Unit 1 - Intro into Real Estate

Question 1

Associate Licensee

Answer 1

Employed by broker to perform brokerage activities on behalf or for broker.

Question 2

Broker

Answer 2

A person or company licensed to buy, sell or exchange for others and to charge a fee.

Question 3

Code of Ethics

Answer 3

Written system of standard for ethical code of conduct.

Question 4

Real Estate Brokerage

Answer 4

Business of bringing people together to forma real estate transaction.

Question 5

Market

Answer 5

Goods that are bought and sold.

Question 6

Real Estate Licensee ( Sales assoc. or assoc. licnesee)

Answer 6

Someone who satisfied requirements of licensing agency authorized by state legislation.

Question 7

Supply

Answer 7

Quantity of goods that are sold at a given price.

Question 8

Demand

Answer 8

Quantity of goods that consumers will buy at a price.

Question 9

Appraisal

Answer 9

Process of devolving an opinion of properties.

Question 10

Property Management

Answer 10

Hired to maintain and manage on behalf of the property owner.

Question 11

Financing

Answer 11

Business of providing the funds that make RE possible.

Question 12

Subdivision

Answer 12

Dividing a single property.

Question 13

Development

Answer 13

Construction of improvements that benefit the land.

Question 14

Home Inspections

Answer 14

Interest of both purchaser and homeowner to inspect conditions on the house.

Question 15

Real Estate Counseling

Answer 15

Independent advice on how to buy, sell or invest in property.

Question 16

NAR (Nat’l Assoc. of Realtors)

Answer 16

REALTORS - real estate licensee that is a member of NAR.

Question 17

Residential

Answer 17

Type of property that is a single family or multifamily housing,

Question 18

Commercial

Answer 18

Type of property that is a business property.

Question 19

Mixed Use

Answer 19

Type of property that is 2 uses of commercial and residential in one.

Question 20

Agricultural

Answer 20

Type of property that is farms, timberland, ranches.

Question 21

Industrial

Answer 21

Type of property that is warehouses, factories, power plants.

Question 22

Special Purpose

Answer 22

Type of property that is schools, worship or public parks.

Question 23

Housing Types (8)

Answer 23

Single Family, Apartment building, Condominium, Cooperative, Planned Unit Developments PUD, Mixed Use Development (MUD), Converted Use Properties , Factory Built Housing.

Question 24

Types of RE Property(6)

Answer 24

Residential, Commercial, Mixed Use, Agricultural, Industrial and special purpose.

Question 25

Condominium

Answer 25

Ownership of small apartments.

Question 26

Cooperative

Answer 26

Leasing the house.

Question 27

PUD

Answer 27

Houses in self contained development.

Question 28

Mixed Use

Answer 28

Stores, theaters, food all in 1.

Question 29

Converted Properties

Answer 29

Renovate factories or warehouses to live in.

Question 30

Factory built houses

Answer 30

Mobile homes or modular homes.

Question 31

Modular Homes

Answer 31

Houses built on already prepared foundation.

Question 32

When suuply increases and demand is stable prices go?

Answer 32

Prices go down.

Question 33

When demand increases and supplies remain stable prices go?

Answer 33

Prices go up.

Question 34

Factors that affect supply?

Answer 34

Labor force, construction, material costs, government controls, financial policies, local gov’n factors and monetary policy.

Question 35

Factors that affect demand?

Answer 35

Population, demographics, employment or wages.

Question 36

Commodity

Answer 36

Material that is being sold.

Question 37

Uniqueness

Answer 37

They made look identical but no 2 parcels are the same. Own geographic location.

Question 38

Immobility

Answer 38

Property cannot be relocated.