Chapter 1 - Introduction to the Real Estate Business

Question 1

Broker Associate –

Answer 1

All new real estate licensees will obtain this level of license. Your license must hang under a brokerage which has a licensed employing broker.

Question 2

Independent Broker –

Answer 2

License allows a broker to be self employed without employed licensees after 2 years experience under an employing broker and completion of additional education.

Question 3

Employing Broker -

Answer 3

License allows a broker to employ and supervise other licensees after 2 years experience under an employing broker and completion of additional education.

Question 4

Appraisal:

Answer 4

The process of estimating a property’s market value based on established methods and the appraiser’s professional judgment:

Question 5

Appraisals require:

Answer 5

Appraisal requires an appraiser’s license

Question 6

Property Management:

Answer 6

The person hired to maintain and manage a property on behalf of its owner

Oversees the day to day activities of the property including screening tenants, leasing property, evictions, maintenance, emergency repairs etc.

Question 7

Financing:

Answer 7

Providing funds that allow most real estate transactions to occur

Professionals in mortgage financing may be loan originators, processors, underwriters, and their support services.