Unit 1

Question 1

Real estate professionals possess expert information in?

Answer 1

1. Knowledge of property transfer.
2. Knowledge of market conditions.
3. How to market real estate and businesses.

Question 2

5 Sales specialties

Answer 2

1. Residential
2. Commercial
3. Industrial
4. Agricultural
5. Businesses

Question 3

Farm Area

Answer 3

When real estate agents choose one city and become an expert in a particular portion of the city.

Question 4

Property Management

Answer 4

A professional service conducted by a person or a company hired to maintain and manage a property on behalf of property owners.

Question 5

Absentee Owner

Answer 5

Property owner who does not reside on the property and relies on a professional property manager to manage the investment.

Question 6

Appraisal

Answer 6

Developing and communicating an estimate of a property’s value.

• Appraisals are needed in many types of real estate.
• Lenders require an appraisal before approving a mortgage loan.