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RealEstateU Exam Study Guide Questions and Complete Solutions Graded A+
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RealEstateU Exam Study Guide Questions and Complete Solutions Graded A+
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RealEstateU ExamStudy Guide
Questions and
Complete Solutions
Graded A+
Denning [Date] [Course title]
,Real Estate Broker - Answer: A person or an organization acting as the agent for others in negotiating
the purchase and sale of real property for a fee.
A real estate broker can do everything a real estate agent does, but they can also establish their own
business and manage their own team of real estate agents. However, they can also work independently,
for franchises or for other agents as associate brokers.
Real Estate Salesperson - Answer: An individual who is licensed to negotiate and arrange real estate
sales; works for a real estate broker.
A real estate salesperson is a licensed agent that negotiates and arranges real estate sales. Agents must
work under a real estate broker and the commission earned from sales is split between the broker and
the agent.
Buyers Agent - Answer: Buyer's agents find properties, show them, negotiate prices and terms, and
guide buyers through the purchasing process.
Sellers Agent - Answer: Seller's agents work with sellers to list and market their property, negotiate
prices and terms, and guide sellers through the selling process.
Appraisers - Answer: Access and report their opinion on the value of a property.
Property Manager - Answer: Takes care of rental property for the owner, screens perspective renters,
coordinates repairs, handles maintenance and tenant concerns, and even evicts when necessary. Most
states require a property manager to have a brokers license or work as a licensed agent under a broker.
Home Inspectors - Answer: Come in when a property has been sold and before the transaction is
completed to examine it for the buyer. There are 1600 items their members are trained to check.
Mortgage Brokers and Bankers - Answer: Provide financing for real estate transactions. While all-cash
deals happen, most of the time some type of loan is involved. The difference between a mortgage
broker and banker is that the mortgage banker is a direct lender, working for one institution, where a
mortgage broker can work with several different lending companies.
, Contractors - Answer: Build the buildings. Usually, a general contractor coordinates all aspects of
construction, using their industry knowledge to bring together the many different aspects so the process
goes well. They hire and schedule sub-contractors such as plumbers, electricians, roofers, farmers, and
others.
Residential Properties - Answer: Include single family homes and multi-family buildings. Single family
homes are private freestanding residential houses, while a multi-family building has more than one
housing unit. (apartment building, condo or townhome)
Commercial Properties - Answer: Is property used for profit-driven purposes, such as retail stores,
restaurants, or offices. Shopping centers, hotels, nursing homes, and mobile home parks are also a part
of commercial properties.
Commercial property, since its used for business, could involve leases, rentals, tenants, maintenance,
expenses, parking lots, and other elements not present in residential property.
Mixed-Use Properties - Answer: Is a combination of commercial and residential real estate. An example
of mixed-use would be an apartment with storefronts on the ground floor and residential spaces above.
Another possibility would be an apartment building with retail or business space included.
Industrial Properties - Answer: Can include factories or warehouses and can range from small to
enormous. They can cover a wide variety of applications. In addition to assembly and production, there
can be distribution, warehousing, and research and development.
Agricultural Properties - Answer: Can be farms or ranches. These properties are generally intended to
be income producing properties but can be for personal use as well. They can vary greatly in size from
family farms and ranches to large commercial projects. Agricultural property is usually used to grow and
harvest crops, or raise, breed, and care for livestock such as cows, horses, pigs, sheep, or goats.
Special Purpose - Answer: Special purpose real estate includes schools or churches. Special purpose
means the property is characterized by the specific reason it was constructed. These are properties that
are not easily converted to another application. For example, a school building could not be turned into
an apartment building, or a church could not become a grocery store without difficulty.
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