Exam (elaborations)
ILLINOIS REAL ESTATE UNIT 1 QUESTIONS AND ANSWERS
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ILLINOIS REAL ESTATE UNIT 1 QUESTIONS AND ANSWERS
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Name: Score:30 Multiple choice questions
Term 1 of 30
Detailed info about the age, education, behavior, and other characteristics of members of a
population group
Sociocultural
Psychographic
Demographic
Economic
Term 2 of 30
When demand for houses increases
Price goes down
price tends to fall
Prices go Up
prices tend to drop
Term 3 of 30
When the supply of a certain commodity increases
in general
demand tends to rise
demand tends to drop
price tends to fall
prices tend to drop
,Term 4 of 30
Local government can influence the supply of real estate by
Population, demographics, employment and wage levels
Land use controls
zoning ordinances
building codes
Real estate counselor
Special purpose
Term 5 of 30
Appraisal
A real estate licensee who is a member of the national association of realtors
An estimate opinion of the current market value of the property.
Business of bringing people together in a real estate transaction
A want satisfying power of good or service
Term 6 of 30
A licensee who has several years of experience in the industry wants to retire. They now help
clients choose among various alternatives involved with purchasing, using, or investing. What is
the profession
Property manager
Specializations within the real estate industry
Real estate appraiser
Real estate counselor
, Term 7 of 30
Examples of Government Controls, and what category do they Impact
Brokerage, Appraisal, Property Management, Financing, Subdivision development,
Home inspection, Counseling, Education, Auctioning,
(1) Residential, (2) Commercial, (3) Industrial, (4) Agricultural, (5) Special Purpose-
worship, schools, cem, Gov. land
Impact Supply
-They control interest rates for money lended to member banks
-Impact of insuring or Guaranteeing loans, FHA and VA agencies
Impact Supply
- Taxation. High taxes will deter buyers. Tax incentives attract new businesses
- Land use controls, building codes, zoning ordinances
Term 8 of 30
A real estate professional who preforms a visual survey of a property's structure and systems
and prepares an analytical report for a purchaser or owner
Appraiser
Home inspector
Property manager
Real estate counselor
Term 9 of 30
What other careers are associated within real estate?
Land use controls
zoning ordinances
building codes
Brokerage, Appraisal, Property Management, Financing, Subdivision development,
Home inspection, Counseling, Education, Auctioning,
Medical services, teaching, research, performing arts, culinary arts, journalism,
information science, event planning,
Specializations within the real estate industry
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