DEP 2000 Real Estate Final Exam Review Exam 2023 with Complete Questions and Answers 100% Correct

FINAL EXAM REVIEW: CHAPTER 1: 1. A sale’s associate has decided to concentrate on trying to obtain listings from a particular neighborhood, the associate believes this shall increase knowledge of the market and improve the likelihood of success. Which term refers to this approach? (pg. 2) a. Farming 2. Real estate professionals provide expert knowledge concerning real estate transactions. All of the following are areas of expertise licensees are expected to possess, EXCEPT: a. Valuation b. Marketing c. Property transfer d. Construction 3. A developer that acquires a large tract of land to build houses and also builds a model center from where sales will be made. The developer is engaged in which type of building construction? a. Specific building b. Tract building c. Custom building d. Big building 4. Real estate business is influences by government at the local estate and federal levels, which action will take place at the local level? (pg. 9) a. Building moratorium b. Monetary policy c. Documentary stamp tax d. Discount point limitations CHAPTER 2: 1. An individual has the designation of a broker associate. What does this mean? (pg. 17) a. The individual is a broker who chooses to work for another broker as a sale’s associate 2. What is the name for a person who has passed the state broker’s license examination but continues to be employed by an actively licensed real estate broker? a. Broker’s associate 3. An applicants real estate license application was denied, all of the actions below could have caused that result, EXCEPT: a. The applicant was disciplined by The FREC, and The FREC chose to deny their application b. The applicant failed to answer all the questions on the application c. The applicant failed to remit the application processing fee d. The applicant was not a US citizen 4. Franceen has been licensed, as a sale’s associate for three years, she now wishes to obtain her broker’s license. Which is correct regarding broker’s licensing requirements? a. Must have been active for the 3 years within the past 5 years b. Must obtain permission from her broker to apply for the license c. Must complete the 72 hours broker’s pre-license course, and must have been active for at least 24 months within the past 5 years d. Must prove