Champions Real Estate - Principles 1 Exam 2023 Questions With Complete Solutions

brokerage correct answer: the aspect of the real estate business that pertains to overseeing the needs of the parties and completing a transaction; a brokerage transaction may or may not involve agency relationships The role of a property manager correct answer: Generally responsible for the day to day operations of the property, maintenance, and tenant relations How are home inspectors licensed? correct answer: Home inspectors are licensed in Texas by TREC. Real Estate Development correct answer: most often involves the acquisition of land for development into residential subdivisions, retail centers and other commercial uses. National Association of Realtors (NAR) correct answer: the nationwide association is divided into state associations, and further divided into local associations or boards. The local associations or boards operate the MLS in markets throughout the US. The benefits of home ownership include: correct answer: Pride of Ownership, Occupancy, Tax Benefits, Investment, Security: POOTIS=m Physical Characteristics of Land: Indestructibility correct answer: Indestructibility refers to the fact that land cannot be destroyed. The other two characteristics are immobility and non-homogeneity (uniqueness) Demand for real estate is affected by: correct answer: 1. Growth in employment 2. Personal preference