Unit 1 Practice Exam Copy

Unit 1 Practice Exam Copy

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Question 1 of 15

1. Question
When a developer deeds the streets and easements to the county government for future maintenance, it is called
- granting.
- dedication.
- gifting.
- special purpose funding.
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Question 2 of 15

2. Question
Approximately what percentage of the country’s wealth is related to real estate?
- 25
- 50
- 60
- 75
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Question 3 of 15

3. Question
A real estate licensee who works a “farm area” is usually involved in
- agricultural sales and listings.
- commercial sales and listings.
- residential sales and listings.
- property management.
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Question 4 of 15

4. Question
The field of real estate that requires knowledge of financial statements for investment properties, traffic counts, and types of nonresidential property financing is
- industrial.
- agricultural.
- residential.
- commercial.
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Question 5 of 15

5. Question
Real estate specialists who sell properties close to airports, seaports, and rail sidings work in which sector of the real estate business?
- Industrial
- Agricultural
- Residential
- Commercial
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Question 6 of 15

6. Question
Investors who don’t live on the properties they own are
- out-of-town owners.
- absentee owners.
- property managers.
- commercial brokers.
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Question 7 of 15

7. Question
A bank appraisal must be made by
- an appraiser.
- a real estate broker.
- a state-certified or licensed appraiser.
- either a certified appraiser or a real estate broker.
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Question 8 of 15

8. Question
When making appraisals, real estate licensees must conform to
- the Uniform Standards of Professional Appraisal Practice (USPAP).
- the rules for real estate brokers.
- the rules of the Federal Reserve Banks.
- the rules of the Florida Real Estate Commission.
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Question 9 of 15

9. Question
The most common valuation process used by brokers and sales associates is the preparation of
- an appraisal.
- a comparative market analysis (CMA).
- a property valuation.
- an educated estimated guess.
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Question 10 of 15

10. Question
A sales associate who researches the sale prices of properties that sold will learn
- the problem with setting a value that is not realistic.
- the values asked by the competition.
- what the house should appraise for.
- how fast the house will sell.
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Question 11 of 15

11. Question
A broker who prepares a CMA
- can charge a fee for the service.
- may NOT charge a fee for the service.
- can call the CMA an appraisal.
- may charge a fee that is no more than $100.
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Question 12 of 15

12. Question
A person who takes applications for a mortgage loan must
- have a real estate license.
- have a mortgage broker license issued by the Department of Business and Professional Regulation.
- be licensed as a loan originator by the Florida Office of Financial Regulation.
- have a four-year degree in real estate finance.
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Question 13 of 15

13. Question
When a builder builds a house for a specific customer, it is
- tract building.
- custom building.
- chattel building.
- speculative (spec) building.
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Question 14 of 15

14. Question
Before roadbuilding begins, a developer must submit a document to the local planning board for approval. The document is called a
- commencement certificate.
- notice of intent to file a lien.
- notice to surrounding landowners.
- subdivision plat map.
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Question 15 of 15

15. Question
Brokers who list and sell smaller businesses are
- business opportunity brokers.
- business enterprise brokers.
- commercial brokers.
- industrial brokers.
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