45 Hour Post License Florida Practice Exam with Answers (140 Solved Questions)

Page 1 of 7

45 Hour Post License Florida Practice Exam with Answers (140 Solved Questions) - Page 1 preview image

45 Hour Post License Florida1.FarmingConcentrating onone type of style ofproperty or on oneparticular neigh-borhood2.A residential transaction os defined in F.S. 475 as thesale of any:- Duplex- improved resi-dential property offour units or few-er, including con-dominium units-unimproved prop-erty intended forfour units or fewer- agricultural prop-erties of ten acresor less- leases with op-tions to purchaseall or a portion ofimproved propertyof four or fewerresidential units- dispositions ofbusiness interestsfor property of fouror fewer residen-tial units3.absentee ownersowners who buyincome proper-ty as investmentsand depend onprofessionals tomanage them4.Uniform Stan-dards of Profes-1 / 21

Page 2 of 7

45 Hour Post License Florida Practice Exam with Answers (140 Solved Questions) - Page 2 preview image

Page 3 of 7

45 Hour Post License Florida Practice Exam with Answers (140 Solved Questions) - Page 3 preview image

45 Hour Post License FloridaAll appraisals, whether performed by a licensed ap-praiser or a real estate licensee, must be developedand reported in conformity with thesional AppraisalPractice (USPAP)5.The largest and most prestigious real estate organi-zation in the world is ________. They work for leg-islation enforce professional standards of conductthrough its ________.1. The NationalAssociation of Re-altors (NAR)2. Code of Ethics6.The largest trade association in the state is_________The Florida Asso-ciation of Realtors(FAR)7.The duties required by the Code of Ethics are:1. Duties to clientsand customers2. Duties to thepublic in general3. Duties to oth-er real estate li-censees8.Required Skills for the Real estate professional are:1. Valuation -Must be ableto discern impor-tant differencesbetween proper-ties and knowho to translatethose differencesinto value. Must beable to conduct aCMA.2. Marketing -must have an un-derstanding of thetools and tech-nologies availableto market a prop-erty.3. Property Trans-2 / 21

Page 4 of 7

45 Hour Post License Florida Practice Exam with Answers (140 Solved Questions) - Page 4 preview image

45 Hour Post License Floridafer - understandhow to close atransaction9.Mission Statementdescription of adesired outcomethat excites, mo-tivates, and helpsyou to createa mental pictureof your businessgoal.10.Industrial Sales or Leasinginclude warehous-es and manufac-turing facilities. In-dustrial sales andleasing generallyinvolve user/own-ers, rather than in-vestors.11.The law that specifically regulates real estate li-censees, schools, and appraisers is _________F.S. 47512.The Range Of Penalties for disobeying FS 475 or 455from lowest to highest is:Reprimand, fine,probation, sus-pension, and revo-cation or denial.13.Which is the maximum penalty for disobeying lawsunder FS 455 or FS 475Revocation or de-nial of license14.If the licensee does not complete the 45 hour coursebefore the expiration date of their first renewal, thelicense becomes ____void and the li-censee will be outof business. (haveto start over every-thing)15.103 / 21

Page 5 of 7

45 Hour Post License Florida Practice Exam with Answers (140 Solved Questions) - Page 5 preview image

45 Hour Post License FloridaWhen a sales associate changes employers, theymust notify the Commission of the change no laterthan ________ days after the change by using theform provided by the commission.16.Advertisements may not befraudulent, false,deceptive, or mis-leading.17.Advertising false, inaccurate, misleading or exagger-ated information could result in ____________the issuance of acitation and a fineof $50018.A sales associate who receives a deposit must deliv-er it to the broker or employer no later thanthe end of thebusiness day fol-lowing the receiptof the item to bedeposited19.A sales associate may not collect money in connec-tion with a real estate transaction exceptin the name of theemployer (cannotbe payed by buyeror seller)20.A sales associate receives compensation only fromhis or her ______. A sales associate can however bepaid a portion of a commission by a closing agent ifsuch instructions have been provided in writing bythe _____.1. broker2. broker21.Single agents are held accountable for what four spe-cific duties?1. Confidentiality2. Obedience3. Loyalty4. Full Disclosure22.Appraisals utilized by federally regulated lenders infederally related transactions be developed and re-ported in conformity with the _______Uniform Stan-dards of Profes-sional AppraisalPractices (US-PAP)4 / 21

Page 6 of 7

45 Hour Post License Florida Practice Exam with Answers (140 Solved Questions) - Page 6 preview image

45 Hour Post License Florida23.Assessed value isthe value as-signed by theproperty appraiserfor ad valorem taxpurposes24.What is the difference between price and value?Price is theamount that is ac-tually paid in a realestate transaction.It may not rep-resent the marketvalue.25.The Principle of Contribution states thatthe value of acomponent of theproperty is theamount it increas-es the total val-ue of the proper-ty (ex. renovatingthe kitchen to in-crease the askingprice)26.Highest and Best Use Analysisevery propertyhas a single usethe produces thegreatest incomeand return.27.Comparable Sales Approach is usedto estimate thevalue indicated bythe recent sales ofcomparable prop-erties in the mar-ket.28.Matched Pair Sales Technique5 / 21

Page 7 of 7

45 Hour Post License Florida Practice Exam with Answers (140 Solved Questions) - Page 7 preview image

45 Hour Post License FloridaLocating otherproperties thathave been sold inthe area, of which,one that has a par-ticular feature youare trying to valueand another onethat does not. So,if you find a homewith a swimmingpool that soldfor $210,000 andthen you find ahome that doesn'thave a swimmingpool, but is verysimilar, and soldfor $200,000 youcan assume thatthe pool was worth$10,000.29.A ________ is an estimate of value for a propertyowned by the bank.Broker Price Opin-ion30.Properties owned by a bank due to foreclosure, deedin lieu of foreclosure, or a short sale are calledReal EstateOwned (REO)properties31.Prospecting isthe process oflooking for newbusiness; thisprocess neverstops. You shouldspend a ma-jority of yourtime prospectingfor new business.6 / 21

Preview Mode

This document has 21 pages. Sign in to access the full document!

Report

Learning Tools

Writing Tools

Browse Resources

45 Hour Post License Florida Practice Exam with Answers (140 Solved Questions) - Page 1

Study Now!

Document Details

Related Documents

SAP S/4HANA Sales Certification Guide: Application Associate Exam (2021)

SAP HANA 2.0 Certification Guide: Technology Associate Exam (2021)

SAP S/4HANA Business Process Integration Certification Guide: Application Associate Exam (2021)

SAP S/4HANA Production Planning and Manufacturing Certification Guide: Application Associate Exam (2022)

2023 CMY2601 Crime Risk Perspectives Practice Exam with Answers (130 Solved Questions)

LETRS Unit 4 Assessment with Answers (15 Solved Questions)

NCC EFM Exam Breakdown and Study Guide with Answers (72 Solved Questions)

2023 AVID Media Composer 101 Certification Practice Exam with Answers (233 Solved Questions)

Indiana For Hire Endorsement Practice Exam with Answers (34 Solved Questions)

State of Colorado Question and Verified Answers with Answers (40 Solved Questions)

Company

Explore

Study Tools