1-3

Question 1

There are three main types of residential construction which include:

Answer 1

• Tract homes
• Custom homes
• Speculative (spec) homes

Question 2

Important Points to Remember

Answer 2

• Local planning commission approves the plat map before development begins
• The developer dedicates or gives land to the city or county at the completion of the community
• Buyers can choose from a few plans of homes when choosing a tract home

Question 3

The Role of Government

Answer 3

• The local government controls zoning regulations
• The state government collects transfer taxes when the property is sold
• The federal government charges us capital gains taxes when we sell property

Question 4

Unit Important Points to Know

Answer 4

• The consumer determines what is produced
• Real estate licensees must have knowledge of property transfer, market conditions, and how to market real estate
• A Farm area is a geographical area that a licensee markets their services in
• Property management entails marketing the property, finding tenants, collecting the rent, and maintaining the property

-Appraisal involves estimating the value of real property
Local planning commission approves the plat map before development begins

• The developer dedicates or gives land to the city or county at the completion of the community
• Buyers can choose from a few plans of homes when choosing a tract home
• The local government controls zoning regulations
• The state government collects transfer taxes when the property is sold
• The federal government charges us capital gains taxes when we sell property
• The National Association of REALTORS®(NAR) is one of the largest trade associations in the country
• Licensees are not REALTORS unless they join the National Association of REALTORS®