Florida Real Estate Chapter 1 Correct and Verified Answers Graded A

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Florida Real Estate Chapter 1 Correct and Verified Answers Graded A

Question 1: Per Florida Statutes 177.091, plats maps must be recorded into the public records.

• True
• False

Correct Answer: A) True

Question 2: A Real Estate brokerage is a business where sales associates provide real estate services to clients for compensation.

• True
• False

Correct Answer: B) False (A Real Estate brokerage is a business where a managing broker oversees the Broker Associate/Sales Associates that work for the brokerage and provide real estate services to clients for compensation. Sales associates do not work directly for the client or are paid directly by the client.)

Question 3: USPAP Ethics rule regarding compensation states that the payment of

undisclosed fees, commissions, or things of value in connection with the procurement of an assignment is unethical.

• True
• False

Correct Answer: A) True

Question 4: There are three phases of development and construction that each project

goes through: Land Acquisition, Subdividing, and Development.

• True
• False

Correct Answer: A) True

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Question 5: Real Estate licensees are allowed to sell a business opportunity only if the real estate is sold along with the business.

• True
• False

Correct Answer: B) False (Real estate licensees, per Florida Statutes, are licensed to sell business opportunities as well as handle the sale of the business real estate or lease of the real estate.) Question 6: Rental agents collect a fee for finding a tenant for a landlord while Property Managers continue to manage the property once a tenant is found.

• True
• False

Correct Answer: A) True

Question 7: Real estate licensees may not appraise real property per the Florida Real Estate Commission rules.

• True
• False

Correct Answer: B) False (Real estate licensees may appraise real property provided they do not represent themselves as state-certified, registered, or licensed appraisers.) Question 8: A Farm Area is an area/neighborhood picked by a licensee to market to on a very regular basis.

• True
• False

Correct Answer: A) True

Question 9: Conducting a Real Estate Appraisal is the process of estimating the value of real estate.

• True
• False

Correct Answer: A) True

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Question 10: Developers often sell land to a governmental body for public use when developing land.

• True
• False

Correct Answer: B) False (Developers often dedicate land to a governmental body for public use when developing land.) Question 11: Which real estate specialty generally consists of properties used for manufacturing, recycling, and distribution businesses?

• Residential
• Commercial
• Industrial
• Agricultural

Correct Answer: C) Industrial

Question 12: Expert information is the product that a broker, sales associate, or broker associate must market and contributes to a real estate transaction in all of the following

areas except:

• Knowledge of property transfer
• Knowledge of estate management
• Knowledge of market conditions
• Knowledge of how to market real estate

Correct Answer: B) Knowledge of estate management

Question 13: Real Estate Licensee Lucy decided to target a specific area near her own home and began making consistent marketing touches to cultivate buyers and sellers. This process is known as?

Correct Answer: Farming

Question 14: Nick Slick is a property manager for Tony Tiger. Nick's main objective as a property manager is to?Correct Answer: Protect and maintain Tony Tiger's property while maximizing Tony Tiger's return on the investment.

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Question 15: Mick visited a neighborhood that was being developed by Fred Flintstone.Developer Fred let Mick describe the home of Mick's dreams and then Fred built it for Mick.This type of construction is called?

Correct Answer: Custom

Question 16: Sarah holds a real estate license. She was asked to appraise a property. She can do so provided Sarah?Correct Answer: Does not represent herself as a state-certified, registered or licensed appraiser; does not accept a fee based on the appraised value; is not doing it for a federally related transaction, and follows USPAP standards.Question 17: Which real estate specialty handles properties designed for retail locations, restaurants, and professional offices?

Correct Answer: Commercial

Question 18: Generally, real estate agents perform a comparative market analysis for their clients to?Correct Answer: Help them determine a price to list when selling a home or a price to offer when buying a home.Question 19: State-certified, licensed and registered appraisers are regulated by?

Correct Answer: The Florida Real Estate Appraisal Board

Question 20: Max owns a piece of real estate but does not live in it. Max is called?

Correct Answer: An absentee owner