Principles of Real Estate I (ch 1-12 quiz questions) 100% CORRECT!

,Principles of Real Estate I (ch 1-12 quiz
questions) 100% CORRECT!
1. With regard to the Apartment Locator profession, which of the following statements is
true? - ANSWER -Locators are typically on a fixed salary paid by the locator company.
-In Texas, a real estate license is not required to operate as a roommate locator.
♥Apartment locating has expanded to include condominiums and single family homes.
-Locator fees are ultimately paid by the tenants.

1. Opportunities abound in real estate education because - ANSWER -nearly all states
require the completion of specified real estate courses before a real estate license can
be issued.
-all states require continuing education for license renewal.
-people with experience in the industry and an ability to effectively teach are much
sought after as instructors.
♥all of the above are true

1. Which of the following statement is true regarding Farm Brokerage? - ANSWER -
There are seldom opportunities to earn commissions from leasing and property
management.
♥College training in agriculture is a definite advantage.
-Farm brokers need not focus on soil types, seeds, fertilizers and production methods.
-The farm brokers role has remain virtually the same throughout the years.

1. Which of the following would be true of a career in real estate appraisal? - ANSWER
-The job combines office work and fieldwork.
-The income of an expert appraiser can match that of a top real estate salesperson.
-Most lenders require that their appraisers have some advanced credential designation
to ensure an adequate level of competence.
♥All of the above are true

1. The Education Standard Advisory Committee is a new statutory committee. Which of
the following statements is true regarding this committee? - ANSWER -The TREC
member on the committee has the final vote on any issues.
-ESAC will not deal with delivery methodologies.
-All members of the committee must be real estate instructors.
♥ESAC is in the process of revising curriculum for all required core courses.

, 1. Which of the following careers in real estate would involve primarily working with
local governments and civic groups for the purpose of anticipating future growth and
land use changes? - ANSWER ♥Urban planning.
-Land development.
-Consulting.
-Government service.

1. Most people who are considering a career in real estate think of becoming a real
estate agent who specializes in selling homes because - ANSWER -home selling is the
most visible segment of the real estate industry.
-home selling is the area of business most people answer and the one in which most
practicing real estate licensees make their living.
-residential sales experience is a good way to find out whether real estate sales appeals
to the individual.
♥all of the above are true

1. Dealing with the FHA, the VA, and the Federal Home Loan Bank would probably be
associated with a career in - ANSWER -Consulting.
-Securities and Syndications.
♥Government Service.
-Commercial Brokerage.

1. To supervise every aspect of a property's operation so as to produce the highest
possible financial return over the longest period of time would best describe the role of -
ANSWER -the industrial broker.
♥the property manager.
-the apartment locator.
-the land developer.

1. Real estate is now more than a career in 'marketing' and 'selling'. - ANSWER ♥True
False

1. Most new residential real estate agents are salaried. - ANSWER True
♥False

1. Property managers are usually paid a salary and must have a real estate license. -
ANSWER ♥True
False

1. The appraisal field is more complex requiring for some advanced credential
designations. - ANSWER ♥True

, False

1. The U.S. government offers many jobs for real estate licensees. - ANSWER ♥True
False

1. A real estate consultant does not need a real estate license. - ANSWER True
♥False

1. Which of the following statements would be true concerning a career in commercial
real estate brokerage? - ANSWER -Commercial brokers specialize in income producing
properties such as office buildings and retail stores but not apartments.
-Commercial brokers deal primarily with rental housing.
♥To be successful in commercial brokerage one must be very competent in
mathematics, knowhow to finance transactions, and be aware of current tax laws.
-The time required to break into the business is quite short.


1. Property owners who deal only with their own property are not required to have a
real estate license. - ANSWER ♥True
False

1. A person who offers to sell, buy, negotiate for another person for compensation must
have areal estate license. - ANSWER ♥True
False

1. To be in commercial real estate it is more important for the salesperson to have good
sales skills than to have competent mathematical skills. - ANSWER True
♥False

2.An assessor's parcel number is - ANSWER -the final authority for the legal
description of a parcel of land.
-often used as a legal description in a deed.
♥used extensively by real estate brokers, appraisers, and investors to assist in
identifying real properties.
-assigned by the Texas Land Department.

2. Which of the following would likely be considered trade fixtures? - ANSWER -Meat
and dairy coolers.
-Checkout stands.
-Frozen food counters.
♥All of the above.