Florida Real Estate Class Final Exam

A Business Broker - CORRECT ANSWER-Specializes in the sale, purchase or lease of businesses. Is required to have a real estate license and may be licensed as a real estate broker or sales associate Follow-Up is - CORRECT ANSWER-Keeping in contact with the new owner after the closing of the sale A builder constructs a house on an owner's lot according to the owner's plans and specifications. This is called - CORRECT ANSWER-Custom Building A builder purchases several vacant lots in an established residential subdivision. The builder constructs houses w/o having secured a buyer in advance of the construction of each home and advertises them for sale to prospective buyers. This is which type of residential construction? - CORRECT ANSWER-Spec Building What is exempt from Real Estate licensure under Chapter 475? - CORRECT ANSWER-1. Straight Salary . 2. A person who sells cemetery lots for a commission. 3. Court jurisdiction. 4. Renting of a mobil home lot in a mobil home park Other exemptions from licensure include - CORRECT ANSWER-1. For Sale by Owner 2. Owner of a Timeshare period who offers the property for resale. 3. A leasing agent of an apt. complex if they are salaried, work in an onsite rental office and work in a leasing capacity. 4. A manager of a condo and Co-op if employed for a salary and rent is for periods no greater than 1 yr. 5. An Attorney-in-Fact (Power of Attorney) 6. An Attorney-at-Law when acting in the scope of his or her duties as an attorney. Not receiving any compensation for a sale. 7. A decedent (personal representative) when appointed by the court. 8. A person selling entities licensed by the FCC (radio, TV or cable enterprises) 9. A person sel