Chapter 1: The Real Estate Business Flashcards Preview

Florida Real Estate Sales Associate License > Chapter 1: The Real Estate Business > Flashcards

Flashcards in Chapter 1: The Real Estate Business Deck (24):
1

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

valuation
marketing
property transfer

2

Real estate markets are _______ in nature.

local

3

A transaction broker relationship provides _______ representation to a customer.

limited

4

Brokers work _______ customers.

with

5

Brokers work _______ principals.

for

6

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

price
terms

7

A no brokerage relationship provides ______ representation for a customer.

no

8

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

I
475
FREC

9

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

farming

10

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

4

11

Residential transactions: unimproved property intended for _____ units or less

4

12

Residential transactions: agricultural property of ______ acres or less.

10

13

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

4

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 __________.

federally-regulated
$250,000
USPAP

15

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

XI
FIRREA

16

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

comparitive market analysis

17

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

Counseling

18

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

Institute of Real Estate Management

19

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

cannot

20

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

custom building

21

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

speculative/spec building

22

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

tract building

23

A ___________ is a government-imposed ban on building.

moratorium

24

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

going concern value