Florida Real Estate Exam Flashcards

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Flash Cards For The FL Real Estate Exam. Principles, Practices & Law.

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What is Residential sales specialty?

Is defined as residential real estate as four or fewer residential units, vacant land zoned for four or fewer residential units, or agricultural property of ten or fewer acres.
What is Farm area?
One specific portion of a city that brokers and sales associates become an expert on. It involves maintaining data on each property, including when it was built, the sale history, typical marketing time, assessed value, the amount of property taxes, and so forth.
What is Commercial sales specialty?
Income producing property. Examples: Improved residential property of more than four units, retail stores, office buildings, and shopping centers.
What is Industrial sales specialty?
Deals in three different type of properties: (1) sites in industrial parks or subdivisions; (2) redeveloped industrial parcels in central areas; and (3) industrial acreage.
What is Agricultural sales specialty?

Agricultural property of more than ten acres.
What is Business sales specialty?

Licensees who engage in the sale, purchase, or lease of businesses are referred to as business brokers. This may also be called business opportunity brokerage.It involves he sale or lease of an existing business, including the sale of tangible and intangible assets.
What is follow-up?

Follow-up is what a sales associate does for buyer and sellers after the sale. It is important o all aspects of sale in real estate because it results in a good reputation, future referrals, and word of mouth advertising.
What is property management?

This is devoted to the leasing, managing, marketing, and overall maintenance of property for others.
What is an absentee owner?

It is a property owner who does not reside on the property and who often relies on a professional property manager to manage the investment.
What is Appraisal?

It is the process of estimating the value of real property.It is considered to be an art, not a science, because although the appraisal process involves mathematical calculations, appraisers alsu use their own judgement.
What does Florida law require appraisers and real estate brokers, and sales associates  to abide by when conducting appraisals of real property?
the Uniform Standars of Professional Appraisal Practice (USPAP)
What is a comparative market analysis (CMA)?

It is what real estate licensees do by helping potential sellers determine an asking price.
What are the three general phases of development and construction?
Land acquisition

Subdividing and development

What is a dedication?

It is the gift of land by an owner. In the case of development and construction, the developer gifts the land to to a government body for public use. Acceptance of the dedicated streets obligates the local government to maintain the streets once they are installed.
What is a subdivision plat map?

It is an engineer's plan for land use superimposed on a map of the land to e developed.
What is a restrictive covenant?
They affect how the land can be used and establish criteria such as minimum square footage, type of construction, architectural design, and so forth, to ensure that homes built there conform to the neighborhood.
What are the three general categories of residential construction?
Speculative Homes

Custom Homes

Tract Homes
What are Speculative Homes, in regards to residential construction?
Building "on speculation" involves purchasing one or ore lots and construction a homeor homes without a buyer in advance of construction.
What is Custom Homes, in regard to residential construction?
A custom builder constructs homes under contract with a buyer, often using building plans provided by architects or buyers.
What is Tract Homes, in regard to residential construction?
They are a type of speculative building. A new subdivision will typically feature several model homes. Buyers select a floor plan form the models and a lot on which to build in the new subdivision.