Chapter 1

Question 1

When goods are bought and sold and a price for the goods is established there is this

Answer 1

Market

Question 2

Even if two parcels appear identical, they are never exactly alike because of this quality.

Answer 2

Uniqueness

Question 3

Person who performs real estate activities while employed by, or associated with, a licensed real estate broker.

Answer 3

Salesperson or sales associate

Question 4

An owner of this type of housing owns an individual unit and also shares ownership of common facilities.

Answer 4

Condominium

Question 5

Maintaining and administering another’s property for a fee.

Answer 5

Property management

Question 6

Process of using established methods and good judgement to form an opinion of the value of a property.

Answer 6

Appraisal

Question 7

The bringing together of parties interested in making a real estate transaction.

Answer 7

Brokerage

Question 8

The property of real estate that refers to the fact that property cannot be relocated elsewhere.

Answer 8

Immobility

Question 9

Report based on visual survey of property structure, systems, and site conditions.

Answer 9

Home inspection

Question 10

The provision of a dwelling place for purchase or rental without discrimination based on an individual’s race, color, national origin, religion, sex, familial status, or disability.

Answer 10

Fair Housing