Florida Real Estate Exam - Unit 1 - The Real Estate Business

Real Estate Brokerage {Ans: a business registered with the Florida Department of Business & Professional Regulation (DBPR) to provide real estate services to the public must have at least one active broker to serve as the qualifying broker for the business}Subdivision Plat Map {Ans: a map of a tract of property that has been divided into individual lots shows the size and location of the lots as well as the roads, sidewalks, easements, utilities, and amenities located within the development must be approved by the local land planning authority}Business Opportunity {Ans: sale or lease of any products, equipment, supplies, or services for the purpose of starting a business}Property Management {Ans: involves leasing, collecting rent, monitoring condition and overseeing repairs for property owned by another}Multiple Listing Service (MLS) {Ans: a subscription database available to real estate professionals allows brokerage offices to share information on listings so that other brokerage offices may cooperate in the transaction by bringing a buyer for the property and share in the commission offered on the purchase & sale of the listed property}Special Purpose Property {Ans: a property that was built for a specific purpose and has unique characteristics (such as