Specializations

Question 1

Regarding leases who is the ‘Lessee’ and who is the ‘Lessor’ ?

Answer 1

Lessee = Renter

Lessor = Landlord (aka property owner)

Question 2

If an agent chooses to specialize, what do they need to decide ?

Answer 2

What type of property or client they want to do business with.

Question 3

What are a property manager’s major areas of responsibility?

Answer 3

• Financial and marketing
• Tenants
• Facility management
• Administration and risk management

Question 4

What type of client would benefit from working with someone who handles low offers and a ton of paperwork with automated processes?

Answer 4

Investors

Question 5

What is the key factor for a buyer while purchasing a farm?

Answer 5

Type of product the buyer wants to produce (i.e type of farm )

Question 6

What type of property aims to sell at a price that covers the bank’s expenses and/or the outstanding mortgage balance, so that the lender won’t take a loss?

Answer 6

REO (Real estate owned) property

Question 7

How does the seller benefit from using a short sale?

Answer 7

Seller’s credit is only affected for about 2 years

Question 8

Short Sale

Answer 8

When a homeowner owes more on a mortgage than the home is worth in today’s market.

Question 9

What is the buyer’s main advantage in working with an agent who has a relationship with banks in the foreclosure process?

Answer 9

They often know of listings that aren’t in the foreclosure database yet (i.e aren’t public yet)

Question 10

What are three types of auctions?

Answer 10

• Absolute
• Minimum Bid
• Reserve

Question 11

Specialists in Residential Real Estate need to have a thorough knowledge of real estate law, local economics, fair housing laws, mortgages, government programs, and what else?

Answer 11

Types of financing

Question 12

Specialists in Residential Real Estate need to have a thorough knowledge of what 6 main things?

Answer 12

• Real estate law
• Local economics
• Fair housing laws
• Mortgages
• Government programs
• Types of financing

Question 13

Which type of specialization focuses on property explicitly used for BUSINESS purposes?

Answer 13

Commercial real estate

Question 14

Who tells licensees what competencies they need to have and what authority will be given to them?

Answer 14

Their Broker

Question 15

A broker gives authority to an agent. That authority can be what?

Answer 15

Broad in scope or very specific

Question 16

What are the three types of real estate auctions ?

Answer 16

• Absolute
• Minimum bid
• Reserve

Question 17

Education, past life experiences, past employment, learned skills, competencies, financial budgeting, economy, and location are all items a real estate agent will consider when choosing what?

Answer 17

A specialization