Bob Hogue Sales Associate Exam
Review Questions And Answers
the product that real estate licensees market is - ANSWER-information
knowledge of property transfer, knowledge of market conditions, knowledge of how to market real
estate or business
a competent licensed real estate professional must know the economic and legal intricacies associated
with transfers of - ANSWER-title, property taxes, financing, and local zoning ordinances
to be successful, licenses must know how to - ANSWER-market real estate and businesses
real estate brokerage - ANSWER-the business of bringing together buyers and sellers, owners and
renters, and of completing real estate transactions
5 sales specialties of real estate - ANSWER-residential, commercial, industrial, agricultural, business
real estate professionals have found that advertising money is more efficiently spent and produces
better outcomes if efforts are focused on a target market - ANSWER-target marketing involves expertise
in locating prospects
many brokers and sales associates prefer to select one specific portion of a city and become an expert in
that particular portion, called - ANSWER-farm area
property management - ANSWER-professional service conducted by a person or company hired to
maintain and manage property on behalf of the property owners
property manager - ANSWER-the property owners local representative
rental agents - ANSWER-typically find a tenant for property and collect a fee
absentee owner - ANSWER-a property owner who does not reside on the property and who often relies
on a professional property manager to manage the investment
a property manager who is paid by commission or on a transactional basis must be - ANSWER-licensed
as an active real estate broker
CAM (community association manager) - ANSWER-association consists of 10+ units, or has budget higher
than $100,000
appraisal - ANSWER-process of developing and communicating an opinion about a property's value
FREAB (florida real estate appraisal board) - ANSWER-regulates state certified and licensed appraisers.
federally related transaction
USPAP - ANSWER-uniform standards of professional appraisal practice
florida law requires appraisers, real estate brokers, and sales associates to abide by - ANSWER-USPAP
when conducting appraisals of real property.
,CMA - ANSWER-comparative market analysis. sellers often ask real estate brokers and sales associates
what buyers are likely to pay for their property's
BPO - ANSWER-brokers price opinion. a written opinion of the value of real property
the money you earn is - ANSWER-your brokers
financing - ANSWER-life blood of real estate. business of providing funds that make real estate
transactions possible.
counseling - ANSWER-service of analyzing existing or potential projects and providing advice to
individuals and firms regarding the purchase and use of real estate investments
3 phases of development and construction - ANSWER-land acquisition, subdividing and development,
recording the subdivision plat map
subdividing - ANSWER-process of converting parcels of land into smaller units or lots.
development - ANSWER-improving raw land
subdivision plat map - ANSWER-developers submit for new development for review by the gov
dedication - ANSWER-gift of land by an owner. involves streets, sidewalks, park areas, and other
improvements. streets and public areas obligates the local government to maintain them.
3 categories of residential construction - ANSWER-speculative, custom homes, tract homes
the local government impacts the real estate business through - ANSWER-property taxation and
regulatory activities
the state government impacts the real estate business - ANSWER-when ownership to real property is
transferred or pledged as collateral for a mortgage
the federal government impacts the real estate business through - ANSWER-fiscal and monetary policies
NAR - ANSWER-national association of realtors. largest trade organization in the world. promotes ethics
and education in the industry. NAR realtors must complete 3 hours of training every 4 years
florida statute 20 - ANSWER-executive branch of floridas government
florida statute chapter 475 part 1 - ANSWER-pertains to real estate brokerage, sales associates, schools
florida statute chapter 475 part 2 - ANSWER-pertains to real estate appraisers and sets forth
requirements for licensed and certified appraisers according to federal statute. FREAB (florida real estate
appraisal board) regulates state certified, licensed and registered trainee appraisers
florida statute chapter 475 part 3 - ANSWER-commercial real estate sales commision lien act gives broker
lien rights for earned commission. applies to commercial property, NOT residential. Lien is only against
the onwers new proceeds from the sale and does not attach to the commercial real property.
florida statute chapter 475 part 4 - ANSWER-the commercial real estate leasing commission lien act,
gives broker lien rights for earned commission associated with brokerage agreement to lease commercial
real estate
,chapter 455 - ANSWER-professions regulated by DBPR (dept business and professional regulation).
discipline a real estate licensee who failed to notify DBPR within 30 days of conviction, finding of guilt,
plea, or adjudication of a crime
florida statute 120 - ANSWER-procedural process for all governmental entities authorized under the
florida constitution.
chapter 61J2 - ANSWER-FREC (florida real estate commission) rules
sales associate - ANSWER-person who performs real estate services for compensation but who does so
under the direction, control, or management of a broker/owner developer
broker - ANSWER-a person who for another, and for compensation or other consideration (or
anticipation of compensation or other consideration) performs real estate services
broker associate - ANSWER-a person who holds a brokers license but chooses to register and work in real
estate under the direction of another broker.
an individual typically begins a real estate career in Florida as - ANSWER-a licensed sales associate. starts
with license as voluntary inactive sales associate
owner developer - ANSWER-an unlicensed entity that sells, exchanges, or leases its own property
becoming a broker requires - ANSWER-additional education, experience, and passing the broker license
exam
license application expires: - ANSWER-2 years after the date the DBPR receives the application
military veteran and spouse waiver - ANSWER-DBPR has the authority to waive the initial application,
license, and unlicensed activity fees for military vets and their spouses who apply for a real estate license
within 60 months after honorable discharge
background check of criminal history - ANSWER-a withhold of adjudication must be disclosed on the
application
background check and expungement - ANSWER-process by which the record of criminal conviction is
destroyed or sealed after expiration of time.
when in doubt, always - ANSWER-disclose
a florida real estate licensee who moves out of state and becomes a non florida resident must notify the
commission within - ANSWER-60 days
licensees must notify FREC with a change of mailing address within - ANSWER-10 days
florida resident - ANSWER-person who has resided in FL continuously for a period of 4 calendar months
or more within the preceding year regardless of whether the person resided in a recreational vehicle,
hotel, rental unit, or other temporary/permanent location
sales associate applicant must be (age) - ANSWER-18
applicant who has been disbarred or guilty of offenses is not qualified for a real estate license unless -
ANSWER-passage of time, good conduct and reputation, or other sufficient reasons cause the
, commission to believe granting the license will not endanger the interests and welfare of the general
public.
a student failing the end of course exam must wait - ANSWER-30 days before retaking
2 exemptions of prelicensing - ANSWER-4 year or higher real estate degree, licensed attorney
if you hold a 4 year real estate degree, you are exempt from - ANSWER-prelicense course 1, 2, and post
license. NOT CONTINUING EDUCATION
if you are a florida licensed attorney you are exempt from - ANSWER-prelicensing course 1
passing score of license exam - ANSWER-75
new sales associates must change their license to - ANSWER-active status before operating as a sales
associate. submitting DBPR from RE:11
new licensees must not begin working until - ANSWER-the DBPR indicates the license has been changed
to active status under the proper broker/brokerage entity
post licensing education - ANSWER-effect of placing all initial licensees in a conditional (probationary)
status because failure to complete post licensing edu requirement will cause license to become null and
void.
continuing education - ANSWER-active and inactive licensees must complete 14 hours of cont. edu.
every 2 year period after. 3 hours of core law are required in 2 year 14 hour renewal cycle.
applicants who possess a Florida sales associate license must fulfill their sales associates post licensing
edu - ANSWER-before the expiration of the initial sales associate license or before applying for a brokers
license (whichever comes first)
broker applicant must have held an active real estate license for - ANSWER-at least 2 years during the 5
year period preceding application to become a broker.
the broker experience cannot be earned by working for an owner/developer unless - ANSWER-the
owner developer is a licensed broker who holds a current, valid, active real estate license
registration - ANSWER-process of submitting information to the DBPR that is entered into the dept
records
sales associates and broker associates licensed in florida must be - ANSWER-registered under their
employing broker.
sales associates and broker associates may only have - ANSWER-1 registered employer at any given time
individual who wishes to actively engage in real estate industry must - ANSWER-be registered and
licensed with DBPR
real estate services - ANSWER-any real estate activity involving compensation for performing the service
for another
A BAR SALE (real estate services) - ANSWER-Advertise real estate services
Review Questions And Answers
the product that real estate licensees market is - ANSWER-information
knowledge of property transfer, knowledge of market conditions, knowledge of how to market real
estate or business
a competent licensed real estate professional must know the economic and legal intricacies associated
with transfers of - ANSWER-title, property taxes, financing, and local zoning ordinances
to be successful, licenses must know how to - ANSWER-market real estate and businesses
real estate brokerage - ANSWER-the business of bringing together buyers and sellers, owners and
renters, and of completing real estate transactions
5 sales specialties of real estate - ANSWER-residential, commercial, industrial, agricultural, business
real estate professionals have found that advertising money is more efficiently spent and produces
better outcomes if efforts are focused on a target market - ANSWER-target marketing involves expertise
in locating prospects
many brokers and sales associates prefer to select one specific portion of a city and become an expert in
that particular portion, called - ANSWER-farm area
property management - ANSWER-professional service conducted by a person or company hired to
maintain and manage property on behalf of the property owners
property manager - ANSWER-the property owners local representative
rental agents - ANSWER-typically find a tenant for property and collect a fee
absentee owner - ANSWER-a property owner who does not reside on the property and who often relies
on a professional property manager to manage the investment
a property manager who is paid by commission or on a transactional basis must be - ANSWER-licensed
as an active real estate broker
CAM (community association manager) - ANSWER-association consists of 10+ units, or has budget higher
than $100,000
appraisal - ANSWER-process of developing and communicating an opinion about a property's value
FREAB (florida real estate appraisal board) - ANSWER-regulates state certified and licensed appraisers.
federally related transaction
USPAP - ANSWER-uniform standards of professional appraisal practice
florida law requires appraisers, real estate brokers, and sales associates to abide by - ANSWER-USPAP
when conducting appraisals of real property.
,CMA - ANSWER-comparative market analysis. sellers often ask real estate brokers and sales associates
what buyers are likely to pay for their property's
BPO - ANSWER-brokers price opinion. a written opinion of the value of real property
the money you earn is - ANSWER-your brokers
financing - ANSWER-life blood of real estate. business of providing funds that make real estate
transactions possible.
counseling - ANSWER-service of analyzing existing or potential projects and providing advice to
individuals and firms regarding the purchase and use of real estate investments
3 phases of development and construction - ANSWER-land acquisition, subdividing and development,
recording the subdivision plat map
subdividing - ANSWER-process of converting parcels of land into smaller units or lots.
development - ANSWER-improving raw land
subdivision plat map - ANSWER-developers submit for new development for review by the gov
dedication - ANSWER-gift of land by an owner. involves streets, sidewalks, park areas, and other
improvements. streets and public areas obligates the local government to maintain them.
3 categories of residential construction - ANSWER-speculative, custom homes, tract homes
the local government impacts the real estate business through - ANSWER-property taxation and
regulatory activities
the state government impacts the real estate business - ANSWER-when ownership to real property is
transferred or pledged as collateral for a mortgage
the federal government impacts the real estate business through - ANSWER-fiscal and monetary policies
NAR - ANSWER-national association of realtors. largest trade organization in the world. promotes ethics
and education in the industry. NAR realtors must complete 3 hours of training every 4 years
florida statute 20 - ANSWER-executive branch of floridas government
florida statute chapter 475 part 1 - ANSWER-pertains to real estate brokerage, sales associates, schools
florida statute chapter 475 part 2 - ANSWER-pertains to real estate appraisers and sets forth
requirements for licensed and certified appraisers according to federal statute. FREAB (florida real estate
appraisal board) regulates state certified, licensed and registered trainee appraisers
florida statute chapter 475 part 3 - ANSWER-commercial real estate sales commision lien act gives broker
lien rights for earned commission. applies to commercial property, NOT residential. Lien is only against
the onwers new proceeds from the sale and does not attach to the commercial real property.
florida statute chapter 475 part 4 - ANSWER-the commercial real estate leasing commission lien act,
gives broker lien rights for earned commission associated with brokerage agreement to lease commercial
real estate
,chapter 455 - ANSWER-professions regulated by DBPR (dept business and professional regulation).
discipline a real estate licensee who failed to notify DBPR within 30 days of conviction, finding of guilt,
plea, or adjudication of a crime
florida statute 120 - ANSWER-procedural process for all governmental entities authorized under the
florida constitution.
chapter 61J2 - ANSWER-FREC (florida real estate commission) rules
sales associate - ANSWER-person who performs real estate services for compensation but who does so
under the direction, control, or management of a broker/owner developer
broker - ANSWER-a person who for another, and for compensation or other consideration (or
anticipation of compensation or other consideration) performs real estate services
broker associate - ANSWER-a person who holds a brokers license but chooses to register and work in real
estate under the direction of another broker.
an individual typically begins a real estate career in Florida as - ANSWER-a licensed sales associate. starts
with license as voluntary inactive sales associate
owner developer - ANSWER-an unlicensed entity that sells, exchanges, or leases its own property
becoming a broker requires - ANSWER-additional education, experience, and passing the broker license
exam
license application expires: - ANSWER-2 years after the date the DBPR receives the application
military veteran and spouse waiver - ANSWER-DBPR has the authority to waive the initial application,
license, and unlicensed activity fees for military vets and their spouses who apply for a real estate license
within 60 months after honorable discharge
background check of criminal history - ANSWER-a withhold of adjudication must be disclosed on the
application
background check and expungement - ANSWER-process by which the record of criminal conviction is
destroyed or sealed after expiration of time.
when in doubt, always - ANSWER-disclose
a florida real estate licensee who moves out of state and becomes a non florida resident must notify the
commission within - ANSWER-60 days
licensees must notify FREC with a change of mailing address within - ANSWER-10 days
florida resident - ANSWER-person who has resided in FL continuously for a period of 4 calendar months
or more within the preceding year regardless of whether the person resided in a recreational vehicle,
hotel, rental unit, or other temporary/permanent location
sales associate applicant must be (age) - ANSWER-18
applicant who has been disbarred or guilty of offenses is not qualified for a real estate license unless -
ANSWER-passage of time, good conduct and reputation, or other sufficient reasons cause the
, commission to believe granting the license will not endanger the interests and welfare of the general
public.
a student failing the end of course exam must wait - ANSWER-30 days before retaking
2 exemptions of prelicensing - ANSWER-4 year or higher real estate degree, licensed attorney
if you hold a 4 year real estate degree, you are exempt from - ANSWER-prelicense course 1, 2, and post
license. NOT CONTINUING EDUCATION
if you are a florida licensed attorney you are exempt from - ANSWER-prelicensing course 1
passing score of license exam - ANSWER-75
new sales associates must change their license to - ANSWER-active status before operating as a sales
associate. submitting DBPR from RE:11
new licensees must not begin working until - ANSWER-the DBPR indicates the license has been changed
to active status under the proper broker/brokerage entity
post licensing education - ANSWER-effect of placing all initial licensees in a conditional (probationary)
status because failure to complete post licensing edu requirement will cause license to become null and
void.
continuing education - ANSWER-active and inactive licensees must complete 14 hours of cont. edu.
every 2 year period after. 3 hours of core law are required in 2 year 14 hour renewal cycle.
applicants who possess a Florida sales associate license must fulfill their sales associates post licensing
edu - ANSWER-before the expiration of the initial sales associate license or before applying for a brokers
license (whichever comes first)
broker applicant must have held an active real estate license for - ANSWER-at least 2 years during the 5
year period preceding application to become a broker.
the broker experience cannot be earned by working for an owner/developer unless - ANSWER-the
owner developer is a licensed broker who holds a current, valid, active real estate license
registration - ANSWER-process of submitting information to the DBPR that is entered into the dept
records
sales associates and broker associates licensed in florida must be - ANSWER-registered under their
employing broker.
sales associates and broker associates may only have - ANSWER-1 registered employer at any given time
individual who wishes to actively engage in real estate industry must - ANSWER-be registered and
licensed with DBPR
real estate services - ANSWER-any real estate activity involving compensation for performing the service
for another
A BAR SALE (real estate services) - ANSWER-Advertise real estate services
