Real Estate Exam 3

What is is called when a realtor will not show properties in certain neighborhoods?

Steering

What does an appraiser look at using a market comparison approach?

recent sale prices of similar properties, square footage, location, physical condition, etc.

Value given to properties by the county tax assessor?

mass appraisal

What makes it okay for the government to terminate a lease?

eminent domain

Which Acts prohibit discrimination on housing?

Civil Rights Act and Fair Housing Act

What are the 3 approaches to real estate appraisal?

cost, income, sales comparison

Who has to have a real estate license?

Any person, co-partnership, corporation who attempts or offers to sell, buy, rent, list, negotiate, exchange, option, advertises as a broker, refer, or charges fee for advertising real estate in publication.

Does the Americans Disability Act deal with commercial or residential property?

commercial

How long is a timeshare usually provided?

1 week

What are areas of condominiums that are owned by everyone?

common elements/areas

Dual Agency is illegal in most states when it is ________.

undisclosed (must tell everyone!)

If you are a salesperson who sells a house, who receives commission?

Broker

What is variance?

a one-time request to make an exception to zoning or development regulations for a property.

What is the acronym for protected classes?

F familial status

R race

E equal

S sex

H handicapped

C color

O opportunity

R religion

N national Origin

(FRESH CORN)

Condominiums have air rights, also referred to in class as _______ to ________.

paint to paint

What is Jeff Evans office identified as in zoning?

non-conforming use

As a lender, do you require homeowner's insurance?

yes

Rental contracts give tenants the right to do what?

occupy property

Money up front is referred to as a...?

premium

A real estate listing allows you to...?

sell a property

Zoning laws regulate what?

purpose of building, size and height, parking, and max capacity

Which appraisal method is weighted most heavily?

Sales comparison (market)

Where can you attain a application for a real estate license?

the state

A real estate agent saying "This house is the greatest in the world!" is an example of...?

puffing

When you're getting ready to sell a property who do you sign with?

Broker

What do you do if someone asks you to discriminate?

walk away

What does an appraiser look at using the cost approach?

construction cost, less depreciation plus land value

What does an appraiser look at using the income approach?

a method of valuing a property based on the monetary returns it can be expected to produce