Real Estate Exam Review PDF

Unit Exam Your score: 100% You have passed the exam. Passing score: 75.0 SCORING BREAKDOWN Correct: 8/8 Incorrect: 0/8...

Unit Exam Your score: 100% You have passed the exam. Passing score: 75.0 SCORING BREAKDOWN Correct: 8/8 Incorrect: 0/8 Review answers below Question 1 Janis negotiates the purchase and sale of military bases across the nation. She must be ______. A certified government employee A federal agent A real estate licensee Former military Janis must hold a real estate license to engage in brokerage activities, even for the government. Question 2 Because these types of properties have both specific physical and complex operational requirements, they are usually handled by more experienced real estate professionals. Industrial Leisure  Residential Retail Because industrial properties have both specific physical and complex operational requirements, they are usually handled by more experienced real estate professionals. Question 3 What type of real estate investment may meet the definition of being a security and must adhere to the rules and regulations of the Securities and Exchange Commission? Real estate investment trust Real estate mortgage investment conduit Real estate syndicate Real estate trust Real estate syndicates are organizations with many investors who participate in real estate investment. They sometimes meet the definition of "dealing in securities" and therefore must adhere to the Securities and Exchange Commission's rules. Question 4 What's the difference between a real estate analyst and a real estate appraiser? An analysis is less detailed than an appraisal. An analyst compiles data; an appraiser doesn't. An analyst determines investment potential; an appraiser determines value.  An appraiser is interested in value; an analyst isn't. Both analysts and appraisers are interested in value, and both provide detailed analysis; however, an analyst is interested in investment potential, while an appraiser is solely interested in value. Question 5 In the real estate business, whose primary role is it to provide training to individuals who want to obtain their real estate license or who need to keep their license current? Real estate attorney Real estate broker Real estate counselor Real estate educator This is the role of the real estate educator, who educates individuals on the laws, rules, and practices in the areas of pre-licensing, continuing education, and post-licensing. Question 6 In the real estate business, which professional's primary role is to provide brokerage services to clients and to supervise licensees who work for them? Real estate attorney Real estate broker Real estate counselor Real estate salesperson It's the real estate broker's role to provide brokerage services and to supervise any licensees who work for them. Brokers are liable for their licensees' actions. Question 7 Which of the following best describes a real estate syndicate? A business or firm owned and run by two or more parties and created by contract between the parties A business structure that combines the pass-through taxation of a partnership with the limited liability of a corporation A legal entity owned by shareholders who can enter into contracts, incur debts, and pay taxes apart from the owners An organization with many investors who jointly participate in a real estate investment Syndicates have many members joined together for investment purposes. Question 8 Which of the following must adhere to the rules of the Securities and Exchange Commission? LLCs LLPs Partnerships Syndicates Because they sometimes meet the definition of "dealing in securities," syndicates must adhere to the rules and regulations of the SEC.