Unit 1 Quiz Attempt 2

Unit 1 Quiz Attempt 2

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You must review the material for this section and reattempt the Unit 1 quiz (Attached to the link below) to proceed to the next section.

*Unit 1 Quiz Attempt #3*
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*To Proceed to Unit 2*

For additional practice:

*Unit 1 Quiz Attempt #3*

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Question 1 of 30

1. Question
A firm is any business entity including which of the following?
- Corporation
- Partnership
- Limited liability company
- All of the above
Correct

Incorrect
Question 2 of 30

2. Question
Which of these professions are able to buy, sell or lease real property on behalf of others for a commission?
- Broker
- Salesperson
- Appraiser
- Lender
Correct

Incorrect
Question 3 of 30

3. Question
What are real estate related financial transactions?
- permanent dweling places for individuals and/or families that includes apartments, condominiums, and co-ops but not motels or hotels.
- The provision, for a valuable consideration, to another of marketing, including referrign prospective tenants: leasing: physical, administrative, or finanical maintenance; and overall management of real property; or supervision of the foregoing activites for another pursuant to a property management agreement.
- Real estate related financial transaction: Any transaction involving: The sale, lease, purchase, or exchange of or investment in real estate or real property or the financing thereof; The refinancing of real estate or real property; the use of real estate or real property as secuirty for a loan or investment. including mortgage backed securities.
- None of these answers are correct
Correct

Incorrect
Question 4 of 30

4. Question
Which is the correct definition of residential property ?
- business property, including office space, shopping centers, stores, theaters, hotels, and parking facilities
- All property used for single-family or multifamily housing, whether in urban, suburban, or rural areas
- Privately owned properties, such as places of worship, schools, and cemeteries, as well as publicly held properties, such as schools, municipal service buildings, and parks
- Warehouses, factories, land in industrial districts, and power plants
- None of the above
Correct

Incorrect
Question 5 of 30

5. Question
“A person who acts on behalf of a real estate broker in providing only community association management services.”
- Commissioner
- Associate broker
- Licensee
- Community association manager
Correct

Incorrect
Question 6 of 30

6. Question
What is a Developer’s responsibility?
- Developing estimations of a property market value based on established valuation guidelines.
- Finance real estate transactions with loans that include interest rates which are determined by the perceived level of risk associated with the property
- Specializes in real estate, and can legally broker deals.
- Constructs improvements on the land and usually brings in investors and lenders to fund the deal.
Correct

Incorrect
Question 7 of 30

7. Question
Real Estate properties often cost a great sum of money and often people do not have enough to outright purchase a property, which profession is responsible for financing real estate transactions?
- Broker
- Lender
- Developer
- Tenants
Correct

Incorrect
Question 8 of 30

8. Question
What is a Brokerage Agreement?
- An express written contract wherein the client promises to pay the real estate broker a valuable consideration or agrees that the real estate broker may receive a valuable consideration from another in consideration of the broker’s producing a seller, buyer, tenant, or landlord ready, able, and willing to sell, buy, or rent the property or in consideration of the broker’s performing property management services or performing community association management services.
- The provision, for a valuable consideration, to others of management or administrative services on, in, or to the operation of the affairs of a community association
- The provision, for a valuable consideration, to another of marketing, including referring prospective tenants
- Any business entity, including, but not limited to, a corporation, partnership, limited liability company, or a sole proprietorship.
Correct

Incorrect
Question 9 of 30

9. Question
What is a person who acquires or attempts to acquire or succeed to an interest in land?
- Broker
- Tenant
- Purchaser
- Ministerial Acts
Correct

Incorrect
Question 10 of 30

10. Question
What are Ministerial Acts?
- The provision, for a valuable consideration, to another of marketing, including referring prospective tenants; leasing; physical, administrative, or financial maintenance; and overall management of real property; or supervision of the foregoing activities for another pursuant to a property management agreement.
- Any person who is licensed as a community association manager, salesperson, associate broker, or broker.
- Are permanent dwelling places for individuals and/or families that includes apartments, condominiums, and co-ops but not motels or hotels.
- Those acts related to real estate brokerage activities, which a licensee or a licensee’s employee perform and which do not require discretion or the exercise of the licensee’s own judgment.
Correct

Incorrect
Question 11 of 30

11. Question
Every relationship in which a real estate broker acts for or represents another as a client by the latter’s written authority in a real property transaction.
- Agency
- Commission
- Community Association
- Firms
Correct

Incorrect
Question 12 of 30

12. Question
Any person who is licensed as a community association manager, salesperson, associate broker or broker.
- Licensee
- Commissioner
- Agent
- Lender
Correct

Incorrect
Question 13 of 30

13. Question
___ any business entity, including, but not limited to, a corporation, partnership, limited liability company, or a sole proprietorship.
- Firm
- Real estate
- Agency
- None of the above
Correct

Incorrect
Question 14 of 30

14. Question
Mary is interested in buying land to build on for her hair business. What will we say Mary is?
- Purchaser
- Agent
- Broker
- Licensee
Correct

Incorrect
Question 15 of 30

15. Question
Which of these professions are able to buy, sell or lease real property on behalf of others for a commission?
- Broker
- Salesperson
- Appraiser
- Lender
Correct

Incorrect
Question 16 of 30

16. Question
A real estate agent must pass an exam to be a
- a licensed person who negotiates and transacts the sale of real estate
- the owner of a real estate firm
- a person who negotiates and transacts the sale of real estate
- a person who sells both property and insurance
Correct

Incorrect
Question 17 of 30

17. Question
What determines rent in most markets?
- demand and supply
- the tenant's union
- Department of Housing and Urban Development
- the organization for local apartment owners
Correct

Incorrect
Question 18 of 30

18. Question
What qualifies as a realtor?
- any real estate agent who has passed the state exam
- any real estate agent whose license is active
- any real estate agent who is a member of a local real estate board affiliated with the National Association of Realtors
- any real estate agent who belongs to his local board
Correct

Incorrect
Question 19 of 30

19. Question
Which of the following professionals are responsible for performing a formal estimate of a property’s value
- a mortgage lender
- a real estate licensee
- the property owner
- a real estate appraiser
- all of the above
Correct

Incorrect
Question 20 of 30

20. Question
Someone who acts as an agent and brings two parties together for a transaction and earns a fee is called a
- Real Estate Counselor
- Broker
- Sales person
- Real estate attorney
Correct

Incorrect
Question 21 of 30

21. Question
Economic base is:
- the revenue generated in each household in a certain area
- how much a certain area makes
- the ability to sell at a high price
- the ability of a community to attract income and business
Correct

Incorrect
Question 22 of 30

22. Question
______ in real estate means that no two parcels are the same.
- immobility
- scarcity
- uniqueness
- indestructibility
Correct

Incorrect
Question 23 of 30

23. Question
The basic purpose of acknowledgement before a notary public is to ________ when a grantor signs a deed.
- Ensure that the grantee is properly identified
- Ensure that the title is valid
- Show the grantor’s signature was given voluntarily, without duress
- Prove that the property has not been encumbered
Correct

Incorrect
Question 24 of 30

24. Question
While signing a deed a grantor must acknowledge to notary public to _______.
- Prove that the property has not been encumbered
- Ensure that the grantee is properly identified
- Ensure that the title is valid
- Show the grantor’s signature was given voluntarily, without duress
Correct

Incorrect
Question 25 of 30

25. Question
One who establishes the value of a property for taxation purposes is called a
- agent
- broker
- appraiser
- assessor
Correct

Incorrect
Question 26 of 30

26. Question
an index used for determining interest rate changes on some adjustable rate mortgages is the purpose of
- treasury indexes
- cost of funds index
- earning based index
- none of the above
Correct

Incorrect
Question 27 of 30

27. Question
Who’s responsible for saleperson’s mistakes in a sales contract?
- the salesperson's principal broker.
- the salesperson's office manager.
- the managing associate broker.
- the salesperson and the managing associate broker
Correct

Incorrect
Question 28 of 30

28. Question
The final decision on a property’s listing price should not be made by the:
- appraiser
- listing broker
- sellers attorney
- seller
Correct

Incorrect
Question 29 of 30

29. Question
An item that was personal property but has been attached to and become part of the real property is known as:
- a fixture
- an aperture
- is not the property of a new owner
- all of the above
Correct

Incorrect
Question 30 of 30

30. Question
A characteristic that distinguishes personal property from real property is:
- Mobility
- Scarcity
- economic life
- all of the above
Correct

Incorrect

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