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22 Cards in this Set
- Front
- Back
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The three general categories of residential construction include speculative, custom, and tract. |
True |
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The Uniform Standards of Professional Appraisal Practice are standards of practice that must be followed by appraisers but NOT real estate licensees. |
False |
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Absentee owners can be defined as property owners who do NOT reside on the property and who rely on property managers to supervise the investment. |
True |
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Appraisers are paid a fee, NOT a commission. |
True |
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Follow-up refers to returning phone calls to prospective buyers in a timely manner. |
False |
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Subdividing is the process of converting parcels of land into smaller units or lots, while development is the process of improving raw land so that it can be put to productive use. |
True |
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According to Chapter 475, F.S., the definition of residential real estate includes up to four residential units. |
True |
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Real estate professionals who specialize in the sale, purchase, and lease of businesses must hold a commercial license. |
False |
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The scope of a property manager's functions encompasses more than just rent collection, maintenance, and repair. |
True |
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The largest trade organization in the world is the Real Estate Professional Society (REPS). |
False |
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In which way does state government influence the real estate business? |
Identification of coastal regions |
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Which instrument can be used by a property owner to control how a particular parcel of real property may be utilized by future property owners? |
Deed restrictions |
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A map that indicates the size and location of individual lots, streets, and public utilities within a new development is called a(n) |
subdivision plat map |
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A couple tours several model homes in a new subdivision. The couple decides to purchase one of the available lots and have the builder construct one of the model floor plans on the lot. Which type of construction is this? |
Tract home |
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Which document would contain information regarding the architectural design standards that must be used in a particular subdivision? |
Restrictive covenants |
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A developer transfers to the city privately owned streets in a subdivision with the agreement that the city will maintain the streets in the future. This process is known as: |
dedication |
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Which property would be defined as agricultural property under Chapter 475 of the Florida statutes? |
15 acres of undeveloped agricultural land |
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Which property is defined as residential real estate under Chapter 475, Florida statutes? |
Local elementary school |
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A marketing tool used by real estate licensees in the process of soliciting for listings that is intended to help sellers determine an asking price is known as a(n) |
comparative market analysis |
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Which statement concerning broker's price opinions (BPOs) is TRUE? |
The payment for a BPO must be paid to the broker and not directly to the sales associate who prepared the BPO |
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The sales associate that worked with the buyer in the transaction sets up an appointment with the buyers to visit them six weeks after the sale. The sales associate routinely makes a visit after the title closing to thank the buyers for choosing her real estate company and to extend an offer to help with the buyers' future real estate needs. What type of service is the sales associate providing? |
Follow-up |
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What type of license or other credential is required for an individual to engage in the sale, purchase, or lease of businesses for others? |
Real estate license |
