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Florida Real Estate, Chapter 1-3 Questions And Correct Detailed Answers (Verified Answers) Already Graded A+
Question 1: Uniform Standards of Professional Appraisal Practice (USPAP) must be
adhered to when the appraiser prepares which of the following:
Options:
- Appraisal
- Comparative Market Analysis
- Survey
- Investment Analysis
Correct Answer: A. Appraisal
Question 2: The Florida state agency that is primarily involved with issues of real estate
development on coastal lands is:
Options:
- Department of Business and Professional Regulation
- Florida Real Estate Commission.
- Secretary of State
- Department of Environmental Protection
Correct Answer: D. Department of Environmental Protection
Question 3: If an appraiser was paid on a percentage basis, for example, one percent of the appraised value, how could this result in a conflict of interest?
Options:
- The appraiser would only appraise properties that were very expensive.
- Payment on a percentage basis could lead to price fixing.
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- The appraiser might be more inclined to inflate the value of the property to increase the
- Paying an appraiser on a percentage basis is not a conflict of interest.
appraisal fee.
Correct Answer: C. The appraiser might be more inclined to inflate the value of the property to increase the appraisal fee.Question 4: An individual that owns rental real estate in a location other than where they
reside is known as:
Options:
- Prospect
- Absentee Owner
- Property Manager
- Investor
Correct Answer: B. Absentee Owner
Question 5: Is it permissible for a license to sales associate to perform a CMA for free?
Options:
- Yes, provided the sales associate calls it an appraisal
- Yes, although it is usually performed as a marketing courtesy.
- No, the service must be done for free.
- No, only licensed appraisers can perform an appraisal for a fee.
Correct Answer: B. Yes, although it is usually performed as a marketing courtesy.Question 6: All of the following are sources of funds available for mortgage lending, except:
Options:
- Life insurance companies
- Commercial banks
- Credit unions
- Federal Reserve System
Correct Answer: D. Federal Reserve System
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Question 7: Prior to constructing a subdivision, a developer must submit which of the following for approval to the local government?
Options:
- Subdivision Plat Map
- Restrictive covenants
- Topographical survey
- Phase I soil Test
Correct Answer: A. Subdivision Plat Map
Question 8: Sales associate Tom decides to focus primarily on selling properties located in his own residential neighborhood. He constantly reviews current information about past sales, present homes for sale, and tries to get new clients by sending them direct mail information about the availability of his services. Tom is developing sales and marketing skills through which type of procedure?
Options:
- Farming
- Exclusive right to sell
- Mass Media
- Multiple listing service
Correct Answer: A. Farming
Question 9: A local government acquired ownership of the streets and other infrastructure (e.g. storm sewers) and thereafter becomes responsible for maintenance of those acquired
items through the process of:
Options:
- Dedication
- Police Power
- Eminent Domain
- Condemnation
Correct Answer: A. Dedication
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Question 10: Builder Kathy buys a lot in Regatta Plantation subdivision and builds a single- family house according to plans and specifications she selects. After the house is completed, she sells it to someone who saw the "For Sale" sign posted in the front yard.
This type of development/construction is known as:
Options:
- Custom
- Tract
- Speculative
- Co-op
Correct Answer: C. Speculative
Question 11: Which type of government is responsible for an acting zoning laws?
Options:
- Local
- State
- Federal
- The United States
Correct Answer: A. Local
Question 12: All of the following are major areas of sales specialization, except:
Options:
- Industrial
- Agricultural
- Condominium
- Residential
Correct Answer: C. Condominium
Question 13: A supported, defended estimate of the value of a property is known as:
Options:
- Comparative Market Analysis
