MD Real Estate On Line Class - Chapter
1 questions with correct answers.
Real Estate Brokerage ANS -Is the business of bringing people together in a real estate transaction
conducted by
A real estate broker who is a person or company licensed to buy, sell, exchange, or lease real property
for others for compensation and who may
*******Be the agent of buyer, seller, or both, and
*******Not be the agent of any party to the transaction; or
*******A real estate salesperson who conducts brokerage activities on behalf of the broker.
Appraisal ANS -Is the process of estimating a property's value (typically, market value) that is based on
established methods and an appraiser's professional judgment and is regulated as follows:
• Licensing or certification is required for many federally related transactions.
• Many states require licensing or certification for local transactions.
Subdivision and Development ANS -Involve splitting a single property into smaller parcels (subdividing)
and constructing improvements on the land (development).
Home Inspection ANS -Is a growing area of interest to both purchasers and homeowners, but note the
following:
• A state license may be required of a home inspector.
• An inspection report will show results of a thorough visual survey of a property.
Real Estate Counseling ANS -Involves independent advice based on sound professional judgment.
Types of Real Property ANS -• Residential—single-family and multifamily
• Commercial—office space, shopping centers, stores, theaters, hotels, parking facilities
• Mixed use—commercial and residential uses in the same building
• Industrial—warehouses, factories, land in industrial districts, power plants
1 questions with correct answers.
Real Estate Brokerage ANS -Is the business of bringing people together in a real estate transaction
conducted by
A real estate broker who is a person or company licensed to buy, sell, exchange, or lease real property
for others for compensation and who may
*******Be the agent of buyer, seller, or both, and
*******Not be the agent of any party to the transaction; or
*******A real estate salesperson who conducts brokerage activities on behalf of the broker.
Appraisal ANS -Is the process of estimating a property's value (typically, market value) that is based on
established methods and an appraiser's professional judgment and is regulated as follows:
• Licensing or certification is required for many federally related transactions.
• Many states require licensing or certification for local transactions.
Subdivision and Development ANS -Involve splitting a single property into smaller parcels (subdividing)
and constructing improvements on the land (development).
Home Inspection ANS -Is a growing area of interest to both purchasers and homeowners, but note the
following:
• A state license may be required of a home inspector.
• An inspection report will show results of a thorough visual survey of a property.
Real Estate Counseling ANS -Involves independent advice based on sound professional judgment.
Types of Real Property ANS -• Residential—single-family and multifamily
• Commercial—office space, shopping centers, stores, theaters, hotels, parking facilities
• Mixed use—commercial and residential uses in the same building
• Industrial—warehouses, factories, land in industrial districts, power plants
