Real Estate License Flashcards: Study Guide for Real Estate Courses
Real Estate License: Question #1
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Questions in this topic: Real Estate License
- 1.
- What's the difference between a real estate agent and a broker?
- 2.
- How do you distinguish personal property from real property?
- 3.
- What are the four rights the government has over private property in the United States?
- 4.
- What five elements are required to validate a real estate contract?
- 5.
- What kind of mortgage is necessary to purchase a building and the equipment inside (real and private property)?
- 6.
- What is the difference between a deed and a title?
- 7.
- What are the consequences of breaking a lease?
- 8.
- What is a percentage lease?
- 9.
- In conducting an appraisal, how does a cost approach differ from a sales comparison approach or income approach?
- 10.
- Define "depreciation."
- 11.
- What is FIRREA?
- 12.
- True or False: When properties are listed at an agency, an individual agent will make a commission on the sale.
- 13.
- Can a homeowner open a day spa in her home if the neighborhood is zoned for residential use?
- 14.
- True or False: A seller can control how a property is used after it is sold.
- 15.
- Building codes are primarily concerned with:
A) neighborhood aesthetics
B) sanitation, fire, and safety standards
C) zoning ordinances
D) B and C - 16.
- The sale or rental of a property can be limited based on:
A) race
B) religion
C) national origin
D) none of the above - 17.
- True or False: Blockbusting refers to rezoning a residential property for commercial use.
- 18.
- If a home sells for $250,000 and the commission rate is 5%, how much will the agent make?
- 19.
- What is the purpose of title insurance?
- 20.
- Want to learn more about becoming a real estate agent?
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