100% CORRECT ANSWERS|LATEST
1. Brokerage definition... - ANSWER the business practice of bringing together the
parties in a practice.
2. What are two examples of special use property? - ANSWER schools and cemetary
3. What is an example of functional obsolescence? - ANSWER bathroom
4. Principal definition... - ANSWER a consumer of real estate services who has
entered into an agency relationship with a broker or another licensee employed by a broker.
5. Capitalization definition... - ANSWER the process of determining the present value
of a property from it's future income.
6. What is the salespersons obligation to a buyer under single agency listing? -
ANSWER Inform the buyer
8. All are examples of real estate except... - ANSWER factories
9. What is homeowners insurance? - ANSWER Insurance to protect owners from
fires and other etc.
10. Special agent definition... - ANSWER the type of agency in which the principal
authorizes the agent to represent the agent in "one specific transaction or business activity"
1
, 11. Which is not used to determine cost approach to estimate value?
-Quantity Survey Method
-Unit-in-Place Method
-Square Foot Method
-Gross Rent Multiplier Method - ANSWER Gross Rent Multiplier Method
What is steering? - ANSWER the unlawful act of keeping a buyer away from certain
communities or guiding them to purchase in certain communities.
15. Entitlement to commission when transaction is not consummated. -
ANSWER Except when listing broker does not disclose information
16. Can a salesperson give legal advice? - ANSWER No, not unless they are an
attorney.
17. Who determines the commission in a listing contract? - ANSWER An agreement
between the owner and broker
19. All are typical duties of a property manager with the exception of... -
ANSWER Investing profits
20. Transfer tax is typically paid by for by whom? - ANSWER Buyer and seller
21. Blockbusting definition... - ANSWER An illegal real estate practice caused by
inciting fear and panic selling by suggesting that persons of minority background are or may
be moving into an area or that the majority of residents are moving out of an area.
23. Special agency listing definition... - ANSWER n/a
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1. Brokerage definition... - ANSWER the business practice of bringing together the
parties in a practice.
2. What are two examples of special use property? - ANSWER schools and cemetary
3. What is an example of functional obsolescence? - ANSWER bathroom
4. Principal definition... - ANSWER a consumer of real estate services who has
entered into an agency relationship with a broker or another licensee employed by a broker.
5. Capitalization definition... - ANSWER the process of determining the present value
of a property from it's future income.
6. What is the salespersons obligation to a buyer under single agency listing? -
ANSWER Inform the buyer
8. All are examples of real estate except... - ANSWER factories
9. What is homeowners insurance? - ANSWER Insurance to protect owners from
fires and other etc.
10. Special agent definition... - ANSWER the type of agency in which the principal
authorizes the agent to represent the agent in "one specific transaction or business activity"
1
, 11. Which is not used to determine cost approach to estimate value?
-Quantity Survey Method
-Unit-in-Place Method
-Square Foot Method
-Gross Rent Multiplier Method - ANSWER Gross Rent Multiplier Method
What is steering? - ANSWER the unlawful act of keeping a buyer away from certain
communities or guiding them to purchase in certain communities.
15. Entitlement to commission when transaction is not consummated. -
ANSWER Except when listing broker does not disclose information
16. Can a salesperson give legal advice? - ANSWER No, not unless they are an
attorney.
17. Who determines the commission in a listing contract? - ANSWER An agreement
between the owner and broker
19. All are typical duties of a property manager with the exception of... -
ANSWER Investing profits
20. Transfer tax is typically paid by for by whom? - ANSWER Buyer and seller
21. Blockbusting definition... - ANSWER An illegal real estate practice caused by
inciting fear and panic selling by suggesting that persons of minority background are or may
be moving into an area or that the majority of residents are moving out of an area.
23. Special agency listing definition... - ANSWER n/a
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