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Exam (elaborations)

REAL ESTATE 2024 GRADED A+ |100% CORRECT

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  • Course
  • Idaho real estate
  • Institution
  • Idaho Real Estate

Exam of 42 pages for the course Idaho real estate at Idaho real estate (REAL ESTATE 2024)

Preview 4 out of 42  pages

  • August 27, 2024
  • 42
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Idaho real estate
  • Idaho real estate
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julianah420
REAL ESTATE 2024


Real Estate Broker - answera person who is licensed as a broker that peforms
brokerage activities and collects compensation.

Real Estate Salesperson - answera person who peforms real estate activities while
associated with a licensed real estate broker.

licensee - answera person holding a valid real estate license

appraiser - answera person whos certified to estimate the value of a real property
according to standardized principles of valuation.

home inspector - answerA person who's affiliated with a national nonprofit trade
association, has passed the appropriate exam, and evaluates properties for their
condition

lender - answerA person who arranges financing for the buyer of real property

developer - answera person who constructs improvement on raw land

subdivider - answerA person who splits a single property into smaller parcels in
preparation for development

real estate investors - answera person who puts money or property into a real estate
project for profit

real estate attorney - answerA person who holds a law degree and specializes in real
estate; may legally broker deals

Real estate counselor - answerA person who provides services to help determine
viability of a real estate asset or project

rental listings services - answerhelp tenants find landlords and landlords find tenants

real estate counsulant - answerone who gives advice about real estate for a fee (must
have broad knowledge of all major aspects of the real estate industry)

leisure property - answerIncludes hotels, motels, golf courses, resorts, sporting arenas,
movie theaters and restaurants (requires hands-on management)

,industrial property - answerIncludes heavy or light manufacturing, warehouse and
distribution centers (clear height is a key consideration)

health care properties - answerincludes doctor offices , urgent care , clinics , hospital
(requires specialized fitting)

office buildings - answerIncludes Class A, B or C; may be high rise or low rise

retail properties - answerIncludes storefronts, shopping centers, malls

residential properties - answerProperties designed for dwelling

commercial properties - answerProperties designed for commerce and profit

speciality properties - answerincludes-mixed use, planned unit developments , and
trnasit-oriented development

mixed use - answerA property that combines retail/residential in a single building

planned unit development - answerA high density project with mixed zoning (e.g., retail
and residential, healthcare, etc.)

transit oriented development - answerA development centered around a transportation
hub

may sales person be sole proprietors - answerno , only brokers may work independently

Property Manager - answerSomeone who manages properties for others; if they
manage properties for more than one owner, they must have a real estate license

sole proprietor - answerA business owned by one person

limited liability company - answerCorporate identity that provides flexibility and limited
liability while being treated by the IRS as a partnership

Corporation - answera company or group of people authorized to act as a single entity
(legally a person) and recognized as such in law.

limited partnership - answerpartnership in which only one partner is required to be a
general partner

limited partner - answera type of owner in a partnership who invests money in the
business but who does not contribute to the actual running of the business and whose
liability is limited to the amount invested

,general partner - answera type of owner in a partnership who is responsible for the day-
to-day operations and who has unlimited liability for any debts of the business

franchise - answerA business established or operated under an authorization to sell or
distribute a company's goods or services in a particular area

may a sales person manage a branch office - answeryes but liability always rests with
the broker

independent contractor agreement - answerA contract defining the working relationship
between broker and salesperson

NAREB - answerNational Association of Real Estate Brokers

REALTOR(R) - answerA member of the National Association of REALTORS(R)

NAR - answerNational Association of Realtors(R)

Realtist - answerA member of the National Association of Real Estate Brokers
(NAREB).

license law protects the right to - answerbuyers sellers ,tenants and property owners

Licensing may be governed by ___________. - answerLaws, regulations, or a
combination of those

describe the composition of the South Carolina real estate commission - answer0
members: seven active real estate professionals elected by state house and senate
members; two appointed by the governor; and one real estate professional elected by
other commission members

List duties of the South Carolina Real Estate Commission. - answerRegulates and
enforces real estate license law, approves real estate education courses, reviews
applications, and investigates customer complaints against licensees

Two items that must be on team advertisements - answerThe brokerage firm's name
and the team name

Key disclosures required by the South Carolina Real Estate Commission -
answerUndisclosed principal, agency representation, stigmatized properties, and seller
property disclosure

Three license classifications in South Carolina - answerSalesperson, broker, and
broker-in-charge; salespersons and brokers are associated licensees of the broker-in-
charge

, South Carolina currently offers reciprocal licenses for which state? - answerGA

Six license status types - answerActive, inactive, lapsed, canceled, revoked, and
suspended

Trust fund commingling vs. conversion - answerCommingling: when company or
personal funds are intermixed in an account with client funds; the commission allows
some comminglingConversion: when trust funds are used for a reason other than the
intended purposes

land - answerThe earth's surface extending downward to the center of the earth and
upward to infinity, including permanently attached natural objects

possesion - answerthe right to occupy the property

enjoyment - answerthe right to use the property in any legal way the owner desires

exclusion - answerthe right to refuse others entry to or use of the property

control - answerthe right to determine how the property will be used by the owner or by
others(similar to enjoyment but extends to other parties)

disposition - answerthe right to dispose of (by sale , lien ,easement ,lease ,etc) any
intrest in the property

Personal Property - answerAll property thats not classified as real property

Real Property - answerLand and everything permanently attached to it like a pool or tent
thats permanetly attatched to the land

improvements - answerPermanent, man-made attachments that include things such as
fencing, buildings, and walkways

Chattel - answerpersonal property

Trade Fixtures - answerTrade fixtures are equipment that is placed on or attached to
real estate which the renter uses in their trade or business. An example would be
display shelves installed by a business owner in a rented building.

Acronym MARIA - answerMethod of annexation
Adaptability of item to land's use
Relationship of the parties
Intention in placing item on land
Agreement of the parties

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