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Real Estate Part 1 Unit 1 questions with correct answers.
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Real Estate Part 1 Unit 1 questions with correct answers.
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Real Estate Part 1 Unit 1 questions withcorrect answers.
List four industries that are indirectly linked to real estate activities? ANS -Builders, building suppliers,
carpet manufacturers, appliance sales
List five industries that are dependent on real estate activity. ANS -home sales, leasing, commercial
property sales or leases, industrial leases or purchases, agricultural sale or leases
List three ways the state government plays a role in real estate. ANS -Licensing for real estate
professionals Recording of deeds, transfers of property Estate taxes
Define real estate brokerage and list three organizations that cannot be registered as a real estate
brokerage ANS -A business which brings interested parties together to sell, lease, and rent or exchange
real property.
A joint venture temporary relationship A business trust investment group for its own purposes
A homeowners association
List five activities for which a real estate broker would receive or expect to receive compensation. ANS -
A Corporation Sole- church organization, but not a non-profit
A joint venture-temporary relationship
A Business Trust-investment group for its own purposes
A Cooperative/Condominium /Homeowners' Association- These associations are formed to manage
common ownership and do not deal in real estate
An unincorporated Association- local property owners, not partners
An Ostensible (Quasi) Partnership - hidden relationship
What is real estate farming? ANS -Specializing in one particular geographic area or property type.
How is a property manager defined? ANS -A property manager is defined as one who preserves the
value of an investment (by an owner) while generating income as an agent for the owner
, List five organizations for real estate professionals. ANS -Council of Real Estate Brokerage
Managers(CRB), Women's Council of REALTORS® (WCR), Certified Commercial Investment Members
(CCIM), Residential Real Estate Council (RRC), Counselors of Real Estate (CRM), Institute of Real Estate
Management (IREM), Real Estate Buyers Council (ABR), REALTORS® Land Institute (RLI), Society of
Industrial and Office REALTORS® (SIOR)
What is the purpose for licensing real estate professionals? ANS -To protect the public
List two examples of ways a broker could commit fraud in a real estate transaction. ANS -Exaggerating
the benefits of a property's value
Not providing information on material facts
What is the main requirement within the Statute of Frauds? ANS -All contracts must be in writing to be
enforceable.
What rule should brokers follow to ensure they are acting ethically? ANS -Do unto others as you would
have them do unto you.
List four reasons an appraisal is done. ANS -To obtain a property loan
To obtain the insurance value
To obtain a divorce settlement
To determine capital gain
List five sources of financing for real estate buyers. ANS -Banks, savings and loans, credit unions,
insurance companies, sellers of property, mortgage bankers, and mortgage brokers
How is a mortgage obtained? ANS -by pledging property as collateral and promising to repay the loan
with payments and times agreed upon with the mortgagee
What are land appurtenances? ANS -rights, privileges, and improvements that belong to and pass with
the transfer of the property
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