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

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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

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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

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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

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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

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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

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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

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