Arkansas Real Estate Principles Unit 1-5 Practice Questions and Answers

Introduction to the Real Estate Business Broker An intermediary between a buyer and seller in a highly organized market. Sales Associate A person who performs real estate activities while employed by a licensed real estate broker. Associate Licensee A licensed real estate salesperson who is employed by or associated with the broker to perform brokerage activities on behalf of or for the broker. Salesperson Any person, other than an associate broker, who acts on behalf of a real estate broker in performing any act authorized to be performed by the broker in this unit. Real Estate Licensee In real estate practice, a person who has the skills and knowledge to be licensed as a real estate broker or salesperson. List and describe the various careers available in the real estate industry Code Of Ethics A written system of standards for ethical conduct. Discuss the role of primary professional organizations, including the services and designations they offer the real estate practitioner and the ethical codes they establish; List and describe the different classifications and characteristics of real property ` Market A place where goods can be bought and sold and a price established. Supply And Demand The appraisal principle that follows the interrelationship of the supply of and demand for real estate. Because appraising is based on economic concepts, this principle recognizes that real property is subject to the influences of the marketplace as with any other commodity. Explain the factors which influence and affect supply and demand in the real estate market. Unit 2: Real Property and the Law Lesson 2.1-2.4