Exam (elaborations)
REAL ESTATE 2024 GRADED A+ |100% CORRECT
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Exam of 42 pages for the course Idaho real estate at Idaho real estate (REAL ESTATE 2024)
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REAL ESTATE 2024Real Estate Broker - answera person who is licensed as a broker that peforms
brokerage activities and collects compensation.
Real Estate Salesperson - answera person who peforms real estate activities while
associated with a licensed real estate broker.
licensee - answera person holding a valid real estate license
appraiser - answera person whos certified to estimate the value of a real property
according to standardized principles of valuation.
home inspector - answerA person who's affiliated with a national nonprofit trade
association, has passed the appropriate exam, and evaluates properties for their
condition
lender - answerA person who arranges financing for the buyer of real property
developer - answera person who constructs improvement on raw land
subdivider - answerA person who splits a single property into smaller parcels in
preparation for development
real estate investors - answera person who puts money or property into a real estate
project for profit
real estate attorney - answerA person who holds a law degree and specializes in real
estate; may legally broker deals
Real estate counselor - answerA person who provides services to help determine
viability of a real estate asset or project
rental listings services - answerhelp tenants find landlords and landlords find tenants
real estate counsulant - answerone who gives advice about real estate for a fee (must
have broad knowledge of all major aspects of the real estate industry)
leisure property - answerIncludes hotels, motels, golf courses, resorts, sporting arenas,
movie theaters and restaurants (requires hands-on management)
,industrial property - answerIncludes heavy or light manufacturing, warehouse and
distribution centers (clear height is a key consideration)
health care properties - answerincludes doctor offices , urgent care , clinics , hospital
(requires specialized fitting)
office buildings - answerIncludes Class A, B or C; may be high rise or low rise
retail properties - answerIncludes storefronts, shopping centers, malls
residential properties - answerProperties designed for dwelling
commercial properties - answerProperties designed for commerce and profit
speciality properties - answerincludes-mixed use, planned unit developments , and
trnasit-oriented development
mixed use - answerA property that combines retail/residential in a single building
planned unit development - answerA high density project with mixed zoning (e.g., retail
and residential, healthcare, etc.)
transit oriented development - answerA development centered around a transportation
hub
may sales person be sole proprietors - answerno , only brokers may work independently
Property Manager - answerSomeone who manages properties for others; if they
manage properties for more than one owner, they must have a real estate license
sole proprietor - answerA business owned by one person
limited liability company - answerCorporate identity that provides flexibility and limited
liability while being treated by the IRS as a partnership
Corporation - answera company or group of people authorized to act as a single entity
(legally a person) and recognized as such in law.
limited partnership - answerpartnership in which only one partner is required to be a
general partner
limited partner - answera type of owner in a partnership who invests money in the
business but who does not contribute to the actual running of the business and whose
liability is limited to the amount invested
,general partner - answera type of owner in a partnership who is responsible for the day-
to-day operations and who has unlimited liability for any debts of the business
franchise - answerA business established or operated under an authorization to sell or
distribute a company's goods or services in a particular area
may a sales person manage a branch office - answeryes but liability always rests with
the broker
independent contractor agreement - answerA contract defining the working relationship
between broker and salesperson
NAREB - answerNational Association of Real Estate Brokers
REALTOR(R) - answerA member of the National Association of REALTORS(R)
NAR - answerNational Association of Realtors(R)
Realtist - answerA member of the National Association of Real Estate Brokers
(NAREB).
license law protects the right to - answerbuyers sellers ,tenants and property owners
Licensing may be governed by ___________. - answerLaws, regulations, or a
combination of those
describe the composition of the South Carolina real estate commission - answer0
members: seven active real estate professionals elected by state house and senate
members; two appointed by the governor; and one real estate professional elected by
other commission members
List duties of the South Carolina Real Estate Commission. - answerRegulates and
enforces real estate license law, approves real estate education courses, reviews
applications, and investigates customer complaints against licensees
Two items that must be on team advertisements - answerThe brokerage firm's name
and the team name
Key disclosures required by the South Carolina Real Estate Commission -
answerUndisclosed principal, agency representation, stigmatized properties, and seller
property disclosure
Three license classifications in South Carolina - answerSalesperson, broker, and
broker-in-charge; salespersons and brokers are associated licensees of the broker-in-
charge
, South Carolina currently offers reciprocal licenses for which state? - answerGA
Six license status types - answerActive, inactive, lapsed, canceled, revoked, and
suspended
Trust fund commingling vs. conversion - answerCommingling: when company or
personal funds are intermixed in an account with client funds; the commission allows
some comminglingConversion: when trust funds are used for a reason other than the
intended purposes
land - answerThe earth's surface extending downward to the center of the earth and
upward to infinity, including permanently attached natural objects
possesion - answerthe right to occupy the property
enjoyment - answerthe right to use the property in any legal way the owner desires
exclusion - answerthe right to refuse others entry to or use of the property
control - answerthe right to determine how the property will be used by the owner or by
others(similar to enjoyment but extends to other parties)
disposition - answerthe right to dispose of (by sale , lien ,easement ,lease ,etc) any
intrest in the property
Personal Property - answerAll property thats not classified as real property
Real Property - answerLand and everything permanently attached to it like a pool or tent
thats permanetly attatched to the land
improvements - answerPermanent, man-made attachments that include things such as
fencing, buildings, and walkways
Chattel - answerpersonal property
Trade Fixtures - answerTrade fixtures are equipment that is placed on or attached to
real estate which the renter uses in their trade or business. An example would be
display shelves installed by a business owner in a rented building.
Acronym MARIA - answerMethod of annexation
Adaptability of item to land's use
Relationship of the parties
Intention in placing item on land
Agreement of the parties
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