Sales Associate Pre-License Chapter 1

Question 1

What three areas should licensees bring local knowledge and expertise to the real estate transaction?

Answer 1

Property transfer

Valuation and

Market conditions

Question 2

What is it referred to as when a licensee concentrates on one type or style of property or on one particular neighborhood?

Answer 2

Farming

Question 3

Finding and specializing in a particular neighborhood or types of property is referred to as a…

Answer 3

Farm area or target market

Question 4

Pertaining to Construction and Development, What is tract building

Answer 4

When a developer acquired a large tract of land, records a subdivision plat map, and uses a model center from which sales may be made

Question 5

Government Regulation

What is the role of government at the local level?

Answer 5

Planning and zoning,

Property taxation,

Building and health codes and regulations, and

Building moratoriums

Question 6

What does the term “farming” refer to in real estate?

Answer 6

Specializing in one geographic area