Unit 1 Quiz Attempt #4

Unit 1 Quiz Attempt #4

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Question 1 of 30

1. Question
Who does a broker employee to perform real estate related services?
- Salesperson
- Investor
- First-Time home buyer
- Broker
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Question 2 of 30

2. Question
In real estate, these people determine how much a property is valued.
- Lender
- Salesperson
- Broker
- None of the above
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Question 3 of 30

3. Question
What job does a developer have?
- Licensed to buy, sell, or lease real property on behalf of others in exchange for a commission.
- Constructs improvements on the land and usually brings in investors and lenders to fund the deal.
- 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
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Question 4 of 30

4. Question
When you need money in order to buy a property, who would you call for the finances regarding this?
- Broker
- Lender
- Developer
- Tenants
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Question 5 of 30

5. Question
A broker is only able to work for a client with a:
- Express written contract
- Sellers agreement
- Agent Agreement
- Brokerage Agreement
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Question 6 of 30

6. Question
If you attempt to acquire or succeed to an interest in land what are you?
- Ministerial Acts
- Broker
- Tenant
- Purchaser
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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:
- Borrowing
- Agent Acts
- Ministerial Acts
- Broker Acts
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Question 8 of 30

8. Question
What is Agency?
- A person who acquires or attempts to acquire or succeed to an interest in land.
- Any business entity, including, but not limited to, a corporation, partnership, limited liability company, or a sole proprietorship.
- One or more defined interests, benefits, and rights inherent in the ownership of real estate.
- 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.
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Question 9 of 30

9. Question
Community association manager:
- 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.
- 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.
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Question 10 of 30

10. Question
____permanent dwelling places for individuals and/or families that include apartments, condominiums and co-ops.
- Non residential properties.
- Real estates
- Residential properties
- Real properties
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Question 11 of 30

11. Question
A person who acquires or attempts to acquire or succeed to an interest in land is known as?
- Licensee
- Broker
- Agent
- Purchaser
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Question 12 of 30

12. Question
A real estate attorney
- Holds a law degree
- specializes in real estate
- Can legally broker deals
- All of the answers are correct
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Question 13 of 30

13. Question
What are some of the services performed by a real estate sales person?
- Buying Property
- Selling Property
- Listing Property
- All of the answers are correct
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Question 14 of 30

14. Question
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. Is a _____________
- Residential Property
- Real Estate Related Financial Transactions
- Minsterial Act
- Property Management Service
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Question 15 of 30

15. Question
Which of the following would NOT be considered a principal in a real estate transaction?
- The Real Estate Licensee
- the seller
- the buyer
- the broker
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Question 16 of 30

16. Question
The ___ determines rent in MOST markets.
- demand and supply factors
- tenant union
- Department of Housing and Urban Development
- Apartment owner's local organization
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Question 17 of 30

17. Question
A realtor is
- 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

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Question 18 of 30

18. Question
Which of the following can legally perform a formal estimate of a property’s market value?
- a real estate appraiser
- the buyer of the property
- the seller of the property
- a real estate licensee
- the county sherif
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Question 19 of 30

19. Question
Define a broker
- 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 estate firm
- Some real estate agents working for brokers
- All of the above
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Question 20 of 30

20. Question
When no two parcels in real estate are alike, this is which of the physical characteristics?
- scarcity
- uniqueness
- immobility
- indestructibility
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Question 21 of 30

21. Question
An appraiser ____________
- assess the value of a property for purposes of taxation
- has passed a broker’s license exam and received education beyond what the state requires of real estate agents.
- licensed to negotiate and coordinate the buying and selling of real estate transactions.
- none of the above
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Question 22 of 30

22. Question
A certificate of deposit index is used to determine
- interest rates
- treasury indexes
- joint tenancy
- none of the above
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Question 23 of 30

23. Question
Who is ultimately responsible for a mistake in a sales contract
- the salesperson's office manager.
- the salesperson's principal broker.
- the managing associate broker.
- the salesperson and the managing associate broker
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Question 24 of 30

24. Question
Which of these is most likely to decide on the property’s listing price?
- listing broker
- sellers attorney
- appraiser
- seller
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Question 25 of 30

25. 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

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Question 26 of 30

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

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Question 27 of 30

27. 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

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Question 28 of 30

28. 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

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Question 29 of 30

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

30. 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

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