Chapter 1

Question 1

Name three areas of expert knowledge that all licensees must have.

Answer 1

1. property transfer
2. Valuation and market conditions
3. Marketing

Question 2

A highly specialized service and requires a great amount of knowledge and experience. More than any other facet of real estate.

Answer 2

Counseling

Question 3

A real estate license can be perform an appraisal so long as it is __________ to be used in a federally related transactions.

Answer 3

Not

Question 4

Name three types of residential construction.

Answer 4

Custom building
Speculative building
Tract building

Question 5

The Institute of real estate management or IREM awards the designation:

Answer 5

Certified property manager (CPM) part of NAR

Question 6

What happens at the local level of real estate?

Answer 6

Planning and zoning, property and taxation, building and health codes and regulations and building moratorium’s that affect development play a significant role and the cost and desirability of real estate.

Question 7

Many licensees will concentrate on one type or style of property or on one particular neighborhood.

Answer 7

Farming