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Real Estate Exam
Exam Prep
| Question | Answer |
|---|---|
| Real Estate Brokerage | a business that brings interested parties together to sell, lease, and rent or exchange real property |
| Absentee Owners | The owner is not on site, often out of state, and has a licensed property manager manage the property. |
| Agent | One who acts for and in place of a principal for the purpose of affecting the principal's legal relations with third persons. |
| Property Management Agreement | An employment contract between the owner of real estate and a property management firm that agrees to oversee the management of the property. |
| Fiduciary | A person in a position of trust, responsibility and confidence for another, such as a broker for a client. |
| Appraisal | An opinion or estimate of value performed by a person licensed to do so. |
| Comparative Market Analysis | Also called the market comparison approach, a method of valuing a property abased on the prices of recent sales of similar properties. |
| Mortgage banker | A financial middleman who, in addition to bringing the borrower and the lender together, makes loans, packages them, and sells the packages to both primary and secondary investors. Also services loans. |
| Mortgage brokers | A person who brings together the user of capital (borrower) and the supplier of capital (lender). For this service, a finder's fee is usually paid by the borrower. |
| assemblage | Bringing two or more lots together under one ownership. |
| subdivision plat map | Also known as recorded plat; a subdivision map filed in the county recorder’s office that shows the location and boundaries of individual parcels of land. |
| dedicate | The voluntary conveyance of private land to the public. |
| property management | Supervising every aspect of a property’s operation and performing tasks such as renting, tenant relations, building repair and maintenance, accounting, advertising, and supervision of personnel and trades people |
| Compensation | anything of value, paid, received, or expected to be paid or received or remuneration for services rendered. |
| Real property or real estate | any interest or estate in land, enterprise or business opportunity, including any assignment, leasehold, sub-leasehold or mineral rights. Doesn't include a cemetery lot or renting mobile home lot or recreational vehicle mobile home park or travel park. |
Created by:
merettelynn
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