Principles of Real Estate Champions School of Real Estate 1 Exam with Accurate Solutions 2024/2025

Principles of Real Estate Champions School of Real Estate 1 Exam with Correct Solutions 2024 3 Physical Characteristics of Land - Answer -Indestructibility or durability Immobility Non homogeneity Mortgage Lending - Answer -business of providing money to individuals or corporations for the conditional transfer or pledge of real estate as security for payment of a debt RMLO - Answer -Residential Mortgage Lenders Originator Property Management - Answer -Management of residential and commercial properties on behalf of owner/investor Apartment Locators - Answer -Locates rentals of tenants in multi-family complexes. Has knowledge of amenities of all complexes in the market area. Paid a fee by apartment complex for referals Home Inspectors - Answer -Inspects properties for habitability including HVAC, Plumbing, electrical and construction methods Real Estate Development - Answer -Involves the acquisition of land for development into residential subdivisions, retail center and commercial uses Oil and Gas Landman - Answer -Negotiates oil and gas leases with mineral owners. Title work to determine mineral ownership TREC - Answer -Texas Real Estate Commision Education Standards Advisory Cmte - Answer -12 members-7 brokers, 4 education board members, 1 public member. Reviews and revises curriculum standards, course requirements. NAR-National Association of Realtors - Answer -Largest professional organization for RE profs. Divided into State and Local boards. Operates the MLS IREM-Institute of RE Mgmt - Answer -Intl cmte of RE managers. CCIM-Certified Commercial Investment Memeber - Answer -Est 1954. Furthers business practices through education and networkingSIOR-Society of Industrial and office realtors - Answer -Professional affiliate of the NAR. Specializes in industrial, office, sales managers, executive manager or advisory service ICSC-International Council of Shopping Centers - Answer -Purpose is to advance the shopping center industry. Promotes commercial distribution of consumer goods and service BOMA-Building Owners and Managers Assoc - Answer -Member are building owners, managers, developers, leasing professionals, corporate facility managers, asset managers, and providers of products and services to operate commercial properties Land is developed... - Answer -by appearance, location and scenic value Land is described... - Answer -by utility and suitability for a specific use Land and Real Estate property - Answer -must be described in a distinguishable manner from personal property. 4 Economic Characteristics of Land - Answer -Scarcity Modification Fixity Situs Indestructibility or durability - Answer -Land cannot be destroyed Immobility - Answer -land cannot be moved, owner must go to the land Non-homogeneity - Answer -no 2 parcels of land is the same. Scarcity - Answer -supply and demand. Shortage of what people want price goes up; less land price increases, more land price decreases Modification - Answer -value is affected by man-made changes to the land itself or offsite improvements Fixity - Answer -land and addition to land take a long time to pay for themselves. Situs - Answer -Location of property or land from and economic not geographic viewpoint value - Answer -fair return in goods, services or money for something exchanged. The monetary worth of something. Real Estate Value - Answer -determined by personal preference which is subjective Supply and demand - Answer -high demand=low inventory, price increases Low Demand=high inventory, price decreasesSupply is restricted by - Answer -Land costs construction taxation economics building and zoning ordinances Growth policies of cities Demand is affected by - Answer -Growth in employment transportation systems personal preference availability in credit Federal Govt policy Value is affected by - Answer -Federal income Tax policy supply of money monetary policy of fed reserve interest rates Local economic cycles and RE values are affected by - Answer -Availability of employment population trend