cp 1

Question 1

What service is provided by a Broker?

Answer 1

Brings parties together in a real estate transaction

Question 2

Who brings parties together during a real estate transaction?

Answer 2

A broker

Question 3

The ______ usually acts as an agent on behalf of the party or parties in negotiating the sale, purchase, or rental of the property.

Answer 3

Broker

Question 4

What is an appraisal?

Answer 4

the process of estimating the market value of real estate.

Question 5

appraisals are needed for what types of real estate activities?

Answer 5

lending, tax assessments and insurance adjusting

Question 6

Do appraisers need to be licensed or certified to perform appraisals for federal related transactions?

Answer 6

YES

Question 7

Who provides independent advice to individuals and firms regarding the purchase and use of real estate investments?

Answer 7

counselors

Question 8

True or false counselors need an extensive knowledge of real estate, tax laws, and investing

Answer 8

true

Question 9

Who needs an extensive knowledge of real estate, tax laws, and investing?

Answer 9

counselors

Question 10

Who performs instruction in the form of courses and seminars and can be held at universities, community colleges, private schools and business organizations

Answer 10

Educators

Question 11

Most real estate transactions require

Answer 11

Financing

Question 12

what provider involves dividing larger parcels of land

Answer 12

property developer

Question 13

what provider does not need to be a licensee

Answer 13

Property management

Question 14

what service help tenants find rental units and landlords find tenants

Answer 14

rental finding services

Question 15

who works with local governments making recommendations regarding new schools, parks, utilities , streets, and highways

Answer 15

urban planning

Question 16

who constructs a thorough survey of a commercial or residential property; its mechanical, plumbing, and electrical systems and site conditions

Answer 16

property inspections

Question 17

Real estate contracts are usually contingent on the

Answer 17

inspector’s report

Question 18

What is the largest and best known professional association in the real estate industry?

Answer 18

National association of realtors (NARS)

Question 19

The term REALTORS us a registered trademark of the?

Answer 19

NAR

Question 20

What time of real estate includes single-family residence, condos, cooperatives, apartments, duplexes and triplexes, townhomes, and mobile homes?

Answer 20

Residential

Question 21

what type of real estate is used for business and includes retail stores and shipping malls, office building, theaters, and parking lot?

Answer 21

Commercial

Question 22

what type of real estate includes factories, warehouses and research and development facilities?

Answer 22

Industrial

Question 23

what includes farms, orchards, timberland, ranches, and hatcheries?

Answer 23

Agricultural

Question 24

all other types of property that do not fit other classes such as churches, government land, hospitals, and schools

Answer 24

special purpose

Question 25

what are the five real estate classes

Answer 25

residential, commercial, industrial, agricultural, special purpose

Question 26

What are the three physical characteristics of real estate?

Answer 26

immobility, indestrucibility, nonhomogenity

Question 27

What are the four economic characteristics of real estate?

Answer 27

scarcity, modification (improvement), permanence of investment (fixity), area of preference (situs or location).

Question 28

another term for permanence of investment

Answer 28

fixity

Question 29

Another word for area of preference?

Answer 29

situs

Question 30

location of land can not be changed

Answer 30

immobility

Question 31

investments in land are long term

Answer 31

performance of investment

Question 32

if supply is low and demand is high the price of real estate will? What kind of market

Answer 32

increase, sellers

Question 33

if supply is high and demand is low the price of real estate will? What kind of market?

Answer 33

price will decrease, buyers

Question 34

The economic characteristic of real estate that refers to the limited supply of land

Answer 34

scarcity

Question 35

the physical characteristic of real estate that not two parcels of real estate are alike

Answer 35

nonhomogeneity

Question 36

the physical characteristic of real estate that land cannot be destroyed

Answer 36

indestructability

Question 37

when several different markets may operate in the same area

Answer 37

market segmentation

Question 38

what are the three factors that affect the supply and demand on the supply side

Answer 38

labor, government control, and government financial policies

Question 39

what are the three factors that affect the supply and demand on the demand side

Answer 39

population, demographics and employment and wages levels

Question 40

a measure for the number of units that are not occupied

Answer 40

vacancy

Question 41

the availability of carpenters and other workers

Answer 41

supply and labor

Question 42

zoning laws regulating the the of real estate construction

Answer 42

gov control

Question 43

divides real estate markets into submarkets

Answer 43

market segmentation

Question 44

details the characteristics of the population

Answer 44

demographics

Question 45

the quantity of housing available for sale

Answer 45

supply and demand