Chapter 1 Review

Which term may only be used by members affiliated with the NAR?

• Real estate broker

• Real estate sales associate

• Licensed real estate associate

• REALTOR

The sales associate who worked with the buyers in the transaction sets up an appointment with the buyers to visit them six weeks after the sale. The sales associate routinely makes a visit after the title closing to thank the buyers for choosing her real estate company and to extend an offer to help with the buyers' future real estate needs. What type of service is the sales associate providing?

• Door-to-door sales

• Final walk-through and property inspection

• Delayed customer contact

• Follow up

A marketing tool used by real estate licensees in the process of soliciting for listings that is intended to help sellers determine an asking price is called

• a comparative market analysis

• an appraisal report

• a federally related transaction

• an appraisal

Which statement concerning broker's price opinions (BPOs) is TRUE?

• All BPOs must conform to Uniform Standards of Professional Appraisal Practice (USPAP)

• A broker's license is required to conduct a BPO

• A BPO is also called an appraisal of real property

• The payment for a BPO must be paid to the broker and not directly tt the sales associate who prepared the BPO.

An individual who takes residential mortgage loan applications or offers to negotiate the terms of residential mortgage loan applications for compensation must hold which license

• Financial counselor

• Mortgage loan originator

• mortgage counselor

• business broker

A developer transfers privately owned streets in a subdivision to the city with the agreement that hte city will maintain the streets in the future. This process is called

• land acquisition

• dedication

• entrepreneurship

• eminent domain

What type of license or other credential is required for an individual to engage in the sale, purchase, or lease of businesses for others?

• Business broker license

• Real estate license

• Member of national association of business brokers

• Commercial business license

The five major sales specialties do NOT include

• residential

• businesses

• industrial

• mixed-use property

A map that indicates the size and location of individual lots, streets, and public utilities within a new development is called

• a subdivision plat map

• an elevtaion

• a topography map

• an architectural drawing

Which term best describes a property owner who is NOT a resident of the property?

• Absentee owner

• Tenant

• Property manager

• Rental agent