Unit 1: Florida Real Estate Exam QUESTIONS AND ANSWERS GRADED a+

Owner - Answer- An owner who does not reside on the property and who usually relies on a property manager to supervise the real estate Agricultural, 10 - Answer- ___ property is defined in Florida license law to mean agricultural property of more than __ acres. Appraisal - Answer- The process of estimating the value of real property; a supported, defended estimate of the value of real property as of a specific date. may not - Answer- A written opinion of the value of real property. BPOs ___ ___ be referred to as appraisals. Business Brokers - Answer- Real estate licensees who engage in the sale, purchase, or lease of businesses. Business Opportunity Brokerage - Answer- Real estate activity dealing in the sale, purchase, or lease of businesses (going concern operations). Comparative Market Analysis (Cma) - Answer- A marketing tool that may not be referred to or represented as an appraisal; CMAs are developed by reviewing the real estate activity in the area, including recent sales of similar properties, properties currently offered for sale, and recently expired listings to indicate what a subject property might be worth based on current market activity. Counselors - Answer- Real estate professionals who provide advice to individuals and firms regarding the purchase and use of real estate investments; counseling involves analyzing existing or potential problems and recommending a course of action. Dedication - Answer- The gift of land by an owner to a government body for a public use. Farm Area - Answer- A selected geographic area or a group of people from which to solicit real estate business and to which a real estate licensee devotes special attention and study. Follow-up - Answer- What a sales associate does for buyers and sellers after the sale (closing) to promote customer loyalty. Multiple Listing Service (Mls) - Answer- A database that allows real estate brokers representing sellers under a listing contract to share information about properties with real estate brokers who may represent potential buyers.