Chapter 1 - The Real Estate Business Flashcards
What professional activities is a real estate broker or agent most likely to be involved in
transferring real estate ownership
The distinguishing feature of commercial property is…
it has the potential to generate income
Why would a real estate salesperson/broker specialize in a geographical area?
It id difficult to maintain market knowledge in a large area
A real estate professional who over sees the day-to-day operations of a property of behalf of the owner is a ….
Property Manager
Which of the following is a primary real estate brokerage activity?
locating a buyer for a seller
locating a seller for a buyer
locating a landlord for a tenant
locating and tenant for a landlord
The real estate industry is regulated by which three things
Federal Law
State Law
It’s own professional code of ethics
The agency that administers and enforces license law in each state is ?
The real estate commission council or similar board
License laws define
Who must obtain a real estate license
Requirements for obtaining one
How licensees handle escrow deposits, funds and fees
An investment property
is any property held by owners for investment
a residential property
is used primarily for habitation
What is the difference between a property manager and a asset manager?
Property managers handle day to day operations
Asset Managers handle portfolios of properties
What real estate profession focuses on creation of properties ?
Developers
The term “commercial property” refers to?
Retail, office or industrial property
Which real estate profession focuses on buyers and sellers?
Brokers and Agents
What is a Advisory Service Provider?
Someone who renders real estate service for a fee?
