1. A professional opinion of a property's market value, based on established
methods and using trained judgement, is performed by a ANS >>
a) real estate attorney
b) real estate appraiser
c) real estate counselor
d) home inspector ANS >> b)
2. In general, when the supply of a certain commodity increases
a) price tends to rise
b) price tends to drop
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, c) demand for it tends to rise
d) demand for it tends to drop ANS >> b)
3. Which factor primarily affects supply in the real estate market?
a) population
b) demographics
c) Employment
d) Govermental monetary policy ANS >> d)
4. Which factor is MOST likely to influence demand for real estate?
a) number of real estate professionals in the area
b) Number of full-time real estate professionals in the area
c) wage levels and employment opportunities
d) price of new homes being built in the area ANS >> c)
5. Property management, appraisal, financing, and development are all exam-
ples of
a) factors affecting demand.
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, b) specializations within the real estate industry
c) non-real estate professions
d) activities requiring broker management and supervision ANS >> b)
6. A REALTOR* is BEST described as an individual who is
a) a real estate professional who acts as a point of contact between two or
more people in negotiating the sale, purchase, or rental of property.
b) any real estate professional who assists buyers, sellers, landlords, or
tenants in any real estate transaction.
c) a member of the National Association of Real Estate Brokers who special-
izes in residential properties.
d) a real estate licensee and a member of the National Association of realtors
NAR ANS >> b)
7. A major manufacturer of automobiles announces that it will relocate one of
its factories, along with 2000 employees, to a small town. What effect will this
announcement MOST likely have on the small town's housing market?
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, a) houses will likely become less expensive
b) houses will likely become more expensive
c) because the announcement involves an issue of demographics, not of
supply and demand, housing prices will stay the same.
d) the announcement involves an industrial property; residential housing will
not be affected. ANS >> b)
8. A real estate professional who has several years of experience in the
industry decided to retire from actively marketing properties. Now this person
helps clients choose among the carious alternatives involved in purchasing,
using, or investing in property. What is this person's profession?
a) real estate counselor
b) real estate appraiser
c) real estate educator
d) realtor ANS >> a)
9. The words broker and realtor are
a) interchangeable
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methods and using trained judgement, is performed by a ANS >>
a) real estate attorney
b) real estate appraiser
c) real estate counselor
d) home inspector ANS >> b)
2. In general, when the supply of a certain commodity increases
a) price tends to rise
b) price tends to drop
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, c) demand for it tends to rise
d) demand for it tends to drop ANS >> b)
3. Which factor primarily affects supply in the real estate market?
a) population
b) demographics
c) Employment
d) Govermental monetary policy ANS >> d)
4. Which factor is MOST likely to influence demand for real estate?
a) number of real estate professionals in the area
b) Number of full-time real estate professionals in the area
c) wage levels and employment opportunities
d) price of new homes being built in the area ANS >> c)
5. Property management, appraisal, financing, and development are all exam-
ples of
a) factors affecting demand.
mailto:https://www.stuvia.com/en-us/user/techgrades
, b) specializations within the real estate industry
c) non-real estate professions
d) activities requiring broker management and supervision ANS >> b)
6. A REALTOR* is BEST described as an individual who is
a) a real estate professional who acts as a point of contact between two or
more people in negotiating the sale, purchase, or rental of property.
b) any real estate professional who assists buyers, sellers, landlords, or
tenants in any real estate transaction.
c) a member of the National Association of Real Estate Brokers who special-
izes in residential properties.
d) a real estate licensee and a member of the National Association of realtors
NAR ANS >> b)
7. A major manufacturer of automobiles announces that it will relocate one of
its factories, along with 2000 employees, to a small town. What effect will this
announcement MOST likely have on the small town's housing market?
mailto:https://www.stuvia.com/en-us/user/techgrades
, a) houses will likely become less expensive
b) houses will likely become more expensive
c) because the announcement involves an issue of demographics, not of
supply and demand, housing prices will stay the same.
d) the announcement involves an industrial property; residential housing will
not be affected. ANS >> b)
8. A real estate professional who has several years of experience in the
industry decided to retire from actively marketing properties. Now this person
helps clients choose among the carious alternatives involved in purchasing,
using, or investing in property. What is this person's profession?
a) real estate counselor
b) real estate appraiser
c) real estate educator
d) realtor ANS >> a)
9. The words broker and realtor are
a) interchangeable
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