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REAL ESTATE Exam Questions and Answers.
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REAL ESTATE Exam Questions and Answers.
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REAL ESTATE 2023-2024 Exam Questions andAnswers
Real ,Estate ,Broker ,- ,(correct ,answer) ,-
a ,person ,who ,is ,licensed ,as ,a ,broker ,that ,peforms ,brokerage ,activities ,and ,collects ,compensation.
Real ,Estate ,Salesperson ,- ,(correct ,answer) ,-
a ,person ,who ,peforms ,real ,estate ,activities ,while ,associated ,with ,a ,licensed ,real ,estate ,broker.
licensee ,- ,(correct ,answer) ,-a ,person ,holding ,a ,valid ,real ,estate ,license
appraiser ,- ,(correct ,answer) ,-
a ,person ,whos ,certified ,to ,estimate ,the ,value ,of ,a ,real ,property ,according ,to ,standardized ,principles
,of ,valuation.
home ,inspector ,- ,(correct ,answer) ,-
A ,person ,who's ,affiliated ,with ,a ,national ,nonprofit ,trade ,association, ,has ,passed ,the ,appropriate ,exa
m, ,and ,evaluates ,properties ,for ,their ,condition
lender ,- ,(correct ,answer) ,-A ,person ,who ,arranges ,financing ,for ,the ,buyer ,of ,real ,property
developer ,- ,(correct ,answer) ,-a ,person ,who ,constructs ,improvement ,on ,raw ,land
subdivider ,- ,(correct ,answer) ,-
A ,person ,who ,splits ,a ,single ,property ,into ,smaller ,parcels ,in ,preparation ,for ,development
real ,estate ,investors ,- ,(correct ,answer) ,-
a ,person ,who ,puts ,money ,or ,property ,into ,a ,real ,estate ,project ,for ,profit
real ,estate ,attorney ,- ,(correct ,answer) ,-
A ,person ,who ,holds ,a ,law ,degree ,and ,specializes ,in ,real ,estate; ,may ,legally ,broker ,deals
Real ,estate ,counselor ,- ,(correct ,answer) ,-
A ,person ,who ,provides ,services ,to ,help ,determine ,viability ,of ,a ,real ,estate ,asset ,or ,project
rental ,listings ,services ,- ,(correct ,answer) ,-help ,tenants ,find ,landlords ,and ,landlords ,find ,tenants
,real ,estate ,counsulant ,- ,(correct ,answer) ,-one ,who ,gives ,advice ,about ,real ,estate ,for ,a ,fee ,
(must ,have ,broad ,knowledge ,of ,all ,major ,aspects ,of ,the ,real ,estate ,industry)
leisure ,property ,- ,(correct ,answer) ,-
Includes ,hotels, ,motels, ,golf ,courses, ,resorts, ,sporting ,arenas, ,movie ,theaters ,and ,restaurants ,
(requires ,hands-on ,management)
industrial ,property ,- ,(correct ,answer) ,-
Includes ,heavy ,or ,light ,manufacturing, ,warehouse ,and ,distribution ,centers ,
(clear ,height ,is ,a ,key ,consideration)
health ,care ,properties ,- ,(correct ,answer) ,-includes ,doctor ,offices ,, ,urgent ,care ,, ,clinics ,, ,hospital ,
(requires ,specialized ,fitting)
office ,buildings ,- ,(correct ,answer) ,-Includes ,Class ,A, ,B ,or ,C; ,may ,be ,high ,rise ,or ,low ,rise
retail ,properties ,- ,(correct ,answer) ,-Includes ,storefronts, ,shopping ,centers, ,malls
residential ,properties ,- ,(correct ,answer) ,-Properties ,designed ,for ,dwelling
commercial ,properties ,- ,(correct ,answer) ,-Properties ,designed ,for ,commerce ,and ,profit
speciality ,properties ,- ,(correct ,answer) ,-includes-mixed ,use, ,planned ,unit ,developments ,, ,and ,trnasit-
oriented ,development
mixed ,use ,- ,(correct ,answer) ,-A ,property ,that ,combines ,retail/residential ,in ,a ,single ,building
planned ,unit ,development ,- ,(correct ,answer) ,-A ,high ,density ,project ,with ,mixed ,zoning ,
(e.g., ,retail ,and ,residential, ,healthcare, ,etc.)
transit ,oriented ,development ,- ,(correct ,answer) ,-
A ,development ,centered ,around ,a ,transportation ,hub
may ,sales ,person ,be ,sole ,proprietors ,- ,(correct ,answer) ,-no ,, ,only ,brokers ,may ,work ,independently
Property ,Manager ,- ,(correct ,answer) ,-
Someone ,who ,manages ,properties ,for ,others; ,if ,they ,manage ,properties ,for ,more ,than ,one ,owner, ,t
hey ,must ,have ,a ,real ,estate ,license
sole ,proprietor ,- ,(correct ,answer) ,-A ,business ,owned ,by ,one ,person
limited ,liability ,company ,- ,(correct ,answer) ,-
Corporate ,identity ,that ,provides ,flexibility ,and ,limited ,liability ,while ,being ,treated ,by ,the ,IRS ,as ,a ,pa
rtnership
Corporation ,- ,(correct ,answer) ,-a ,company ,or ,group ,of ,people ,authorized ,to ,act ,as ,a ,single ,entity ,
(legally ,a ,person) ,and ,recognized ,as ,such ,in ,law.
,limited ,partnership ,- ,(correct ,answer) ,-
partnership ,in ,which ,only ,one ,partner ,is ,required ,to ,be ,a ,general ,partner
limited ,partner ,- ,(correct ,answer) ,-
a ,type ,of ,owner ,in ,a ,partnership ,who ,invests ,money ,in ,the ,business ,but ,who ,does ,not ,contribute ,to
,the ,actual ,running ,of ,the ,business ,and ,whose ,liability ,is ,limited ,to ,the ,amount ,invested
general ,partner ,- ,(correct ,answer) ,-a ,type ,of ,owner ,in ,a ,partnership ,who ,is ,responsible ,for ,the ,day-
to-day ,operations ,and ,who ,has ,unlimited ,liability ,for ,any ,debts ,of ,the ,business
franchise ,- ,(correct ,answer) ,-
A ,business ,established ,or ,operated ,under ,an ,authorization ,to ,sell ,or ,distribute ,a ,company's ,goods ,or
,services ,in ,a ,particular ,area
may ,a ,sales ,person ,manage ,a ,branch ,office ,- ,(correct ,answer) ,-
yes ,but ,liability ,always ,rests ,with ,the ,broker
independent ,contractor ,agreement ,- ,(correct ,answer) ,-
A ,contract ,defining ,the ,working ,relationship ,between ,broker ,and ,salesperson
NAREB ,- ,(correct ,answer) ,-National ,Association ,of ,Real ,Estate ,Brokers
REALTOR(R) ,- ,(correct ,answer) ,-A ,member ,of ,the ,National ,Association ,of ,REALTORS(R)
NAR ,- ,(correct ,answer) ,-National ,Association ,of ,Realtors(R)
Realtist ,- ,(correct ,answer) ,-A ,member ,of ,the ,National ,Association ,of ,Real ,Estate ,Brokers ,(NAREB).
license ,law ,protects ,the ,right ,to ,- ,(correct ,answer) ,-buyers ,sellers ,,tenants ,and ,property ,owners
Licensing ,may ,be ,governed ,by ,___________. ,- ,(correct ,answer) ,-
Laws, ,regulations, ,or ,a ,combination ,of ,those
describe ,the ,composition ,of ,the ,South ,Carolina ,real ,estate ,commission ,- ,(correct ,answer) ,-
0 ,members: ,seven ,active ,real ,estate ,professionals ,elected ,by ,state ,house ,and ,senate ,members; ,two ,
appointed ,by ,the ,governor; ,and ,one ,real ,estate ,professional ,elected ,by ,other ,commission ,members
List ,duties ,of ,the ,South ,Carolina ,Real ,Estate ,Commission. ,- ,(correct ,answer) ,-
Regulates ,and ,enforces ,real ,estate ,license ,law, ,approves ,real ,estate ,education ,courses, ,reviews ,appli
cations, ,and ,investigates ,customer ,complaints ,against ,licensees
Two ,items ,that ,must ,be ,on ,team ,advertisements ,- ,(correct ,answer) ,-
The ,brokerage ,firm's ,name ,and ,the ,team ,name
Key ,disclosures ,required ,by ,the ,South ,Carolina ,Real ,Estate ,Commission ,- ,(correct ,answer) ,-
Undisclosed ,principal, ,agency ,representation, ,stigmatized ,properties, ,and ,seller ,property ,disclosure
, Three ,license ,classifications ,in ,South ,Carolina ,- ,(correct ,answer) ,-Salesperson, ,broker, ,and ,broker-in-
charge; ,salespersons ,and ,brokers ,are ,associated ,licensees ,of ,the ,broker-in-charge
South ,Carolina ,currently ,offers ,reciprocal ,licenses ,for ,which ,state? ,- ,(correct ,answer) ,-GA
Six ,license ,status ,types ,- ,(correct ,answer) ,-
Active, ,inactive, ,lapsed, ,canceled, ,revoked, ,and ,suspended
Trust ,fund ,commingling ,vs. ,conversion ,- ,(correct ,answer) ,-
Commingling: ,when ,company ,or ,personal ,funds ,are ,intermixed ,in ,an ,account ,with ,client ,funds; ,the ,
commission ,allows ,some ,comminglingConversion: ,when ,trust ,funds ,are ,used ,for ,a ,reason ,other ,than
,the ,intended ,purposes
land ,- ,(correct ,answer) ,-
The ,earth's ,surface ,extending ,downward ,to ,the ,center ,of ,the ,earth ,and ,upward ,to ,infinity, ,including
,permanently ,attached ,natural ,objects
possesion ,- ,(correct ,answer) ,-the ,right ,to ,occupy ,the ,property
enjoyment ,- ,(correct ,answer) ,-the ,right ,to ,use ,the ,property ,in ,any ,legal ,way ,the ,owner ,desires
exclusion ,- ,(correct ,answer) ,-the ,right ,to ,refuse ,others ,entry ,to ,or ,use ,of ,the ,property
control ,- ,(correct ,answer) ,-the ,right ,to ,determine ,how ,the ,property ,will ,be ,used ,by ,the ,owner ,or ,by
,others(similar ,to ,enjoyment ,but ,extends ,to ,other ,parties)
disposition ,- ,(correct ,answer) ,-the ,right ,to ,dispose ,of ,
(by ,sale ,, ,lien ,,easement ,,lease ,,etc) ,any ,intrest ,in ,the ,property
Personal ,Property ,- ,(correct ,answer) ,-All ,property ,thats ,not ,classified ,as ,real ,property
Real ,Property ,- ,(correct ,answer) ,-
Land ,and ,everything ,permanently ,attached ,to ,it ,like ,a ,pool ,or ,tent ,thats ,permanetly ,attatched ,to ,th
e ,land
improvements ,- ,(correct ,answer) ,-Permanent, ,man-
made ,attachments ,that ,include ,things ,such ,as ,fencing, ,buildings, ,and ,walkways
Chattel ,- ,(correct ,answer) ,-personal ,property
Trade ,Fixtures ,- ,(correct ,answer) ,-
Trade ,fixtures ,are ,equipment ,that ,is ,placed ,on ,or ,attached ,to ,real ,estate ,which ,the ,renter ,uses ,in ,t
heir ,trade ,or ,business. ,An ,example ,would ,be ,display ,shelves ,installed ,by ,a ,business ,owner ,in ,a ,rent
ed ,building.
Acronym ,MARIA ,- ,(correct ,answer) ,-Method ,of ,annexation
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