Chapter 1: The Real Estate Business

Question 1

Licensees should have expert knowledge in the follow areas: _______, _______, and ________ ________.

Answer 1

valuation
marketing
property transfer

Question 2

Real estate markets are _______ in nature.

Answer 2

local

Question 3

A transaction broker relationship provides _______ representation to a customer.

Answer 3

limited

Question 4

Brokers work _______ customers.

Answer 4

with

Question 5

Brokers work _______ principals.

Answer 5

for

Question 6

In a single agent relationship, brokers have a duty to negotiate the most favorable ______ and _______ for their principal.

Answer 6

price

terms

Question 7

A no brokerage relationship provides ______ representation for a customer.

Answer 7

no

Question 8

Brokers, broker associates, and sales associates are regulated by Part ____, Chapter _____ of the Florida Statutes which is administered by the _______.

Answer 8

I
475
FREC

Question 9

Concentrating on one area or style of property is known as ________.

Answer 9

farming

Question 10

Residential transactions: the sale of any improved residential property of _____ units or less.

Answer 10

4

Question 11

Residential transactions: unimproved property intended for _____ units or less

Answer 11

4

Question 12

Residential transactions: agricultural property of ______ acres or less.

Answer 12

10

Question 13

Residential transactions: leases with options to purchase all or a portion of improved property of _____ or less residential units.

Answer 13

4

Question 14

A real estate licensee can perform an appraisal under real estate license law if: it’s not a __________ transaction, the value is less than ____________, and the report is prepared in accordance with __________.

Answer 14

federally-regulated
$250,000
USPAP

Question 15

Title ___ of ________ created in 1989 is directed toward the appraisal profession.

Answer 15

XI

FIRREA

Question 16

Sales associates that offer opinions of value do not prepare appraisals, they prepare a ________ _________ _________.

Answer 16

comparitive market analysis

Question 17

__________ is a highly-specialized service that requires a greater level of knowledge.

Answer 17

Counseling

Question 18

The __________ of ________ _________ _______ awards the designation “CPM”, Certified Property Manager.

Answer 18

Institute of Real Estate Management

Question 19

Real estate licensees _______ sell property insurance without a separate license.

Answer 19

cannot

Question 20

When a contractor is employed by an owner to build on their land, it is called ________ _________.

Answer 20

custom building

Question 21

When a contractor builds on their own land in hopes of a sale, it’s called _________ __________.

Answer 21

speculative/spec building

Question 22

__________ _________ is when a developer acquires a large piece of land and builds many units, usually with models.

Answer 22

tract building

Question 23

A ___________ is a government-imposed ban on building.

Answer 23

moratorium

Question 24

The whole value of a business is called its ________ _________ ________.

Answer 24

going concern value