FREC 1 Exam Questions & Answers 2023/2024

FREC 1 Exam Questions & Answers 2023/2024 What does RESPA stand for? What does it mean? - ANSWER-Real Estate Settlement Procedures Act. Getting someone qualified Wha is real estate brokerage? - ANSWER-Real estate brokerage is the business of bringing together buyers and sellers and owners and renters and completing real estate transactions (paid a fee or a commission for services) 5 major sales specialties - ANSWER-"Residential"- 4 or fewer residential units OR agricultural property of 10 or fewer acres. "Commercial" - improved residential property of greater than 4 units. "Industrial" - must have technical knowledge of the needs of different industries. "Agricultural"- agricultural property of more than 10 acres (must be familiar with the operation of farms and related problems) "Business"- real estate licensees who engage in the sale,purchase,or lease of businesses are called business brokers. True or false business brokers need a license - ANSWER-TRUE What is property management? - ANSWER-A property manager who manages and maintains property for the property owner. Definition of "absentee owner" - ANSWER-Someone who doesn't reside on the property and rely on a professional property manager Appraising - ANSWER-The process of estimating the value of property. (Requires separate license)