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Lesson 1 - REI > Unit 1 & 2 > Flashcards

Unit 1 & 2 Flashcards

1
Q

The business of bringing people together in a real estate transaction.

A

BROKERAGE

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2
Q

Acts as a point of contact between two or more people in negotiating the sale, purchase, or rental of property.

A

REAL ESTATE “LICENSEE”

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3
Q

All licensees are employed by a:

A

SPONSORING BROKER

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4
Q

The process of rendering an opinion of a property’s market value based on established methods and the appraiser’s professional judgment.

A

Appraisal

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5
Q

Providing clients with competent independent advice based on sound professional judgement.

A

Counseling

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6
Q

Conducts a thorough visual survey of a property’s structure, systems, and site conditions and prepare an analytical report that is valuable to both purchasers and homeowners.

A

Home Inspector

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7
Q

Members of the National Association of Real Estate Brokers are called:

A

REALISTS

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8
Q

Members of the National Association of Realtors are called:

A

REALTORS

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9
Q

Types (Categories) of Real Property are:

A

Agriculture
Residential
Commercial
Industrial
Special Purpose

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10
Q

A place where goods can be bought and sold

A

Market

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11
Q

Factors that affect the demand of real estate

A

Population
Demographics
Employment & Wage Levels

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12
Q

Factors that affect supply of real estate

A

Labor Force
Construction Costs
Government Controls
Government Financial Policies

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13
Q

When supply increases and demand remains stable:

A

Prices go down

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14
Q

When demand increases and supply remains stable:

A

Prices go up

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15
Q

High demand results in:

A

Higher prices

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16
Q

Low demand results in:

A

Low prices

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17
Q

A professional opinion of a property’s market value, based on established methods and using trained, professional judgment, is performed by a….

A

Real Estate Appraisal

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18
Q

In general, when the supply of a certain commodity increases…..

A

Prices drop

19
Q

Which of these factors tends to affect supply in the real estate market…

A

Population
Demographics
Employment and wage levels
GOVERNMENT CONTROLS AND FINANCIAL POLICIES

20
Q

What is the most widely recognized real estate activity?

A

Brokerage

21
Q

How many units is considered residential?

A

1-4 units

22
Q

How many units is considered commercial real estate?

A

5 + units

23
Q

How long do you have to get a sponsoring broker after you’ve passed the state exam before they will issue you your license?

A

You have ONE year to get a sponsoring broker. If not, you have to re-take the state exam.

24
Q

Who is responsible for maintaining a client’s property and maximizing the return on the client’s investment, a real estate licensee is serving as…..

A

PROPERTY MANAGER

25
Q

Local government can influence the supply of real estate by

A

Land-use controls
zoning ordinances
building codes
ALL OF THESE

26
Q

Real Estate is a…

A

Business with many specialties

27
Q

How many types of R.E. Licenses are in Illinois?

A

3 (Broker; Managing Broker; Residential Leasing Agent)

28
Q

Brokerage is in the business of:

A

Bringing people together

29
Q

Immobility refers to:

A

The fact that property cannot be relocated to satisfy demand where supply is low.

30
Q

Land is defined as:

A

The earth’s surface extending downward to the center of the earth and upward to infinity.

31
Q

Real Estate is defined as:

A

Land at, above and below the earth’s surface, plus all things that are permanently attached to it.

32
Q

Real Property is:

A

The interests, benefits, and rights that are automatically included in the ownership of land and real estate.

33
Q

Appurtenance (definition)

A

Anything tangible or intangible associated with the property, although not necessarily a direct part of it. (parking spaces in a multi-unit building; septic tanks; easements; water rights; and other improvements) An appurtenance is CONNECTED to the property and ownership of the appurtenance normally TRANSFERS to the new owner when the property is sold.

34
Q

Economic characteristics of real estate:

A

Scarcity
Improvements
Permanence of investment
Location

35
Q

Physical characteristics of real estate:

A

Indestructibility
Immobility
Uniqueness

36
Q

Real Property Bundle of Rights Ownership

A

Right to exclude
Right to disposition
Right of possession
Right of enjoyment
Right to control the property

37
Q

Any word ending in “OR” is:

A

The Giver (i.e. Mortgagor; grantor)

38
Q

Any word ending in “EE” is:

A

The recipient (i.e. Leesee; grantee)

39
Q

When is a deed valid?

A

When it is delivered and accepted.

40
Q

Real Property Examples:

A

Microwave that is bolted in.
Plants; Trees; Grasses that do not require annual cultivation.

41
Q

What does MAA stand for:

A

Method of Attachment
Adaptation to Real Estate
Agreement

42
Q

7 types of Real Estate Laws are:

A
  1. Contract
  2. General Property
  3. Agency
  4. Real Estate License
  5. Federal, State, Local
  6. Zoning
  7. Environmental
43
Q

What is the most important economic characteristic of real estate?

A

Location!!!

44
Q
A

Lesson 1 - REI (2 decks)

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