Unit Review Questions Flashcards
Which of the following professional activities is a real estate broker or agent most likely to be directly involved in?
Transferring real estate ownership.
The distinguishing feature of commercial property is that:
It has the potential to generate income from its use by a business.
An important reason for a real estate salesperson or broker in a large market to specialize in a geographical area is that:
It is difficult to maintain adequate market knowledge on a large area.
A real estate professional who oversees the day-to-day operation of a specific property on behalf of the owner is a(n):
Property manager.
Which of the following is a primary real estate brokerage activity?
Locating a landlord for a tenant.
The real estate industry is regulated by federal, state and local laws, as well as by:
Its own professional codes of ethics.
The agency that administers and enforces license laws in each state is the:
Real estate commission, council, or similar board.
In addition to specifying who must obtain a real estate license and requirements for obtaining one, license laws also define:
How licensees must handle escrow deposits, funds, and fees.
An investment property is:
Any property that is held by its owners for investment purposes.
A residential property is one that
Is used primarily for habitation.
