Unit 1: Introduction to the Real Estate Business

Question 1

Associate Licensee

Answer 1

A licensed real estate salesperson who is employed by or associated with the broker to perform brokerage activities on behalf of or for the broker

Question 2

broker

Answer 2

One who acts as an intermediary on behalf of others for a fee or commission

Question 3

code of ethics

Answer 3

a written system of standards for ethical conduct

Question 4

market

Answer 4

a place where goods can be bought and sold and a price established

Question 5

real estate licensee

Answer 5

in real estate practice, a person who has the skills and knowledge to be licensed as a real estate broker or salesperson

Question 6

sales associate

Answer 6

a person who performs real estate activities while employed by a licensed real estate broker

Question 7

salesperson

Answer 7

a person who performs real estate activities while employed by a licensed real estate broker.

Question 8

supply and demand

Answer 8

the appraisal principle that follows the interrelationship of the supply of and demand for real estate. Because appraising is based on economic concepts, this principle recognizes that real property is subject to the influences of the marketplace as with any other commodity.