FREC 1 Questions & Answers | 100% Correct Answers | Verified | Latest 2024 Version

What does RESPA stand for? What does it mean? - Real Estate Settlement Procedures Act. Getting someone qualified Wha is real estate brokerage? - Real estate brokerage is the business of bringing together buyers and sellers and owners and renters and completing real estate transactions (paid a fee or a commission for services) 5 major sales specialties - "Residential"- 4 or fewer residential units OR agricultural property of 10 or fewer acres. "Commercial" - improved residential property of greater than 4 units. "Industrial" - must have technical knowledge of the needs of different industries. "Agricultural"- agricultural property of more than 10 acres (must be familiar with the operation of farms and related problems) "Business"- real estate licensees who engage in the sale,purchase,or lease of businesses are called business brokers. True or false business brokers need a license - TRUE What is property management? - A property manager who manages and maintains property for the property owner. Definition of "absentee owner" - Someone who doesn't reside on the property and rely on a professional property manager Appraising - The process of estimating the value of property. (Requires separate license) What does USPAP stand for? And what does it mean? - Uniform standards of professional appraisal practice. It's a set of guidelines to follow when providi