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Chapter 5 Questions with answers.
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Chapter 5 Questions with answers.
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Chapter 5 Questions with answers.An ______ _____ is a real estate agent who may or may not be a member of a local board of
REALTORS®, but whose primary business is helping tenants find property for lease ANS -Apartment
Locator
Apartment Locators are typically paid a commission by the landlord, a management company, or broker
who is leasing the property. Often the commission amount is determined as a percentage of a ____
______ _____. However, some commissions are paid as a flat amount. ANS -full month's rent
_______ ______ _______ is the designation for expertise in property management. 70% of those who
hold this designation hold the highest management positions in their offices as owner/partners or
office/directors. ANS -Certified Property Manager (CPM)
_____ ___ _____ ____ _____ ____, presented by the National Association of REALTORS®, is the
certification for agents who facilitate the buying, selling, or management of properties for investment,
retirement, or second homes in a resort or recreational area. ANS -Resort & Second-Home Property
Specialist (RSPS)
No matter which international audience you cater to, the ______ _____ _____ _____ designation will
provide you with the knowledge, research, network, and tools to globalize your business. ANS -Certified
International Property Specialist (CIPS)
_____ _____ _____ are land professionals who are the most accomplished, most experienced, highest-
performing land experts. ANS -Accredited Land Consultants (ALCs)
The ____ ____ __ ___ ____ ___ ____ ____ accredited Farm Manager has achieved the highest level of
professionalism and education in the industry. ANS -The American Society of Farm Managers and Rural
Appraisers® (ASFMRA®)
_____ _____ offer professional management services to farmland owners to help them optimize the
returns from their asset. ANS -Farm Managers
, REO stands for _____ ____ _____, usually pertaining to bank-owned foreclosed properties. ANS -real
estate owned
The designation for auctioneers is through the ______ _____ _____ ANS -National Auctioneers
Association (NAA)
Once a foreclosed property has been sold, the borrower has no right to redemption, EXCEPT if it is a
_____ foreclosure ANS -tax
If a property has been foreclosed on, the property can be redeemed before the sale and this would be
called ________ redemption. The owner can redeem the property after the foreclosure IF it is a tax
foreclosure. This is called _______ redemption ANS -equitable / statutory
Foreclosure sales are always on the first _____ of the month between ____a.m. and ____ p.m. ANS -
Tuesday / 10am / 4pm
After a foreclosure, the lender may file a _______ ______ against the borrower if the lender did not
receive everything owed to the lender ANS -deficiency judgment
To avoid a foreclosure sale and a deficiency judgment, the borrower may voluntarily deed the property
to the _______. It is called a _____ __ ___ __ _______. When the lender agrees to accept this, a
deficiency judgment cannot be filed. ANS -lender / deed in lieu of foreclosure
_____ _____ ___ _______ ______ is presented by the National Association of REALTORS® . This
certification teaches agents to work with sellers and buyers of short sale and foreclosed properties. ANS
-Short Sales & Foreclosure Resource (SFR)
Once a residential agent gains expertise in the area of residential sales, they may choose to expand their
market to small income producing properties like _____ ______ and small _______ _______ ANS -multi-
family / apartment complexes
_______ ______ _____ designation, presented by the National Association of REALTORS®, includes in-
depth training in legal and regulatory issue, technology, professional standards, and the sales process.
ANS -Graduate Realtors Institute (GRI)
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