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Flashcards in Melodee's Highlights Deck (173)
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1

The real estate professional brings to the transaction expert knowledge regarding:

valuation, marketing and property transfer

2

Being able to discern important differences and properly understand how they translate into value is:

valuation

3

Knowing where and how to ___ property is knowledge the licensed professional brings to the transaction.

market

4

The overwhelming majority of real estate licensees are involved in:

residential brokerage

5

A RESIDENTIAL transaction is defined as:

1. The sale of any improved residential property of four units or less.
2. Unimproved property intended for four units or less.
3. Agricultural properties of 10 acres or less.
4. Leases with options to purchase all or a portion of improved property of four or less residential units.
5. Dispositions of business interests involving property of four or less residential units.

6

Concentrating on one type or style of property or on one particular neighborhood is a practice called:

farming

7

The art of estimating the value of real property is called:

appraising

8

Appraisers must present a ___ defensible ___ of ___.

non-biased, defensible opinion of value

9

Appraisal fees are based on the ___, ___ and ___ involved for completion of the assignment.

time, effort and expense

10

Appraisal fees are NOT based on the ___ of the ___.

value of the property

11

Appraisals used in a ___ ___ ___ must be prepared in compliance with USPAP by appraisers registered, licensed or certified under Part ___ of F.S. 475.

federally related transaction, Part II of F.S. 475

12

A federally related transaction is one in which a loan is made by a federally regulated lending institution with a transaction value greater than $___.

$250,000

13

USPAP stands for:

Uniform Standards of Professional Appraisal Practice

14

___ ___ ___ can perform an appraisal under the real estate license law if the appraisal is not to be used in a federally related transaction, the transaction value is $___ or less and is prepared in accordance with ___.

Real estate licensees, $250,000, USPAP

15

Real estate brokers and sales associates typically prepare CMAs, also known as a:

comparative market analysis

16

A ___ may not be referred to as an appraisal.

comparative market analysis

17

___ is a highly specialized service and requires a greater level of knowledge and experience than any other facet of the real estate profession.

counseling

18

The ___ ___ ___ ___ awards the designation "CPM," Certified Property Manager.

Institute of Real Estate Management (IREM)

19

CPM stands for:

Certified Property Manager

20

A developer that acquires a large tract of land and builds a model center from which sales may be made is called:

tract building

21

The transfer of ownership of streets and sidewalks from developer to the city or county upon completion of a subdivision is referred to as:

dedication

22

___ is when a contractor builds on their own land with the hope of locating a purchaser after construction has completed.

speculative building

23

When a contractor is employed to build on an owner's land to the owner's specifications, it is called:

custom building

24

Zoning, property taxation, building and health codes, and regulations and building moratoriums affecting development are done at the:

local level

25

A broker who is working for an employer is said to be an:

agent

26

The Real Estate License Law was officially designed Chapter ___ of the Florida Statutes in ___.

475, 1941

27

Applicants for a Florida real estate license are NOT required to be a ___ of Florida or a ___ of the U.S.

resident, citizen

28

Applicants for a Florida real estate license must be ___ or older, with a ___ education or equivalent.

18, high school

29

Members of the ___ ___ are exempt from taking the 63-hour prelicense course for sales associate.

Florida Bar

30

If an application to take a state examination is denied by the Florida Real Estate Commission, the applicant is allowed ___ days to file for a formal hearing before an ___ ___ ___.

21 days, administrative law judge

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