Real Estate Business

Question 1

What are the components of the business of real estate?

Answer 1

1. Real estate professionals
2. State regulatory boards/commissions
3. Real estate markets

Question 2

Employed by the public to perform acts of brokerage

Answer 2

Brokerage Firm

Question 3

In charge of and responsible for all real estate operations conducted by a real estate brokerage firm

Answer 3

Principle/Employing Broker

Question 4

Act as the brokers agent in conducting real estate transactions

Answer 4

Salesperson or Associate broker

Question 5

Party who employs the broker to conduct one or more of the services of real estate for compensation

Answer 5

Client

Question 6

People with whom the broker hopes to be successful in accomplishing the object of his employment

Answer 6

Prospect, Customer, Third Parties

Question 7

What is the main goal of the state regulatory boards?

Answer 7

To protect the general public

Question 8

Our free enterprise system operates to produce and distribute goods and services by the free application of the 4 factors of production

Answer 8

1. Land
2. Labor
3. Capital investment
4. Entrepreneurial activities and ability

Question 9

Price of a parcel is based upon

Answer 9

Supply and demand