Real Estate Final Ch. 1-12 Exam Study Guide Questions and Answers
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Licensed Realtor
Institution
Licensed Realtor
Steven just successfully finished his required real estate pre-licensing course. Which statement is TRUE?
A. Once he joins the NAR, he can call himself a REALTOR®.
B. Once he passes the state exam, he can call himself a REALTOR®.
C. Once he has his real estate license, he can call himself a ...
steven just successfully finished his required rea
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Real Estate Final Ch. 1-12 Exam Study
Guide Questions and Answers
Steven just successfully finished his required real estate pre-licensing course. Which
statement is TRUE?
A. Once he joins the NAR, he can call himself a REALTOR®.
B. Once he passes the state exam, he can call himself a REALTOR®.
C. Once he has his real estate license, he can call himself a REALTOR®.
D. Once he affiliates with a broker, he can call himself a REALTOR®. - Answer-A. Once
he joins the NAR, he can call himself a REALTOR®.
What acronym can you use to remember the broad forces that can impact the real
estate market?
A. P-A-T-S
B. P-E-G-S
C. G-A-P-S
D. B-I-G-S - Answer-B. P-E-G-S
Big Time Manufacturers are getting ready to build a new factory in Smithton that should
attract hundreds of new workers to the small town. What would you expect the
immediate effect on home prices in the area to be?
A. It's not possible to predict.
B. Home prices should not be affected.
C. Home prices should rise initially.
D. Home prices should fall initially. - Answer-C. Home prices should rise initially.
What can be considered is the most important factor in determining supply in the real
estate market?
A. interest rates
B. population growth
C. government programs
D. economic base of an area - Answer-D. economic base of an area
Who sets the interest rates that banks charge for mortgages?
A. individual banks and other lenders
B. U.S. Congress
C. Federal Reserve
D. Federal Housing Authority - Answer-A. individual banks and other lenders
,What would more MOST LIKELY to contribute to a seller's market?
A. low labor costs
B. migration out of an area
C. high unemployment
D. high construction costs - Answer-D. high construction costs
Which situation would NOT likely result in a seller's market?
A. migration out of an area
B. minimal new construction
C. low interest rates.
D. high construction costs - Answer-A. migration out of an area
An independent contractor relationship between a real estate brokerage firm and a
licensee requires that the
A. licensee must be paid primarily based on number of hours worked rather than
commission.
B. brokerage must set the licensee's daily work schedule.
C. brokerage must consider the licensee an employee for tax purposes.
D. brokerage and licensee must enter into a written agreement. - Answer-D. brokerage
and licensee must enter into a written agreement.
What is the impact of demand inflation on the real estate market?
A. The market would not be affected.
B. It flattens existing home prices.
C. It increases the cost of a newly built home.
D. It generally lowers interest rates. - Answer-C. It increases the cost of a newly built
home.
Each of these are social factors that may affect the real estate market EXCEPT
A. scarcity.
B. migration.
C. location.
D. demographic changes. - Answer-A. scarcity
When may a person use the term REALTOR®?
A. upon the sponsorship of his or her broker
B. as soon as the person passes the real estate license examination
C. after closing the first successful transaction
D. after becoming a member of the National Association of REALTORS® - Answer-D.
after becoming a member of the National Association of REALTORS®
, What factor is NOT likely to contribute to a buyer's market?
A. migration away from the area
B. low construction costs for labor and materials
C. limited new construction
D. increased layoffs at a local factory - Answer-C. limited new construction
The economic base of an area refers to the
A. supply and demand for homes in the area.
B. primary business or industry that supports the area.
C. current rate of inflation for the area.
D. average wages and jobless rate in the area. - Answer-B. primary business or industry
that supports the area.
How long is the full term of an Alabama commissioner?
A. 2 years
B. 5 years
C. 6 years
D. 10 years - Answer-B. 5 years
What is the minimum age of the consumer member of the Commission?
A. 19
B. 20
C. 21
D. 24 - Answer-C. 21
According to Alabama license law, all purchase offers must prominently display which
type of clause in the contract?
A. Noncompete
B. Agency disclosure
C. Licensure disclosure
D. Compensation look-back - Answer-B. Agency Disclosure
A brokerage must have a company license for which of the following?
A. The designated main office only
B. The home office only
C. The qualifying office only
D. Each separate location or branch office - Answer-D. Each separate location or
branch office
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