REP II Unit 6

Typical services offered by leasing agents include all of the following, except:

24/7 emergency response.

Many sales agents like to expand out of the residential market and target other brokerage opportunities. However, broker Bob likes to work in the residential market, so he would choose which of the following areas?

Age-restricted housing

Which of the following is true regarding resort properties?

All of the choices apply. Resort properties are often second homes. Real estate licensees who deal with resort property often manage property as well. Real estate licensees who specialize in second homes will need to understand resort seasonal buying patterns.

__________ are responsible for the authorized acts of their sales agents.

Brokers

Who can sell new or used dwellings that are still on a chassis and movable?

Licensed mobile home dealers

Which of the following is not true regarding the sale of timeshares?

Nobody is exempt from selling timeshares without a license.

__________ are properties that the lender reclaims after an unsuccessful foreclosure auction.

REOs

Which of the following is true regarding real estate investment?

Real estate is capital intensive.

Which of the following is an alternative to urban sprawl?

Smart growth development

Who has the authority to list and sell property in a probate sale?

The executor or administrator

Which of the following is not an example of a niche market?

The residential market

What is the inheritance tax rate in Texas?

There are no inheritance taxes in Texas.

Typical smart-growth plans will:

absorb growth without destructive traffic and pollution increases.

A real estate licensee who specializes in housing that generally restricts residency and ownership to active seniors 55 years and over focuses on:

age-restricted housing.

A licensee who specializes in property zoned for activities, such as farming or ranching focuses on:

agricultural property.

Real estate investing involves the __________ of real estate for profit.

all of the choices apply purchase ownership management

A sales agent should not try to provide specialized professional services, such as:

all of the choices apply. commercial brokerage. investments. property management.

The elements of green building include:

all of the choices apply. energy efficiency and renewable energy. water stewardship. waste reduction.

Leasing specialists:

all of the choices apply. study market conditions. renegotiate existing leases. relocate or expand companies into new facilities

A balance sheet will list all of the following, except:

customer debt.

If a lender refuses to accept a short sale, it might attempt to sell the home at a(n):

foreclosure auction.

A licensee with a "green specialist" designation can help buyers interested in:

green building materials and energy efficiency.

A sales agent should not try to provide specialized professional services, unless the broker has authorized those activities:

in writing.

(NIMBY)"Not In My Back Yard" syndrome refers to the backlash against:

in-fill developments.

Jerry is a real estate licensee who helps independent, socially adept seniors who are seeking housing in multi-unit developments. Jerry specializes in:

independent living facilities.

A real estate agent deals with the __________ in an REO.

lender

All of the following elements are part of the sale of a business opportunity, except:

marketing and promotional tactics.

Any area or tract of land where two or more mobile home lots are rented, leased, or held out for rent or lease is a:

mobile home park.

When establishing the liquidation value of a business, it is necessary to look at:

physical assets of the company.

Real estate licensees who specialize in properties related to the court-supervised administration of a decedent's estate help with:

probate sales.

The report of all the income and expenses of a business for a specific period of time is the:

profit and loss statement (P&L).

The __________ will deal directly with prospects and tenants, collect rent, handle maintenance and repair issues, respond to tenant complaints, and even pursue evictions.

property manager

In order for a licensee to sell a mobile home, the mobile home must be considered:

real property.

The broker must have the __________ to provide proper supervision to their sales agents.

required level of experience and expertise

If a broker permits a sponsored salesperson to conduct activities beyond the __________ explicitly authorized by the broker, those are acts for which the broker is responsible.

scope

In-fill developments take advantage to proximity to all of the following, except:

seed capital.

Reconciling the needs of development with the quality of life is the basis of:

smart growth planning.

Typical services offered by property management include all of the following, except:

surveying and touring of qualified properties.

In the case of a short sale, the lender:

takes the entire proceeds of the sale and cancels the mortgage.

Sales agents must be sure that __________ know and approve of their activities.

their sponsoring brokers

A real estate agent deals with the __________ in a foreclosure sale.

trustee

The unplanned and often haphazard growth of an urban area into adjoining areas is known as:

urban sprawl.