Real Estate License and Practices Quiz CHP1

What are the three categories of real estate licenses under Chapter 475, Part I?

• Broker Associate, Property Manager, Appraiser

• Sales Associate, Appraiser, Business Broker

• Broker, Appraiser, Property Manager

• Broker, Sales Associate, Broker Associate

Which of the following is NOT a listed service of real estate?

• Buy

• Barter

• Lease

• Auction

What type of knowledge is NOT expected from a real estate licensee?

• Prepare deeds or mortgages

• How to market real estate

• Knowledge of market conditions

• Knowledge of property transfer

Which function does NOT require a real estate license?

• Leasing

• Property Management

• Land Development

• Sales

What is a business broker specialized in?

• Community association management

• Property management

• Sale, purchase, or lease of business enterprises and opportunities

• Land development

What is the term for specializing in a particular geographic area in real estate?

• Area focus

• Geographic specialization

• Market segmentation

• Target marketing

Who does a property manager represent?

• Community association

• Real estate broker

• Tenant

• Landlord

What has primarily increased the demand for property management services?

• Growth of urban areas

• Development of new properties

• Increase in property values

• Growth of absentee ownership

What document contains the scope of work and compensation structure for property management services?

• Sales contract

• Brokerage agreement

• Management agreement

• Lease agreement

What is required for a manager of a community association with more than 10 units or an annual budget over $100,000?

• Broker license

• Real estate license

• Community Association Manager (CAM) license

• Property management certification