Principles of Real Estate Exam #1
Questions with Answers
Career Opportunities - ✔✔residential brokerage, commercial brokerage, industrial brokerage,
farm brokerage, property management, rental listing service, real estate appraising,
government service, land development, urban planning, mortgage financing, securities and
syndications, consulting, title insurance, research and education, full time investor.
Residential Brokerage - ✔✔
Commercial Brokerage - ✔✔-specialize in income producing properties such as apartment and
office buildings, retail stores and warehouses. primarily selling the monetary benefits; income,
appreciation, mortgage reduction, and tax shelter that a property can reasonably be expected
to produce.
-competency in mathematics, finance transactions and tax laws is very important. less frequent
but larger commissions than residential brokerage. working hours much closer to regular
business hours. networking important.
Industrial Brokerage - ✔✔specialize in finding suitable land and buildings for industrial
concerns. includes leasing and developing industrial property as well as listing and selling it.
must be familiar with industry requirements such as proximity to raw materials, water and
power, labor supplies and transportation. must also know about local building, zoning, and tax
laws as they pertain to possible sites and about the schools, housing, cultural and recreational
facilities that would be used by future employees of the plant. commissions are irregular but
substantial.
Farm Brokerage - ✔✔-must be equally capable of handing the 160 acre spread of farmer jones
and the 10,000 acre operation owned by an agribusiness corporation. knowledge of soils,
seeds, plants, fertilizers, production methods, net machinery, government subsidies, and tax
laws is vital to success. offers as many opportunities to earn commissions and fees from leasing
and property management as from listing and selling property.
,Property Management - ✔✔job is to supervise every aspect of a property's operation so as to
produce the highest possible financial return over the longest period of time. tasks include:
renting, tenant relations, building repair and maintenance, accounting, advertising, and
supervision of personnel and tradesmen. growing demand for this position. usually paid in
salary and if the property is a rental, a bonus for keeping the building fully occupied. should not
only be a public relations expert and a good book keeper, but also at ease with tenants, handy
with tools, and knowledgable about laws applicable to rental units
Rental Listing services - ✔✔-services that help tenants find rental units and landlords find
tenants. most compile lists of available rentals and sell this information to persons looking for
rentals. a few also charge the landlord for listing the property. objective is to save a person time
and gas by providing pertinent information about the rental. info included: location, size, rent,
security deposit, pet policy, etc. also include roommate profile services.
Real Estate Appraising - ✔✔-job of the real estate appraiser is to gather and evaluate all
available facts affecting a property's value. does not require property selling. requires practical
experience, technical education, and good judgement. appraisers must be licensed in all 50
states including DC. appraisers also must have a college degree.
Government Service - ✔✔-one third of the land in the US is government owned. includes
vacant and forested land, office buildings, museums, parks, zoos, schools, hospitals, public
housing, libraries, fire and police stations, roads and highways, subways, airports, and
courthouses. all of these require government employees who can negotiate purchases and
sales, appraise, finance, and manage and plan and develop. Forest service, park service, dept of
agriculture, army corps of engineers, bureau of land management, and general services admin
are all major landholders on the federal level. in addition to outright ownership, the federal
housing administration, VA and federal home loan bank employ real estate specialists to
operate their real estate lending programs.
Land Development - ✔✔-most new homes in the US are built by developers who in turn sell
them to homeowners and investors. equal opportunity as a large or small scale developer.
Urban Planning - ✔✔-work with local governments and civic groups for the purpose of
anticipating future growth and land use changes. they make recommendations for new streets,
highways, sewer and water lines, schools, parks, and libraries. emphasis on environmental
, protection and controlled growth has made urban planning one of real estates most rapidly
expanding specialties. usually a salaried position and does not emphasize sales ability.
Mortgage financing - ✔✔-have a dual role 1) find economically sound properties for lenders
2)to locate money for borrowers. some specialists offer real estate loan consulting for a fee.
help a borrower choose from among the numerous mortgage loan formats available today, find
the best loan for the client, and assist in filling out and processing the loan application.
Securities and Syndications - ✔✔-limited partnerships and other forms of real estate
syndications that combine the investment capital of number of investors to buy large
properties number in the thousands. opportunities are eagerly sought after by people with
money to invest in real estate, as a result there are job opportunities in creating, promoting,
and manging real estate syndications.
Consulting - ✔✔-involves giving others real estate advice for a fee. must have a very broad
knowledge about real estate including financing, appraising, brokerage, management,
development, construction, investing, leasing, zoning, taxes, title, economics, and law. one
must develop a good track record of successful suggestions and advice.
title insurance - ✔✔-offers an abundance of job opportunities and a wide range or varieties,
very good at simple accounting, prepping closing statements, and has an outgoing personality
would be an excellent escrow officer. one who is more inclined to the tech side, research, or
document review could be a title examiner.
Research and education - ✔✔-
Full time investor - ✔✔
license requirements - ✔✔
what is real estate or real property? - ✔✔-land and the improvements made to land, and the
rights to use them.
Questions with Answers
Career Opportunities - ✔✔residential brokerage, commercial brokerage, industrial brokerage,
farm brokerage, property management, rental listing service, real estate appraising,
government service, land development, urban planning, mortgage financing, securities and
syndications, consulting, title insurance, research and education, full time investor.
Residential Brokerage - ✔✔
Commercial Brokerage - ✔✔-specialize in income producing properties such as apartment and
office buildings, retail stores and warehouses. primarily selling the monetary benefits; income,
appreciation, mortgage reduction, and tax shelter that a property can reasonably be expected
to produce.
-competency in mathematics, finance transactions and tax laws is very important. less frequent
but larger commissions than residential brokerage. working hours much closer to regular
business hours. networking important.
Industrial Brokerage - ✔✔specialize in finding suitable land and buildings for industrial
concerns. includes leasing and developing industrial property as well as listing and selling it.
must be familiar with industry requirements such as proximity to raw materials, water and
power, labor supplies and transportation. must also know about local building, zoning, and tax
laws as they pertain to possible sites and about the schools, housing, cultural and recreational
facilities that would be used by future employees of the plant. commissions are irregular but
substantial.
Farm Brokerage - ✔✔-must be equally capable of handing the 160 acre spread of farmer jones
and the 10,000 acre operation owned by an agribusiness corporation. knowledge of soils,
seeds, plants, fertilizers, production methods, net machinery, government subsidies, and tax
laws is vital to success. offers as many opportunities to earn commissions and fees from leasing
and property management as from listing and selling property.
,Property Management - ✔✔job is to supervise every aspect of a property's operation so as to
produce the highest possible financial return over the longest period of time. tasks include:
renting, tenant relations, building repair and maintenance, accounting, advertising, and
supervision of personnel and tradesmen. growing demand for this position. usually paid in
salary and if the property is a rental, a bonus for keeping the building fully occupied. should not
only be a public relations expert and a good book keeper, but also at ease with tenants, handy
with tools, and knowledgable about laws applicable to rental units
Rental Listing services - ✔✔-services that help tenants find rental units and landlords find
tenants. most compile lists of available rentals and sell this information to persons looking for
rentals. a few also charge the landlord for listing the property. objective is to save a person time
and gas by providing pertinent information about the rental. info included: location, size, rent,
security deposit, pet policy, etc. also include roommate profile services.
Real Estate Appraising - ✔✔-job of the real estate appraiser is to gather and evaluate all
available facts affecting a property's value. does not require property selling. requires practical
experience, technical education, and good judgement. appraisers must be licensed in all 50
states including DC. appraisers also must have a college degree.
Government Service - ✔✔-one third of the land in the US is government owned. includes
vacant and forested land, office buildings, museums, parks, zoos, schools, hospitals, public
housing, libraries, fire and police stations, roads and highways, subways, airports, and
courthouses. all of these require government employees who can negotiate purchases and
sales, appraise, finance, and manage and plan and develop. Forest service, park service, dept of
agriculture, army corps of engineers, bureau of land management, and general services admin
are all major landholders on the federal level. in addition to outright ownership, the federal
housing administration, VA and federal home loan bank employ real estate specialists to
operate their real estate lending programs.
Land Development - ✔✔-most new homes in the US are built by developers who in turn sell
them to homeowners and investors. equal opportunity as a large or small scale developer.
Urban Planning - ✔✔-work with local governments and civic groups for the purpose of
anticipating future growth and land use changes. they make recommendations for new streets,
highways, sewer and water lines, schools, parks, and libraries. emphasis on environmental
, protection and controlled growth has made urban planning one of real estates most rapidly
expanding specialties. usually a salaried position and does not emphasize sales ability.
Mortgage financing - ✔✔-have a dual role 1) find economically sound properties for lenders
2)to locate money for borrowers. some specialists offer real estate loan consulting for a fee.
help a borrower choose from among the numerous mortgage loan formats available today, find
the best loan for the client, and assist in filling out and processing the loan application.
Securities and Syndications - ✔✔-limited partnerships and other forms of real estate
syndications that combine the investment capital of number of investors to buy large
properties number in the thousands. opportunities are eagerly sought after by people with
money to invest in real estate, as a result there are job opportunities in creating, promoting,
and manging real estate syndications.
Consulting - ✔✔-involves giving others real estate advice for a fee. must have a very broad
knowledge about real estate including financing, appraising, brokerage, management,
development, construction, investing, leasing, zoning, taxes, title, economics, and law. one
must develop a good track record of successful suggestions and advice.
title insurance - ✔✔-offers an abundance of job opportunities and a wide range or varieties,
very good at simple accounting, prepping closing statements, and has an outgoing personality
would be an excellent escrow officer. one who is more inclined to the tech side, research, or
document review could be a title examiner.
Research and education - ✔✔-
Full time investor - ✔✔
license requirements - ✔✔
what is real estate or real property? - ✔✔-land and the improvements made to land, and the
rights to use them.
