Unit 1

Question 1

broker

Answer 1

someone who negotiates the sale, purchase, or rental of property

Question 2

market

Answer 2

a place where goods can be sold at a certain price

Question 3

real estate licensee

Answer 3

a person who has the skills or knowledge to be licensed as a broker or salesperson

Question 4

sales associate (Realtor or salesperson or associate licensee)

Answer 4

someone who is employed by the broker to perform brokerage activities on behalf of the broker

Question 5

supply and demand

Answer 5

supply is quantity of goods. demand is quantity of goods consumers are willing to buy at a certain price

Question 6

Appurtenances (improvements, rights, privileges, and fixtures)

Answer 6

Appurtenances are attached to and run with the land. They transfer to the new owner via a deed

Question 7

Real property is sold by a

Answer 7

deed

Question 8

Water rights are often held by a

Answer 8

third party

Question 9

the doctrine of prior appropriation

Answer 9

legal doctrine that the first person to take a quantity of water from a water source for “beneficial use”—agricultural, industrial or household —has the right to continue to use that quantity of water for that purpose.

Question 10

Real property is defined by

Answer 10

land, improvements, and rights

Question 11

Personal property is transferred by

Answer 11

bill of sale

Question 12

A survey is used to create and confirm a legal description. A survey is

Answer 12

onsite measurement of property lines and the location of houses, easements, and encroachments

Question 13

At which level are zoning restrictions set?

Answer 13

Local

Question 14

the distance that zoning ordinance requires between a property’s boundaries and its improvements is a

Answer 14

setback