Chap 1 Flashcards
A developer transfers privately owned streets in a subdivision to the city with the agreement that the city will maintain the streets in the future. This process is called?
Dedication
Which term may only be used by members affiliated with the NAR?
A) REALTOR® B) Real estate broker C) Real estate sales associate D) Licensed real estate sales associate
A. REALTOR
A couple tours several model homes in a new subdivision. The couple decides to purchase one of the available lots and have the builder construct one of the model floor plans on the lot. Which type of construction is this?
Tract Home
The five major sales specialties do NOT include
A) industrial. B) businesses. C) residential. D) mixed-use property.
D. Mixed-use property
An individual who, for a fee, finds tenants for available properties in a community is called
a rental agent
A map that indicates the size and location of individual lots, streets, and public utilities within a new development is called
a subdivision plat map
A marketing tool used by real estate licensees in the process of soliciting for listings that is intended to help sellers determine an asking price is called
a CMA comparative market analysis
An individual who takes residential mortgage loan applications or offers to negotiate the terms of residential mortgage loan applications for compensation must hold which license?
MLO Mortgage Loan Originator
The sales associate who worked with the buyers in the transaction sets up an appointment with the buyers to visit them six weeks after the sale. The sales associate routinely makes a visit after the title closing to thank the buyers for choosing her real estate company and to extend an offer to help with the buyers’ future real estate needs. What type of service is the sales associate providing?
Follow up
Which term best describes a property owner who is NOT a resident of the property? A) Absentee owner B) Tenant C) Property manager D) Rental agent
Absentee Owner
What type of license or other credential is required for an individual to engage in the sale, purchase, or lease of businesses for others?
A) Business broker license B) Commercial business license C) Real estate license D) Member of national association of business brokers
Real Estate License
Which statement concerning broker’s price opinions (BPOs) is TRUE?
A)
The payment for a BPO must be paid to the broker and not directly to the sales associate who prepared the BPO.
B)
All BPOs must conform to Uniform Standards of Professional Appraisal Practice (USPAP).
C)
A broker’s license is required to conduct a BPO.
D)
A BPO is also called an appraisal of real property.
A)
The payment for a BPO must be paid to the broker and not directly to the sales associate who prepared the BPO.
This refers to a selected and limited geographic area to which a sales associate devotes special attention and study. Target marketing involves expertise in locating prospects.
Farm Area
USPAP stands for what?
Uniform Standards of Professional Appraisal Practice
This is a brokers opinion of the value of real property?
BPO Brokers Price Opinion
These are the three general phases of development and construction, one includes recording of the subdivision plat map?
Land acquisition, Subdividing and Development
The scope of work a property manager performs in detailed in the ?
Management Agreement
A property manager’s charge is to protect the owner’s investment and maximize the owners ____?
ROI Return on Investment
The product a RE sales associate must market is?
Expert Information
The 3 areas of expertise that RE licensees bring to the transaction are knowledge of what 3 things?
Property Transfer, Market Conditions, How to Market RE & Businesses
RE licensees who engage in the sale, purchase, or lease of businesses are called?
Business Brokers
This involves the sale or lease of an existing business, including the sale of tangible and intangible assets?
Business Opportunity
Managing which type of property of more than 10 unites, or annual budget in excess of 100K, requires a CAM license?
Condominium Complex. CAM is not required for apartment buildings, commercial property or single-family dwellings.
Effective advertising involving developing a database of prospects to direct a specific message is called?
Target Marketing
A broker charges a prospective client $50.00 for a CMA. Which statement applies?
A. Brokers are not permitted to charge for CMA’s.
B. This is permissible, provided the broker does not represent the CMA as an appraisal.
C. The broker must be a state-certified or license appraiser to do this
D. The CMA must be signed by a state-certified or licenced appraiser
B. This is permissible, provided the broker does not represent the CMA as an appraisal.
