FLORIDA Real Estate Pre-license Exam Review / of key
Quizzes & Correct Answers.
Real Estate Business - (ANSWER)Is composed of many specialization's:
- (1)Details of Property Transfer
-Knowledge of:
(2)market conditions
(3)how to market real estate business
(4)how to analyze buyers needs
(5)laws that pertain to real estate
Real Estate Brokerage - (ANSWER)Is the bringing together of buyers and sellers,
owners and renters and completing real estate transactions.
***How can a agent maintain good standing with clients? (After title closing)*** -
(ANSWER)***Follow Up. This will result in a good reputation and FUTURE
REFERRALS and word-of-mouth advertising.***
What are the 5 major sales specialties? (Types of properties/lots) -
(ANSWER)Residential. (Remember 4-10 Rule: any vacant land zoned for 4 or
fewer residential units OR agricultural property of 10 or fewer acres.){A condo is
considered a single family home}
Commercial.
Industrial.
Agricultural.
,Business. (Considered "business brokers." ***Presumption in Florida that
businesses include real property***)
What is a Farm Area? - (ANSWER)When brokers/sales associate become an
expert in one portion of the city.
What is the difference between a rental agent and a property manager? -
(ANSWER)Rental Agent: find a tenant & collect fee.
Property Manager: continue to manage property after tenant is secured.
What is an absentee owner? - (ANSWER)is a property owner who does not reside
on property/often relies on professional property manager to manage
investment.
Can a real estate broker / sales associate appraise a property for compensation? -
(ANSWER)Yes, but CANNOT say they are state certified, registered trainee, or
licensed appraisers.
When conducting appraisals, must follow what set of guidelines? -
(ANSWER)Uniform Standards of Professional Appraisal Practice (USPAP) (Best
Practices)
What is a brokers price opinion (BPO)? Can a real estate licensees charge for
these? - (ANSWER)It is the opinion of value of real property, and yes as long as it
is not considered an appraisal.
, ***Who does the commission for a BPO, or for any service of real estate, go to?
a)broker associate
b)sales associate
c)broker - (ANSWER)***C. Compensation can not be paid directly to associates.
Who may use the term REALTOR? - (ANSWER)REALTOR and real estate licensee
are not synonymous. REALTORS are members of a local board of realtors
(privately run organization).
Who created the MLS (Multiple Listing Service) database? - (ANSWER)National
Association of Realtors.
Applicants should be familiar with these laws an rules and their respective
subsections: - (ANSWER)(F.S. = Florida Statute)
F.S. 20
F.S. Chapter 475
-Part 1. pertains to real estate brokerage
-Part 2. pertains to real estate appraisers
-Part 3. Commercial Real Estate SALES Commission Lien Act (Lien is only on
owners net proceeds)
-Part 4. Commercial Real Estate LEASING Commission Lien Act. (Gives broker lien
rights)
F.S. 455
Quizzes & Correct Answers.
Real Estate Business - (ANSWER)Is composed of many specialization's:
- (1)Details of Property Transfer
-Knowledge of:
(2)market conditions
(3)how to market real estate business
(4)how to analyze buyers needs
(5)laws that pertain to real estate
Real Estate Brokerage - (ANSWER)Is the bringing together of buyers and sellers,
owners and renters and completing real estate transactions.
***How can a agent maintain good standing with clients? (After title closing)*** -
(ANSWER)***Follow Up. This will result in a good reputation and FUTURE
REFERRALS and word-of-mouth advertising.***
What are the 5 major sales specialties? (Types of properties/lots) -
(ANSWER)Residential. (Remember 4-10 Rule: any vacant land zoned for 4 or
fewer residential units OR agricultural property of 10 or fewer acres.){A condo is
considered a single family home}
Commercial.
Industrial.
Agricultural.
,Business. (Considered "business brokers." ***Presumption in Florida that
businesses include real property***)
What is a Farm Area? - (ANSWER)When brokers/sales associate become an
expert in one portion of the city.
What is the difference between a rental agent and a property manager? -
(ANSWER)Rental Agent: find a tenant & collect fee.
Property Manager: continue to manage property after tenant is secured.
What is an absentee owner? - (ANSWER)is a property owner who does not reside
on property/often relies on professional property manager to manage
investment.
Can a real estate broker / sales associate appraise a property for compensation? -
(ANSWER)Yes, but CANNOT say they are state certified, registered trainee, or
licensed appraisers.
When conducting appraisals, must follow what set of guidelines? -
(ANSWER)Uniform Standards of Professional Appraisal Practice (USPAP) (Best
Practices)
What is a brokers price opinion (BPO)? Can a real estate licensees charge for
these? - (ANSWER)It is the opinion of value of real property, and yes as long as it
is not considered an appraisal.
, ***Who does the commission for a BPO, or for any service of real estate, go to?
a)broker associate
b)sales associate
c)broker - (ANSWER)***C. Compensation can not be paid directly to associates.
Who may use the term REALTOR? - (ANSWER)REALTOR and real estate licensee
are not synonymous. REALTORS are members of a local board of realtors
(privately run organization).
Who created the MLS (Multiple Listing Service) database? - (ANSWER)National
Association of Realtors.
Applicants should be familiar with these laws an rules and their respective
subsections: - (ANSWER)(F.S. = Florida Statute)
F.S. 20
F.S. Chapter 475
-Part 1. pertains to real estate brokerage
-Part 2. pertains to real estate appraisers
-Part 3. Commercial Real Estate SALES Commission Lien Act (Lien is only on
owners net proceeds)
-Part 4. Commercial Real Estate LEASING Commission Lien Act. (Gives broker lien
rights)
F.S. 455
