Chapter 1 - Gold Coast Real Estate Homework Questions And Answer

Chapter 1 - Gold Coast Real Estate Homework Questions And Answer Which of the following statements is true regarding a mortgage loan originator (MLO)? (a) A mortgage loan originator is the same as a mortgage broker. (b) A mortgage loan originator must have a separate license. (c) A mortgage loan originator makes loans. (d) A mortgage loan originator must have a real estate license. - Correct Ans-(b) A mortgage loan originator must have a separate license. A real estate appraiser's fee for professional service is based on which of the following? (a) A percentage of the property's gross income. (b) A percentage of the fair market value of the property. (c) The time and difficulty of the appraisal. (d) A percentage of the property's sales price. - Correct Ans-(c) The time and difficulty of the appraisal. Which of the following best describes the real estate brokerage business? (a) Service business (b) Simple business (c) Business with few opportunities available (d) Construction business - Correct Ans-(a) Service business When a developer completes construction of a new subdivision, all streets, electric, water, and sewer installation are finished and deeded to the city or county. What is this process called? (a) A quit claim deed (b) An easement (c) Dedication (d) Annexation - Correct Ans-(c) Dedication All of the following are responsibilities of a property manager, EXCEPT: (a) Renting property for an absentee owner (b) Collecting rent (c) Overseeing maintenance (d) Preparing leases - Correct Ans-(d) Preparing leases What does the term "farming" refer to in real estate? (a) Specializing in one geographic area (b) Working in a cooperative manner (c) Specializing in agricultural properties (d) Specializing in the sales of orange groves or cattle farms - Correct Ans-(a) Specializing in one geographic area Which insurance policies can a real estate licensee offer to the public without additional state licensing? (a) Flood insurance (b) Fire insurance (c) Renter's insurance (d) None of the above - Correct Ans-(d) None of the above What is the purpose of the National Association of REALTORS®? (a) Preserve the right of individuals to own real property through an exchange of information. (b) Organize antigovernment activities. (c) Promote unethical practice of real estate professionals. (d) Award unearned educational designations. - Correct Ans-(a) Preserve the right of individuals to own real property through an exchange of information What does the designation of REALTOR® signify CONTINUES.....