Real Estate Review Unit 1 & Unit 2

Which statement is TRUE regarding the use of the term REALTOR?

• ALL REALTORS are members of the National Association of REALTORS (NAR)

• The term real estate licensee and REALTOR may be used interchangably

• All real estate licensees are REALTORS

• The Florida DBPR authorizes the use of the term REALTOR.

The term follow up refers to

• returning calls in a timely manner.

• completing instructions given by one's broker

• following through on listing calls made to for sale by owners.

• what a sales associate does for buyers and sellers after the sale.

Even though certain exceptions apply, an active real estate licensee is legally entitled to appraise real property for compensation concerning a non federally related transaction

• as long as she does not represent herself as a state-certified or licensed appraiser and complies with the USAP

• only if the appraisal is called a comparative marker analysis.

• provided the compensation is based on a commission agreed on before the appraisal work is done.

• provided a licensed or certified appraiser signs the appraisal report.

The field of property management has experienced growth and specialization primarily because of

• the deregulation of the real estate industry.

• the increase in the number of licensees specializating in property management.

• the increase in the number of absentee owners.

• higher construction costs that have caused an increase in the number of renters.

Real estate licensees must comply with the Uniform Standard of Professional Appraisal Practice (USPAP) when conducting which value estimates?

• Appraisals

• Broker price opinions

• Comparative market analysis

• Real estate licensees are exempt from the provisions of USPAP

Appraisers are paid a fee because

• to accept compensation based on the appraised value is a conflict of interest.

• custom dictates the method of compensation.

• the fee would be too high if it were based on a percentage of property value.

• only brokers and sales associates are paid commissions for their services.

The five major sales specialties do NOT include

• agricultural

• special use

• commercial

• businesses

The real estate activity that is devoted to leasing, managing, marketing, and overall maintenance of property for others is called

• commercial sales

• property management

• counseling

• rental agents

Which type of construction involves building to a buyer's specifications?

• Tract homes

• Spec homes

• Custom homes

• Model homes

The term dedication as it applies to development and construction refers to

• a gift of land by the owner to the local government for a public use.

• the builder's careful attention to construction details.

• recording a subdivision plat map in the public records.

• preparing raw land for site improvement.