Unit One: Introduction to the RE Business

Question 1

What is residential real property?

Answer 1

All property used for single-family or multifamily housing, whether in urban, suburban, or rural areas.

Question 2

What is commercial real property?

Answer 2

Business property, including office space, shopping centers, stores, theaters, hotels, and parking facilities.

Question 3

What is industrial real property?

Answer 3

Warehouses, factories, and land in industrial districts.

Question 4

What is agricultural real property?

Answer 4

Farms, timberland, ranches, and orchards.

Question 5

What is special purpose real property?

Answer 5

Churches or places of worship, schools, cemeteries, and government-held lands.

Question 6

What are the two markets for real property?

Answer 6

The sales market, which involves the transfer of title and ownership rights, and the rental market, in which space is temporarily leased.

Question 7

Do most licensees specialize in one type of property?

Answer 7

Yes, most licensees choose to specialize in only one type of property, such as residential or commercial.

Question 8

5 Types of Real Property

Answer 8

Real estate can be classified as
* residential—all property used for single-family or multifamily housing, whether in urban, suburban, or rural areas;
* commercial— business property, including office space, shopping centers, stores, theaters, hotels, and parking facilities;
* industrial—warehouses, factories, and land in industrial districts;
* agricultural—farms, timberland, ranches, and orchards; or
* special purpose—churches or places of worship, schools, cemeteries, and government-held lands.