Exam Unit 1 Flashcards
Property management, appraisal, financing, and development are all examples of
specializations within the real estate industry.
The answer is specializations within the real estate industry. All are specializations in the field of real estate, and every real estate professional must have a basic knowledge of these specialties.
The National Association of REALTORS® (NAR)
The answer is is the largest real estate trade association in the country. The National Association of REALTORS® (NAR) is the largest real estate trade association in the country.
The Counselors of Real Estate (CRE), Commercial Investment Real Estate Institute (CIREI), and Institute of Real Estate Management (IREM) are affiliated institutes of
The answer is National Association of REALTORS® (NAR
The National Association of REALTORS® is composed of
state, regional, and local associations.
Industrial real estate includes
warehouses, factories, land in industrial districts, and power plants.
In general, when the supply of a certain commodity increases,
The answer is price tends to drop. If demand is constant and supply increases, sellers compete with each other by lowering prices.
When demand for a commodity decreases and supply remains the same,
The answer is price tends to fall. Under the concept of supply and demand, if demand decreases and supply remains the same, producers need to attract more customers, and so prices fall.
Members of professional associations are expected to comply with the
The answer is code of ethics as set forth by each organization.
A real estate professional who helps clients choose among the various alternatives involved in purchasing, using, or investing in property is a
The answer is real estate counselor. A real estate counselor advises and guides investors and other buyers.
Schools would be considered part of which real estate classification?
The answer is special-purpose. Special-purpose properties include schools, churches, cemeteries, and municipal service buildings.
Special-purpose real estate includes
churches, schools, cemeteries, and government-held lands.
A REALTOR® is BEST described as an individual who is
a real estate licensee and a member of the National Association of REALTORS® (NAR).
Practical applications of the articles of the REALTORS® Code of Ethics are known as
The answer is Standards of Practice. Practical applications of the articles of the REALTORS® Code of Ethics are known as Standards of Practice.
Which factor is MOST likely to influence demand for real estate?
The answer is wage levels and employment opportunities. When wage levels and job expansion are increasing, workers are more likely to buy real estate; when job opportunities are scarce or wage levels low, demand for real estate usually drops.
