Nar is a organization Study guides, Class notes & Summaries

Functional obsolescence - Answer- Refers to the loss in desirability of the style, layout or function of an element of a property over time Sales comparison - Answer- best indicator of value for existing properties highest and best use - Answer- the legal use for property that gives the greatest return in money and/or amenities external obsolescence - Answer- the loss in value of a property caused by factors outside the property itself principle of contribution - Answer- suggests the...

When may a person use the term REALTOR? A.) after becoming a member of the National Association of REALTORS B.) after closing a successful transaction C.) if his broker says it's okay D.) right away after passing the real estate license examination - ANSWER A.) after becoming a member of the National Association of REALTORS Which is NOT an advantage of a career in real estate sales A.) possibility of owning your own brokerage with additional training, education, and experience B.) ...

(DPREC) How many real estate commissioners are there and how long do they serve? - Answer-4 serving 4 year terms (DPREC) Which activity does not require a real estate license? - Answer-Property management (DPREC) What is the maximum penalty for brokering a real estate deal without a license? - Answer-up to $5,000 and a year in jail (DPREC) Which organization monitors the code of ethics? - Answer-NAR (National association of Realtors) (DPREC) Which activity does IREC NOT have au...

Surveys are often obtained to - correct answer Partition a property Establish boundary lines Sell a portion of a larger property Real Estate Center in Texas - correct answer Was created by the Texas Legislature in the 1970s It is located on the Texas A&M university campus Collects and complies data relating to real estate matters in Texas Does not have the authority Blockbusting - correct answer Attempting to induce panic selling in a neighborhood for financial gain In real e...

What are the real estate rights above ground surface called? correct answers Air Space An item that is attached to, and made part of the land is an correct answers Appurtenance What information does a broker or sales agent typically market? correct answers Market Conditions A broker or sales agent that is qualified to answer questions about specific real estate is said to be correct answers Competent According to the Interstate Land Sales Full Disclosure Act (ILSFDA) a ( ) occurs whe...

Farming - ANSWER Specilizing n one type of property or on one particular neighborhood is a practice referred to as The sale of any improved residential property 4 units or fewer, including condo units, unimproved property intended for 4 units or fewer, agricultural properties 10 acres or less, leases with options to purchase all or airtime of improved property of 4 or fewer res. Units and disposition of business interest in 4 unit bldg - ANSWER A residential transaction is defined as Indus...

54321 NMREC : 5 appointed members of the state and serve for 5 yrs 4 must be licensed RE brokers 3 consecutive years as state resident 2 (no more than) 1 Unlicensed member of the public RE Broker functions : Buying Selling Leasing/Renting Auctioning Exchanging Listing Negotiating Dealing in options 2 | P a g e Real Estate Commission : Governing body that issues RE licenses Can renew, suspend or revoke Trade Organization : NAR - National Association of REALTORS - voluntary M...

Champions Principles of Real Estate 1 Questions with Complete Solutions Brokerage is the aspect of the real estate business that pertains to overseeing the needs of the parties and completing a transaction. a. True b. False a. True Property managers are generally responsible for the _______ of a property that they manage. a. day-to-day operations b. maintenance c. tenant relations d. all of the above d. all of the above Mortgage brokers are now known as: a. TFBs b....

Farming correct answers Specilizing n one type of property or on one particular neighborhood is a practice referred to as The sale of any improved residential property 4 units or fewer, including condo units, unimproved property intended for 4 units or fewer, agricultural properties 10 acres or less, leases with options to purchase all or airtime of improved property of 4 or fewer res. Units and disposition of business interest in 4 unit bldg correct answers A residential transaction is defin...

What is the largest real estate organization? "NAR"- National Association of Realtors What are members of NAR called? Realtor Associates What is the difference between the word broker and the word realtor? Broker=Real Estate Licensee Realtor=Real Estate Licensee who is a member of NAR Real Estate Land and Human-made improvements to the land that are permanently attached (annexed) to it. Land Earth's surface extending downward to the center of the earth and upward to infinity. In...