GOLD COAST REAL ESTATE - ACTUAL EXAM
COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+||BRAND NEW!!
real estate brokerage - business in which real estate related activities are
performed under authority of a licensee real estate broker.
broker - agent or intermediary between 2 or more people in the
negotiation of a sale, purchase or rental in real estate
sale associate - works on behalf of the broker to provide services to future
buyers and sellers
licensee - broker or sale associate, has met all the requirements of law,
licensed and permitted to perform specified services for members of the public in
connection to real estate property transactions
local in nature - a typical person buys or sells real estate at least 4 to 5
times in a lifespan. information can be found through local sources making real
estate local in nature.
Property Transfer - knowing and explaining proper procedures to being
able to sell or buy a property. laws, documents, disclosure, deeds, mortgages,
surveys, appraisals, contracts, titles, insurance, flood plains, building codes and
finance.
,Valuation or market conditions - getting the right value of a home, through
CMA, BPO or appraisal
Comparative Market Analysis (CMA) - usually used by licensees to find a
value estimate based on recent sales of properties in the same neighborhood.
Broker price opinion (BPO) - a more detailed analysis of a properties value.
BPO's are less thorough than an appraisal but require more analysis than a
basic CMA.
short sale or foreclosure - during this transaction, the licensee will have to
take photos of the property and complete a BPO report provided by the lender.
the report must include local and regional market information.
Marketing - strategies used to successfully getting the right buyer for your
client. must keep in mind that supply and demand are always changing, including
laws related to property and taxes, which can have a major effect on the value
market.
Multiple Listing Service (MLS) - system the provides and extensive tool for
the
real estate licensees. pretty much has thousands of listings of other local
statewide licensees in addition to potential buyers around the world. it is a
detailed database of properties which are available for sale or lease on local and
state level. being very knowledgeable and proficient in the MLS is strongly
suggested.
, farming - term used when a licensee focuses on one type or style of
property or on one particular neighborhood (farm area, target market). this
strategy is considered to be one of the best ways to succeed in the real estate
business.
appraisal - a real estate licensee that wishes to perform an appraisal must
do so under the development and reporting requirements of the uniform
standards of professional appraisal practice (USPAP)
USPAP - uniform standard of professional appraisal practice
Customer Follow-Up - showing professionalism by keeping in touch with
past customers is important for future business, therefore you should reach out
to
past customers at least 2 times a year with a postcard or note on the anniversary
of purchase. should include company's name, your name, current photo and
contact information.
Residential Transaction - sale of any improved residential property of four
units or fewer unimproved property intended for four units or fewer
agricultural properties of ten acres or less
leases with option to purchase all or a portion of improved property of four or
fewer residential units
disposition of business interests involving property of four or fewer residential
units
Commercial Sales or Leasing - real estate licensees must be able to analyze
the
COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+||BRAND NEW!!
real estate brokerage - business in which real estate related activities are
performed under authority of a licensee real estate broker.
broker - agent or intermediary between 2 or more people in the
negotiation of a sale, purchase or rental in real estate
sale associate - works on behalf of the broker to provide services to future
buyers and sellers
licensee - broker or sale associate, has met all the requirements of law,
licensed and permitted to perform specified services for members of the public in
connection to real estate property transactions
local in nature - a typical person buys or sells real estate at least 4 to 5
times in a lifespan. information can be found through local sources making real
estate local in nature.
Property Transfer - knowing and explaining proper procedures to being
able to sell or buy a property. laws, documents, disclosure, deeds, mortgages,
surveys, appraisals, contracts, titles, insurance, flood plains, building codes and
finance.
,Valuation or market conditions - getting the right value of a home, through
CMA, BPO or appraisal
Comparative Market Analysis (CMA) - usually used by licensees to find a
value estimate based on recent sales of properties in the same neighborhood.
Broker price opinion (BPO) - a more detailed analysis of a properties value.
BPO's are less thorough than an appraisal but require more analysis than a
basic CMA.
short sale or foreclosure - during this transaction, the licensee will have to
take photos of the property and complete a BPO report provided by the lender.
the report must include local and regional market information.
Marketing - strategies used to successfully getting the right buyer for your
client. must keep in mind that supply and demand are always changing, including
laws related to property and taxes, which can have a major effect on the value
market.
Multiple Listing Service (MLS) - system the provides and extensive tool for
the
real estate licensees. pretty much has thousands of listings of other local
statewide licensees in addition to potential buyers around the world. it is a
detailed database of properties which are available for sale or lease on local and
state level. being very knowledgeable and proficient in the MLS is strongly
suggested.
, farming - term used when a licensee focuses on one type or style of
property or on one particular neighborhood (farm area, target market). this
strategy is considered to be one of the best ways to succeed in the real estate
business.
appraisal - a real estate licensee that wishes to perform an appraisal must
do so under the development and reporting requirements of the uniform
standards of professional appraisal practice (USPAP)
USPAP - uniform standard of professional appraisal practice
Customer Follow-Up - showing professionalism by keeping in touch with
past customers is important for future business, therefore you should reach out
to
past customers at least 2 times a year with a postcard or note on the anniversary
of purchase. should include company's name, your name, current photo and
contact information.
Residential Transaction - sale of any improved residential property of four
units or fewer unimproved property intended for four units or fewer
agricultural properties of ten acres or less
leases with option to purchase all or a portion of improved property of four or
fewer residential units
disposition of business interests involving property of four or fewer residential
units
Commercial Sales or Leasing - real estate licensees must be able to analyze
the
