Unit 1

Question 1

Home Inspection

Answer 1

Report based on visual survey of property structure, systems, and site conditions.

Question 2

Salesperson (Sales Associate)

Answer 2

Person who performs real estate activities while employed by, or associated with, a licensed real estate broker.

Question 3

Appraisal

Answer 3

Process of using established methods and good judgement to form an opinion of the value of a property.

Question 4

Market

Answer 4

When goods are bought and sold an a price for the goods is established there is this.

Question 5

Brokerage

Answer 5

The bringing together of parties interested in making a real estate transaction.

Question 6

Immobility

Answer 6

The property of real estate that refers to the fact that property cannot be relocated elsewhere.

Question 7

Fair Housing

Answer 7

The provision of a dwelling place for purchase or rental without discrimination based on an individual’s race, color, national origin, religion, sex, familial status, or disability.

Question 8

Uniqueness

Answer 8

Even if two parcels appear identical, they are never exactly alike because of this quality.

Question 9

Condominium

Answer 9

An owner of this type of housing owns an individual unit and also shares ownership of common facilities.

Question 10

Property Management

Answer 10

Maintaining and administering another’s property for a fee.