Types of Real Estate Specializations

Question 1

What is a Broker?

Answer 1

A Broker is a person or company licensed to sell, buy, exchange, or rent property to others and charge service fee.

Question 2

A Salesperson is also known as?

Answer 2

Sales Associate or Associate Licensee

Question 3

Salesperson’s activities are controlled by?

Answer 3

Managing Broker. A Managing broker is responsible for the activities of a Salesperson/Sales Associate or Associate Licensee.

Question 4

A Broker employs Who and For What?

Answer 4

A Salesperson is employed by a broker to conduct brokerage activities on behalf or for the broker.

Question 5

Other licensees or associates can only be employed by who?

Answer 5

Only Managing Brokers can employ Other licensee or associates to act as Sale Associates

Question 6

Only a Managing Broker is responsible for what?

Answer 6

Responsible for all Sales Associate/Salesperson activities

Question 7

A Real Estate Licensee?

Answer 7

A person who has satisfied all requirements of licensing agency and authorized by state.

Question 8

Some States consider every Real Estate Licensee as a broker T/F?

Answer 8

True.

Question 9

What is an Appraiser?

Answer 9

An Appraiser is a licensed or certified person(s) that develops an opinion on a property’s Market Value

Question 10

An Appraiser is type of Real Estate Career T/F?

Answer 10

True.

Question 11

Appraisal is the process of what?

Answer 11

Developing an opinion on a property’s Market Value

Question 12

The Basic Responsibilities of a Property Manager? (5)

Answer 12

1. Finding Tenants
2. Collecting Rents
3. Ordering Repairs
4. Altering and Finishing space for tenants
5. Generally Managing Property

Question 13

The Main responsibility of a Property Manager?

Answer 13

The main Objective of a Property Manager is to protect and Maximize the Property Owner’s Investments

Question 14

Financing is what?

Answer 14

The process of providing the funds for Real Estate Transactions

Question 15

Property Manager is a type of Real Estate Specialization T/F?

Answer 15

True.

Question 16

Appraiser is a type of Real Estate Career T/F?

Answer 16

True.

Question 17

Financers can work where?

Answer 17

1. Commercial Banks
2. Thrifts (Savings Associations)
3. Credit Unions
4. Mortgage Banks
5. Mortgage Brokerage Company

Question 18

Most Real Estate Sales are financed by what?

Answer 18

Loans from a Mortgage or Deed of Trust on the property purchased

Question 19

Subdivision & Development is what?

Answer 19

1. Subdivision is the Dividing of a Single property in to smaller parcels.
2. Development is the preparation of a site or construction of structures or other improvements

Question 20

Improvements in Subdivision & Development are either what?

Answer 20

On-site or Off-site.

1. On-Site, such as new homes or recreational improvements, are made on individual parcels.
2. Off-Site, such as sewers and pipelines, are made on public lands for the new development.

Question 21

Subdivision & Development are the same processes

Answer 21

False. Subdivision and Development are independent processes that can occur separately.

Question 22

Home Inspection is a combination of what?

Answer 22

Profession that combines real estate interests and skills and training in construction trades

Question 23

Home Inspector is what?

Answer 23

A person that conducts a thorough visual inspections of a property and develops an analytical report of the property’s condition

Question 24

A Home Inspector inspects what? (3)

Answer 24

A property’s:

1. Structure
2. Systems
3. Overall Condition

Question 25

Caveat Emptor is what?

Answer 25

A Principle that the Buyer alone is responsible in checking the quality and suitability of a property before purchasing

Question 26

Caveat Emptor means what and is required by all states T/F?

Answer 26

“Buyer Beware” and False. Only some states require Caveat Emptor by law.

Question 27

A Real Estate Counselor is what?

Answer 27

A person that provides clients with competent advice and professional judgement to help the client make sound decisions

Question 28

A Real Estate Counselor helps clients with what? (3)

Answer 28

1. Purchases
2. Leasing
3. Using or Investing in property

Question 29

What Divides a single property into smaller parcels?

Answer 29

Subdivider

Question 30

Relieves an Investment property owner from day to day activities?

Answer 30

Real Estate Property Manager

Question 31

Helps clients choose among alternatives in real property Investments

Answer 31

Real Estate Counselor

Question 32

I form an opinion on property value. Who am I?

Answer 32

Real Estate Appraiser

Question 33

Brings people together in Real Estate Transaction

Answer 33

Real Estate Professional

Question 34

Combines an interest in Real Estate with skills in housing trades

Answer 34

Home Inspector

Question 35

Improvements, such as water lines and storm sewers, made on public lands to serve a new development are called off-site improvements. T/F?

Answer 35

True.

Question 36

A licensee is a person who has satisfied the requirements of the employing broker. T/F?

Answer 36

False. A Licensee is a person who has satisfied the requirements of the State and licensing company.