Unit 1: Getting Started in Real Estate Flashcards

1
Q

The real estate marketplace is said to be a _____ Market

A

Stratified

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2
Q

Stratified

A

The market behaves differently based on the price range you’re in

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3
Q

Buyer’s Market

A

Many Sellers and Few Buyers. Sellers must compete for the available buyers, which usually means lower prices.

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4
Q

Seller’s Market

A

Buyers must compete among themselves for properties. In a seller’s market, there may be multiple offers for a property. Prices will increase in a seller’s market

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5
Q

Will Sell Sellers

A

Those who don’t need to sell but who will sell if the price is right.

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6
Q

Must Sell Sellers

A

Seller is highly motivated or desperate. The price asked could be less than the sale prices of similarly desirable properties.

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7
Q

Will-Buy Buyers

A

Buyers who don’t really have to buy. Generally, they look for must-sell sellers; Bargain Hunters.

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8
Q

Must-Buy Buyers

A

Generally, look for properties that meet their specific needs. They like bargains but are more likely to pay a reasonable price.

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9
Q

Independent Contractor Criteria (IRS)

A
  1. The salesperson is licensed as a real estate agent
  2. Reimbursement to the salesperson is based solely on sales, not hours worked
  3. There is a written contract stating that the salesperson will be treated as an independent contractor for tax purposes
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10
Q

Worker’s Compensation Insurance

A

Brokers must carry Workers’ Compensation Insurance

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