Chapter 1

What is a home built from blueprints supplied by the buyer is called? 1. A custom home 2. A tract home 3. An architectural original 4. A spec home

1. A custom home

Which of the following is incorrect? 1. Farming only involves raising crops, fish or animals. 2. Farming methods include Direct Mail and Just Listed Post Cards. 3. Farming is a great way for a licensee to introduce themselves. 4. Farming involves concentrating business efforts in a particular geographical area.

1. Farming only involves raising crops, fish or animals.

An appraisal can be completed by which of the following? 1. A home inspector 2. A licensed appraiser using USPAP standards 3. A real estate broker 4. A mortgage loan originator

2. A licensed appraiser using USPAP standards

Which of the following is NOT considered a major real estate licensee sales specialty? 1. Commercial 2. Cemetery Plots 3. Agricultural 4. Residential

2. Cemetery Plots

An organization with at least one real estate broker acting as the agent for others in negotiating the sale or rental of real property for a fee is known as a/an? 1. Management company 2. Real estate brokerage 3. Cooperative 4. MLS

2. Real estate brokerage

What is dedication? 1. Putting other people's priorities above your own 2. The motto of the health service 3. Giving up private land for public use 4. Donating a building to a private school

3. Giving up private land for public use

Why is there a high demand for property managers in Florida? 1. Cruise ships 2. Gated communities 3. High temperatures 4. Absentee owners

4. Absentee owners

One qualified by education, training and experience who is hired to estimate the value of real and personal property based on experience, judgment, facts, and use of formal appraisal process is known as a/an? 1. Underwriter 2. Sales Associate 3. Broker 4. Appraiser

4. Appraiser

What is a BPO? 1. Best Prospective Offer 2. Best Practice Organization 3. Beyond Present Opportunities 4. Broker Price Opinion

4. Broker Price Opinion

MLS is an acronym for which of the following? 1. Multiple Land Syndication 2. Multiple Lender Sources 3. Major Lending Service 4. Multiple Listing System

4. Multiple Listing System