Unit 1 Introduction to the Real Estate Business

Question 1

Business of bringing people together in a real estate transaction

Answer 1

Brokerage

Question 2

Person or company licensed to buy, sell, exchange or lease real property for others and to charge a fee for these services

Answer 2

Broker

Question 3

Employed or associated with a broker

Answer 3

Sales person

Question 4

Person who has satisfied the requirements of a licensing agency

Answer 4

Real estate licensee

Question 5

Developing an opinion of a property’s market value

Answer 5

Appraisal

Question 6

Someone hired to manage or maintain a property

Answer 6

Property manager

Question 7

Business of providing the funds that make real estate sale transaction possible

Answer 7

FInancing

Question 8

Dividing single large property into smaller parcels

Answer 8

Subdivision

Question 9

Profession that combines a practitioner’s interest in real estate with skills and training in the construction trades

Answer 9

Home inspection

Question 10

All property used for single-family or multi-family housing, whether in urban suburban or rural areas

Answer 10

Residential

Question 11

business property, including office space, shopping centers, stores and theaters

Answer 11

commerical

Question 12

property that allows for two or more commercial and residential uses in the same uilding

Answer 12

mixed-use

Question 13

warehouses, factories, land in industrial districts

Answer 13

Industrial

Question 14

Farms, timberland, ranches

Answer 14

Agricultural

Question 15

privately owned properties, like places of worship, schools, and cemeteries

Answer 15

Special use/purpose