intro to real estate
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| A written agreement between buyer and seller in which the buyer agrees to buy certain real estate, and seller agrees to sell, upon terms and conditions of the agreement. | Contract for sale
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| Other names for 'Contract for sale' that have basically the same meaning. | *sales contract*agreement of sale*offer and acceptace
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| a competent and disinterested perosn who is authorized by another person to act in his/her place. (person needs not be an attorney) | attorney-in-fact
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| person who is licensed by the state to act on behalf of others in real estate transactions for a fee or commission. | Broker
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| business of bringing buyers and sellers together and assisting in negotiations and transactions concerning the sale of real estate. | Real Estate Brokerage
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| to mix or mingle, as by the deposit of anothers money in a broker's perosnal account. | Commingling
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| Brokers must keep a __________ __________ for earnest money to avoid commingling. | separate account
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| Anything of value (act or promise) offered by one party to induce another into a contract.(money, personal services, love and affection) | consideration
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| A contract must have consideration to be ________ binding. | Legally
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| An agent who represents both parties to a transaction. | Dual Agent
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| Acting as a dual agent in unethical at best unless _____________________________________. | buyer and seller are aware and give their agreement
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| contract between property owner and broker/agent in which the broker is employed to find a buyer for owners real estate for a prescribed time, price and terms for which the broker is paid a commission. | Listing agreement
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| person with valid real estate license to engage in the real estate business | Salesperson or Licensee
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| person who holds a real estate license | Licensee
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| must be sponsored by a broker | salesperson
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| A written law enacted by a state legislative body | Statute
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| Basic stages of a real estate transaction | 1 the listing 2 the contract for sale 3 financing 4 closing (settlement)
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| The term REALTORS is a registered trademark owned an controlled by _____. | NAR
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| What does NAR stand for | National Association of Realtors
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| National Association of Realtors was organized in what year? | 1908
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| ARELLO | Association of Rel Estate License Law Officials
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| *organized in 1930*Made up of license law officials prepresenting every state | ARELLO
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| ARELLO's mission statement | Mission: Support jurisdictions in the administration and enforcement of real estate license laws to promote and protect the public interest.
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| arrangement among a group of real estate brokers to share information about some or all of their listings. | MLS (Multiple Listing Services)
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| Cooperative agreements between brokers such as Multiple Listing Services (MLS) are usually established at what NAR level?*local level*state level*national level | local level
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| A contract where property owner employs a real estate firm to market a property for a prescribed periodof time at specificed price and terms is a _________ contract. | Listing Contract
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| What is the purpose of real estate brokerage | to assist buyers and sellers in negotiaions and transactions concerning real estate
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| under a listing contract, the real esate firm becomes ________. | agent of the seller
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| As an agent of the seller the real esatate broker and his associates are empowered to ___________. What allows this empowerment? | market the listed propertylisting contract gives the emplowerment
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| The listing agent works for______________. | real estate firm andseller
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| A listing contract ___________ bind the seller in a contract the sell the property.does or does not | does not
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| represents the best interest of the buyer...rather than the seller | buyers brokerage
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