Real Estate - Unit 1
The idea that no two parcels of land are exactly alike
uniqueness
A real estate professional who helps clients choose among the various alternatives involved in purchasing, using, or investing in property is
a real estate counselor
A real estate sales associate
is a licensee employed by or associated with a broker
Management and maintenance of a condominium building exteriors and common areas is provided by
the governing association
Mortgage loan originators work in which specialization of the real estate market?
Financing
A developement that combines office spaces, stores, and residential units in a single, vertical community is called
a mixed-use developement
The supply of homes on the market decreases, but demand remains steady. What will happen to the price of homes?
It will increase
Local factors affecting the number of properties that are marketed include
building codes
In general, when the supply of a commodity increases,
price tends to drop
A person licensed to sell, buy, lease, or exchange real property for others for a fee is a
broker
Property Management, appraisal, financing, and developement are all
separate professions within the real estate industry
A licensed real estate broker is permitted to charge a fee for providing services involving real estate except
appraising
Industrial real estate includes
warehouses, factories, land in industrial districs, and power plans
The property manager's basic responsibility is to
protect the owner's investement and maximize return
An increase in the following would affect supply EXCEPT
population
The most important factor determining how quickly the forces of supply and demand work is
a property's specific geographic location
Residential real estate includes
property used for single-family or multifamily dwellings, whether in urban, suburban, or rural areas
When it is sold in good condition, a school, church or hotel may have value as
a converted-use property
Commercial real estate includes
office space, shopping centers, and stores, as well as theaters, hotels, and parking facilities
When the supply of a commodity decreases while demand remains the same, price tends to
rise
Special-purpose real estate includes
chuches, schools, cemetaries, and government-held lands
Property management, appraisal, financing, and developement are all examples of
specializations within the real estate industry
Which factor primarily affects supply in the real estate market?
government policy
Local factors affecting the number of properties that are marketed include
building codes