Florida Real Estate Broker Exam All Answers Correct

Florida Real Estate Broker Exam All Answers Correct Technical skills Skills that include time management, preparing Cmas, and completing contracts. Desk cost Dividing total office expenses by number of sales associates Institutional advertising Advertising that describes the firm, its personnel, and its services. Fixed expense Occupancy costs are an example of what type of expenses? Cash basis accounting What is the most simple type of accounting and is used by most small business taxpayers? 100 sqft What is the minimum amount of sqft a sales associate should have for office space? Managing by exception When a broker compare the results of his income and expense statements with the budget, finds variances, and takes corrective action, he is using what philosophy of management? Business plan A document that provides direction for an organization as well as all the steps and procedures involved in accomplishing its goals. January 31 What is the latest date that a broker can give thier employees w-2 forms and give thejr associates form 1099 for the previous year? Variable expense What type of expense are commissions paid to sales associates? Commingling The illegal practice of mixing a customers funds with brokers own funds. Conversion The unauthorized use or possession of another persons property. Trust liability The total sum of all deposits recieved 3rd Degree Felony Practicing real estate without a license is what type of penalty? two members How many serve on the probable cause panel? Chairman of FREC Who appoints two members to serve on the probable cause panel? $150,000 What is the max payment based on judgments against one broker or sales associate from the Real Estate Recovery Fund? Administrative Law Judge Who submits a recommended order to the DBPR? 15 days How many days does a broker have to fix an issue once received a notice of noncompliance? Stipulation A voluntary agreement between opposing counsels in a disciplinary case is called what? 1st degree Misdemeanor Failing to provide accurate and current rental info for a fee holds what kind of penalty? $5000 What is the max fine for each violation under Chapter 455 that a licensee could be fined? Appraisal Qualifications Board What is the source within the appraisal profession for establishing minimum education and experience? Principle of diminishing returns/ overimprovement When an owner adds a third bedroom to a home and the increase in the homes value is LESS than the cost of improvement. Market Value The consensus of the interactions of many buyers and sellers in a particular market. B. Must be Written Appraisals involving federally related transactions: A.may be oral or written? B. must be written Sales comparison approach to value An approach to value based on the theory that knowledgeable purchaser would pay no more than the cost of acquiring a substitute property. Cost-depreciation approach An approach to value based on the theory that a knowledgeable purchaser would pay no more than the cost of acquiring an equally desirable site, combined with building an acceptable substitute structure. Negative Do External diseconomies have a negative or positive impact on value? External economies What result from positive external factors that enhance property value? The Principle of Anticipation What principle is based on the premise that the expectation of future