Real Estate Express Quiz 1-5 100% Correct

The duties of a property manager include all EXCEPT: a) Selling the property b) Advertising the property c) Maintaining the property d) budgeting expenses for the property - Answer A Which is the most important issue for a broker acting as a property manager to accomplish? a) To make sure the building is 100% occupied b) To keep tenant happy and satisfied c) To budget and keep costs down d) To get maximum income while preserving the value of the investment - Answer D Which statement is true? a) The real estate industry makes up about 25% of the nations economy b) Real estate affects only real estate professionals, buyers & sellers c) Real estate only has one direction: buying & selling d) The real estate industry is not regulated - Answer A A real estate sales associate wants to sell his cousins house for commission. What can he do? a) List the property and sell it under the agents own name b) Sell the property and collect the commission directly from the cousin c) List the property with the brokerage to which he/she is licensed d) Do not sell the property, since he is only a sales associate - Answer C The act of appraisal can be completed by: a) Anyone who hangs out a sign b) Anyone who calls himself an appraiser c) Anyone with a real estate license d) An appraiser following the USPAP standards - Answer D The practice of real estate agent specializing in a certain geographic area is called: a) farming b) prospecting c) soliciting d) advertising - Answer A Which would NOT usually be involved in financing real estate: a) A mortgage banker b) A mortgage broker c) A savings and loan d) A real estate broker - Answer D Services that a property manager must perform for the owner are listed in: a) A sales contract b) A listing contract c) A uniform management code d) A property management agreement - Answer D Agricultural property in Florida is property that: a) Has many buildings on it b) Has fewer than 10 acres c) Has fewer than 5 acres d) Has more than 10 acres - Answer D A real estate professional needs a license because: a) He has specific information to be able to show a house b) He has specific information to lease a house c) He has expert information on real estate that an average layperson does not have d) He does not need a license; he can sell and list whenever he wants - Answer C Local communities regulate real estate by: a) Buying and selling land themselves b) creating zoning laws c) annexing nearby towns d) Taxing animals - Answer B Putting together two or more parcels of land to make a large piece is called: a) Subdivision b) Assemblage c) Financial plan d) Incentive - Answer B A home that is specially built for a buyer, using his/her blueprints is called: a) A custom home b) A tract home c) A spec home d) A original home - Answer A Which is NOT commonly an area of federal government interference with real property: a) Federal fair housing act b) RESPA c) National parks d) Zoning laws - Answer D Dedication most nearly means: a) Concern for others b) public health issues c) Giving private land for public use d) Donating hospital to a private charity - Answer C In Florida there is a demand for property management services due to large amount of: a) waterfront properties b) theme parks c) absentee owners d) residents who own condominiums - Answer C The Florida Real Estate Appraisal Board is headquartered in Orlando and consists of: a) 5 members b) 6 members c) 9 members d) 8 members - Answer C A person in Florida making a mortgage loan or servicing a mortgage loan for others, or for compensation or gain in expectation of compensation or gain either directly or indirectly selling or offering to sell a mortgage loan to a non-institutional investor is: a) Loan originator b) Mortgage associate broker c) Associate lender d) Mortgage banker - Answer D Having a membership in the National Association of REALTORS (NAR), Florida Association of REALTORS, and local board of REALTORS is: a) Required in order to hold a Florida Real Estate License b) Required in order to hold a Florida Appraisers license c) These organizations are trade groups and have nothing to do with obtaining or maintaining a real estate license d) Required for anyone wanting to buy or sell real estate - Answer C