K
C
LO
CHAMPIONS SCHOOL OF
YC
REAL ESTATE QUESTIONS
D
WITH CORRECT ANSWERS
U
ALL VERIFIED BY AN EXPERT
ST
A+ GRADED (LATEST UPDATE)
,Brokerage - ANS The aspect of the real estate business that pertains to overseeing the
needs of the parties and completing a transaction
Property Managers are generally responsible for the following - ANS Day to Day operations,
Maintenance and Tenant Relations
RMLO - ANS Mortgage Brokers are known as
NAR - ANS The largest trade organization representing real estate professionals is
K
Value - ANS A fair return or equivalent in goods, services, or money for something exchanged
BOMA - ANS Building Owners & Managers Association (oldest organization)
C
Benefits of home ownership - ANS Occupancy, Tax Benefits, Pride, Security, Investment
LO
Federal Housing Administration - ANS In 1934 the US Government's first major direct
involvement in the residential finance market
Physical Characteristic of Land: Indestructibility or Durability - ANS Land cannot be destroyed
YC
Physical Characteristic of Land: Immobility - ANS Land cannot be moved
Physical Characteristic of Land: Nonhomogeneity - ANS No two parcels of land are the same
Economic Characteristic of Land: Scarcity - ANS The theory of Supply & Demand
D
Economic Characteristic of Land: Modification - ANS Value is affected by man made changes
to the land
U
Economic Characteristic of Land: Fixity - ANS Land, and additions to the land such as
buildings, take long periods of time to pay for themselves
ST
Economic Characteristic of Land: Situs - ANS Location of the property or land from an
economic, not a geographic viewpoint
Supply & Demand - ANS When the demand is high and the supply is low, the prices go up.
Likewise, prices decline when the supply is high and the demand is low
Supply can be restricted by a number of factors including: - ANS Land costs, Construction,
Taxation, Economics and Local government building codes and zoning ordanances
Demand is affected by factors including: - ANS Growth in employment, Transportation
systems, Personal preference, Availability of credit and Federal government policy
, Size of the Employment Market - ANS The single most important determinant of value in
residential real estate
Common Law - ANS Body of law developed in England and is based on "common sense"
and local customs
Statutory Law - ANS Body of laws and regulations enacted by federal and state legislative
bodies - law based on legislation
K
TRELA - ANS The Texas Legislature passed the Texas Real Estate License Act in 1939
The purpose of TRELA is to - ANS Protect the public against unscrupulous brokers and sales
C
agents
TREC - ANS The Texas Real Estate Commission was created by the legislature in 1949
LO
Nine members commission (TREC) - ANS
public members
Appraisal - ANS An opinion of value
Six members are mortgage brokers and three
YC
Agency agreement - ANS The level of service provided to a buyer, seller, landlord or tenant is
determined by the presence or lack of an ___________ with the broker
Residential Subdivisions - ANS As job opportunities expand, raw land is developed into
__________
D
SIOR - ANS Designees can hold the following specialty designations: industrial, office, sales
manager, executive manager, or advisory service
U
Long-term mortgages - ANS During periods of high inflation, lenders are less willing to
commit to _________ with the fear that holding a portfolio of below market mortgages is a risky
ST
business for them
Municipality - ANS The authority that local government has to pass and enforce building and
zoning codes has a profound impact on the type of and location of development with a
__________
Appraisal is the business of: - ANS Providing a professional opinion of the value of real
property
NAR - ANS A professional association whose local affiliates own and operate MLS systems
throughout the US
C
LO
CHAMPIONS SCHOOL OF
YC
REAL ESTATE QUESTIONS
D
WITH CORRECT ANSWERS
U
ALL VERIFIED BY AN EXPERT
ST
A+ GRADED (LATEST UPDATE)
,Brokerage - ANS The aspect of the real estate business that pertains to overseeing the
needs of the parties and completing a transaction
Property Managers are generally responsible for the following - ANS Day to Day operations,
Maintenance and Tenant Relations
RMLO - ANS Mortgage Brokers are known as
NAR - ANS The largest trade organization representing real estate professionals is
K
Value - ANS A fair return or equivalent in goods, services, or money for something exchanged
BOMA - ANS Building Owners & Managers Association (oldest organization)
C
Benefits of home ownership - ANS Occupancy, Tax Benefits, Pride, Security, Investment
LO
Federal Housing Administration - ANS In 1934 the US Government's first major direct
involvement in the residential finance market
Physical Characteristic of Land: Indestructibility or Durability - ANS Land cannot be destroyed
YC
Physical Characteristic of Land: Immobility - ANS Land cannot be moved
Physical Characteristic of Land: Nonhomogeneity - ANS No two parcels of land are the same
Economic Characteristic of Land: Scarcity - ANS The theory of Supply & Demand
D
Economic Characteristic of Land: Modification - ANS Value is affected by man made changes
to the land
U
Economic Characteristic of Land: Fixity - ANS Land, and additions to the land such as
buildings, take long periods of time to pay for themselves
ST
Economic Characteristic of Land: Situs - ANS Location of the property or land from an
economic, not a geographic viewpoint
Supply & Demand - ANS When the demand is high and the supply is low, the prices go up.
Likewise, prices decline when the supply is high and the demand is low
Supply can be restricted by a number of factors including: - ANS Land costs, Construction,
Taxation, Economics and Local government building codes and zoning ordanances
Demand is affected by factors including: - ANS Growth in employment, Transportation
systems, Personal preference, Availability of credit and Federal government policy
, Size of the Employment Market - ANS The single most important determinant of value in
residential real estate
Common Law - ANS Body of law developed in England and is based on "common sense"
and local customs
Statutory Law - ANS Body of laws and regulations enacted by federal and state legislative
bodies - law based on legislation
K
TRELA - ANS The Texas Legislature passed the Texas Real Estate License Act in 1939
The purpose of TRELA is to - ANS Protect the public against unscrupulous brokers and sales
C
agents
TREC - ANS The Texas Real Estate Commission was created by the legislature in 1949
LO
Nine members commission (TREC) - ANS
public members
Appraisal - ANS An opinion of value
Six members are mortgage brokers and three
YC
Agency agreement - ANS The level of service provided to a buyer, seller, landlord or tenant is
determined by the presence or lack of an ___________ with the broker
Residential Subdivisions - ANS As job opportunities expand, raw land is developed into
__________
D
SIOR - ANS Designees can hold the following specialty designations: industrial, office, sales
manager, executive manager, or advisory service
U
Long-term mortgages - ANS During periods of high inflation, lenders are less willing to
commit to _________ with the fear that holding a portfolio of below market mortgages is a risky
ST
business for them
Municipality - ANS The authority that local government has to pass and enforce building and
zoning codes has a profound impact on the type of and location of development with a
__________
Appraisal is the business of: - ANS Providing a professional opinion of the value of real
property
NAR - ANS A professional association whose local affiliates own and operate MLS systems
throughout the US
