Unit 1: Intro to Real Estate Business

Question 1

What is the minimum age to get a salesperson/broker license in RI?

Answer 1

18 Years Old

Question 2

How many hours of pre-license education are needed for your SALESPERSON license?

Answer 2

45 Hours

Question 3

How many hours of pre-license education are needed for your BROKER license?

Answer 3

90 Hours

Question 4

How many years experience is needed for your SALESPERSON license?

Answer 4

0

Question 5

How many years experience is needed for your BROKER license?

Answer 5

2

Question 6

How many names/emails do you need as personal recommendations for both SALESPERSON/BROKER?

Answer 6

3 Recommendations

Question 7

How much is the criminal background check (aka BCI or CHR) for both the SALESPERSON/BROKER licenses?

Answer 7

$5

Question 8

How much is the RI General Treasurer Payment for the SALESPERSON license?

Answer 8

$140

Question 9

How much is the RI General Treasurer Payment for the BROKER license?

Answer 9

$180

Question 10

How much is the Real Estate Recovery Account for both SALESPERSON/BROKER license?

Answer 10

$25

Question 11

Are Errors & Omissions Insurance needed for both SALESPERSON/BROKER license?

Answer 11

Yes

Question 12

Is a signature from a Principal RI Broker needed for both SALESPERSON/BROKER license?

Answer 12

Yes

Question 13

What is Subdivision?

Answer 13

Subdivision is the dividing of a single property into smaller parcels.

Question 14

What are the 6 types of real property?

Answer 14

Residential
Commercial
Mixed-Use
Industrial
Agricultural
Special Purpose

Question 15

What are the 7 protected classes by the Federal Fair Housing Act?

Answer 15

Race
Color
National Origin
Religion
Sex
Familial Status
Disability

Question 16

What are the 6 factors that affect Real Estate supply?

Answer 16

Labor Force
Construction
Material Costs
Government Controls
Financial Policies
Government Factors

Question 17

What is “equity”?

Answer 17

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

Question 18

A professional opinion of a property’s market value, based on established methods and using trained judgment, is performed by…?

Answer 18

A Real Estate Appraiser