Latest Bob Hogue Real Estate Class Test Questions With Complete Solutions

Absentee Owner - ANS A property holder who does not reside on the property and who usually relies on a property manager to manage the investment. Appraisal - ANS The process of developing and communicating an estimate of a property's Appraiser - ANS Appraisers charge a fee based on the time and difficulty of the appraisal assignment and are not paid commission. Broker Price Opinion (BPO) - ANS A broker's written opinion of the value of a particular property that may not be used in connection with the originating a federally related loan; not an appraisal. Business Broker - ANS Real estate licensees who engage in the sale, purchase, or lease of businesses. Business Opportunity - ANS The sale or lease of an existing business, including the sale of tangible and intangible assets Community Association Manager (CAM) - ANS must hold a CAM license when the community association consists of more than 10 units or has an annual budget in excess of $100,000. Comparative Market Analysis (CMA) - ANS An informal estimate of market value performed by a real estate licensee for the seller to assist in arriving at an appropriate listing price, or if working with the buyer, an informal estimate of market value to assist the buyer in arriving at an appropriate offering price. Delication - ANS The gift of land by an owner, in this case developer, to a government body for public use. A valid dedication of land from the owner to the municipality requires both an offer to dedicate (donate) the land and an acceptance by the municipality. Farm Area - ANS one specific portion of a city, where a broker and sales associate are experts in that particular portion Follow-Up - ANS the sales step in which a salesperson follows up after the sale to ensure customer satisfaction and repeat business Multiple Listing Service (MLS) - ANS database that allows real estate brokers representing sellers under a listing contract to share information about properties with real estate brokers who may represent potential buyers