Chapter 1 - Quiz

The general uses of real property include which of the following...?

1. Residential 2. Commercial 3. Industrial

Properties with five or more dwelling units are considered...?

Commercial Property

A property manager is an example of what type of agent...?

General Agent

A contract in which a property owner employs a real estate broker to market the property described in the contract is known as the...

Listing Contract

A means of comparing similar type properties, which have recently sold, to the subject property is known as the...?

Market Comparison Approach

The employer of an agent is known as the...?

Principal

The market comparison approach is commonly used for this property type...?

Residential

A real estate agent is an example of what type of agent...?

Special Agent

The amount of goods offered for sale within a given market at a given price during a given time period is known as...

Supply

If a real estate salesperson closes on a transaction, who pays the salesperson their commission...?

The salesperson's sponsoring broker