CHAPTER 1 QUIZ

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

All of the above

Properties with five or more dwelling units are considered...? Commercial Property Industrial Property Residential Property Special Purpose Property

Commercial Property

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

If a real estate salesperson closes on a transaction, who pays the salesperson their commission...? The salesperson's sponsoring broker The Seller The Buyer Whatever is stated in the listing agreement

The salesperson's sponsoring broker

The general uses of real property include which of the following

All of the above

The general uses of real property include which of the following...? All of the above Residential Commercial Industrial

All of the above

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

General Agent

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

Special Agent

A real estate agent is an example of what type of agent...? Special Agent General Agent Specific Agent Universal 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 Demand GDP None of the above

Supply


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