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

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45 Hour Post License Florida
1. Farming Concentrating on
one type of style of
property or on one
particular neigh-
borhood
2. A residential transaction os defined in F.S. 475 as the
sale of any:
- Duplex
- improved resi-
dential property of
four units or few-
er, including con-
dominium units
-unimproved prop-
erty intended for
four units or fewer
- agricultural prop-
erties of ten acres
or less
- leases with op-
tions to purchase
all or a portion of
improved property
of four or fewer
residential units
- dispositions of
business interests
for property of four
or fewer residen-
tial units
3. absentee owners owners who buy
income proper-
ty as investments
and depend on
professionals to
manage them
4. Uniform Stan-
dards of Profes-
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45 Hour Post License Florida
All appraisals, whether performed by a licensed ap-
praiser or a real estate licensee, must be developed
and reported in conformity with the
sional Appraisal
Practice (USPAP)
5. The largest and most prestigious real estate organi-
zation in the world is ________. They work for leg-
islation enforce professional standards of conduct
through its ________.
1. The National
Association of Re-
altors (NAR)
2. Code of Ethics
6. 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 clients
and customers
2. Duties to the
public in general
3. Duties to oth-
er real estate li-
censees
8. Required Skills for the Real estate professional are: 1. Valuation -
Must be able
to discern impor-
tant differences
between proper-
ties and know
ho to translate
those differences
into value. Must be
able to conduct a
CMA.
2. Marketing -
must have an un-
derstanding of the
tools and tech-
nologies available
to market a prop-
erty.
3. Property Trans-
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45 Hour Post License Florida
fer - understand
how to close a
transaction
9. Mission Statement description of a
desired outcome
that excites, mo-
tivates, and helps
you to create
a mental picture
of your business
goal.
10. Industrial Sales or Leasing include warehous-
es and manufac-
turing facilities. In-
dustrial sales and
leasing generally
involve user/own-
ers, rather than in-
vestors.
11. The law that specifically regulates real estate li-
censees, schools, and appraisers is _________
F.S. 475
12. The Range Of Penalties for disobeying FS 475 or 455
from lowest to highest is:
Reprimand, fine,
probation, sus-
pension, and revo-
cation or denial.
13. Which is the maximum penalty for disobeying laws
under FS 455 or FS 475
Revocation or de-
nial of license
14. If the licensee does not complete the 45 hour course
before the expiration date of their first renewal, the
license becomes ____
void and the li-
censee will be out
of business. (have
to start over every-
thing)
15. 10
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45 Hour Post License Florida
When a sales associate changes employers, they
must notify the Commission of the change no later
than ________ days after the change by using the
form provided by the commission.
16. Advertisements may not be fraudulent, false,
deceptive, or mis-
leading.
17. Advertising false, inaccurate, misleading or exagger-
ated information could result in ____________
the issuance of a
citation and a fine
of $500
18. A sales associate who receives a deposit must deliv-
er it to the broker or employer no later than
the end of the
business day fol-
lowing the receipt
of the item to be
deposited
19. A sales associate may not collect money in connec-
tion with a real estate transaction except
in the name of the
employer (cannot
be payed by buyer
or seller)
20. A sales associate receives compensation only from
his or her ______. A sales associate can however be
paid a portion of a commission by a closing agent if
such instructions have been provided in writing by
the _____.
1. broker
2. broker
21. Single agents are held accountable for what four spe-
cific duties?
1. Confidentiality
2. Obedience
3. Loyalty
4. Full Disclosure
22. Appraisals utilized by federally regulated lenders in
federally related transactions be developed and re-
ported in conformity with the _______
Uniform Stan-
dards of Profes-
sional Appraisal
Practices (US-
PAP)
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45 Hour Post License Florida
23. Assessed value is the value as-
signed by the
property appraiser
for ad valorem tax
purposes
24. What is the difference between price and value? Price is the
amount that is ac-
tually paid in a real
estate transaction.
It may not rep-
resent the market
value.
25. The Principle of Contribution states that the value of a
component of the
property is the
amount it increas-
es the total val-
ue of the proper-
ty (ex. renovating
the kitchen to in-
crease the asking
price)
26. Highest and Best Use Analysis every property
has a single use
the produces the
greatest income
and return.
27. Comparable Sales Approach is used to estimate the
value indicated by
the recent sales of
comparable prop-
erties in the mar-
ket.
28. Matched Pair Sales Technique
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45 Hour Post License Florida
Locating other
properties that
have been sold in
the area, of which,
one that has a par-
ticular feature you
are trying to value
and another one
that does not. So,
if you find a home
with a swimming
pool that sold
for $210,000 and
then you find a
home that doesn't
have a swimming
pool, but is very
similar, and sold
for $200,000 you
can assume that
the pool was worth
$10,000.
29. A ________ is an estimate of value for a property
owned by the bank.
Broker Price Opin-
ion
30. Properties owned by a bank due to foreclosure, deed
in lieu of foreclosure, or a short sale are called
Real Estate
Owned (REO)
properties
31. Prospecting is the process of
looking for new
business; this
process never
stops. You should
spend a ma-
jority of your
time prospecting
for new business.
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