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Gold Coast real estate exam with correct answers
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Gold Coast real estate exam with correct answers
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Gold Coast real estate exam with correctanswers
real estate brokerage - ANSWER: ➡ business in which real estate related activities are
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performed under authority of a licensee real estate broker.
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broker - ANSWER: ➡ agent or intermediary between 2 or more people in the negotiation of a
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sale, purchase or rental in real estate
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sale associate - ANSWER: ➡ works on behalf of the broker to provide services to future buyers
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and sellers
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licensee - ANSWER: ➡ broker or sale associate, has met all the requirements of law, licensed
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and permitted to perform specified services for members of the public in connection to real
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estate property transactions
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local in nature - ANSWER: ➡ a typical person buys or sells real estate at least 4 to 5 times in a
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lifespan. information can be found through local sources making real estate local in nature.
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Property Transfer - ANSWER: ➡ knowing and explaining proper procedures to being able to
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sell or buy a property. laws, documents, disclosure, deeds, mortgages, surveys, appraisals,
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contracts, titles, insurance, flood plains, building codes and finance.
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Valuation or market conditions - ANSWER: ➡ getting the right value of a home, through CMA,
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BPO or appraisal
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Comparative Market Analysis (CMA) - ANSWER: ➡ usually used by licensees to find a
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value estimate based on recent sales of properties in the same neighborhood.
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, Broker price opinion (BPO) - ANSWER: ➡ a more detailed analysis of a properties value.
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BPO's are less thorough than an appraisal but require more analysis than a
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basic CMA. o
short sale or foreclosure - ANSWER: ➡ during this transaction, the licensee will have to take
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photos of the property and complete a BPO report provided by the lender. the report must
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include local and regional market information.
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Marketing - ANSWER: ➡ strategies used to successfully getting the right buyer for your client.
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must keep in mind that supply and demand are always changing, including laws related to
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property and taxes, which can have a major effect on the value market.
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Multiple Listing Service (MLS) - ANSWER: ➡ system the provides and extensive tool for the
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real estate licensees. pretty much has thousands of listings of other local statewide licensees in
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addition to potential buyers around the world. it is a detailed database of properties which are
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available for sale or lease on local and state level. being very knowledgeable and proficient in
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the MLS is strongly suggested.
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farming - ANSWER: ➡ term used when a licensee focuses on one type or style of property or on
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one particular neighborhood (farm area, target market). this
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strategy is considered to be one of the best ways to succeed in the real estate business.
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appraisal - ANSWER: ➡ a real estate licensee that wishes to perform an appraisal must do so
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under the development and reporting requirements of the uniform standards of professional
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appraisal practice (USPAP)
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USPAP - ANSWER: ➡ uniform standard of professional appraisal practice
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Customer Follow-Up - ANSWER: ➡ showing professionalism by keeping in touch with past
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customers is important for future business, therefore you should reach out to
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