Principles of Real Estate I - Champions
School questions with answers.
Brokerage ANS -the aspect of the real estate business that pertains to overseeing the needs of the
parties and COMPLETING A TRANSACTION. Not the same as agency; a brokerage transaction may or may
not involve agency relationships.
Appraisal ANS -the business of providing a professional opinion of value of real property. Lenders rely
on the reports to make sound lending decisions. Buyers rely on the reports when negotiating the
purchase of a property. Can be a useful guide for a seller when pricing a property for resale.
Mortgage Lending ANS -the business of providing money to individuals or corporations for the
conditional transfer or pledge of real estate as security for the payment of a debt.
ANS -The Texas Department of Savings and Mortgage Lending licenses Residential Mortgage Loan
Originators in Texas.
Property Management ANS -includes the management of residential and commercial properties on
behalf of the investor-owner of the property. Generally responsible for the day-to-day operations of the
property, maintenance, and tenant relations. In commercial real estate, the manager may be
responsible for leasing the property. In other cases, a brokerage firm may be responsible for leasing.
Apartment Locators ANS -work for firms that specialize in locating units for tenants in multifamily
complexes. Should be familiar with the amenities of all complexes in the market area. Generally paid
fees by the apartment complexes for referrals. Must have a real estate license in Texas.
Home Inspectors ANS -licensed in Texas by the Texas Real Estate Commission (TREC).
Real Estate Development ANS -most often involves the acquisition of land for development into
RESIDENTIAL SUBDIVISIONS, retail centers, and other commercial uses.
, Petroleum Landmen ANS -individuals with a real estate background who are employed by oil and gas
companies. May employed to do title work to determine mineral ownership and might negotiate oil and
gas leases with mineral owners.
National Association of REALTORS (NAR) ANS -the largest professional organizations for real estate
professionals. Consists of state associations and local associations or boards. The local associations or
boards operate the multiple listing service (MLS) in markets throughout the U.S.
Institute of Real Estate Management (IREM) ANS -an international community of real estate managers
dedicated to ethical business practices, maximizing the value of investment real estate, and promoting
superior management through education and information sharing.
CCIM Institute ANS -Established in 1954 to give commercial real estate practitioners an opportunity to
further their business practices through education and networking opportunities.
CCIM ANS -Certified Commercial Investment Member
Society of Industrial and Office REALTORS (SIOR) ANS -A professional affiliate of NAR. Designees can
hold the following specialty designations: industrial, office, sales manager, executive manager, advisory
service.
International Council of Shopping Centers (ICSC) ANS -purpose is to advance the shopping center
industry and to promote its role in the commercial distribution of consumer goods and services.
Building Owners and Managers Association (BOMA) International ANS -members are building owners,
managers, developers, leasing professionals, corporate facility managers, asset managers, and the
providers of the products and services needed to operate commercial properties.
Clark has been a residential real estate agent for five years. His skills include: being proactive, staying
current and knowledgeable on market trends. He is resourceful, personable, and above all, he is
responsible and detail-oriented. He would like to expand into a new area of real estate and is
considering a position where he can carry out the day-to-day operations of a single property. He has the
ability to take on a multitude of logistical issues without losing sight of the responsibilities required of a
manager. ANS -The best career path for Clark is PROPERTY MANAGEMENT.
School questions with answers.
Brokerage ANS -the aspect of the real estate business that pertains to overseeing the needs of the
parties and COMPLETING A TRANSACTION. Not the same as agency; a brokerage transaction may or may
not involve agency relationships.
Appraisal ANS -the business of providing a professional opinion of value of real property. Lenders rely
on the reports to make sound lending decisions. Buyers rely on the reports when negotiating the
purchase of a property. Can be a useful guide for a seller when pricing a property for resale.
Mortgage Lending ANS -the business of providing money to individuals or corporations for the
conditional transfer or pledge of real estate as security for the payment of a debt.
ANS -The Texas Department of Savings and Mortgage Lending licenses Residential Mortgage Loan
Originators in Texas.
Property Management ANS -includes the management of residential and commercial properties on
behalf of the investor-owner of the property. Generally responsible for the day-to-day operations of the
property, maintenance, and tenant relations. In commercial real estate, the manager may be
responsible for leasing the property. In other cases, a brokerage firm may be responsible for leasing.
Apartment Locators ANS -work for firms that specialize in locating units for tenants in multifamily
complexes. Should be familiar with the amenities of all complexes in the market area. Generally paid
fees by the apartment complexes for referrals. Must have a real estate license in Texas.
Home Inspectors ANS -licensed in Texas by the Texas Real Estate Commission (TREC).
Real Estate Development ANS -most often involves the acquisition of land for development into
RESIDENTIAL SUBDIVISIONS, retail centers, and other commercial uses.
, Petroleum Landmen ANS -individuals with a real estate background who are employed by oil and gas
companies. May employed to do title work to determine mineral ownership and might negotiate oil and
gas leases with mineral owners.
National Association of REALTORS (NAR) ANS -the largest professional organizations for real estate
professionals. Consists of state associations and local associations or boards. The local associations or
boards operate the multiple listing service (MLS) in markets throughout the U.S.
Institute of Real Estate Management (IREM) ANS -an international community of real estate managers
dedicated to ethical business practices, maximizing the value of investment real estate, and promoting
superior management through education and information sharing.
CCIM Institute ANS -Established in 1954 to give commercial real estate practitioners an opportunity to
further their business practices through education and networking opportunities.
CCIM ANS -Certified Commercial Investment Member
Society of Industrial and Office REALTORS (SIOR) ANS -A professional affiliate of NAR. Designees can
hold the following specialty designations: industrial, office, sales manager, executive manager, advisory
service.
International Council of Shopping Centers (ICSC) ANS -purpose is to advance the shopping center
industry and to promote its role in the commercial distribution of consumer goods and services.
Building Owners and Managers Association (BOMA) International ANS -members are building owners,
managers, developers, leasing professionals, corporate facility managers, asset managers, and the
providers of the products and services needed to operate commercial properties.
Clark has been a residential real estate agent for five years. His skills include: being proactive, staying
current and knowledgeable on market trends. He is resourceful, personable, and above all, he is
responsible and detail-oriented. He would like to expand into a new area of real estate and is
considering a position where he can carry out the day-to-day operations of a single property. He has the
ability to take on a multitude of logistical issues without losing sight of the responsibilities required of a
manager. ANS -The best career path for Clark is PROPERTY MANAGEMENT.
