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15 Cards in this Set

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Developer Bob acquires a tract of land that he divides into 25 home sites. Prior to marketing the home sites, Bob must submit the subdivision plat to the

A. Department of Housing and Urban Development.
B. local governmental planning agency.
C. Florida Real Estate Commission.
D. local building code enforcement department.
B. local governmental planning agency.
The term follow-up refers to

A. returning calls in a timely manner.
B. completing instructions given by one's broker.
C. following through on listing calls made to "for sale by owners."
D. what a sales associate does for buyers and sellers after the sale.
D. what a sales associate does for buyers and sellers after the sale.
An active real estate licensee is legally entitled to appraise real property for compensation concerning a nonfederally related transaction

A. as long as she does not represent herself as a state-certified or licensed appraiser, and complies with USPAP.
B. only if the appraisal is referred to as a comparative market analysis.
C. provided the compensation is based on a commission agreed on before the appraisal work is done.
D. provided a licensed or certified appraiser signs the appraisal report.
A. as long as she does not represent herself as a state-certified or licensed appraiser, and complies with USPAP.
The field of property management has experienced growth and specialization primarily because of

A. the deregulation of the real estate industry.
B. the increase in the numbers of licensees specializing in property management.
C. the increase in the number of absentee owners.
D. higher construction costs that have caused an increase in the number of renters.
C. the increase in the number of absentee owners.
Appraising is considered to be
A. an art.
B. a science.
C. a precise determination of value.
D. purely mathematical with no room for personal judgment.
A. an art.
Appraisers are paid a fee because

A. to accept compensation based on the appraised value is a conflict of interest.
B. custom dictates the method of compensation.
C. the fee would be too high if it were based on a percentage of property value.
D. only brokers and sales associates are paid commissions for their services.
A. to accept compensation based on the appraised value is a conflict of interest.
When a developer makes lots available for custom building in a newly developed subdivision, the overall purpose of restrictive covenants is to ensure that custom-built homes will

A. not conflict with local zoning ordinances.
B. not exceed the minimum square footage requirements.
C. conform to standard building codes.
D. not decrease the value of neighboring properties.
D. not decrease the value of neighboring properties.
The real estate activity that is devoted to leasing, managing, marketing, and overall maintenance of property for others is referred to as

A. commercial sales.
B. property management.
C. counseling.
D. rental agents.
B. property management.
Which type of construction involves building for a specific buyer to his or her specifications?

A. Tract homes
B. Spec homes
C. Custom homes
D. Model homes
C. Custom homes
The term dedication as it applies to development and construction refers to

A. a gift of land by the owner to the local government for a public use.
B. the builder's careful attention to construction details.
C. recording a subdivision plat map in the public records.
D. preparing raw land for site improvements.
A. a gift of land by the owner to the local government for a public use.
Sales associate Harry recently began working at All Action Realty. All Action is not a member of the local association of REALTORS®. Can Harry join the association?

A. Yes, Harry can join any association of REALTORS® as an independent member.
B. No, Harry cannot join the association unless All Action Realty joins the association.
C. Yes, Harry may join the association. However, Harry cannot use the MLS.
D. Yes, Harry can join the association, but he will be charged a nonmember office surcharge.
B. No, Harry cannot join the association unless All Action Realty joins the association.
In which way(s) does local government affect real estate?

A. Property taxes
B. Documentary stamp taxes on deeds
C. Mortgage interest rates
D. All of the above
A. Property taxes
The real estate profession requires

A. skill and experience in real estate values, specialized service, and expertise.
B. only the ability to list property.
C. expertise in all types of real estate.
D. that licensees also act as mortgage brokers from time to time.
A. skill and experience in real estate values, specialized service, and expertise.
Selecting a limited geographical area in which a real estate
professional develops special expertise is referred to as

A. farming.
B. follow-up.
C. subdividing.
D. dedicating land.
A. farming.
Broker Mike charges a prospective seller $50 for a comparative market analysis (CMA). Which statement applies?

A. Brokers are not permitted to charge for CMAs.
B. This is permissible, provided Mike does not represent the CMA as an appraisal.
C. Broker Mike must be a state-certified or licensed appraiser to do this.
D. The CMA must be signed by a state-certified or licensed appraiser.
B. This is permissible, provided Mike does not represent the CMA as an appraisal.