Real Estate Unit One

Grace wants to get a real estate license but doesn't have a broker. What is a brokerage and what does the broker do?

• A brokerage is the business of bringing people together for a real estate transaction.

  A real estate broker is a professional with a state real estate broker license who helps buy, sell and transfer property

• A brokerage is where you go when you need to take out a loan.

  A real estate broker helps you gather funds and find someone for the transaction.

• A brokerage is the business of broke investors who find gullible buyers.

  A real estate broker raises the property’s market value.

• A brokerage where sellers go to seek reviews of their houses before selling.

  A real estate broker is hired by a person or company to maintain and manage property accounts.

A ______ is defined as a person or company licensed to sell, buy, exchange or lease real property for others and to charge a fee for these services.

A ___________ is employed by or associated with a broker and does brokerage activities for said broker. They are also called a _____ associate or an associate licensee. For example, Mason works as a ___________ under a licensed broker.

Arjun is a _______ who has satisfied the requirements of a licensing agency.

In some states, every one of these is automatically a broker, but only a managing broker can employ other licensees to act as sales associates. They are also responsible for the conduct of the sales associate.

Hannah is buying a new house and needs to understand what an appraisal is. What does the appraiser do?

You must be approved for a certain type of loan for an appraisal (VA, FHA, etc.)

• Raising the price of the property once it’s been upgraded. They need to be licensed in order to do this.

• Providing an estimate of market value in certain transactions.

  A person who is authorized by law to perform this for real property is not required to be licensed.

• Assessing the market value of real property based on established methods and the appraisers judgement.

  Can also to determine such things as an interest rate, required down payment, and whether you will be approved for the loan.

• Conducting a visual surgery of the property’s structure and its plumbing systems based on the appraisers judgement.

A property manager is a person or company hired to maintain and manage the property on behalf of the owner. They do not own the property. What are their duties?

• Finding new tenants

• Collecting rent

• Finishing or altering spaces for tenants

• Finding places for tenants to obtain rent money or alternative payments

• Ordering repairs

Abigail is considering a career in property management. What is a property manager?

• They take responsibility for day-to-day repairs and ongoing maintenance, security, and upkeep of properties. They usually work for the owners of investment properties such as apartment and condominium complexes, private home communities, shopping centers, and industrial parks

• Conducts energy audits, evaluations, cost analysis, equipment replacement and retrofit assessments, and reporting on all things energy – and often water and waste too

• A supervisor who controls and directs the personnel and activities of an organization or a department

• Oversees employee and visitor safety, building maintenance, repair and upgrades, and comply with environmental, safety and health procedures relating to facility operations utilizing a Quick Reference Guide.

Aria is interested in buying a new house. She learns that _________ is the business of arranging for or providing funds for real estate transactions

Federal law requires mortgage loans originators to qualify for the NMLS and registry. NMLS stands for what?

• National Monument Legacy Service

• Notice Millennial Leader Status

• Nationwide Market Listing Statistics

• Nationwide Multistate Licensing System

Marquay and Abby are planning to develop a large piece of land. What is the purpose of a subdivision?

• To divide a large property into smaller, more manageable parcels.

• To combine multiple properties into a single, larger property.

• To allocate property based on employee departments and regions.