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WRA Chapter 1 Vocabulary Questions & answers with Complete solutions | Latest edition
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WRA Chapter 1 Vocabulary Questions & answers with Complete solutions | Latest edition
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WRA Chapter 1 Vocabularyagency - CORRECT ANSWER-foundation upon which real estate brokerage is
practiced
licensee - CORRECT ANSWER-any person licensed under state law to practice
real estate
broker - CORRECT ANSWER-a person for another person, and for commission,
negotiates/offers a sale, exchange, purchase or rental
pattern of sales - CORRECT ANSWER-5 sales/exchanges in one year is
presumptive evidence of this
exchange - CORRECT ANSWER-tax-planning tool for a property owner to
exchange one property for another
option to purchase - CORRECT ANSWER-agreement to keep open for a period
of time, an offer to sell or lease property
optionor - CORRECT ANSWER-seller
optionee - CORRECT ANSWER-buyer
business sale - CORRECT ANSWER-any type of business that is for sale
including the goodwill of an existing business and all the assets
salesperson - CORRECT ANSWER-any licensee who is associated with a firm
agent - CORRECT ANSWER-acts on behalf of a principal and carries out the
directions of the principal
client - CORRECT ANSWER-party to a transaction who has an agency
agreement with a firm for brokerage services
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