Real Estate Vocabulary

Question 1

associate licensee

Answer 1

An associate licensee is a real estate licensed salesperson or broker who works under and is subject to the supervision of another primary or qualifying broker and operates in the capacity as a salesperson.

Question 2

a real estate licensed salesperson or broker who works under and is subject to the supervision of another primary or qualifying broker and operates in the capacity as a salesperson

Answer 2

associate licensee

Question 3

broker

Answer 3

A real estate broker is a person who has obtained a professional license to directly act as an intermediary in the business of selling, buying, and renting real estate such as houses, buildings, and offices.

Question 4

a person who has obtained a professional license to directly act as an intermediary in the business of selling, buying, and renting real estate such as houses, buildings, and offices.

Answer 4

broker

Question 5

fair housing

Answer 5

The Fair Housing Act prohibits discrimination in housing based on race, color, national origin, or religion.

Question 6

prohibits discrimination in housing based on race, color, national origin, or religion.

Answer 6

fair housing

Question 7

market

Answer 7

All properties available for sale in a given area

Question 8

All properties available for sale in a given area.

Answer 8

market

Question 9

real estate licensee

Answer 9

A licensee in real estate refers to a professional or business entity that holds a valid license to engage in various activities related to the real estate industry. This includes serving as a real estate agent or broker, facilitating real estate transactions, and representing clients in buying or selling properties.

Question 10

A professional or business entity that holds a valid license to engage in various activities related to the real estate industry. This includes serving as a real estate agent or broker, facilitating real estate transactions, and representing clients in buying or selling properties.

Answer 10

real estate licensee

Question 11

sales associate

Answer 11

A real estate sales associate is a sales agent who focuses on the buying process of properties and homes. In this role, you prepare and show a house to potential buyers and negotiate sales agreements between the property owner and the buyer.

Question 12

A sales agent who focuses on the buying process of properties and homes. In this role, you prepare and show a house to potential buyers and negotiate sales agreements between the property owner and the buyer.

Answer 12

sales associate

Question 13

salesperson

Answer 13

A real estate salesperson is associated with a real estate broker to list and negotiate the sale, lease, or rental of real property for others for compensation, under the direction and guidance of a responsible broker. A salesperson cannot operate independently.

Question 14

associated with a real estate broker to list and negotiate the sale, lease, or rental of real property for others for compensation, under the direction and guidance of a responsible broker. They cannot operate independently.

Answer 14

salesperson

Question 15

supply and demand

Answer 15

Supply refers to the market’s ability to produce a good or service, whereas demand refers to the market’s desire to purchase the good or service

Question 16

The market’s ability to produce a good or service, and the market’s desire to purchase the good or service

Answer 16

supply and demand