FLORIDA Real Estate Pre-license
Exam Review Questions with Verifed
Answers
Real Estate Business - ANSWERSIs 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 - ANSWERSIs 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)*** -
ANSWERS***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) -
ANSWERSResidential. (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? - ANSWERSWhen brokers/sales associate become an expert in
one portion of the city.
What is the difference between a rental agent and a property manager? -
ANSWERSRental Agent: find a tenant & collect fee.
Property Manager: continue to manage property after tenant is secured.
What is an absentee owner? - ANSWERSis 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? -
ANSWERSYes, but CANNOT say they are state certified, registered trainee, or licensed
appraisers.
, When conducting appraisals, must follow what set of guidelines? - ANSWERSUniform
Standards of Professional Appraisal Practice (USPAP) (Best Practices)
What is a brokers price opinion (BPO)? Can a real estate licensees charge for these? -
ANSWERSIt 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 - ANSWERS***C. Compensation can not be paid directly to associates.
Who may use the term REALTOR? - ANSWERSREALTOR 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? - ANSWERSNational
Association of Realtors.
Applicants should be familiar with these laws an rules and their respective subsections:
- ANSWERS(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
Chapter 61J2
***When going through application process what should applicant NOT exclude? -
ANSWERS***Cautioned to complete carefully, and to fully disclose any background
criminal history EVEN IF conviction was withheld adjudication. {It is the applicants
responsibility to verify these things}
***Non-florida-residents are not required to provide: - ANSWERSProof of U.S.
citizenship, however must have a social security number. (SSN used to see if applicants
are in compliance with child support obligations)
***Real Estate applicants approved for licensure under mutual recognition are exempt
from: - ANSWERSPre-license course.
Exam Review Questions with Verifed
Answers
Real Estate Business - ANSWERSIs 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 - ANSWERSIs 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)*** -
ANSWERS***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) -
ANSWERSResidential. (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? - ANSWERSWhen brokers/sales associate become an expert in
one portion of the city.
What is the difference between a rental agent and a property manager? -
ANSWERSRental Agent: find a tenant & collect fee.
Property Manager: continue to manage property after tenant is secured.
What is an absentee owner? - ANSWERSis 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? -
ANSWERSYes, but CANNOT say they are state certified, registered trainee, or licensed
appraisers.
, When conducting appraisals, must follow what set of guidelines? - ANSWERSUniform
Standards of Professional Appraisal Practice (USPAP) (Best Practices)
What is a brokers price opinion (BPO)? Can a real estate licensees charge for these? -
ANSWERSIt 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 - ANSWERS***C. Compensation can not be paid directly to associates.
Who may use the term REALTOR? - ANSWERSREALTOR 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? - ANSWERSNational
Association of Realtors.
Applicants should be familiar with these laws an rules and their respective subsections:
- ANSWERS(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
Chapter 61J2
***When going through application process what should applicant NOT exclude? -
ANSWERS***Cautioned to complete carefully, and to fully disclose any background
criminal history EVEN IF conviction was withheld adjudication. {It is the applicants
responsibility to verify these things}
***Non-florida-residents are not required to provide: - ANSWERSProof of U.S.
citizenship, however must have a social security number. (SSN used to see if applicants
are in compliance with child support obligations)
***Real Estate applicants approved for licensure under mutual recognition are exempt
from: - ANSWERSPre-license course.
