B) A person who sells cemetery lots
C)A salaried employee who works as a manager of a condominium complex and rents
individual units for periods of one year or less
D) Certified public accountant (CPA) who is employed by a real estate corporation and
receives a salary plus bonuses based on real estate transactions - Correct Answers -D)
Certified public accountant (CPA) who is employed by a real estate corporation and
receives a salary plus bonuses based on real estate transactions
Which individual must hold a Florida real estate license?
A) Lawyer who receives a share of the commission for each transaction resulting from
the referral of a client to a local brokerage office
B) Individual who sells cemetery lots
C) Individual who rents lots in a mobile home park
D) Salesperson who works for a real estate developer and is paid a salary - Correct
Answers -A) Lawyer who receives a share of the commission for each transaction
resulting from the referral of a client to a local brokerage office
A sales associate applicant must comply with which
A) Possess a U.S. social security number.
В ) Be a Florida resident.
C) Complete at least two years of college.
D) Be a U.S. citizen - Correct Answers -A) Possess a U.S. social security number.
Attorneys who are active members in good standing of The Florida Bar are exempt from
which education requirement? A) 45-hour post-licensing education for sales associates.
B) Sales associate state license exam.
C )FREC Course II for brokers.
D) FREC Course I for sales associates - Correct Answers -D) FREC Course I for sales
associates
An applicant has been issued a broker's license. The broker licensee does not want to
own her own real estate brokerage business. The licensee went to work selling real
estate under another broker. She is BEST described as a.
A) broker.
B) sales associate.
C) staff worker.
