Module 4

Question 1

Examines a home and prepares a report that lists deficiencies in a property

Answer 1

Home inspector

Question 2

Protects and enhances the value of a property while generating income on behalf of the owner

Answer 2

property manager

Question 3

Represents a buyer in a real estate transaction

Answer 3

selling agent

Question 4

Specialist who estimates the value of properties for owners, lenders, and taxing authorities

Answer 4

real estate appraiser

Question 5

Works with a seller to list property with a brokerage firm

Answer 5

listing agent

Question 6

____________ is the gold standard designation for commercial real estate

Answer 6

Certified Commercial Investment Member (CCIM) designation

Question 7

A _____________________ occurs when an owner/borrower sells a property with the lender’s consent at a price that is not sufficient to pay off the existing mortgage.

Answer 7

Short Sale

Question 8

A Sponsoring Broker Must…

Answer 8

1. Maintain written policies and procedures
2. Require agents to be adequately trained.
3. Advise sales agents in writing of the scope of authorized activities.

Question 9

How is a broker required to communicate the sales agents’ scope of authorized activities?

Answer 9

A broker required to communicate the sales agents’ scope of authorized activities in the written policies and procedures manual.

Question 10

Besides the establishment of the scope of the sales agents’ authorized activities, the broker must ensure that sales agents are:

Answer 10

The broker must ensure that sales agents are competent to do the authorized activities.

Question 11

Competency includes:

Answer 11

Competency includes receiving the necessary additional education required by the broker.