Download 2025 Florida Real Estate Sales Associate Postlicense – 45-Hour Course with 151 Correct Qu and more Exams Marketing in PDF only on Docsity!
2025 45 Hour Post License Florida [Florida Real Estate Sales Associate
Postlicense] 151 CORRECT QUESTIONS AND ANSWERS/ LATEST
UPDATE
WITH SOME PRACTICE EXAM IN IT 2025 GRADED A+
Ch.1 A residential transaction os defined in F.S. 475 as the sale of any: - CORRECT ANSWER - Duplex
- improved residential property of four units or fewer, including condominium units
- unimproved property intended for four units or fewer
- agricultural properties of ten acres or less
- leases with options 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 residential units Ch.1 absentee owners - CORRECT ANSWER owners who buy income property as investments and depend on professionals to manage them (property manager) Ch.1 The largest and most prestigious real estate organization in the world is ________. They work for legislation enforce professional standards of conduct through its ________. - CORRECT ANSWER 1. The National Association of Realtors (NAR)
- Code of Ethics Ch.1 The largest trade association in the state is _________ - CORRECT ANSWER The Florida Association of Realtors (FAR) Ch.1 ____ Is a business specialization in which highly skilled real estate professionals answer questions and give expert advice to consumers - CORRECT ANSWER Counseling Ch.1 The duties required by the Code of Ethics are: - CORRECT ANSWER 1. Duties to clients and customers
- Duties to the public in general
- Duties to other real estate licensees Ch.1 Required Skills for the Real estate professional are: - CORRECT ANSWER 1. Valuation - Must be able to discern important differences between properties and know ho to translate those differences into value. Must be able to conduct a CMA.
- Marketing - must have an understanding of the tools and technologies available to market a property.
- Property Transfer - understand how to close a transaction Ch.1 Mission Statement - CORRECT ANSWER description of a desired outcome that excites, motivates, and helps you to create a mental picture of your business goal. Ch.1 Industrial Sales or Leasing - CORRECT ANSWER include warehouses and manufacturing facilities. Industrial sales and leasing generally involve user/owners, rather than investors. Ch.2 The law that specifically regulates real estate licensees, schools, and appraisers is _________ - CORRECT ANSWER F.S. 475 Ch.2 The Florida Real Estate Commission (FREC) created rules in _____ of the Florida Administrative Code in order to enforce the Florida real estate license law - CORRECT ANSWER 61J Ch.2 The Range Of Penalties for disobeying FS 475 or 455 from lowest to highest is: - CORRECT ANSWER Reprimand, fine, probation, suspension, and revocation or denial. Ch.2 Which is the maximum penalty for disobeying laws under FS 455 or FS 475 - CORRECT ANSWER Revocation or denial of license Ch.2 If the licensee does not complete the 45 hour course before the expiration date of their first renewal, the license becomes ____ - CORRECT ANSWER void and the licensee will be out of business. (have to start over everything) Ch.2 If the licensee chooses not complete the 14 hour course before the expiration date of their renewal, the license becomes ___ - CORRECT ANSWER Inactive renewals Ch.2 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. - CORRECT ANSWER 10 Ch.2 Do you have to notify anyone if the licensee changes from residential to commercial - CORRECT ANSWER NO Ch.2 Advertisements may not be - CORRECT ANSWER fraudulent, false, deceptive, or misleading. Ch.2 Advertising false, inaccurate, misleading or exaggerated information could result in
Ch.3 The Principle of Contribution states that - CORRECT ANSWER the value of a component of the property is the amount it increases the total value of the property (ex. renovating the kitchen to increase the asking price) Ch.3 Highest and Best Use Analysis - CORRECT ANSWER every property has a single use the produces the greatest income and return. Ch.3 Comparable Sales Approach is used - CORRECT ANSWER to estimate the value indicated by the recent sales of comparable properties in the market. Ch.3 Matched Pair Sales Technique - CORRECT ANSWER Locating other properties that have been sold in the area, of which, one that has a particular 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. Ch.3 A ________ is an estimate of value for a property owned by the bank. - CORRECT ANSWER Broker Price Opinion Ch.3 Properties owned by a bank due to foreclosure, deed in lieu of foreclosure, or a short sale are called - CORRECT ANSWER Real Estate Owned (REO) properties Ch.4 Prospecting is - CORRECT ANSWER the process of looking for new business; this process never stops. You should spend a majority of your time prospecting for new business. Ch.4 Consistency of Contacts is when you prospect each day and - CORRECT ANSWER Prospect to the same people consistently Ch.4 Push Marketing is the traditional form of marketing that is used by real estate professionals which includes: - CORRECT ANSWER Mail outs, flyers, newspaper ads, magazine ads, radio, TV, cold calling Ch.4 Pull Marketing is about developing relationships that attract your ideal client to you, which is done by using - CORRECT ANSWER Social media Ch.4 Keep your ______ up to date. As your business grows, so will your experience, education, and affiliations. - CORRECT ANSWER Personal Profile
Ch.4 Three ways to market a property are: - CORRECT ANSWER using MLS, Direct mail and email campaigns, and open houses Ch.4 What is one way to prepare a home before putting it on the market? - CORRECT ANSWER Exterior: Clean windows inside and out Interior: Brighten rooms by installing high wattage light bulbs and turn them on. Ch.4 Ask relevant questions to gather information about their needs, their timeframe, the price they may have in mind, and their level of _______ and _______. - CORRECT ANSWER Motivation and Expectations Ch.4 What questions do you ask a seller? - CORRECT ANSWER Why are you moving? When would you like to be in your new home? Do you have to sell your present home to buy a new one? Ch.4 What don't you ask the seller? - CORRECT ANSWER Don't ask the seller "what type of buyer are you looking for?" Ch.4 After presenting the CMA, but before giving them your opinion of value, ask them _________. - CORRECT ANSWER What price they had in mind. Ch.4 What is an Open Listing? - CORRECT ANSWER When an owner agrees to pay a commission to any broker who provides a buyer willing to purchase the property under a price and terms agreeable to the owner. Ch.4 An open listing is a _______ or _______ contract. - CORRECT ANSWER One- sided or unilateral Ch.4 In an exclusive agency or exclusive listing - CORRECT ANSWER the owner reserves the right to sell the property himself or herself, in which case the owner will owe no commission to the listing broker. Ch.4 An Exclusive Right of Sale Listing - CORRECT ANSWER must be in writing and signed. The owner can only list with one broker and the owner agrees to pay the listing broker regardless of who actually finds the buyer. Ch.4 An exclusive right of sale listing is a _______ contract. - CORRECT ANSWER Bilateral
Ch.5 The Housing Expense ratio should not be greater than - CORRECT ANSWER 28% Ch.5 Which mortgage loan program requires little or no down payment and easy qualification requirements and low rates of interest for specified individuals? - CORRECT ANSWER VA Loan Ch.5 The provisions of Regulation Z cover - CORRECT ANSWER disclosure of costs, the right to rescind the transaction, advertising offers, and noncompliance penalties. Ch.5 The best source for obtaining buyers is your _________. If you have the listings, the buyers will follow. - CORRECT ANSWER Listing Inventory Ch.5 Make sure that a buyer is qualified, determine their _______. - CORRECT ANSWER Motivation and Expectations. Ch.6 What document does a broker use when seeking a paid commission from a buyer?
- CORRECT ANSWER Exclusive Buyer Brokerage Agreement Ch.6 Document where all sellers and brokers are required to disclose all material defects of the property that are not readily visible to the buyer. - CORRECT ANSWER Sellers Property Disclosure Statement Ch.6 Statute of Frauds requires any contract - CORRECT ANSWER to be in writing in order to be enforceable Ch.6 The Essential Elements of a Contract are - CORRECT ANSWER Lawful Subject, Agreement, Consideration, and Competent parties. Ch.6 There must be an agreement, also called _______, for a contract to be created. In order to do this, there must be an offer and an acceptance of all terms and conditions of the offer. - CORRECT ANSWER a meeting of the minds Ch.6 A contract must contain sufficient consideration, which consists of two types: - CORRECT ANSWER valuable and good Ch.6 valuable consideration is - CORRECT ANSWER anything of value including money, personal property, or a promise that can be enforced, such as a promissory note. (Valuable = tangible)
Ch.6 good consideration is - CORRECT ANSWER anything that can't be converted to valuable consideration (Good = words) Ch.6 Option contracts are _____ since the party acquiring the right has not promised to buy the property. - CORRECT ANSWER Unilateral Ch.6 A ______ is a right to buy a property during a specified period, at a specified price. It is not an obligation to buy the property, as is the case with a sales contract. - CORRECT ANSWER Option contact Ch.7 What superstructure do we use here in Florida? - CORRECT ANSWER Masonry Ch.7 What is Masonry? - CORRECT ANSWER Type of superstructure where exterior walls are made entirely of concrete blocks, which serve as part of the framing system. Ch.7 the _____ is located below grade and serves as a platform that supports the weight of the building. - CORRECT ANSWER substructure Ch.7 _________ roofs are susceptible to wear from standing water. - CORRECT ANSWER Flat Ch.7 The door leading to the garage should be - CORRECT ANSWER solid-core, rather than hollow-core, for added fire protection. Ch.7 Insulating material is rated according to its ________. It is a measure of the ability of the material to resist the flow of heat and is expressed in ________ that can be transmitted through one thickness of the material in one hour. - CORRECT ANSWER
- R-value
- British Thermal Units (BTUs) Ch.7 The higher the R-value, _______ - CORRECT ANSWER the better the insulating characteristics of the material Ch.7 Hot water heater tanks are protected from explosion by insertion of a - CORRECT ANSWER temperature and pressure relief valve in or near the top of the tank. Ch.7 areas of a house that present a greater risk of electrical shock require - CORRECT ANSWER Ground fault interruptors (GFIs)
Ch.9 The first 3 things that need to be done in a closing transaction are: - CORRECT ANSWER copies of the contract, understand the timeline, MLS Status Ch.9 An inspection is limited to what can be readily observed; - CORRECT ANSWER Significant problems may not be detected without looking under a floor or inside a wall. Ch.9 What are the different types of insurance you may discuss with your client? - CORRECT ANSWER property insurance, flood insurance, title insurance Ch.9 What insurance must you not discuss with your client? - CORRECT ANSWER Life insurance Ch.9 RESPA stands for - CORRECT ANSWER Real Estate Settlement Procedures Act Ch.9 RESPA requirements include: - CORRECT ANSWER - lenders must provide a Loan Estimate of settlement costs no later than 3 BUSINESS days following the date of the mortgage loan application
- each applicant must receive a book titled "Your Home Loan Toolkit."
- Closing disclosure must be complete and provided to the borrower at least 3 days before closing. Ch.9 Some items on the Closing Disclosure are a debit to one party only and are referred to as - CORRECT ANSWER single entries Ch.9 The expenses between the 2 parties in a transaction with no third party involved are _______ and most likely result in a debit to the seller and a credit to the buyer - CORRECT ANSWER double entries Ch.9 _______ means that the buyer acknowledges the fact that the home they are buying has a lien against it but the buyer does not accept any personal legal responsibility for the repayment of the debt. - CORRECT ANSWER "Subject to" Ch.9 If a buyer buys a property "subject to" what transfer of tax does not transfer - CORRECT ANSWER deed tax Ch.9 State Documentary Stamp Tax on Deeds needs to be payed when - CORRECT ANSWER deed transfers Ch.9 Purpose of the pre closing walkthrough inspections is to: - CORRECT ANSWER
- confirm that the seller has vacated the property, and that its ready for occupancy
- determine that the seller did not damage the property during their move.
- verify that any personal property included in the sale and purchase contract is there. Ch.10 Many lenders prefer to follow a procedure that prevents a foreclosure to - CORRECT ANSWER temporarily reduce the interest rate Ch.10 If the borrower can't make the payments, the lender may choose to waive the payments for the short term or even forgive the payments. These waivers are called - CORRECT ANSWER forbearance or moratoriums Ch.10 If the borrower is not personally liable for the original, _____ loan, the lender could decide to make the borrow personally liable as park of the loan restructuring agreement - CORRECT ANSWER Nonrecourse Ch.10 The process of resigning a loan is called____ - CORRECT ANSWER Recasting Ch.10 What is it when the lender may make or accepts an offer to take the title to the property back from the borrower in an attempt to save time and minimize the expense of a foreclosure? - CORRECT ANSWER Deed In Lieu of foreclosure Ch.10 When the lender consents to a sales price lower the than the loan amount that is
- CORRECT ANSWER a short sale Ch.10 ___ does not need to be filled for a short sale - CORRECT ANSWER Bankruptcy Ch.10 the foreclosure process officially begins when the lender records a _______ and files a lawsuit agains the defaulting borrower with the appropriate court where the property is located. - CORRECT ANSWER lis pendens Ch.10 When a mortgage foreclosure sale does not produce enough funds to pay the loan in full, the lender can obtain a ____________________ in order to try and satisfy the outstanding balance from the borrowers other properties, income, and assets. - CORRECT ANSWER Deficiency Judgment Ch.10 _______ are involved with the enforcement of liens due to borrowers defaulting on items such as property taxes, mortgages, income taxes, or community association fees or anything else leading to an actual auction of the real property for repayment of that debt. - CORRECT ANSWER Courthouse Auctions
Ch.12 When the rate of return exceeds the costs of borrowing, the leverage is said to be ________ - CORRECT ANSWER positive Ch.12 If the cost of borrowing is greater than the return it is - CORRECT ANSWER negative Ch.12 Unimproved land typically produces - CORRECT ANSWER negative cash flow Ch.12 an ______ is one which is not readily saleable due to uncertainty about its vale in the market which it is regularly traded - CORRECT ANSWER illiquid asset Ch.12 When an investor buys a property with the intention to sell it as soon as possible is to _______. Investors feel like they can make a profit with or without renovations - CORRECT ANSWER flip it Ch.12 What are the 3 operating expenses? - CORRECT ANSWER fixed expenses, variable expenses, and reserve for replacements. Ch.12 ___________ are costs that do not change with the level of occupancy, such as real estate taxes and hazard insurance. - CORRECT ANSWER fixed expenses Ch.12 What isn't an operating expense? - CORRECT ANSWER debt service Ch.12 An individual has a _________ if they sell an asset for less than the purchase price. - CORRECT ANSWER capital loss Ch.12 _________ is the reduction in the value of an asset due to usage, passage of time, wear and tear, technological outdating, depletion, or other such factors - CORRECT ANSWER depreciation Ch.12 _______ is a deduction that allows an investor to write off the cost of his or her investment in income-producing property over a prescribed period. - CORRECT ANSWER Tax depreciation Ch.12 Tax law allows owners of residential and low-income investment properties to depreciate a portion of their investment over ______ years on a ______________. The residential category includes single family rentals, apartment rentals, and mobile homes.
- CORRECT ANSWER 27. straight line basis
Ch.12 Owners of nonresidential investment property may depreciate a portion go their investment over ______ years also on a _________. - CORRECT ANSWER 39 straight line basis Ch.13 __________ specializes in helping small business owners in the buying and selling process. - CORRECT ANSWER Business brokerage Ch.13 __________ specializes in selling or leasing income producing properties such as malls, office parks, restaurants, gas stations, and office towers - CORRECT ANSWER Commercial brokerage Ch.13 What's the first thing you have to do as broker? - CORRECT ANSWER Define your role Ch.13 _____ has a proven business model - CORRECT ANSWER Franchise Ch.13 As a selling broker, there are 2 things you need to consider: - CORRECT ANSWER 1. you'll be competing with your own associates and it can create problems
- as a selling broker you have less time to manage Ch.13One characteristic you must have when being a broker: - CORRECT ANSWER sense of humor Ch.13 One thing you shouldn't do as a broker - CORRECT ANSWER micro manage
