Unit 1: Intro to Real Estate Business Flashcards
What is the minimum age to get a salesperson/broker license in RI?
18 Years Old
How many hours of pre-license education are needed for your SALESPERSON license?
45 Hours
How many hours of pre-license education are needed for your BROKER license?
90 Hours
How many years experience is needed for your SALESPERSON license?
0
How many years experience is needed for your BROKER license?
2
How many names/emails do you need as personal recommendations for both SALESPERSON/BROKER?
3 Recommendations
How much is the criminal background check (aka BCI or CHR) for both the SALESPERSON/BROKER licenses?
$5
How much is the RI General Treasurer Payment for the SALESPERSON license?
$140
How much is the RI General Treasurer Payment for the BROKER license?
$180
How much is the Real Estate Recovery Account for both SALESPERSON/BROKER license?
$25
Are Errors & Omissions Insurance needed for both SALESPERSON/BROKER license?
Yes
Is a signature from a Principal RI Broker needed for both SALESPERSON/BROKER license?
Yes
What is Subdivision?
Subdivision is the dividing of a single property into smaller parcels.
What are the 6 types of real property?
Residential
Commercial
Mixed-Use
Industrial
Agricultural
Special Purpose
What are the 7 protected classes by the Federal Fair Housing Act?
Race
Color
National Origin
Religion
Sex
Familial Status
Disability
What are the 6 factors that affect Real Estate supply?
Labor Force
Construction
Material Costs
Government Controls
Financial Policies
Government Factors
What is “equity”?
Equity is the value that an owner has in their property.
It is the difference between what owe on your mortgage and what your home is currently worth.
Example: Home Value - $250,000
Down Payment - $17,500
Mortgage - $232,500
Home Equity - $17,500
A professional opinion of a property’s market value, based on established methods and using trained judgment, is performed by…?
A Real Estate Appraiser
