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WorksheetsIREP Unit 1
Total questions: 20
Worksheet time: 5hrs 0mins
A professional opinion of a property's market value, based on established methods and using trained, professional judgment, is performed by a
Real Estate broker
Real Estate counselor
Real Estate appraiser
Home inspector
In general, when the supply of a certain commodity increases,
Prices tend to rise
Prices tend to drop
Demand tends to rise
Demand is unchanged
Which of these factors tends to affect supply in the real estate market?
Population
Demographics
Employment and wage levels
Government controls and financial policies
Which factor MOST likely influences the demand for real estate?
Labor force
Construction costs
Wage levels and employment opportunities
Government financial policies
Property management, leasing, appraisal, financing, and development are all examples of
Specializations within the real estate industry
Factors affecting demand
Non-real estate professions
Government regulation of the real estate industry
A REALTOR is
A specially licensed real estate broker
Any real estate broker who assists buyers, sellers, landlords, or tenants in any real estate transaction.
A member of the National Association of Real Estate Broker who specializes in residential properties
A real estate licensee who is a member of the National Association of REALTORS
A major manufacturer of automobiles announces that it will relocate one of its factories, along with 2,000 employees, to a small town. What effect will these announcement MOST likely have on the small town's housing market?
Housing will become less expensive
Housing will become more expensive
The announcement involve an issue of demographics, not a supply and demand issue; housing prices will stay about the same.
The announcement involves an industrial property; residential housing will not be affected
A licensee who has several years of experience in the industry decided to retire from actively marketing properties. Now this licensee helps clients choose among the various alternatives involved in purchasing, using, or investing in property. What is the licensee's profession?
Real Estate appraiser
Real Estate educator
Real Estate counselor
REALTOR
The term REALTOR refers to
Any real state licensee
A real estate licensee specializing in residential properties
A real estate educator
A member of the National Association of REALTORS
Schools are considered part of which real estate classification?
Special-purpose
Industrial
Commercial
Government-held
When demand for a commodity decreases and supply remains the same,
Prices tend to rise
Price is not affected
Prices tend to fall
The market becomse stagnant
The term appraisal is defined as the
Process of splitting a single property into smaller parcels
Method of estimating a property's market value based on established methods and the appraiser's professional judgment
Transfer of funds in the financing of real estate transactions
Process of providing clients with competent
independent advice
The Federal Reserve Board
Monitors the Federal Housing Administration
Monitors nationwide construction costs
Establishes a discount rate of interest for the money it lends to its member banks
Establishes real estate appraisal standards
All of these are categories of the uses of real property EXCEPT
Developmental
Residential
Agricultural
Industrial
All of these would affect overall demand in the real estate market EXCEPT
Population
Demographics
Wage levels
Zoning ordinances
Local government can influence the supply of real estate by
Land-use controls
Zoning ordinances
Building codes
All of these
A real estate professional who performs a visual survey of a property's structure and systems and prepares an analytical report for a purchaser or an owner is acting as
An educator
A home inspector
An appraiser
A property manager
When supply of a commodity decreases while demand remains the same, price tends to
Drop
Not be affected
Rise
Go in the direction of supply
When responsible for maintaining a client's property and maximizing the return on the client's investment, a real estate licensee is serving as
A rental agent
A property manager
A building maintenance specialist
An investment counselor
Detailed information about the age, education, behavior, and other characteristics of members of a population group is called
Population analysis
Demographics
Family lifestyles
Household data
