Real Estate 306; Questions and Answers 100% Correct
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Course
Real Estate 306
Institution
Real Estate 306
Real Estate 306; Questions and Answers 100%
Correct
What defines the urban market? Correct answer-i. Access - how easy is it to get to the
things that people want to do? (location)
ii. Economic base - how does the community make its money?
iii. Quality of Life - how happy are people?
How do...
Real Estate 306; Questions and Answers 100%
Correct
What defines the urban market? Correct answer-i. Access - how easy is it to get to the
things that people want to do? (location)
ii. Economic base - how does the community make its money?
iii. Quality of Life - how happy are people?
How does a city get shaped? Correct answer-i. Demand for proximity
ii. Changes in transportation
iii. Changes in technology
Market Research: What questions get asked? Correct answer-i. What is the product?
ii. Who are the customers?
iii. Where are the customers?
iv. What do the customers care about?
v. Who are the competitors?
Market Research: Story Approach Correct answer-1. Will tell a story about the locale.
Focus on the property initially.
2. More interesting
3. Ex. Tell a story about Madison, WI
, Real Estate 306; Questions and Answers 100%
Correct
Market Research: Conventional Approach Correct answer-1. Talk about the market in
broad terms and then go and get more specific
2. Ex. Start with the U.S., then the Midwest, then Wisconsin, then Madison
3. More dry
3 Techniques for Market Research Correct answer-i. Excluding the Irrelevant
1. Compile public data that already exists
2. Get rid of what isn't relevant
ii. Find Proxy Tables
1. Find a corollary -> occupancy of all
apartments may be used to try to find the
occupancy of 4 bedroom apartments
iii. Using an Analogy (Parallel)
1. Find something similar to what already
exists
2 Types of Brokers Correct answer-1. Sale/purchase broker
2. Leasing broker
2 Types of Broker Licenses Correct answer-1. Licensee/salesperson (beginner level)
2. Broker
, Real Estate 306; Questions and Answers 100%
Correct
Brokers have 3 types of special knowledge Correct answer-i. Know the market/know
pricing
1. Housing stock available
2. Buyers are in marketplace
ii. Marketing approaches
iii. Procedures & requirements of the transaction
Duties & Responsibilities of Broker Correct answer-Law of Agency
1. Confidentiality
2. Obedience
3. Accounting - if brokers handle funds (earnest money), brokers must account for that money
4. Loyalty - issue: incentivized to get the deal done
5. Disclosure - must disclose material information
6. Degree of Skill & Care - must act using skill and a standard of care that brokers are expected
to use
Principal must be.... Correct answer-OHF
Open, honest, and fair
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