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Flashcards in Unit Review Questions Deck (10)
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1

Which of the following professional activities is a real estate broker or agent most likely to be directly involved in?

Transferring real estate ownership.

2

The distinguishing feature of commercial property is that:

It has the potential to generate income from its use by a business.

3

An important reason for a real estate salesperson or broker in a large market to specialize in a geographical area is that:

It is difficult to maintain adequate market knowledge on a large area.

4

A real estate professional who oversees the day-to-day operation of a specific property on behalf of the owner is a(n):

Property manager.

5

Which of the following is a primary real estate brokerage activity?

Locating a landlord for a tenant.

6

The real estate industry is regulated by federal, state and local laws, as well as by:

Its own professional codes of ethics.

7

The agency that administers and enforces license laws in each state is the:

Real estate commission, council, or similar board.

8

In addition to specifying who must obtain a real estate license and requirements for obtaining one, license laws also define:

How licensees must handle escrow deposits, funds, and fees.

9

An investment property is:

Any property that is held by its owners for investment purposes.

10

A residential property is one that

Is used primarily for habitation.