Principles of Real Estate II Exam: Questions & Answers: Latest Updated

In the real estate business, which professional's primary role is to make improvements to land? (Ans-Real estate developer Hotels, motels, golf courses, resorts, and sporting arenas belong to which of these property categories? (Ans-leisure In the real estate business, which professional's primary role is to estimate property value based on established valuation guidelines? (Ans-Real Estate Appraiser Shopping centers and malls belong to which of these property categories? (Ans-Retail Of the six categories of real estate, what types of properties are hospitals, urgent care centers, and doctor's offices? (Ans-Healthcare In the real estate business, which professional's primary role is to protect brokerages from litigation and to answer questions for licensees about legal matters regarding real estate transactions? (Ans-Real Estate attorney Single-family, multi-family (duplex, triplex, etc.), apartment buildings, condominiums, and cooperatives are part of what property category? (Ans-Residential Because these types of properties have both specific physical and complex operational requirements, they are usually handled by more experienced real estate professionals. (Ans-Industrial Consider the travel, tourism, and hospitality industry for a moment. Visiting the best beaches? No problem. Now consider acting as a real estate licensee specializing in resort and vacation properties. It's a whole different beach volleyball game, right? What type of information should licensees know and understand before they can competently represent clients in this specialty area? (Ans-The regulations for timeshare properties and vacation rentals Timeshare properties are also referred to as _________________. (Ans-Resort Properties What's required in order to call an auction? (Ans-an auctioneer's license Luciana is very successful in her profession, partially because she was fortunate enough to connect with several developers in the early days of her career. Since then, she's built a solid reputation as the "go to" person in the state to list properties on the MLS and show model homes in newly developed communities. What's Luciana's profession? (Ans-Shes a real estate licensee Bryant is a professional who spends his days drafting plans for new communities. He must consider what these newly developed areas of town will require, including streets and open areas like parks. In what profession does Bryant specialize? (Ans-He's a planner Where do live auctions typically take place? (Ans-On the steps of the local courthouse Sam has a degree and experience in agricultural studies. In which of the following real estate areas would Sam's education and experience be the most helpful? (Ans-Farm and ranch properties Richard just purchased 200 acres of timber land. He initially wanted his nephew, licensee Randy, to help with the purchase, but Randy suggested Richard find a broker who specialized in farm, ranch, and other land sales. What benefits timberland offer? (Ans-Land with trees Petroleum landmen specialize in the negotiation of contracts covering what aspect of land ownership? (Ans-Oil and mineral rights Which of the following are all examples of private land use control? (Ans-Easement, lien, deed restriction Shemar owns a starter home a few miles outside the city center, and he wants to deed it to his grandson, Tyler. According to the paperwork Shemar had drawn up, Tyler will own the property as long as he continues to pay the property taxes on time. After the second late property tax payment, ownership reverts to Shemar. What did Shemar place on the deed? (Ans-Deed condition Which of the following describes a deed restriction? (Ans-It can be placed on a single property, an entire subdivision or a neighborhood When referring to private land use restrictions, fence height, additional structures, and architectural design are generally categorized under ______. (Ans-Covenants