Chapter 1

Question 1

Is a property manager who is paid strictly a salary required to be an actively license broker?

Answer 1

No

Question 2

Is a property manager who is paid a salary plus on a transactional basis, required to be an actively licensed broker?

Answer 2

Yes

Question 3

What is the difference between a rental agent and a property manager?

Answer 3

A rental agent works with potential renters and finds them a rental. A property manager does the same, but also managers the property after finding the renter.

Question 4

Why has the field of property management experienced such rapid growth?

Answer 4

The increase of absentee owners

Question 5

What kind of residential construction involves a builder purchasing one or more lots and constructing a home or homes without a buyer in advance of construction?

Answer 5

Speculative home

Question 6

What kind of residential construction involves a builder in contract with a buyer, and the buyer decides what kind of design the house will have?

Answer 6

Custom home

Question 7

What kind of residential construction is similar to speculative building and is done in a new subdivision with several model homes?

Answer 7

Tract home

Question 8

When is a new sales associate legally allowed to refer to themselves as a REALTOR®?

Answer 8

When they have joined the National Association of REALTORS®