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Real Estate 306; Questions and Answers 100% Correct

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Real Estate 306; Questions and Answers 100% Correct What defines the urban market? Correct answer-i. Access - how easy is it to get to the things that people want to do? (location) ii. Economic base - how does the community make its money? iii. Quality of Life - how happy are people? How do...

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  • August 8, 2024
  • 16
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Real Estate 306
  • Real Estate 306

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Real Estate 306; Questions and Answers 100%
Correct
What defines the urban market? Correct answer-i. Access - how easy is it to get to the
things that people want to do? (location)

ii. Economic base - how does the community make its money?

iii. Quality of Life - how happy are people?




How does a city get shaped? Correct answer-i. Demand for proximity

ii. Changes in transportation

iii. Changes in technology




Market Research: What questions get asked? Correct answer-i. What is the product?

ii. Who are the customers?

iii. Where are the customers?

iv. What do the customers care about?

v. Who are the competitors?




Market Research: Story Approach Correct answer-1. Will tell a story about the locale.
Focus on the property initially.

2. More interesting

3. Ex. Tell a story about Madison, WI

, Real Estate 306; Questions and Answers 100%
Correct
Market Research: Conventional Approach Correct answer-1. Talk about the market in
broad terms and then go and get more specific

2. Ex. Start with the U.S., then the Midwest, then Wisconsin, then Madison

3. More dry




3 Techniques for Market Research Correct answer-i. Excluding the Irrelevant

1. Compile public data that already exists

2. Get rid of what isn't relevant

ii. Find Proxy Tables

1. Find a corollary -> occupancy of all

apartments may be used to try to find the

occupancy of 4 bedroom apartments

iii. Using an Analogy (Parallel)

1. Find something similar to what already

exists




2 Types of Brokers Correct answer-1. Sale/purchase broker

2. Leasing broker




2 Types of Broker Licenses Correct answer-1. Licensee/salesperson (beginner level)

2. Broker

, Real Estate 306; Questions and Answers 100%
Correct

Brokers have 3 types of special knowledge Correct answer-i. Know the market/know
pricing

1. Housing stock available

2. Buyers are in marketplace

ii. Marketing approaches

iii. Procedures & requirements of the transaction




Duties & Responsibilities of Broker Correct answer-Law of Agency

1. Confidentiality

2. Obedience

3. Accounting - if brokers handle funds (earnest money), brokers must account for that money

4. Loyalty - issue: incentivized to get the deal done

5. Disclosure - must disclose material information

6. Degree of Skill & Care - must act using skill and a standard of care that brokers are expected
to use




Principal must be.... Correct answer-OHF

Open, honest, and fair

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