Exam (elaborations)
Champions School of Real Estate-Principles of Real Estate I: Q&A
Champions School of Real Estate-Principles of Real Estate I: Q&A
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Champions School of Real Estate-Principles of Real Estate I: Q&A
3 Physical Characteristics of Land Correct Ans - Indestructibility or
durability
Immobility
Non homogeneity
Mortgage Lending Correct Ans - business of providing money to
individuals or corporations for the conditional transfer or pledge of real estate
as security for payment of a debt
RMLO Correct Ans - Residential Mortgage Lenders Originator
Property Management Correct Ans - Management of residential and
commercial properties on behalf of owner/investor
Apartment Locators Correct Ans - Locates rentals of tenants in multi-
family complexes. Has knowledge of amenities of all complexes in the market
area. Paid a fee by apartment complex for referals
Home Inspectors Correct Ans - Inspects properties for habitability
including HVAC, Plumbing, electrical and construction methods
Real Estate Development Correct Ans - Involves the acquisition of land
for development into residential subdivisions, retail center and commercial
uses
Oil and Gas Landman Correct Ans - Negotiates oil and gas leases with
mineral owners. Title work to determine mineral ownership
TREC Correct Ans - Texas Real Estate Commision
Education Standards Advisory Cmte Correct Ans - 12 members-7
brokers, 4 education board members, 1 public member. Reviews and revises
curriculum standards, course requirements.
,NAR-National Association of Realtors Correct Ans - Largest
professional organization for RE profs. Divided into State and Local boards.
Operates the MLS
IREM-Institute of RE Mgmt Correct Ans - Intl cmte of RE managers.
CCIM-Certified Commercial Investment Memeber Correct Ans - Est
1954. Furthers business practices through education and networking
SIOR-Society of Industrial and office realtors Correct Ans -
Professional affiliate of the NAR. Specializes in industrial, office, sales
managers, executive manager or advisory service
ICSC-International Council of Shopping Centers Correct Ans - Purpose
is to advance the shopping center industry. Promotes commercial distribution
of consumer goods and service
BOMA-Building Owners and Managers Assoc Correct Ans - Member
are building owners, managers, developers, leasing professionals, corporate
facility managers, asset managers, and providers of products and services to
operate commercial properties
Land is developed... Correct Ans - by appearance, location and scenic
value
Land is described... Correct Ans - by utility and suitability for a specific
use
Land and Real Estate property Correct Ans - must be described in a
distinguishable manner from personal property.
4 Economic Characteristics of Land Correct Ans - Scarcity
Modification
Fixity
Situs
Indestructibility or durability Correct Ans - Land cannot be destroyed
, Immobility Correct Ans - land cannot be moved, owner must go to the
land
Non-homogeneity Correct Ans - no 2 parcels of land is the same.
Scarcity Correct Ans - supply and demand. Shortage of what people
want price goes up; less land price increases, more land price decreases
Modification Correct Ans - value is affected by man-made changes to
the land itself or offsite improvements
Fixity Correct Ans - land and addition to land take a long time to pay
for themselves.
Situs Correct Ans - Location of property or land from and economic
not geographic viewpoint
value Correct Ans - fair return in goods, services or money for
something exchanged. The monetary worth of something.
Real Estate Value Correct Ans - determined by personal preference
which is subjective
Supply and demand Correct Ans - high demand=low inventory, price
increases
Low Demand=high inventory, price decreases
Supply is restricted by Correct Ans - Land costs
construction
taxation
economics
building and zoning ordinances
Growth policies of cities
Demand is affected by Correct Ans - Growth in employment
transportation systems
personal preference
availability in credit
Federal Govt policy
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