List three ways the state government plays a role in real estate.
Licensing for real estate professionals Recording of deeds, transfers of property Estate taxes
Define real estate brokerage and list three organizations that cannot be registered as a real estate brokerage.
A business which brings interested parties together to sell, lease and rent or exchange real property. A joint venture temporary relationship A business trust investment group for its own purposes A homeowner association
List five activities for which a real estate broker would receive or expect to receive compensation.
Selling real estate Negotiating the sale of real estate Dealing in options on real estate Supervising the collection of rent for the use of real estate Procuring of leads intended to result in the sale of real estate
What is real estate farming?
Specializing in one particular geographic area or property type.
How is a property manager defined?
A property manager is defined as one who preserves the value of an investment (by an owner) while generating income as an agent for the owner.
List five organizations for real estate professionals
National Association of REALTORS Indiana Association of REALTORS Indiana Commercial Board of REALTORS Women's Council of REALTORS Real Estate Buyers Council
What is the purpose for licensing real estate professionals?
To protect the public
List two examples of ways a broker could commit fraud in a real estate transaction.
Exaggerating the benefits of a property's value Not providing information on material facts
What is the main requirement within the Statute of Frauds?
All contracts must be in writing to be enforceable.
What rule should brokers follow to ensure they are acting ethically?
Do unto others as you would have them do unto you.
List four reasons an appraisal is done.
To obtain a property loan To obtain the insurance value To obtain a divorce settlement To determine capital gain
List five sources of financing for real estate buyers
Banks, savings and loans, credit unions, insurance companies, sellers of property, mortgage bankers, and mortgage brokers
How is a mortgage obtained?
By pledging property as collateral and promising to repay the loan with payments and times agreed upon with the mortgagee
What are land appurtenances?
Rights, privileges, and improvements that belong to and pass with the transfer of the property
What is used to identify a property?
What is a tract home?
A home that is build to a certain set of guidelines used for a particular subdivision