Florida Real estate exam chapter 1
Questions with Verified Answers
RE licensee provide specialized service in 5 areas - ANSWERSDetails of property
transfer
Knowledge of market conditions
Knowledge of how to market RE or businesses
Knowledge of how to analyze buyers needs
Knowledge of laws that pertain to RE
Sales and leasing - ANSWERSRE sales is the lifeblood of the brokering business
Follow up - ANSWERSBest way to ensure buyers and sellers
Sales associates do this AFTER the sale
RE sales associates specialize in any of 5 major specialties - ANSWERSResidential
Commercial
Industrial
Agricultural
Businesses
Residential RE - ANSWERSFour or fewer residential units, vacant land zoned for four
or fewer residential units, or agricultural property of 10 or fewer acres
Farm area - ANSWERSBrokers and sales associates prefer to select and become an
expert on a particular portion of a city or even a demographic area.
Property management - ANSWERSLeasing, managing, marketing and overall
maintenance of property for others.
Absentee owner - ANSWERSProperty owner who does not reside on the property and
relays on property management to manage the investment
Appraisal - ANSWERSProcess of estimating the real value of property. It's a
professional appraisers opinion concluding with an estimate of the property's worth. An
art, not a science.
Florida RE Appraisal Board (FREAB) - ANSWERSRegulates state certified, licensed,
and registered trainee appraisers. A state certified or licensed appraiser must prepare
an appraisal that involves a federally related transaction.
Appraisers fees - ANSWERSBased on time and difficulty of work. Not commission
based due to conflict of interest.
Questions with Verified Answers
RE licensee provide specialized service in 5 areas - ANSWERSDetails of property
transfer
Knowledge of market conditions
Knowledge of how to market RE or businesses
Knowledge of how to analyze buyers needs
Knowledge of laws that pertain to RE
Sales and leasing - ANSWERSRE sales is the lifeblood of the brokering business
Follow up - ANSWERSBest way to ensure buyers and sellers
Sales associates do this AFTER the sale
RE sales associates specialize in any of 5 major specialties - ANSWERSResidential
Commercial
Industrial
Agricultural
Businesses
Residential RE - ANSWERSFour or fewer residential units, vacant land zoned for four
or fewer residential units, or agricultural property of 10 or fewer acres
Farm area - ANSWERSBrokers and sales associates prefer to select and become an
expert on a particular portion of a city or even a demographic area.
Property management - ANSWERSLeasing, managing, marketing and overall
maintenance of property for others.
Absentee owner - ANSWERSProperty owner who does not reside on the property and
relays on property management to manage the investment
Appraisal - ANSWERSProcess of estimating the real value of property. It's a
professional appraisers opinion concluding with an estimate of the property's worth. An
art, not a science.
Florida RE Appraisal Board (FREAB) - ANSWERSRegulates state certified, licensed,
and registered trainee appraisers. A state certified or licensed appraiser must prepare
an appraisal that involves a federally related transaction.
Appraisers fees - ANSWERSBased on time and difficulty of work. Not commission
based due to conflict of interest.
