Unit 1 Quiz Flashcards
- A professional opinion of a properties market value, based on established methods and using trained judgment, is for formed by
A. Real estate attorney
B. Real estate appraiser
C. Real estate counselor
D. Home inspector
Answer:
B. Real estate appraiser
- In general, when the supply of a certain commodity increases
A. Price tends to rise
B. Price tends to drop
C. Demand for it tends to rise
D. Demand for it tends to drop
B. Price tends to drop
- Which factor is most likely to influence demand for real estate?
A. Number of real estate professionals in 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.
Answer:
C. Wage levels and employment opportunities
- Which factor primarily affects supply of the real estate market?
A. Population
B. demographics
C. employment government
D. monetary policy
D. Government monetary policy
- Property management, appraisals, financing, and development are all examples of
A. Factors affecting the demand.
B. Specialization within the real estate industry
C. Non-real estate professions.
D. Activities requiring broker management and supervision.
Answer:
B. Specializations within the real estate industry.
- A realtor is best described as a individual who is?
A. It real estate professional who acts as a point of contact between two or more people and negotiating the sale purchase or rental property
Or
B. A real estate licensee and member of the national Association of realtors (NAR)
Answer;
B. A real estate licensee and member of the national Association of realtors (NAR)
- What would be the effect of a small town’s housing market if 2000 employees relocated?
A. Prices become less expensive
B. prices become more expensive
C. prices will remain the same
D. residential housing will not be affected
Answer:
B. prices become more expensive
- A real estate professional with several years of experience decides to retire. Now this person would like to help clients involved in purchasing using or investing property. What is this person’s profession?
A. Real estate counselor
B. real estate appraiser
C. real estate educator
D. realtor
Answer:
A. Real estate counselor
- The words broker and realtor or
A. Interchangeable
B. different categories of membership in the NAR
C. different titles offered by separate professional organizations.
D. not necessarily related; a broker is a real estate licensee, and a realtor is a real estate licensee who is a member of NAR
Answer:
D. not necessarily related; a broker is a real estate licensee, and a realtor is a real estate licensee who is a member of NAR
- Schools would be considered part of which real estate classification?
A. Special purpose
B. Industrial
C. commercial
D. residential
Answer:
A. Special-purpose
- When demand for a commodity decreases and supply remains the same
A. Price tends to rise
B. price tends to fall
C. price is not affected
D. the market becomes stagnant
Answer:
B. Price tends to fall
- A licensed real estate professional acting as a point of contact between two or more people in negotiating the sale rental or purchase of a property is known as a(n)
A. Sales affiliate
B. broker
C. property inspector
D. appraiser
Answer:
B. Broker
- An increase in the following would affect supply
A. Population
B. construction cost
C. governmental controls
D. the labor force
Answer:
A. Population
- All of the following are categories of the uses of REAL property except
A. Residential
B. developmental
C. agricultural
D. industrial
Answer:
B. Developmental
- All of the following affect how quickly the forces of supply and demand work except
A. A property specific geographical location immobility a property
B. degree of standardization of the properties
C. price
D. uniqueness of property
Answer:
C. Degree of standardization of the property’s price
