Unit 1 Real Estate Specializations

Question 1

Brokerage

Answer 1

Business of bringing people together in a real estate transaction.

Question 2

Brokerage Activities

Answer 2

Help others buy, sell, or lease property

Question 3

Broker/Brokerage/Firm

Answer 3

Person or company licensed to perform brokerage services for a fee.

Question 4

Salesperson, Broker-associate/Provisional broker

Answer 4

Employed by or associated with a broker to provide brokerage services for the broker.

Question 5

Appraisal

Answer 5

Opinion of a property’s market value, based on established methods and the appraiser’s professional judgement.

Appraisers must be licensed by the state.

Question 6

Property Manager

Answer 6

Person or company hired to maintain and manage property on behalf of the owner.

Must be a licensed real estate broker.

Question 7

Financing

Answer 7

Business of providing funds for real estate transactions.

Mortgage Loan Originators (MLO)

Question 8

MLOs

Answer 8

Mortgage Loan Originators

Registered with NMLS and licensed by state.

Question 9

NMLS

Answer 9

National Multi-state Licensing System

Question 10

Subdivision

Answer 10

Dividing a single property into smaller parcels.

Question 11

Subdivision and Development

Answer 11

Buy property, add value, sell, or rent

Question 12

Development

Answer 12

Site preparation, construction of structures, and other improvements

Question 13

Home Inspection

Answer 13

Combines a practitioner’s interest in real estate with skills and training in the construction trades.

Some states require licensing.

Question 14

Counseling

Answer 14

Provides clients with information to make informed decisions.

Question 15

Education

Answer 15

Provided by colleges, universities, private schools, and trade organization.

State licensing laws establish minimum requirements.