Bob Hogue Real Estate Class Test Questions With Correct Answers

Bob Hogue Real Estate Class Test
Questions With Correct Answers

Absentee |Owner |- |CORRECT |ANSWER✔✔-A |property |holder |who |does |not |reside |on |the |
property |and |who |usually |relies |on |a |property |manager |to |manage |the |investment.



Appraisal |- |CORRECT |ANSWER✔✔-The |process |of |developing |and |communicating |an |estimate |
of |a |property's



Appraiser |- |CORRECT |ANSWER✔✔-Appraisers |charge |a |fee |based |on |the |time |and |difficulty |of |
the |appraisal |assignment |and |are |not |paid |commission.



Broker |Price |Opinion |(BPO) |- |CORRECT |ANSWER✔✔-A |broker's |written |opinion |of |the |value |of |
a |particular |property |that |may |not |be |used |in |connection |with |the |originating |a |federally |
related |loan; |not |an |appraisal.



Business |Broker |- |CORRECT |ANSWER✔✔-Real |estate |licensees |who |engage |in |the |sale, |
purchase, |or |lease |of |businesses.



Business |Opportunity |- |CORRECT |ANSWER✔✔-The |sale |or |lease |of |an |existing |business, |
including |the |sale |of |tangible |and |intangible |assets



Community |Association |Manager |(CAM) |- |CORRECT |ANSWER✔✔-must |hold |a |CAM |license |
when |the |community |association |consists |of |more |than |10 |units |or |has |an |annual |budget |in |
excess |of |$100,000.

,Comparative |Market |Analysis |(CMA) |- |CORRECT |ANSWER✔✔-An |informal |estimate |of |market |
value |performed |by |a |real |estate |licensee |for |the |seller |to |assist |in |arriving |at |an |appropriate |
listing |price, |or |if |working |with |the |buyer, |an |informal |estimate |of |market |value |to |assist |the |
buyer |in |arriving |at |an |appropriate |offering |price.



Delication |- |CORRECT |ANSWER✔✔-The |gift |of |land |by |an |owner, |in |this |case |developer, |to |a |
government |body |for |public |use. |A |valid |dedication |of |land |from |the |owner |to |the |
municipality |requires |both |an |offer |to |dedicate |(donate) |the |land |and |an |acceptance |by |the |
municipality.



Farm |Area |- |CORRECT |ANSWER✔✔-one |specific |portion |of |a |city, |where |a |broker |and |sales |
associate |are |experts |in |that |particular |portion



Follow-Up |- |CORRECT |ANSWER✔✔-the |sales |step |in |which |a |salesperson |follows |up |after |the |
sale |to |ensure |customer |satisfaction |and |repeat |business



Multiple |Listing |Service |(MLS) |- |CORRECT |ANSWER✔✔-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



Property |Management |- |CORRECT |ANSWER✔✔-The |leasing, |managing, |marketing, |and |overall |
maintenance |of |property |for |others.



Property |Manager |- |CORRECT |ANSWER✔✔-Involves |the |leasing, |managing, |marketing, |and |
maintenance |of |property



Real |Estate |Brokerage |- |CORRECT |ANSWER✔✔-A |part |of |the |real |estate |business |that |is |
concerned |with |bringing |together |buyers |and |sellers |and |owners |and |renters |and |completing |a
|real |estate |transaction.

,REALTOR® |- |CORRECT |ANSWER✔✔-a |real |estate |licensee |who |is |a |member |of |the |National |
Association |of |REALTORS®.



Rental |Agent |- |CORRECT |ANSWER✔✔-A |person |who, |for |a |fee, |acts |as |an |intermediary |
between |a |person |seeking |to |lease |a |housing |accommodation |and |a |property |owner |seeking |
to |acquire |a |lease |for |a |housing |accommodation.



Target |Market |- |CORRECT |ANSWER✔✔-a |specific |group |of |prospects |chosen |because |of |its |
demographic, |financial, |and |lifestyle |characteristics



Real |estate |professionals |provide |expert |information |in |which |three |areas? |- |CORRECT |
ANSWER✔✔-1. |Knowledge |of |property |transfer

2. |Knowledge |of |market |conditions

3. |Knowledge |of |how |to |market |real |estate |and |businesses



Real |estate |sales |associates |involved |in |sales |and |leasing |specialize |in |one |of |which |5 |areas? |- |
CORRECT |ANSWER✔✔-1. |Residential

2. |Commercial

3. |Industrial

4. |Agricultural

5. |Businesses



Florida |Real |Estate |Appraisal |Board |(FREAB) |- |CORRECT |ANSWER✔✔-Regulates |state |certified |
and |licensed |appraisers



Uniform |Standards |of |Professional |Appraisal |Practice |(USPAP) |- |CORRECT |ANSWER✔✔-States |
that |it |is |unethical |for |an |appraiser |to |accept |compensation |that |is |contingent |on |the |value |of |
the |property.

, Mortgage |Loan |Originator |(MLO) |- |CORRECT |ANSWER✔✔-Anyone |who |takes |residential |
mortgage |loan |applications |or |offers |to |negotiate |the |terms |of |residential |mortgage |loan |
applications |for |compensation |must |be |licensed |as |an |MLO



What |are |the |three |general |phases |of |development |and |construction: |- |CORRECT |
ANSWER✔✔-1. |Land |Acquisition

2. |Subdivision |and |development

3. |Recording |the |subdivision |plat |map



Land |Acquisitions |- |CORRECT |ANSWER✔✔-Developers |and |builders |require |raw |land |and |then |
prepare |the |site |for |construction.



Subdividing |- |CORRECT |ANSWER✔✔-A |separation |of |the |land |into |smaller |parcels



Development |- |CORRECT |ANSWER✔✔-The |process |of |improving |raw |land |so |that |it |can |be |put
|to |productive |use




Recording |the |subdivision |plat |map |- |CORRECT |ANSWER✔✔-Most |local |governments |require |
that |developers |submit |a |subdivision |plat |map |of |a |new |development |for |review |by |the |
planning |board.



What |are |the |three |general |categories |of |residential |construction: |- |CORRECT |ANSWER✔✔-1. |
Speculative |(spec) |homes

2. |Custom |homes

3. |Tract |homes



How |is |the |real |estate |business |regulate |or |influenced |by |the |local |government? |- |CORRECT |
ANSWER✔✔-Impacts |the |real |estate |business |through |property |taxation |and |regulatory |
activities |such |as |occupational |licensing, |business |tax |receipts, |building |permits, |building |
moratoriums, |zoning, |and |building |codes