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Unit 1 Introduction to the Real Estate Business questions with correct answers.
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Unit 1 Introduction to the Real Estate Business questions with correct answers.
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Unit 1 Introduction to the Real EstateBusiness questions with correct
answers.
A licensee is a person who has satisfied the requirements of the employing broker. ANS -False
Improvements such as water lines and storm sewers made on public lands to serve a new development
are called off-site improvements. ANS -true
The Institute of Real Estate Management (IREM) is affiliated with the National Association of Real Estate
Brokers (NAREB). ANS -False
Many trade organizations serve the real estate business. The largest is the National Association of
REALTORS® (NAR). ANS -true
Because it is possible for a single real estate firm or an individual real estate professional to perform all
the services and handle all classes of property, few firms and professionals specialize in any one type.
ANS -false
Shopping centers, stores, theaters, hotels, and parking facilities are examples of special-purpose
properties. ANS -false
Two characteristics of real estate govern the way the market reacts to the pressures of supply and
demand: uniqueness and immobility. ANS -True
The Federal Reserve Board (the Fed) establishes a discount rate of interest for the money it lends to
commercial banks. ANS -True
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