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Real Estate Economics Unit 1 intro to real estate business QUESTIONS AND ANSWERS
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Real Estate Economics Unit 1 intro to real estate business QUESTIONS AND ANSWERS
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Unit 1 intro to real estate businessReal Estate Licensee Correct Answer: In real estate practice, a person who has the skills and knowledge
to be licensed as a real estate broker or salesperson.
Home Inspector Correct Answer: combines an interest in real estate with skills in the housing trades
Property manager Correct Answer: Relieves a property owner from day-to-day activites
Real estate professional Correct Answer: brings people together in a real estate transactions
Subdivider Correct Answer: divides a single property into smaller parcels
Real estate counselor Correct Answer: Helps clients choose among alternatives in real property
investment
Real estate appraiser Correct Answer: Determines value of a property
code of ethics Correct Answer: A written system of standards for ethical conduct.
NAR Correct Answer: National association of realtors
Residential Correct Answer: all property used for single-family or multifamily housing, whether in urban,
suburban, or rural areas;
Commercial Correct Answer: business property, including office space, shopping centers, stores,
theaters, hotels, and parking facilities;
Mixed use property Correct Answer: property that allows for two uses, commercial and residential, in
the same building;
Industrial property Correct Answer: warehouses, factories, land in industrial districts, and power plants
Agricultural property Correct Answer: farms, timberland, ranches, and orchards
Special purpose Correct Answer: privately owned properties, such as places of worship, schools, and
cemeteries, as well as publicly held properties, such as schools, municipal service buildings, and parks
condominium Correct Answer: is a popular form of residential ownership, offering the security of
owning property without the care and maintenance responsibilities a house demands
Cooperative Correct Answer: also has units that share common walls and facilities within a larger
building. The owners do not own the units; instead, each owner owns shares in a corporation that holds
title to the real estate.
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