Unit 1 Quiz Attempt #3

Unit 1 Quiz Attempt #3

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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 #4*
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*To Proceed to Unit 2*

For Additional Practice

*Unit 1 Quiz Attempt #4*

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Question 1 of 30

1. Question
Who is the salesperson employed by or associated with?
- Investor
- Salesperson
- Broker
- First-Time home buyer
Correct

Incorrect
Question 2 of 30

2. Question
What job title will determine a property’s market value based on guidelines previously established?
- Broker
- Appraiser
- Developer
- Lender
Correct

Incorrect
Question 3 of 30

3. Question
In real estate what primary job does the developer tend to?
- Constructs improvements on the land and usually brings in investors and lenders to fund the deal.
- Specializes in real estate, and can legally broker deals.
- Finance real estate transactions with loans that include interest rates which are determined by the perceived level of risk associated with the property
- Licensed to buy, sell, or lease real property on behalf of others in exchange for a commission.
Correct

Incorrect
Question 4 of 30

4. Question
If an appraiser is the one who values the property, who finances so that licensee can buy the properties?
- Broker
- Lender
- Developer
- Tenants
Correct

Incorrect
Question 5 of 30

5. Question
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.
- Brokerage Agreement
- Agent
- Sale Agreement
- Tenancy Agreement
Correct

Incorrect
Question 6 of 30

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

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Question 7 of 30

7. Question
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:
- Ministerial Acts
- Agent Acts
- Borrowing
- Broker Acts
Correct

Incorrect
Question 8 of 30

8. Question
What is an Agency?
- Any business entity, including, but not limited to, a corporation, partnership, limited liability company, or a sole proprietorship.
- 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.
- A person who acquires or attempts to acquire or succeed to an interest in land.
- One or more defined interests, benefits, and rights inherent in the ownership of real estate.
Correct

Incorrect
Question 9 of 30

9. Question
Community association manager:
- Any person who is licensed as a community association manager, salesperson, associate broker, or broker.
- A person who acts on behalf of a real estate broker in providing only community association management services.
- A person who acquires or attempts to acquire or succeed to an interest in land.
- An analysis, opinion, or conclusion prepared by an appraiser relating to the nature, quality, value, or utility of specified interests in aspects of, identified real estate. An appraisal may be classified by subject matter into either a valuation or an analysis.
Correct

Incorrect
Question 10 of 30

10. Question
What category does nonresidential properties fall into?
- Agricultural
- Recreational
- Institutional
- All of the above
Correct

Incorrect
Question 11 of 30

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

Incorrect
Question 12 of 30

12. Question
Joe is interested in purchasing a home. Joe is considered a?
- Broker
- Licensee
- Purchaser
- Agent
Correct

Incorrect
Question 13 of 30

13. Question
A licensed individual employed by or associated with the broker to perform real estate related services which include but not limited to buying, listing, leasing, and/or renting real property is a _______.
- Broker
- Investor
- Lendor
- Real estate salesperson
Correct

Incorrect
Question 14 of 30

14. 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 15 of 30

15. Question
Which of the following could be considered the principal in a real estate transaction?
- The Broker
- The appraiser
- The real estate licensee
- the real estate sales person
Correct

Incorrect
Question 16 of 30

16. Question
Who is allowed to perform a formal estimate of a property’s market value?
- the county sheriff
- a real estate appraiser
- a fiduciary
- a real estate agent
- a real estate broker
Correct

Incorrect
Question 17 of 30

17. Question
A broker can be
- Some real estate agents working for brokers
- someone who acts as an agent and brings two parties together for a transaction and earns a fee for this
- Someone who owns a real eatate firm
- All of the above
Correct

Incorrect
Question 18 of 30

18. Question
What best describes a community’s ability to attract income and business?
- Zoning plan
- Economic base
- Life cycle
- Market value
Correct

Incorrect
Question 19 of 30

19. Question
Why does an appraiser asses the value of a property?
- for purposes of taxation
- for purposes of refinancing
- All of the above
- None of the above
Correct

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Question 20 of 30

20. Question
An average of what banks are paying on certificates of deposit is the purpose of
- deposit indexes
- treasury indexes
- cost of funds index
- All of the above
Correct

Incorrect
Question 21 of 30

21. Question
A mistakes appears in a sales contract, who is at fault?
- the salesperson's office manager.
- the salesperson's principal broker.
- the salesperson and the managing associate broker
- the managing associate broker.
Correct

Incorrect
Question 22 of 30

22. Question
Who makes the final decision on deciding a property’s listing price?
- sellers attorney
- appraiser
- listing broker
- seller
Correct

Incorrect
Question 23 of 30

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

Incorrect
Question 24 of 30

24. 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 25 of 30

25. 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 26 of 30

26. 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 27 of 30

27. 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 28 of 30

28. 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 29 of 30

29. 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
- none of the above
Correct

Incorrect
Question 30 of 30

30. 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

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