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1
Principals of Real Estate 1 Questions and
Answers (100% Correct Answers) Already
Graded A+
The business of bringing buyers and sellers together and assisting in
negotiations for the terms of sale of real estate. Ans: Brokerage
A person or an organization acting as the agent for others in negotiating
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the purchase and sale of real property or other commodities for a fee.
Ans: Real Estate Broker
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A person performing any of the acts included in the definition of real
estate broker but while associated with and supervised by a broker. Ans:
Real Estate Salesperson
A type of property that includes one to four dwelling units Ans:
Residential Property
Property that produces rental income or that is used in business.
Properties with five or more dwelling units are considered commercial
property. Ans: Commercial Property
Property that is used by companies or persons for manufacturing,
warehousing, or the assemblage of components Ans: Industrial Property
A category of real property created as a result of combining the land
and its improvements for a single highest and best use. Ans: Special
Purpose Property
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Any urban, suburban or village development, or even a single building,
that blends a combination of residential, commercial, cultural,
institutional, or industrial uses, where those functions are physically and
functionally integrated, and that provides pedestrian connections. Ans:
Mixed-use property
Changes or additional made to property, such as walls and roads. These
typically increase the value of a property, except in some cases of over
improvement. Ans: Improvements
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A physical characteristic of land describing that land as a unique
commodity Ans: Non-homogeneity
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The present worth of future benefits Ans: Value
The amount a purchaser agrees to pay and a seller agrees to accept
under the circumstances surround a transaction Ans: Price
The total dollar expenditure for labor, materials, and other items related
to construction Ans: Cost
The amount of goods offered for sale within a given market at a given
price during a given time period Ans: Supply
The amount of goods consumers are willing and able to buy at any
given price during any given time period Ans: Demand
The study of the social and economic statistics of a community Ans:
Demography
A person authorized to act on behalf of another Ans: Agent
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The employer of an agent Ans: Principal
The party the agent brings to the principal as seller or buyer of the
property Ans: Customer
An agent with full authority over one property of the principal, such as
property manager Ans: General Agent
An agent with limited authority to act on behalf of the principal, such as
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created by a listing. Ans: Special Agent
A contract in which a property owner employs a real estate broker to
marker the property described in the contract Ans: Listing Contract
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That duty owed by an agent to act in the highest good faith toward the
principal and not to obtain any advantage over the latter by the
slightest misrepresentation, concealment, duress or pressure. Ans:
Fiduciary Duty
A person in a position of TRUST and CONFIDENCE, as between principal
and broker; broker as fiduciary owes certain loyalty which cannot be
breached under the rules of agency. Ans: Fiduciary
Let the buyer beware. The buyer must examine the good or property
and buy at his or her own risk. Ans: Caveat Emptor
An evaluation of a property's value based on a given point in time that is
performed by a professional appraiser during the mortgage origination
process. Ans: Appraised Value
1
Principals of Real Estate 1 Questions and
Answers (100% Correct Answers) Already
Graded A+
The business of bringing buyers and sellers together and assisting in
negotiations for the terms of sale of real estate. Ans: Brokerage
A person or an organization acting as the agent for others in negotiating
© 2026 Assignment Expert
the purchase and sale of real property or other commodities for a fee.
Ans: Real Estate Broker
Guru01 - Stuvia
A person performing any of the acts included in the definition of real
estate broker but while associated with and supervised by a broker. Ans:
Real Estate Salesperson
A type of property that includes one to four dwelling units Ans:
Residential Property
Property that produces rental income or that is used in business.
Properties with five or more dwelling units are considered commercial
property. Ans: Commercial Property
Property that is used by companies or persons for manufacturing,
warehousing, or the assemblage of components Ans: Industrial Property
A category of real property created as a result of combining the land
and its improvements for a single highest and best use. Ans: Special
Purpose Property
,For Expert help and assignment handling,
2
Any urban, suburban or village development, or even a single building,
that blends a combination of residential, commercial, cultural,
institutional, or industrial uses, where those functions are physically and
functionally integrated, and that provides pedestrian connections. Ans:
Mixed-use property
Changes or additional made to property, such as walls and roads. These
typically increase the value of a property, except in some cases of over
improvement. Ans: Improvements
© 2026 Assignment Expert
A physical characteristic of land describing that land as a unique
commodity Ans: Non-homogeneity
Guru01 - Stuvia
The present worth of future benefits Ans: Value
The amount a purchaser agrees to pay and a seller agrees to accept
under the circumstances surround a transaction Ans: Price
The total dollar expenditure for labor, materials, and other items related
to construction Ans: Cost
The amount of goods offered for sale within a given market at a given
price during a given time period Ans: Supply
The amount of goods consumers are willing and able to buy at any
given price during any given time period Ans: Demand
The study of the social and economic statistics of a community Ans:
Demography
A person authorized to act on behalf of another Ans: Agent
, For Expert help and assignment handling,
3
The employer of an agent Ans: Principal
The party the agent brings to the principal as seller or buyer of the
property Ans: Customer
An agent with full authority over one property of the principal, such as
property manager Ans: General Agent
An agent with limited authority to act on behalf of the principal, such as
© 2026 Assignment Expert
created by a listing. Ans: Special Agent
A contract in which a property owner employs a real estate broker to
marker the property described in the contract Ans: Listing Contract
Guru01 - Stuvia
That duty owed by an agent to act in the highest good faith toward the
principal and not to obtain any advantage over the latter by the
slightest misrepresentation, concealment, duress or pressure. Ans:
Fiduciary Duty
A person in a position of TRUST and CONFIDENCE, as between principal
and broker; broker as fiduciary owes certain loyalty which cannot be
breached under the rules of agency. Ans: Fiduciary
Let the buyer beware. The buyer must examine the good or property
and buy at his or her own risk. Ans: Caveat Emptor
An evaluation of a property's value based on a given point in time that is
performed by a professional appraiser during the mortgage origination
process. Ans: Appraised Value
