FLORIDA REAL ESTATE 45 HOUR POST
LICENSE PRACTICE VIEW AHEAD
ASSESSMENT PREP QUESTIONS AND
CORRECT ANSWERS GRADED A+
⩥ A residential transaction os defined in F.S. 475 as the sale of
any:.
Answer: - Duplex
- improved residential property of four units or fewer, including
condominium units
-unimproved property intended for four units or fewer
- agricultural properties of ten acres or less
- leases with options to purchase all or a portion of improved
property of four or fewer residential units
- dispositions of business interests for property of four or fewer
residential units
⩥ absentee owners.
Answer: owners who buy income property as investments and
depend on professionals to manage them
,⩥ All appraisals, whether performed by a licensed appraiser or a
real estate licensee, must be developed and reported in
conformity with the.
Answer: Uniform Standards of Professional Appraisal Practice
(USPAP)
⩥ The largest and most prestigious real estate organization in the
world is ________. They work for legislation enforce
professional standards of conduct through its ________..
Answer: 1. The National Association of Realtors (NAR)
2. Code of Ethics
⩥ The largest trade association in the state is _________.
Answer: The Florida Association of Realtors (FAR)
⩥ The duties required by the Code of Ethics are:.
Answer: 1. Duties to clients and customers
2. Duties to the public in general
3. Duties to other real estate licensees
⩥ Required Skills for the Real estate professional are:.
,Answer: 1. Valuation - Must be able to discern important
differences between properties and know ho to translate those
differences into value. Must be able to conduct a CMA.
2. Marketing - must have an understanding of the tools and
technologies available to market a property.
3. Property Transfer - understand how to close a transaction
⩥ Mission Statement.
Answer: description of a desired outcome that excites,
motivates, and helps you to create a mental picture of your
business goal.
⩥ Industrial Sales or Leasing.
Answer: include warehouses and manufacturing facilities.
Industrial sales and leasing generally involve user/owners, rather
than investors.
⩥ The law that specifically regulates real estate licensees,
schools, and appraisers is _________.
Answer: F.S. 475
, ⩥ The Range Of Penalties for disobeying FS 475 or 455 from
lowest to highest is:.
Answer: Reprimand, fine, probation, suspension, and revocation
or denial.
⩥ Which is the maximum penalty for disobeying laws under FS
455 or FS 475.
Answer: Revocation or denial of license
⩥ If the licensee does not complete the 45 hour course before
the expiration date of their first renewal, the license becomes
____.
Answer: void and the licensee will be out of business. (have to
start over everything)
⩥ When a sales associate changes employers, they must notify
the Commission of the change no later than ________ days after
the change by using the form provided by the commission..
Answer: 10
⩥ Advertisements may not be.
Answer: fraudulent, false, deceptive, or misleading.
LICENSE PRACTICE VIEW AHEAD
ASSESSMENT PREP QUESTIONS AND
CORRECT ANSWERS GRADED A+
⩥ A residential transaction os defined in F.S. 475 as the sale of
any:.
Answer: - Duplex
- improved residential property of four units or fewer, including
condominium units
-unimproved property intended for four units or fewer
- agricultural properties of ten acres or less
- leases with options to purchase all or a portion of improved
property of four or fewer residential units
- dispositions of business interests for property of four or fewer
residential units
⩥ absentee owners.
Answer: owners who buy income property as investments and
depend on professionals to manage them
,⩥ All appraisals, whether performed by a licensed appraiser or a
real estate licensee, must be developed and reported in
conformity with the.
Answer: Uniform Standards of Professional Appraisal Practice
(USPAP)
⩥ The largest and most prestigious real estate organization in the
world is ________. They work for legislation enforce
professional standards of conduct through its ________..
Answer: 1. The National Association of Realtors (NAR)
2. Code of Ethics
⩥ The largest trade association in the state is _________.
Answer: The Florida Association of Realtors (FAR)
⩥ The duties required by the Code of Ethics are:.
Answer: 1. Duties to clients and customers
2. Duties to the public in general
3. Duties to other real estate licensees
⩥ Required Skills for the Real estate professional are:.
,Answer: 1. Valuation - Must be able to discern important
differences between properties and know ho to translate those
differences into value. Must be able to conduct a CMA.
2. Marketing - must have an understanding of the tools and
technologies available to market a property.
3. Property Transfer - understand how to close a transaction
⩥ Mission Statement.
Answer: description of a desired outcome that excites,
motivates, and helps you to create a mental picture of your
business goal.
⩥ Industrial Sales or Leasing.
Answer: include warehouses and manufacturing facilities.
Industrial sales and leasing generally involve user/owners, rather
than investors.
⩥ The law that specifically regulates real estate licensees,
schools, and appraisers is _________.
Answer: F.S. 475
, ⩥ The Range Of Penalties for disobeying FS 475 or 455 from
lowest to highest is:.
Answer: Reprimand, fine, probation, suspension, and revocation
or denial.
⩥ Which is the maximum penalty for disobeying laws under FS
455 or FS 475.
Answer: Revocation or denial of license
⩥ If the licensee does not complete the 45 hour course before
the expiration date of their first renewal, the license becomes
____.
Answer: void and the licensee will be out of business. (have to
start over everything)
⩥ When a sales associate changes employers, they must notify
the Commission of the change no later than ________ days after
the change by using the form provided by the commission..
Answer: 10
⩥ Advertisements may not be.
Answer: fraudulent, false, deceptive, or misleading.
