Gold Coast Real Estate Chapter 1 Verified Solutions

Gold Coast Real Estate Chapter 1 Verified Solutions vThe real estate market is local in nature. What does that mean? ️- Information about real estate is best found a local sources. You would expect a real estate licensee to perform all the following activities, EXCEPT: ️* providing expert knowledge about construction methods and materials A real estate licensee is expected to have expert knowledge in what three areas? ️- valuation, marketing, and property transfer What is a comparative market analysis? ️- A value estimate based on recent sales of similar properties in the same neighborhood Which type of valuation must be performed in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP)? ️- appraisal Many real estate licensees engage in "farming." Which of the following best describes what that means? ️- they concentrate on one type of property or in a particular neighborhood All of the following would be considered a commercial property, EXCEPT: ️* A large house that has been subdivided into for apartments According to F.S.475, all the following transactions are considered residential transactions, except: ️* The sale of a 10 unit apartment building If the sale of the business involves the transfer of ownership of shares of stock, what additional requirement is imposed? ️- The real estate licensee must have a securities license. Which real estate professional is expected to have the greatest level of knowledge and experience ️- A real estate counselor All the following are responsibilities of a property manager, except: ️* evaluating the investment value of the property Which of the following best defines appraising ️- The process of developing an opinion of the value of real property On what is an appraisal fee based? ️- The time, effort, and expense involved in conducting the appraisal Which statement about insurance is accurate? ️- to sell insurance, a person must have a separate license A home that is built by a contractor before a buyer for the home has been secured is an example of what? ️- speculative building A home that was built by a contractor according to the buyers specifications is an example of what? ️- custom building All the following statements are correct regarding mortgage loan originator's, except: ️- they make loans for real estate purchases The ownership of streets and sidewalks is typically conveyed by a developer to the city or county upon completion of the subdivision. What is this called? ️- dedication What is the nations largest trade and professional association in the field of real estate? ️- The National Association of REALTORS What is a REALTOR? ️- A member of the National Association of REALTORS Which action can a real estate licensee take to gain access to the MLS and become a member of both