MA REAL ESTATE EXAM GENERAL | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+

Broker Correct Answer: acts as a point of contact between two or more people in negotiating the sale, purchase, or rental of property Slesperson Correct Answer: Conducts brokerage activities on behalf of the broker. The broker is responsible for the salesperson's acts. property management Correct Answer: a person or company hired to maintain and manage property on behalf of its owner home inspection Correct Answer: A profession that allows practicioners to combine their interest in real estate with their professional skills in the construction trades or in engineering. 2 NAR Correct Answer: National Association of Realtors. Must be a member of this to be a realtor. Types of Real Property Correct Answer: Residential, commercial, Industrial, agricultural, special purpose. Supply and Demand Correct Answer: When supply increases and demand remains stable, prices go down. When demand increases and supply remains stable, prices go up. factors affecting real estate supply Correct Answer: labor force, construction costs, government controls, gov financial policies. factors affecting real estate demand Correct Answer: population, employment, wage levels. Guidelines for becoming a broker Correct Answer: Must be a salesperson for at least one year, with a minimum of 25 hours a week work. Must have 30 hours of additional class and post a 15000 dollar assurity bond that costs 50 dollars and is good for up to 5 years. Can do it over 2 years. 3 Land Correct Answer: the earths surface extending downward to the center of earth and upward to infinity, including permanent objects such as trees and water. Real Estate Correct Answer: Land at, above, and below the earth's surface, plus things permanently attached to it whether artificial or natural. Real Property Correct Answer: the interests, benefits, and rights that are automatically included in the ownership of land and real estate. Bundle of legal rights Correct Answer: posession, control, quiet enjoyment, exclusion, disposition. Title