Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Florida RE exam > Chapter 1 > Flashcards

Chapter 1 Flashcards

(45 cards)

Start Studying
1
Q

What is Real Estate Valuation?

A

Expert knowledge and skills needed to discern property differences and apply that knowledge to property value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is Real Estate Marketing?

A

Expert Knowledge and Skills required to market properties efficiently, taking into account changing supply and demand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is Real Estate Property Transfer?

A

Expert knowledge and skills required to handle all aspects of a transaction, effecting transfer of ownership rights

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is considered residential under FS 475?

A
  • Improved Residential property of 4 units or less
  • Unimproved residential property for 4 units or less
  • Agricultural properties of 10 acres or less
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is farming?

A

Specializing in one type or style of property or in a particular neighborhood

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is a farm area?

A

Location of the neighborhood or type of property in which a licensee chose to specialize in

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is a Comparative Market Analysis (CMA)?

A

Valuation performed by a real estate licensee based on recent sales of similar properties in the same neighborhood

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is a Broker Price Opinion (BPO)?

A

Valuation performed by a real estate licensee that is frequently requested by a lender in a short sale

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is the Multiple Listing Service (MLS)?

A

Marketing tool used by real estate licensees to market listings locally, statewide, and ever worldwide

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What areas can one specialize in with a real estate license?

A
  • Residential
  • Commercial
  • Industrial
  • Agricultural
  • Business brokerage
  • Property Management
  • Counceling
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What real estate area does commercial sales or leasing include?

A

Apartment buildings, office buildings, and shopping centers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What real estate area does industrial sales or leasing include?

A

Warehouses and manufacturing facilities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What are some common characteristics of agricultural sales?

A

Large tracts of land and significant sums of money

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What knowledge and skills are required for commercial sales and leasing?

A
  • Analyzing past and future potential investment income
  • Knowledge of tax laws affecting income
  • Tax consequences of buying and selling
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What knowledge and skills are required for agricultural sales?

A
  • Analyzing profitability of current uses
  • Estimating potential of property under consideration
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What knowledge and skills are required for industrial sales and leasing?

A
  • Knowledge of government regulations of land use
  • Environmental considerations
  • Transportation
  • Labor costs
  • Utility Charged
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is a Business Brokerage?

A

Area of real estate specializing in listing and sale of businesses

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What is Property Management?

A

Area of real estate specializing in managing a property for an absentee owner

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What knowledge and skills are required for listing and sale of businesses (business brokerage)?

Study These Flashcards
A
  • Estimation of value of the business
  • Analysis of financial statements and balance sheets
20
Q

Why would you need a securities license?

Study These Flashcards
A

To sell a business involving the transfer of ownership when shares of stock are included

21
Q

What is a going concern value?

Study These Flashcards
A

value of a business that is still operating

22
Q

What are the elements of a business’ value?

Study These Flashcards
A
  • Income
  • Tangible Assets
  • Intangible Assets
  • Goodwill
23
Q

Which type of license is required in order to manage and be compensated by an HOA or a Condo Association?

Study These Flashcards
A

Community Association Management (CAM) license

24
Q

What is Counceling?

Study These Flashcards
A

Specialization related to the analysis of existing or potential projects, providing advice based on personal judgement

Requires the most knowledge of all the specializations

25
What knowledge and skills are required for becoming a real estate councelor?
Superior knowledge of real estate investment and alternative investments and strategies
26
What is the term REALTOR?
A name given to the members of the National Association of REALTORS (NAR)
27
Which is the largest trade association in Florifa?
Florida Association of REALTORS (FAR), a.k.a. Florida REALTORS
28
How do you gain access to the Multiple Listing Service (MLS)?
By joining the Local Association of REALTORS
29
Which designation is awarded by the Institute of Real Estate Management (IREM)?
Certified Property Manager
30
Which designation is awarded by the Commercial Investment Real Estate Institute (CIRERI)?
Certified Commercial Investment Member (CCIM)
31
Which areas related to real estate require additional licensing?
- Appraisals - Financing - Insurance - Construction - Development
32
What is an appraisal?
Area of specialization that includes the process of estimating an objective opinion of value based on research and data
33
On what basis are appraisers paid?
- Time - Effort - Expense involved in the assignment
34
What is Uniform Standards of Professional Appraisal Practice (USPAP)
The standards by which all appraisers in federally related transactions must be completed
35
What are the requirements for appraisals used by federally regulated lenders in federally related transactions?
- Licensed, registered, and certified appraiser per FS 475 Part II - Compliance with USPAP
36
What is the Florida Real Estate Appraisal Board (FREAB)?
Entity defined by FS 475 Part II for Appraisers
37
Which type of insurance is often required by the lender as a condition of the loan?
Homeowners insurance (which would required a separate insurance license to sell)
38
What are the phases of development and construction?
- Land acquisition - Subdivision and development - Recording of the subdivision plat map
39
What is dedication?
Transfer of ownership of streets and sidewalks by a developer to the city upon completion of construction of a subdivision
40
What is custom building?
A type of residential construction which is built according to customer's specification
41
What is speculative building? (Building on spec)
Type of residential construction where the land owner builds with the speculation that someone will buy the property
42
What is tract building?
Type of residential construction where the developer uses model homes to make sales in a tract of land
43
What is the local government in charge of (city or county)?
Responsible for planning, zoning, real estate taxes, building and health codes, an can impose building moratoriums
44
What is the federal government in charge of?
Responsible for the national monetary supply and legislation affecting lending institutions
45
What is the state government in charge of?
Responsible for roads, waterways, and other factors affecting multiple jurisdictions, as well as DRI's, DEP, and DEO

Florida RE exam (18 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions