Illinois Real Estate License Test Latest Update 100% Pass
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Course
Illinois Real Estate License
Institution
Illinois Real Estate License
Illinois Real Estate License Test Latest Update 100% Pass Brokerage the business of bringing people together in a real estate transaction
real estate licensee acts as a point of contact between two or more people in negotiating the sale, purchase, or rental of property. A real estate licensee may ...
Illinois Real Estate License Test Latest Update 100% Pass Brokerage ✔✔the business of bringing people together in a real estate transaction real estate licensee ✔✔acts as a point of contact between two or more people in negotiating the sale, purchase, or rental of property. A real estate licensee may be the agent for the buyer, for the seller, or for both llinois license categories ✔✔broker, managing broker, and leasing agent Appraisal ✔✔is the process of estimating a property's market value based on established methods and the appraiser's professional judgment. Property Management ✔✔a person or company hired to maintain and manage property on behalf of its owner. Financing ✔✔is the business of providing the funds that make real estate transactions possible. Most transactions are financed by means of mortgage loans or trust deed loans secured by the property. Subdivision ✔✔is the splitting of a single property into smaller parcels. Offsite improvements ✔✔such as water lines and storm sewers, are made on public lands to serve the new development. Onsite improvements ✔✔are additions or enhancements within the buildings or lots being sold that increase the value of the properties within the development. Onsite improvements include roads and infrastructure or new buildings . 5 Types of Real Property ✔✔Residential Commercial Industrial Agricultural Special purpose residential ✔✔all property use d for single -family or multifamily housing, whether in urban, suburban, or rural areas commercial ✔✔business property, including office space, shopping centers, stores, theaters, hotels, and parking facilities; industrial ✔✔warehouses, factories, and land in industrial districts; agricultural ✔✔farms, timberland, ranches, and orchards; or special purpose ✔✔churches, schools, cemeteries, and government -held lands. Factors that affect supply side of market ✔✔labor force, construction and material costs, government controls, and financial policies. Factors That Affect the Demand of Real Estate ✔✔Population Demographics Employment and wage levels Demographics ✔✔the study and description of population. A professi onal estimate of a property's market value, based on established methods and using trained, professional judgment, is performed by a ✔✔real estate appraiser. In general, when the supply of a certain commodity increases, ✔✔prices tend to drop Which of the se factors tends to affect supply in the real estate market? ✔✔Government controls and financial policies Which factor MOST likely influences the demand for real estate? ✔✔Wage levels and employment opportunities Property management, leasing, appraisal, financing, and development are all examples of ✔✔specializations within the real estate industry. A REALTOR® is ✔✔a real estate licensee who is a member of the National Association of REALTORS ®.
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