Chapter 1 Review Questions & Practice Exam 45 hr Post licensing

Farming - collect answer-Specilizing n one type of property or on one particular neighborhood is a practice referred to as The sale of any improved residential property 4 units or fewer, including condo units, unimproved property intended for 4 units or fewer, agricultural properties 10 acres or less, leases with options to purchase all or airtime of improved property of 4 or fewer res. Units and disposition of business interest in 4 unit bldg - collect answer-A residential transaction is defined as Industrial sales - collect answer-A business specialization where licensees assist customers in locating and purchasing or leasing warehouse or manufacturing facilities. NAR Realtor - collect answer-A large national organization of real estate professionals whose members are entitled to use the trademark of -----/ NAR Code of Ethics - collect answer-Code established to promote a higher standards of conduct in yhe real estate profession han rhe law provides. Clients and customers the public and other real estate licensees - collect answer-The NAR code ethics and the duties of realtors. Valuation marketing and property transfer - collect answer-Real estate professionals are expected to have expert knowledge in these areas