, Principles of Real Estate 1 - Chapter
Question Review EXAM QUESTIONS
AND ANSWERS 100% CORRECT!
Brokerage is the aspect of the real estate business that pertains to overseeing the
needs of the parities and completing a transaction - ANSWER True
Property managers are generally responsible for the _________of a property that they
manage. - ANSWER (1) Day-to-day operations
(2) Maintenance
(3) Tenant relations
Mortgage brokers are now known as: - ANSWER RMLO (Residential Mortgage Loan
Officer)
The largest trade organization representing real estate professionals is ... - ANSWER
NAR (National Association of Realtors)
A fair return or equivalent in goods, or money for something exchanged is: - ANSWER
Value
Appraisal - ANSWER Opinion of Value
Statutory Law - ANSWER Law based upon legislation
Non-homogeneity - ANSWER No two pieces of land are alike
Fixity - ANSWER Land cannot be moved
Common Law - ANSWER Law based upon local custom
Scarcity - ANSWER Price goes up and down with supply
Modification - ANSWER Improvements affect value
Indestructibility - ANSWER Durability
Question Review EXAM QUESTIONS
AND ANSWERS 100% CORRECT!
Brokerage is the aspect of the real estate business that pertains to overseeing the
needs of the parities and completing a transaction - ANSWER True
Property managers are generally responsible for the _________of a property that they
manage. - ANSWER (1) Day-to-day operations
(2) Maintenance
(3) Tenant relations
Mortgage brokers are now known as: - ANSWER RMLO (Residential Mortgage Loan
Officer)
The largest trade organization representing real estate professionals is ... - ANSWER
NAR (National Association of Realtors)
A fair return or equivalent in goods, or money for something exchanged is: - ANSWER
Value
Appraisal - ANSWER Opinion of Value
Statutory Law - ANSWER Law based upon legislation
Non-homogeneity - ANSWER No two pieces of land are alike
Fixity - ANSWER Land cannot be moved
Common Law - ANSWER Law based upon local custom
Scarcity - ANSWER Price goes up and down with supply
Modification - ANSWER Improvements affect value
Indestructibility - ANSWER Durability
