Exam (elaborations)
BOB HOGUE REAL ESTATE CLASS TEST EXAM 2024/2025
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BOB HOGUE REAL ESTATE CLASS TEST EXAM 2024/2025
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BOB HOGUE REAL ESTATE CLASSTEST EXAM 2024/2025
Absentee Owner - Precise Answer ✔✔A property holder who does not
reside on the property and who usually relies on a property manager to
manage the investment.
Appraisal - Precise Answer ✔✔The process of developing and
communicating an estimate of a property's
Appraiser - Precise Answer ✔✔Appraisers charge a fee based on the
time and difficulty of the appraisal assignment and are not paid
commission.
Broker Price Opinion (BPO) - Precise Answer ✔✔A broker's written
opinion of the value of a particular property that may not be used in
connection with the originating a federally related loan; not an appraisal.
Business Broker - Precise Answer ✔✔Real estate licensees who engage
in the sale, purchase, or lease of businesses.
Business Opportunity - Precise Answer ✔✔The sale or lease of an
existing business, including the sale of tangible and intangible assets
,Community Association Manager (CAM) - Precise Answer ✔✔must
hold a CAM license when the community association consists of more
than 10 units or has an annual budget in excess of $100,000.
Comparative Market Analysis (CMA) - Precise Answer ✔✔An informal
estimate of market value performed by a real estate licensee for the
seller to assist in arriving at an appropriate listing price, or if working
with the buyer, an informal estimate of market value to assist the buyer
in arriving at an appropriate offering price.
Delication - Precise Answer ✔✔The gift of land by an owner, in this
case developer, to a government body for public use. A valid dedication
of land from the owner to the municipality requires both an offer to
dedicate (donate) the land and an acceptance by the municipality.
Farm Area - Precise Answer ✔✔one specific portion of a city, where a
broker and sales associate are experts in that particular portion
Follow-Up - Precise Answer ✔✔the sales step in which a salesperson
follows up after the sale to ensure customer satisfaction and repeat
business
Multiple Listing Service (MLS) - Precise Answer ✔✔database that
allows real estate brokers representing sellers under a listing contract to
share information about properties with real estate brokers who may
represent potential buyers
,Property Management - Precise Answer ✔✔The leasing, managing,
marketing, and overall maintenance of property for others.
Property Manager - Precise Answer ✔✔Involves the leasing, managing,
marketing, and maintenance of property
Real Estate Brokerage - Precise Answer ✔✔A part of the real estate
business that is concerned with bringing together buyers and sellers and
owners and renters and completing a real estate transaction.
REALTOR® - Precise Answer ✔✔a real estate licensee who is a
member of the National Association of REALTORS®.
Rental Agent - Precise Answer ✔✔A person who, for a fee, acts as an
intermediary between a person seeking to lease a housing
accommodation and a property owner seeking to acquire a lease for a
housing accommodation.
Target Market - Precise Answer ✔✔a specific group of prospects
chosen because of its demographic, financial, and lifestyle
characteristics
Real estate professionals provide expert information in which three
areas? - Precise Answer ✔✔1. Knowledge of property transfer
2. Knowledge of market conditions
3. Knowledge of how to market real estate and businesses
, Real estate sales associates involved in sales and leasing specialize in
one of which 5 areas? - Precise Answer ✔✔1. Residential
2. Commercial
3. Industrial
4. Agricultural
5. Businesses
Florida Real Estate Appraisal Board (FREAB) - Precise Answer
✔✔Regulates state certified and licensed appraisers
Uniform Standards of Professional Appraisal Practice (USPAP) -
Precise Answer ✔✔States that it is unethical for an appraiser to accept
compensation that is contingent on the value of the property.
Mortgage Loan Originator (MLO) - Precise Answer ✔✔Anyone who
takes residential mortgage loan applications or offers to negotiate the
terms of residential mortgage loan applications for compensation must
be licensed as an MLO
What are the three general phases of development and construction: -
Precise Answer ✔✔1. Land Acquisition
2. Subdivision and development
3. Recording the subdivision plat map
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