FLORIDA Real Estate Pre-license Exam
Review
Real Estate Business - Answer-Is composed of many specialization's:
- (1)Details of Property Transfer
-Knowledge of:
(2)market conditions
(3)how to market real estate business
(4)how to analyze buyers needs
(5)laws that pertain to real estate
Real Estate Brokerage - Answer-Is the bringing together of buyers and sellers, owners and renters and
completing real estate transactions.
***How can a agent maintain good standing with clients? (After title closing)*** - Answer-***Follow
Up. This will result in a good reputation and FUTURE REFERRALS and word-of-mouth advertising.***
What are the 5 major sales specialties? (Types of properties/lots) - Answer-Residential. (Remember 4-10
Rule: any vacant land zoned for 4 or fewer residential units OR agricultural property of 10 or fewer
acres.){A condo is considered a single family home}
Commercial.
,Industrial.
Agricultural.
Business. (Considered "business brokers." ***Presumption in Florida that businesses include real
property***)
What is a Farm Area? - Answer-When brokers/sales associate become an expert in one portion of the
city.
What is the difference between a rental agent and a property manager? - Answer-Rental Agent: find a
tenant & collect fee.
Property Manager: continue to manage property after tenant is secured.
What is an absentee owner? - Answer-is a property owner who does not reside on property/often relies
on professional property manager to manage investment.
Can a real estate broker / sales associate appraise a property for compensation? - Answer-Yes, but
CANNOT say they are state certified, registered trainee, or licensed appraisers.
When conducting appraisals, must follow what set of guidelines? - Answer-Uniform Standards of
Professional Appraisal Practice (USPAP) (Best Practices)
What is a brokers price opinion (BPO)? Can a real estate licensees charge for these? - Answer-It is the
opinion of value of real property, and yes as long as it is not considered an appraisal.
***Who does the commission for a BPO, or for any service of real estate, go to?
a)broker associate
b)sales associate
c)broker - Answer-***C. Compensation can not be paid directly to associates.
, Who may use the term REALTOR? - Answer-REALTOR and real estate licensee are not synonymous.
REALTORS are members of a local board of realtors (privately run organization).
Who created the MLS (Multiple Listing Service) database? - Answer-National Association of Realtors.
Applicants should be familiar with these laws an rules and their respective subsections: - Answer-(F.S. =
Florida Statute)
F.S. 20
F.S. Chapter 475
-Part 1. pertains to real estate brokerage
-Part 2. pertains to real estate appraisers
-Part 3. Commercial Real Estate SALES Commission Lien Act (Lien is only on owners net proceeds)
-Part 4. Commercial Real Estate LEASING Commission Lien Act. (Gives broker lien rights)
F.S. 455
Chapter 61J2
***When going through application process what should applicant NOT exclude? - Answer-
***Cautioned to complete carefully, and to fully disclose any background criminal history EVEN IF
conviction was withheld adjudication. {It is the applicants responsibility to verify these things}
***Non-florida-residents are not required to provide: - Answer-Proof of U.S. citizenship, however must
have a social security number. (SSN used to see if applicants are in compliance with child support
obligations)
***Real Estate applicants approved for licensure under mutual recognition are exempt from: - Answer-
Pre-license course.
Review
Real Estate Business - Answer-Is composed of many specialization's:
- (1)Details of Property Transfer
-Knowledge of:
(2)market conditions
(3)how to market real estate business
(4)how to analyze buyers needs
(5)laws that pertain to real estate
Real Estate Brokerage - Answer-Is the bringing together of buyers and sellers, owners and renters and
completing real estate transactions.
***How can a agent maintain good standing with clients? (After title closing)*** - Answer-***Follow
Up. This will result in a good reputation and FUTURE REFERRALS and word-of-mouth advertising.***
What are the 5 major sales specialties? (Types of properties/lots) - Answer-Residential. (Remember 4-10
Rule: any vacant land zoned for 4 or fewer residential units OR agricultural property of 10 or fewer
acres.){A condo is considered a single family home}
Commercial.
,Industrial.
Agricultural.
Business. (Considered "business brokers." ***Presumption in Florida that businesses include real
property***)
What is a Farm Area? - Answer-When brokers/sales associate become an expert in one portion of the
city.
What is the difference between a rental agent and a property manager? - Answer-Rental Agent: find a
tenant & collect fee.
Property Manager: continue to manage property after tenant is secured.
What is an absentee owner? - Answer-is a property owner who does not reside on property/often relies
on professional property manager to manage investment.
Can a real estate broker / sales associate appraise a property for compensation? - Answer-Yes, but
CANNOT say they are state certified, registered trainee, or licensed appraisers.
When conducting appraisals, must follow what set of guidelines? - Answer-Uniform Standards of
Professional Appraisal Practice (USPAP) (Best Practices)
What is a brokers price opinion (BPO)? Can a real estate licensees charge for these? - Answer-It is the
opinion of value of real property, and yes as long as it is not considered an appraisal.
***Who does the commission for a BPO, or for any service of real estate, go to?
a)broker associate
b)sales associate
c)broker - Answer-***C. Compensation can not be paid directly to associates.
, Who may use the term REALTOR? - Answer-REALTOR and real estate licensee are not synonymous.
REALTORS are members of a local board of realtors (privately run organization).
Who created the MLS (Multiple Listing Service) database? - Answer-National Association of Realtors.
Applicants should be familiar with these laws an rules and their respective subsections: - Answer-(F.S. =
Florida Statute)
F.S. 20
F.S. Chapter 475
-Part 1. pertains to real estate brokerage
-Part 2. pertains to real estate appraisers
-Part 3. Commercial Real Estate SALES Commission Lien Act (Lien is only on owners net proceeds)
-Part 4. Commercial Real Estate LEASING Commission Lien Act. (Gives broker lien rights)
F.S. 455
Chapter 61J2
***When going through application process what should applicant NOT exclude? - Answer-
***Cautioned to complete carefully, and to fully disclose any background criminal history EVEN IF
conviction was withheld adjudication. {It is the applicants responsibility to verify these things}
***Non-florida-residents are not required to provide: - Answer-Proof of U.S. citizenship, however must
have a social security number. (SSN used to see if applicants are in compliance with child support
obligations)
***Real Estate applicants approved for licensure under mutual recognition are exempt from: - Answer-
Pre-license course.
