FREC CH. 1 TEST QUESTIONS & ANSWERS
Local communities regulate real estate by - Answer -creating zoning laws
Which is the most important issue for a broker acting as a property manager to
accomplish: - Answer -to get maximum income in while preserving the value of the
investment
Having a membership in The National Association of Realtors (NAR), Florida
Association of Realtors (FAR), and the local board (association) of Realtors - Answer -
has nothing to do with obtaining or maintaining a real estate license
a home that is specially built for a buyer, using his or her blueprints is called - Answer -
A custom home
Which would not usually be involved in financing real estate - Answer -A real estate
broker
In Florida there is a demand for property management services due to the large amount
of - Answer -absentee owners
The practice of a real estate sales associate specializing in a certain geographic area is
called - Answer -farming
Which statement is true - Answer -the real estate industry makes up about 25% of the
nation's economy
The act of appraisal can be completed by - Answer -an appraiser following the USPAP
standards
One example of a loan originator would be a(n) - Answer -seller who finances more
than one home in a two year period
Why does a real estate professional need a license - Answer -he has expert
information on real estate that an average layperson does not have
Which is not commonly an area of federal government interference in real property -
Answer -zoning laws
It is unethical for an appraiser to accept compensation for performing an assignment
when it is contingent upon - Answer -the reporting of a predetermined result
putting together two or more parcels of land to make a large piece of land is called -
Answer -assemblage
Local communities regulate real estate by - Answer -creating zoning laws
Which is the most important issue for a broker acting as a property manager to
accomplish: - Answer -to get maximum income in while preserving the value of the
investment
Having a membership in The National Association of Realtors (NAR), Florida
Association of Realtors (FAR), and the local board (association) of Realtors - Answer -
has nothing to do with obtaining or maintaining a real estate license
a home that is specially built for a buyer, using his or her blueprints is called - Answer -
A custom home
Which would not usually be involved in financing real estate - Answer -A real estate
broker
In Florida there is a demand for property management services due to the large amount
of - Answer -absentee owners
The practice of a real estate sales associate specializing in a certain geographic area is
called - Answer -farming
Which statement is true - Answer -the real estate industry makes up about 25% of the
nation's economy
The act of appraisal can be completed by - Answer -an appraiser following the USPAP
standards
One example of a loan originator would be a(n) - Answer -seller who finances more
than one home in a two year period
Why does a real estate professional need a license - Answer -he has expert
information on real estate that an average layperson does not have
Which is not commonly an area of federal government interference in real property -
Answer -zoning laws
It is unethical for an appraiser to accept compensation for performing an assignment
when it is contingent upon - Answer -the reporting of a predetermined result
putting together two or more parcels of land to make a large piece of land is called -
Answer -assemblage
