1001

Question 1

Many licensees will concentrate on one type or style of property or on one particular neighborhood, a practice called _________. Finding and specializing in a particular neighborhood or type of property, referred to as a ____________ area or __________________, is considered to be one of the best ways to succeed in the real estate business

Answer 1

farming
farm area or target market

Question 2

_______________________ is the process of Conveying ownership or rights in property. It is a complex process not commonly understood. There are laws, documents, disclosures, and technicalities that can be bewildering and even frightening to those who are unfamiliar with them.

Answer 2

Property Transfer

Question 3

No two properties are ever exactly alike. Real estate licensees must be able to discern important differences and properly understand how those differences translate into value. This is called _____________________________.
Although much information is available to the public concerning real estate transactions, the factors that most affect value are not readily understood by those without proper training.

Answer 3

Valuation and Market Conditions

Question 4

A Real Estate Professional must be qualified in ____________ ____________, _______________ and _________________.

Answer 4

Property Transfer, Valuation and Market Conditions, and Marketing

Question 5

Residential property is of _______ units or fewer.

Answer 5

four

Question 6

____________________ transactions are…
*The sale of any improved residential property of four units or fewer,
*Unimproved property intended for four units or fewer,
*Agricultural properties of ten acres or less,
*Leases with options to purchase all or a portion of improved property of four or fewer units, and
*Dispositions of business interests involving property of four or fewer units.

Answer 6

Residential

Question 7

____________ building is when a contractor is employed to build a structure according to the customer’s specifications.

Answer 7

Custom

Question 8

________________ building is when a developer acquires a large tract of land, records a subdivision plat map, and uses a model center from which sales may be made.

Answer 8

Tract

Question 9

Planning & Zoning , Building Moratoriums, Property Taxes - Building & Health Codes are overseen by the _______________

Answer 9

Local Level Government