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Real Estate 306 Exam | Questions And Answers Latest {} A+ Graded | 100% Verified
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Real Estate 306 Exam | Questions And Answers Latest {} A+ Graded | 100% Verified
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Real Estate 306 Exam | Questions And Answers Latest {2024- 2025} A+Graded | 100% Verified
What defines the urban market? - i. Access - how easy is it to get to the things that people want to do?
(location)
ii. Economic base - how does the community make its money?
iii. Quality of Life - how happy are people?
How does a city get shaped? - i. Demand for proximity
ii. Changes in transportation
iii. Changes in technology
Market Research: What questions get asked? - i. What is the product?
ii. Who are the customers?
iii. Where are the customers?
iv. What do the customers care about?
v. Who are the competitors?
Market Research: Story Approach - 1. Will tell a story about the locale. Focus on the property initially.
2. More interesting
3. Ex. Tell a story about Madison, WI
Market Research: Conventional Approach - 1. Talk about the market in broad terms and then go and get
more specific
2. Ex. Start with the U.S., then the Midwest, then Wisconsin, then Madison
3. More dry
3 Techniques for Market Research - i. Excluding the Irrelevant
1. Compile public data that already exists
2. Get rid of what isn't relevant
, ii. Find Proxy Tables
1. Find a corollary -> occupancy of all
apartments may be used to try to find the
occupancy of 4 bedroom apartments
iii. Using an Analogy (Parallel)
1. Find something similar to what already
exists
2 Types of Brokers - 1. Sale/purchase broker
2. Leasing broker
2 Types of Broker Licenses - 1. Licensee/salesperson (beginner level)
2. Broker
Brokers have 3 types of special knowledge - i. Know the market/know pricing
1. Housing stock available
2. Buyers are in marketplace
ii. Marketing approaches
iii. Procedures & requirements of the transaction
Duties & Responsibilities of Broker - Law of Agency
1. Confidentiality
2. Obedience
3. Accounting - if brokers handle funds (earnest money), brokers must account for that money
4. Loyalty - issue: incentivized to get the deal done
5. Disclosure - must disclose material information
6. Degree of Skill & Care - must act using skill and a standard of care that brokers are expected to use
Principal must be.... - OHF
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