Chapter 1 Flashcards Preview

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Flashcards in Chapter 1 Deck (22):
1

 

 

 

Real Estate

 

 

 

Land + Improvments

2

 

 

 

 

3

 

 

 

Tangible

 

 

 

Has a physical exisitance

4

 

 

 

Intangible

 

 

 

Has no physical existance

(Lease, money, stock, promisary note, morgatge, deed)

5

 

 

The real estate professional brings to the

transaction expert knowledge regarding?

 

 

 

MVP

Marketing

Valuation

Property Transfer

6

 

 

Real estate can best be found through local sources which makes the

real estate market?

 

 

Local in nature

7

 

 

 

Concentrating on one type or style of property is a practice called?

 

 

 

Farming

8

 

 

 

Since when did you need a license in Florida to sell real estate?

 

 

 

1982

9

 

 

 

Lenders that make loans using funds supplied by insurance companies, pension funds

 

 

 

Mortgage Bankers

10

 

 

 

Person who arrange loans between lenders and borrowers

 

 

 

Mortgage Broker

11

 

 

Mortgage Brokers need a seperate license?

Yes or No?

 

 

 

Yes they need a separte license issued by the Florida Department

of Financial Services

12

 

 

 

What is Custom Building?

 

 

 

When a contractor is employed by an owner of land to build

on that land to the owners specifications

13

 

 

 

What is Speculative Building?

 

 

 

When a contractor builds on his own land with the hope of 

locating a purchaser after construction is compleated.

14

 

 

 

What is Tract Building?

 

 

 

A developer who acquires a large tract ofland and builds a 

model center from which sales may be made.

15

 

 

 

What is dedication?

 

 

The ownership of streets and sidewalks is typically conveyed by a developer

to the city or county upon completion of construction of a subdivision

16

 

 

A contractor who builds on his or her own lot in the hopes of finding a

buyer upon compleation is building on ____________?

 

 

 

 

Speculation

17

 

 

 

Mortgage Brokers are licensed by?

 

 

 

The Department of Financial Services

18

 

 

 

The composite value of the real and personal property, plus the intangable

assets of a business is called ___________ _________ value?

 

 

 

Going Concern Value

19

 

In their relationships with customers, brokers

a - work for them

b - work with them

c - represent them

d - are always their agent

 

 

 

 

b - work with them

20

 

Real estate brokers are not required to be knowladgable about?

a - marketing

b - valuation

c - property transfer

d - accounting

 

 

 

d - accounting

21

 

Appraisers that are registered, licensed or certified must be used in?

a - all apprasales

b - the appraseal of residental property

c - the appraisal of nonresidental property

d - federally related property

 

 

 

 

d - federally related property

 

22