Real Estate Express Chapter 1 – MN || QUESTIONS
WITH COMPLETE SOLUTIONS!!
Real estate professionals perform a wide-variety of real estate-related tasks that fall in one of
several categories... correct answers Acquisition and development
Investment
Management
Regulation
Removal
Sale or transfer
As with other goods and services in the marketplace, real estate is affected by... correct
answers Supply and demand
Pricing
Costs incurred in bringing the properties to market
Value aspects of desire, usefulness, scarcity and ability to pay
Sellers Market correct answers One area could have an overabundance of lower-priced homes
with many more buyers than homes available
Buyers Market correct answers another location could have a number of higher-priced homes
for sale and only a few buyers for that price range
Multiple Listing Service(MLS) correct answers An MLS is an organization of member
brokers who share listing information with one another. The contractual obligations between
the brokers of the MLS organization can vary a great deal. However, most organizations state
that the commission will be divided between the listing and selling broker when the property
sells. The terms of that distribution can vary from broker to broker. The MLS usually requires
that a broker register a new listing within a specified amount of time.
Types Of Properties correct answers Industrial
Commercial
Agricultural
Special-Purpose
Recreational
Investment
Residential
Industrial Property correct answers land used for industrial purposes, such as warehouses,
factories and power plants.
Commercial correct answers property refers to income-producing property, such as office
buildings, restaurants, shopping centers, hotels and motels, parking lots and stores. Some
industrial properties may also fall into this category.
Agricultural correct answers is defined as land used primarily for growing crops or raising
livestock, such as farms, pastureland, orchards and timberland.
, Special Purpose correct answers property that has a unique use to the persons who own and
use it, such as churches, hospitals, schools and government buildings.
Recreational correct answers land used for leisure activities, such as parks, forests, time-
shares and campgrounds.
Investment correct answers any property that is being held as an investment to generate
income or profit. Any residential, commercial or industrial property may be considered an
investment property. However, typically most single-family residences are not considered
investment properties, unless they are non-owner occupied.
Residential correct answers land or improved property with buildings designed for humans to
live in, such as single-family homes, multifamily homes, apartments, vacation homes or
condominiums.
Specializations in Real Estate correct answers Type of Property
Clients
Geography
Business Type
Transactions
Auction Sales
Mortgage Loans
Type of Property correct answers An agent can specialize in residential, commercial,
industrial or land (lots, acreage or farms) transactions.
Clients correct answers Rather than deal with all types of clients, some agents decide to
represent sellers and landlords exclusively or buyers and tenants exclusively.
Geography correct answers In a large market area, it can be difficult to keep track of the
specifics on all the properties for sale. Some agents may choose to define a "region" that
includes certain streets, subdivisions or collections of neighborhoods.
Business Type correct answers A broker or agent could choose to focus exclusively on one
type of business client, for example, hospital clients or fast food restaurants.
Transactions correct answers Documents for many types of transactions are unique to that
particular transaction. Within an agency, one agent could become a specialist in leases and
subleases, another in exchanges, another in options, and yet another in commercial sales.
Auction Sales correct answers More and more, properties are being sold at auction. A broker
could choose to deal only in auctions.
Mortgage Loans correct answers Some licensees act as lenders or agents to make or arrange
loans.
Real Estate Broker correct answers A licensed individual employed on a fee or commission
basis as an agent to bring buyers and sellers together and assist in negotiating real estate
contracts between them.
WITH COMPLETE SOLUTIONS!!
Real estate professionals perform a wide-variety of real estate-related tasks that fall in one of
several categories... correct answers Acquisition and development
Investment
Management
Regulation
Removal
Sale or transfer
As with other goods and services in the marketplace, real estate is affected by... correct
answers Supply and demand
Pricing
Costs incurred in bringing the properties to market
Value aspects of desire, usefulness, scarcity and ability to pay
Sellers Market correct answers One area could have an overabundance of lower-priced homes
with many more buyers than homes available
Buyers Market correct answers another location could have a number of higher-priced homes
for sale and only a few buyers for that price range
Multiple Listing Service(MLS) correct answers An MLS is an organization of member
brokers who share listing information with one another. The contractual obligations between
the brokers of the MLS organization can vary a great deal. However, most organizations state
that the commission will be divided between the listing and selling broker when the property
sells. The terms of that distribution can vary from broker to broker. The MLS usually requires
that a broker register a new listing within a specified amount of time.
Types Of Properties correct answers Industrial
Commercial
Agricultural
Special-Purpose
Recreational
Investment
Residential
Industrial Property correct answers land used for industrial purposes, such as warehouses,
factories and power plants.
Commercial correct answers property refers to income-producing property, such as office
buildings, restaurants, shopping centers, hotels and motels, parking lots and stores. Some
industrial properties may also fall into this category.
Agricultural correct answers is defined as land used primarily for growing crops or raising
livestock, such as farms, pastureland, orchards and timberland.
, Special Purpose correct answers property that has a unique use to the persons who own and
use it, such as churches, hospitals, schools and government buildings.
Recreational correct answers land used for leisure activities, such as parks, forests, time-
shares and campgrounds.
Investment correct answers any property that is being held as an investment to generate
income or profit. Any residential, commercial or industrial property may be considered an
investment property. However, typically most single-family residences are not considered
investment properties, unless they are non-owner occupied.
Residential correct answers land or improved property with buildings designed for humans to
live in, such as single-family homes, multifamily homes, apartments, vacation homes or
condominiums.
Specializations in Real Estate correct answers Type of Property
Clients
Geography
Business Type
Transactions
Auction Sales
Mortgage Loans
Type of Property correct answers An agent can specialize in residential, commercial,
industrial or land (lots, acreage or farms) transactions.
Clients correct answers Rather than deal with all types of clients, some agents decide to
represent sellers and landlords exclusively or buyers and tenants exclusively.
Geography correct answers In a large market area, it can be difficult to keep track of the
specifics on all the properties for sale. Some agents may choose to define a "region" that
includes certain streets, subdivisions or collections of neighborhoods.
Business Type correct answers A broker or agent could choose to focus exclusively on one
type of business client, for example, hospital clients or fast food restaurants.
Transactions correct answers Documents for many types of transactions are unique to that
particular transaction. Within an agency, one agent could become a specialist in leases and
subleases, another in exchanges, another in options, and yet another in commercial sales.
Auction Sales correct answers More and more, properties are being sold at auction. A broker
could choose to deal only in auctions.
Mortgage Loans correct answers Some licensees act as lenders or agents to make or arrange
loans.
Real Estate Broker correct answers A licensed individual employed on a fee or commission
basis as an agent to bring buyers and sellers together and assist in negotiating real estate
contracts between them.
