Chapter 1- The Real Estate Business

Question 1

Agricultural

Answer 1

To mean property zoned as such, consisting of more than 10 acres.

Question 2

Appraisal

Answer 2

Professional service provided by a registered, licensed, or certified appraiser or real estate licensee to produce an estimate value.

Question 3

Business broker

Answer 3

Real estate licensees who engage in the sale, purchase, or lease of business.

Question 4

Business opportunity brokerage

Answer 4

The real estate activity dealing in the sale, purchase, or lease of business.

Question 5

Comparative market analysis (CMA)

Answer 5

And in formal estimate of market value performed by a real estate licensee for the seller to assist in arriving at an appropriate listing price, or if working with the buyer, and in formal estimate of market value to assist the buyer in arriving at an appropriate offering price

Question 6

Counselors

Answer 6

Professional to analyze existing or potential real estate problems and recommend a course of action.

Question 7

Deed restrictions

Answer 7

Provision placed in deeds to control future uses of the property.

Question 8

Dedication

Answer 8

An offer of land for some public use, by an owner, together with acceptance by or on behalf of the public.

Question 9

Farm area

Answer 9

A selected and geographical district to which a sales associate devote special attention and study; to farm in area or neighborhood.

Question 10

Follow up

Answer 10

What a sales associate does after a sale to maintain customer contact and goodwill.

Question 11

MLS

Answer 11

Multiple listing service – in arrangement among members of a real estate board or exchange that allows each member broker to share listings with other members so that greater exposure is obtained and a greater chance of sale will result.

Question 12

Property management

Answer 12

The leasing, managing, marketing, and overall maintenance of property for others.

Question 13

Real estate business

Answer 13

A commercial activity in which the sale, purchase, leasing, rental, exchange, or management of real property is conducted by qualified and licensed parties acting either for themselves or for others for compensation.

Question 14

Residential

Answer 14

The sale of improved residential property of four or fewer units, the sale of unimproved residential property intended for use as four or fewer units, or the sale of agricultural property of 10 or fewer acres.

Question 15

Restrictive covenants

Answer 15

Conditions placed by developers that affect how the land can be used in an entire subdivision.

Question 16

Subdivision plat map

Answer 16

A plan of a tract of land subdivided into lots and showing required or planned amenities.

Question 17

USPAP

Answer 17

A set of guidelines ( standard of practice) to follow when providing appraisal services.

Question 18

Absentee owner

Answer 18

A property holder who does not reside on the property and who usually relies on a property manager to supervise the investment.