Bob Hogue UNIT 1 Exam Questions And Answers

Expert information - ANS The product that a real estate sales associate must market is Three areas of expertise that real estate licensees bring to the transaction - ANS Knowledge of... property transfer, market conditions, how to market real estate and business Five major sales specialties - ANS Residential, Commercial, Industrial, Agricultural, Businesses Farm area - ANS An area a real estate professional often specializes in one particular geographic area or property type. Target Marketing - ANS Developing a database of prospects to direct a specific message. Absentee Owner - ANS property owner who does not reside on the property & who often relies on a professional property manager to manage the investment True - ANS Rental agents collect a fee for finding a tenant meanwhile Property Managers continue to manage the property once a tenant is secured. True False A property managers charge is to protect the owners investment and maximize the owners return. True False - ANS True Management Agreement - ANS The scope of work a property manager performs A state certified or licensed appraiser must conduct an appraisal when the valuation assignment involves originating a federally related mortgage loan. True False - ANS True If a sales associate performs a BPO, the compensation must be paid to the broker and not directly to the sales associate who prepared the BPO. TRUE FALSE - ANS True USPAP (Uniform Standards of Professional Appraisal Practice) - ANS A set of guidelines to follow when providing appraisal services. Mortgage Loan Originator (MLO) - ANS Anyone who, for compensation or expectation of compensation, takes or offers to negotiate terms of a residential mortgage loan must be a licensed... True - ANS Real estate licensees may not accept referral fees from lenders without also being licensed as a mortgage loan originators Three general phases of development and construction - ANS Land acquisition, subdividing and development, recording the subdivision plat map Dedication - ANS A gift of land by a developer to a local government to be used for a public use Three general categories of residential construction - ANS Speculative spec homes, custom homes, tract homes Building on speculation - ANS Purchasing one or more residential lots and constructing homes on the lots without first finding a buyer for the new construction Real Estate Brokerage - ANS business of bringing together buyers & sellers, owners & renters, & completing real estate transactions Community Association Manager (CAM) - ANS must hold a CAM license when the community association consists of more than 10 units or has an annual budget in excess of $100,000. Examples Mobile home parks, planned unit developments, time shares, condominiums. A CAM license is not required to manage apartment buildings, commercial property or single-family dwellings. Target Market - ANS Expertise in locating prospects Farm area - ANS An area a real estate professional often specializes in one particular geographic area or property type.