Chapter 1 Flashcards
Which would NOT usually be involved in financing real estate? A) a mortgage banker B) a mortgage broker C) a savings and loan D) a real estate broker
D - A real estate broker
Some of the sources of financing to the buyer include banks, savings and loans, credit unions, mortgage bankers and mortgage brokers, insurance companies, and sellers of the property.
It is unethical for an appraiser to accept compensation for performing an assignment when it is contingent upon:
A) the appraiser having a real estate license.
B) the requirement for a certain type of loan.
C) the reporting of a pre-determined result.
D) when the appraiser is asked for more comparables by the underwriter.
C - the reporting of a pre-determined result.
It is unethical for an appraiser to accept compensation for performing an assignment when it is contingent upon the reporting of a predetermined result (e.g. opinion of value).
Services that a property manager must perform for the owner are listed in: A) a sales contract. B) a listing contract. C) a uniform management code. D) a property management agreement.
D - a property management agreement.
The practice of a real estate sales associate specializing in a certain geographic area is called: A) farming. B) prospecting. C) soliciting. D) advertising.
A - farming
One example of a Loan Originator would be a(n):
A) family member.
B) a real estate agent.
C) associate lender.
D) seller who finances more than two homes in a two year period.
D - seller who finances more than two homes in a two year period
The duties of a property manager include all EXCEPT:
A) selling the property.
B) advertising the property.
C) maintaining the property in good repair.
D) budgeting expenses for the property.
A - selling the property
In Florida there is a demand for property management services due to the large amount of: A) waterfront properties. B) theme parks. C) absentee owners. D) residents who own condominiums.
C - absentee owners
