Unit 1 Quiz Flashcards
Unit 1
A professional opinion of a property’s market value, based on established methods and using trained judgement, is performed by
A Real Estate Appraiser
In general, when the supply of a commodity increase,
Price tends to drop
Which factor primarily affects supply in the real estate market?
Government Monetary Polices
Which factor is MOSTLY likely to influence demand for real estate?
Wage Levels and employment opportunities
Property management, appraisal, financing and development are all examples of
Specializations within the real estate industry
What type of federal law prohibits discrimination in the provision of housing and housing-related services (including lending) based on an individual’s race, color, national origin, religion, sex, familial status, or dis ability?
Fair Housing
A major manufacture of automobiles announces that it will relocate one of its factories, along with 2,000 employees, to a small town. What effect will this announcement MOST likely have on the small town’s housing market?
Houses will likely become more expensive
A real estate professional who has several years of experience in the industry decided to retire from actively marketing properties. Now this person helps clients choose among the various alternatives involved in purchasing, using , or investing in property. What is this person’s profession?
Real Estate Counselor
Nationwide Multistate Licensing System and Registry was created to register
Mortgage Loan Originators
Schools would be consider part of which real estate classification?
Special Purpose
When demand for a commodity decreases and supply remains the same
Price tends to fall
Federal Law specifically prohibits discrimination in the sale or rental of
Housing
The federal fair housing act covers discrimination in
Mortgage Financing
The splitting of single property into smaller parcels is called
Subdivision
The supply of land is affected by
Monetary Policy
