FLORIDA Real Estate Pre-license Exam Review | 2023/24

FLORIDA Real Estate Pre-license Exam Review | 2023/24 Real Estate Business - Is composed of many specialization's: - (1)Details of Property Transfer -Knowledge of: (2)market conditions (3)how to market real estate business (4)how to analyze buyers needs (5)laws that pertain to real estate Real Estate Brokerage - Is the bringing together of buyers and sellers, owners and renters and completing real estate transactions. ***How can a agent maintain good standing with clients? (After title closing)*** - ***Follow Up. This will result in a good reputation and FUTURE REFERRALS and word-of-mouth advertising.*** What are the 5 major sales specialties? (Types of properties/lots) - Residential. (Remember 4-10 Rule: any vacant land zoned for 4 or fewer residential units OR agricultural property of 10 or fewer acres.){A condo is considered a single family home} Commercial. Industrial. Agricultural. Business. (Considered "business brokers." ***Presumption in Florida that businesses include real property***) What is a Farm Area? - When brokers/sales associate become an expert in one portion of the city. What is the difference between a rental agent and a property manager? - Rental Agent: find a tenant & collect fee. Property Manager: continue to manage property after tenant is secured. What is an absentee owner? - is a property owner who does not reside on property/often relies on professional property manager to manage investment. Can a real estate broker / sales associate appraise a property for compensation? - Yes, but CANNOT say they are state certified, registered trainee, or licensed appraisers. When conducting appraisals, must follow what set of guidelines? - Uniform Standards of Professional Appraisal Practice (USPAP) (Best Practices) What is a brokers price opinion (BPO)? Can a real estate licensees charge for these? - It is the opinion of value of real property, and yes as long as it is not considered an appraisal. ***Who does the commission for a BPO, or for any service of real estate, go to? a)broker associate b)sales associate